Discussion
Just coming to the end of the dreaded three year balloon payment plan or Agility as I think Mercedes put it, in August.
Brand new E class estate with a few extras bringing the total up to £42,529.00.
Deposit of £11000 and 36 payments of £385 so total paid out £25,000
GFV of £20,875.
Mileage allowance 10,000 pa. Actual mileage 21,000
Have asked Mercedes if they can take the car back as I am moving abroad in the next couple of weeks. They have come back to me with a current value of £19,000 and probably less in August when the car is a little older and more miles. Obviously I have no obligation as I have a GFV but all the talk about there being some equity in the car to put toward the new car as deposit is a lot of guff.
Never fails to shock me the depreciation of new cars.
Brand new E class estate with a few extras bringing the total up to £42,529.00.
Deposit of £11000 and 36 payments of £385 so total paid out £25,000
GFV of £20,875.
Mileage allowance 10,000 pa. Actual mileage 21,000
Have asked Mercedes if they can take the car back as I am moving abroad in the next couple of weeks. They have come back to me with a current value of £19,000 and probably less in August when the car is a little older and more miles. Obviously I have no obligation as I have a GFV but all the talk about there being some equity in the car to put toward the new car as deposit is a lot of guff.
Never fails to shock me the depreciation of new cars.
It why I've took up leasing a few years ago; I just look at it as fixed price motoring - without the awful realisation that the car is worth nothing like what you were told it would - done the same myself/
That does look very expensive too - the enormous deposit didn't help. You'd have done the same through a broker on a lease for about 1300 down and 400 per month thereafter.
That does look very expensive too - the enormous deposit didn't help. You'd have done the same through a broker on a lease for about 1300 down and 400 per month thereafter.
Tomgc61 said:
Just coming to the end of the dreaded three year balloon payment plan or Agility as I think Mercedes put it, in August.
Brand new E class estate with a few extras bringing the total up to £42,529.00.
Deposit of £11000 and 36 payments of £385 so total paid out £25,000
GFV of £20,875.
Mileage allowance 10,000 pa. Actual mileage 21,000
Have asked Mercedes if they can take the car back as I am moving abroad in the next couple of weeks. They have come back to me with a current value of £19,000 and probably less in August when the car is a little older and more miles. Obviously I have no obligation as I have a GFV but all the talk about there being some equity in the car to put toward the new car as deposit is a lot of guff.
Never fails to shock me the depreciation of new cars.
Never put more than £1000 down on a PCP type agreement, or an amount you are prepared to loose. Brand new E class estate with a few extras bringing the total up to £42,529.00.
Deposit of £11000 and 36 payments of £385 so total paid out £25,000
GFV of £20,875.
Mileage allowance 10,000 pa. Actual mileage 21,000
Have asked Mercedes if they can take the car back as I am moving abroad in the next couple of weeks. They have come back to me with a current value of £19,000 and probably less in August when the car is a little older and more miles. Obviously I have no obligation as I have a GFV but all the talk about there being some equity in the car to put toward the new car as deposit is a lot of guff.
Never fails to shock me the depreciation of new cars.
You should have contract hired that car, E350 AMG with the premium pack would have cost you £2160 down and then £360 a month including vat.
When is the 3 years up?
May be better to return it now and just pay the remaining months if you're £1900 upside down already?
Have you tried WBAC etc?
Called round the different groups asking them to give you a price to buy it?
Searched autotrader for a couple of local dealers who sell nice cars at 3 years old, see what they will pay?
Yes - feeling just slightly stupid! What I am a bit surprised about is that the Mercedes dealer who I have dealt with for twenty years didn't point out other options which there must have been at the time.
We chose this car because we needed seven seats over an Audi A6 Avant. Ironically it was the new model which the dealership had not seen in seven seat configuration and when it arrived it was clear that the seats were useless for all but the youngest member of the family who outgrew them, legally, in about six months. Previous models of the E class estates had much bigger rear facing seats.
We chose this car because we needed seven seats over an Audi A6 Avant. Ironically it was the new model which the dealership had not seen in seven seat configuration and when it arrived it was clear that the seats were useless for all but the youngest member of the family who outgrew them, legally, in about six months. Previous models of the E class estates had much bigger rear facing seats.
gizlaroc said:
Never put more than £1000 down on a PCP type agreement, or an amount you are prepared to loose.
You should have contract hired that car, E350 AMG with the premium pack would have cost you £2160 down and then £360 a month including vat.
When is the 3 years up?
May be better to return it now and just pay the remaining months if you're £1900 upside down already?
Have you tried WBAC etc?
Called round the different groups asking them to give you a price to buy it?
Searched autotrader for a couple of local dealers who sell nice cars at 3 years old, see what they will pay?
I've tried to give it back early but they don't want it. It's due back in August. I will look into other possibilities.You should have contract hired that car, E350 AMG with the premium pack would have cost you £2160 down and then £360 a month including vat.
When is the 3 years up?
May be better to return it now and just pay the remaining months if you're £1900 upside down already?
Have you tried WBAC etc?
Called round the different groups asking them to give you a price to buy it?
Searched autotrader for a couple of local dealers who sell nice cars at 3 years old, see what they will pay?
Tomgc61 said:
I think I am obliged to pay the last few payments - that is my understanding
Yeah you are. But right now you only have 3 months left, maybe 4 months?
So it might just be easier to throw it back and pay the last 3 months?
When are you leaving?
What model? Plate? Mileage? Spec?
Yes I did suggest that but they were not interested. Need to check on whether that is a possibility.
