Turning 2 cars to one

[darren9]

We have 2 cars in our household and could really do with dropping to one.

Our cars are a 2007 skoda octavia vrs and a 2005 Mini Cooper S both are on finance (the first cars I haven't paid cash for and am now regretting it) both are on 5 year finance plans.

The skoda is 3 years into the agreement and is now worth more than we owe.
The mini is a year and a half in and we owe much more than it's worth.

The obvious option is to sell the skoda but we have a toddler and another child due this week. The mini simply doesn't have the room for prams, bags, shopping etc.

Is there anyway we could trade both in for one car? Or are we stuck until the finances on the mini add up to make a change?

Having never had finance on vehicles I'm confused.

[andy873]

Can't you just hand the skoda back as you are more than 50% through the deal?

Not sure about the mini

[darren9]

We could but then were stuck with the impractical car.

[PositronicRay]

Yes you can trade both and start fresh with one. You'll get a straight trade price, (WBAC will give you an idea of this) however so you may be better selling one settling the finance and then trading the other depends on trade values/settlement and which one's easier to sell privately.

[fido]

Sell one. Buy practical car at car supermarket (should be able to do this in a day) - can always upgrade/change it to something nicer down the line. Sell the other one.

[CYMR0]

It's not how far you are into the deal in terms of time, but cash.

So let's say the MINI was £10k and you put in £3k cash, plus £150 per month over five years (not a great deal but easy maths).

That means that your total credit price is £10,800 + £9000 = £12,000 (ouch!)

You can hand the car back, assuming hire purchase, once you've paid £6,000.

In this case, that would be after 20 months, not 30 (which is the halfway point in time).

Edited by CYMR0 on Tuesday 28th October 15:37