Buying a new car
Discussion
Hi, I hope this is the right forum.
I purchased my first car, a Seat Ibiza 1.2 FR last year on a 3 year finance deal. As a typical 20 year old I have quickly got bored/ started earning more/ want something more powerful.
If I were to look at selling this car, what are my options? Can I trade it in? Can I advertise it as coming with finance? Do I need to pay it off first?
Am I best in keeping it for the remaining 20 months or so? A bit more info anyway, I haven't missed any payments and owe about 9k on it. I am looking at 59 plate 120d M Sport 2-Door Coupe worth about 14k. My current credit rating is good. I have 2 years no claims going up too 3 in Feb (touch wood) I currently pay £80 a month for insurance and this would go up to around £120 if I changed cars.
Any help much appreciated.
I purchased my first car, a Seat Ibiza 1.2 FR last year on a 3 year finance deal. As a typical 20 year old I have quickly got bored/ started earning more/ want something more powerful.
If I were to look at selling this car, what are my options? Can I trade it in? Can I advertise it as coming with finance? Do I need to pay it off first?
Am I best in keeping it for the remaining 20 months or so? A bit more info anyway, I haven't missed any payments and owe about 9k on it. I am looking at 59 plate 120d M Sport 2-Door Coupe worth about 14k. My current credit rating is good. I have 2 years no claims going up too 3 in Feb (touch wood) I currently pay £80 a month for insurance and this would go up to around £120 if I changed cars.
Any help much appreciated.
You will need to settle the finance on it when you sell it, what's it worth?
You might get some more money for it by selling it privately, or if you go to BMW for the 1 series then you might find they'll settle your finance for it and take it in part exchange.
Looking at current prices for them, you'll probably come out of it just about square with the finance company.
As is tradition I'd advise you not to bother frittering money away on fairly mundane cars and put the money towards saving for a house. Get a nice older MX5 for a quarter of the money and enjoy that instead. You're not going to listen either way, but it's the law of PH that I suggest it.
You might get some more money for it by selling it privately, or if you go to BMW for the 1 series then you might find they'll settle your finance for it and take it in part exchange.
Looking at current prices for them, you'll probably come out of it just about square with the finance company.
As is tradition I'd advise you not to bother frittering money away on fairly mundane cars and put the money towards saving for a house. Get a nice older MX5 for a quarter of the money and enjoy that instead. You're not going to listen either way, but it's the law of PH that I suggest it.
As a trade in, I reckon you'd have to find a couple of grand to pay off the finance.
Privately, you'll have to find at least a grand.
Is it really worth getting further into the hock for a diesel rep mobile? - especially as your insurance is going up by 40 quid a month.
The 120d is a decent enough car - I know, as I ordered one as a company car. But I wouldn't have bought one with my own money.
Privately, you'll have to find at least a grand.
Is it really worth getting further into the hock for a diesel rep mobile? - especially as your insurance is going up by 40 quid a month.
The 120d is a decent enough car - I know, as I ordered one as a company car. But I wouldn't have bought one with my own money.
Euro1300 said:
As a trade in, I reckon you'd have to find a couple of grand to pay off the finance.
Privately, you'll have to find at least a grand.
Is it really worth getting further into the hock for a diesel rep mobile? - especially as your insurance is going up by 40 quid a month.
The 120d is a decent enough car - I know, as I ordered one as a company car. But I wouldn't have bought one with my own money.
Thankfully I have no other bills apart from my car so the extra on insurance isn't too much of an issue at the moment.Privately, you'll have to find at least a grand.
Is it really worth getting further into the hock for a diesel rep mobile? - especially as your insurance is going up by 40 quid a month.
The 120d is a decent enough car - I know, as I ordered one as a company car. But I wouldn't have bought one with my own money.
Listening to all advice given (many thanks) I will probably hold fire. I may approach the dealer and see what they suggest but if anything like Euro has said then I think il wait a few more months.
Busterhighmen said:
10k, having a look on used car websites, they seem to vary between 9-10.5k.
and the dealer will offer him the 9k that they sell for at other dealers?He will get trade price as its a trade in so 2k less than the price you quoted
to the OP if you plan on moving out of home in the next few years then your outgoing will no longer be zero ,so its upto you if you want to commit to 14k finance etc
Edited by jonny70 on Thursday 31st October 11:32
In two years' time you might own a 3-year-old Ibiza outright, or at least have some equity from the PCP, be 22, and keen to move out.
Or you might owe £10k+ on a 6-year-old BMW that won't be worth £10k and have higher maintenance and running costs. Even if you can afford it, you'll still want to move up.
If you could easily afford to pay down the current car, then I'd do that and maybe look at getting something more special in one leap.
Or you might owe £10k+ on a 6-year-old BMW that won't be worth £10k and have higher maintenance and running costs. Even if you can afford it, you'll still want to move up.
If you could easily afford to pay down the current car, then I'd do that and maybe look at getting something more special in one leap.
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