Its an August 2013 E220CDI AMG Sport Auto with 21,000 miles The optional extras - seven seats, electric glass sunroof, rear airbags, privacy glass, 5 spoke alloys, Garage door opener, leather and black ash trim
Its an August 2013 E220CDI AMG Sport Auto with 21,000 miles The optional extras - seven seats, electric glass sunroof, rear airbags, privacy glass, 5 spoke alloys, Garage door opener, leather and black ash trim
gizlaroc said:
Yeah you are.
But right now you only have 3 months left, maybe 4 months?
So it might just be easier to throw it back and pay the last 3 months?
When are you leaving?
What model? Plate? Mileage? Spec?
But right now you only have 3 months left, maybe 4 months?
So it might just be easier to throw it back and pay the last 3 months?
When are you leaving?
What model? Plate? Mileage? Spec?
Edited by Tomgc61 on Saturday 30th April 13:54
They have no choice really, as long as you pay them the remaining payments they have to take it back.
To be honest, if you paid £42k you paid far too much in the first place.
You can buy one from a dealer with 0% finance for £20k.
http://www.autotrader.co.uk/classified/advert/2016...
I would just explain you are going overseas, that you will pay the remaining monthlies, but they may as well come and get the car now.
I'm surprised you have been offered £19k on that.
To be honest, if you paid £42k you paid far too much in the first place.
You can buy one from a dealer with 0% finance for £20k.
http://www.autotrader.co.uk/classified/advert/2016...
I would just explain you are going overseas, that you will pay the remaining monthlies, but they may as well come and get the car now.
I'm surprised you have been offered £19k on that.
That car is manual with twice the mileage
gizlaroc said:
They have no choice really, as long as you pay them the remaining payments they have to take it back.
To be honest, if you paid £42k you paid far too much in the first place.
You can buy one from a dealer with 0% finance for £20k.
http://www.autotrader.co.uk/classified/advert/2016...
I would just explain you are going overseas, that you will pay the remaining monthlies, but they may as well come and get the car now.
I'm surprised you have been offered £19k on that.
To be honest, if you paid £42k you paid far too much in the first place.
You can buy one from a dealer with 0% finance for £20k.
http://www.autotrader.co.uk/classified/advert/2016...
I would just explain you are going overseas, that you will pay the remaining monthlies, but they may as well come and get the car now.
I'm surprised you have been offered £19k on that.
Oh yeah, didn't realise they even made a manual.
They seem to be starting at £21700 for an auto AMG sport with under 40k miles, with comand nav etc.
25k miles or 38k miles makes sod all difference to most people.
Has yours got comand, dab and media interface?
All I am saying is, you want out and I think your cheapest way is just take the guaranteed final value. You could try and advertise privately of course, it may sell straight away if it is the cheapest in the UK.
They seem to be starting at £21700 for an auto AMG sport with under 40k miles, with comand nav etc.
25k miles or 38k miles makes sod all difference to most people.
Has yours got comand, dab and media interface?
All I am saying is, you want out and I think your cheapest way is just take the guaranteed final value. You could try and advertise privately of course, it may sell straight away if it is the cheapest in the UK.
Thanks for your advice. Yes it has all the command, nav etc. I think I will just stick it in the garage, let them pick it up in July and put it down to experience!
gizlaroc said:
Oh yeah, didn't realise they even made a manual.
They seem to be starting at £21700 for an auto AMG sport with under 40k miles, with comand nav etc.
25k miles or 38k miles makes sod all difference to most people.
Has yours got comand, dab and media interface?
All I am saying is, you want out and I think your cheapest way is just take the guaranteed final value. You could try and advertise privately of course, it may sell straight away if it is the cheapest in the UK.
They seem to be starting at £21700 for an auto AMG sport with under 40k miles, with comand nav etc.
25k miles or 38k miles makes sod all difference to most people.
Has yours got comand, dab and media interface?
All I am saying is, you want out and I think your cheapest way is just take the guaranteed final value. You could try and advertise privately of course, it may sell straight away if it is the cheapest in the UK.
Mercedes residual pricing is a joke and is off by about £3-£5k. They basically price them at the same as the balloon payment and then to make about £10k on the car.
I have just bought my, C63 for the £22k balloon, Merc offered me £500 more than this which was about £6k less than I was offered by a specialist in cash just to purchase the vehicle and £8k less on a part-ex. My local Merc dealer had an identical car with around 4000miles less in the branch for £32,495, so they wanted to make £10k off of me on a part-ex.....I just bought the car and could now sell it on for its true value if I wanted.
I have just bought my, C63 for the £22k balloon, Merc offered me £500 more than this which was about £6k less than I was offered by a specialist in cash just to purchase the vehicle and £8k less on a part-ex. My local Merc dealer had an identical car with around 4000miles less in the branch for £32,495, so they wanted to make £10k off of me on a part-ex.....I just bought the car and could now sell it on for its true value if I wanted.
Tomgc61 said:
Thanks for your advice. Yes it has all the command, nav etc. I think I will just stick it in the garage, let them pick it up in July and put it down to experience!
Returning car early is very easy. You call them and tell you want to return it, they will give you quote for remaining payments with discount, I think 90% of remaining payments and then BCA will arrange collection date 5 days after the payment. If you keep the car in the garage, you still have to pay for insurance, road tax and probably next service which will come up by the time when you return it. My C63 was worth less than guaranteed value and I just returned it. I don't know for how much dealer got the car from MB Finance, but I don't think they made a lot on it as it was on forecourt for 2 months and they had to discount it before it sold.
Edited by PenelopaPitstop on Tuesday 3rd May 21:23
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