How much would I get for my car?

[StevenRenault]

Hi everyone,

I bought a car 10 months ago on finance from an authorised dealer close to where I live, I luckily had my University grant so paid off my Insurance for the full year with Admiral. Obviously it has been 10 months now so its time for my renewal, however, I cant afford to pay the yearly costs, so I asked the man on the phone for Admiral if I could pay monthly, these costs are still too high for me to afford to actually live + have a social life at the same time.

So I rang my finance company, Black Horse Finance, and asked how much the settlement fee was if I was to sell the car on, he said £5,816. I am very unsure as to how much my car could sell for. Details are below:

• Renault Clio
• 2007 Plate
• 39,000 Miles
• 1.4L Engine
• Manual Transmission
• Sport Blue
• Allow Wheels
• Sports bodykit (Spoiler, Skirts and Front Bumper)

Please note that the car came with the bodykit when I bought it so still has the content, clean look, not like a total 'Boy Racer' car. However I have seen that these are optional extras on Renaults website and the Kit costs £999 alone.

Any estimates would be greatly aprreciated. Thanks

Steven

[Zippee]

Ignoring the obvious 'why did you buy a car you couldn't afford on finance in the first place' type comments have you looked on the various classifieds for similar cars to see how much they sell for? Bear in mind also you'll struggle to sell provately with finance still outstanding.

[mnkiboy]

Kit costs £999 to buy from Renault. Probably adds about £50 to the value of the car.

I'm sure plenty of people will be along shortly to tell you how reckless you were, buying a car that you can't afford to run. So i'm getting in first (edit: second).

Edited by mnkiboy on Tuesday 8th February 10:48

[Zippee]

mnkiboy said:

Kit costs £999 to buy from Renault. Probably adds about £50 to the value of the car.

I'm sure plenty of people will be along shortly to tell you how reckless you were, buying a car that you can't afford to rung. So i'm getting in first.

You mean 2nd?

[SlimRick]

Looking at completed items on Ebay - there isn't one that has sold recently at the prices they have been asking for (over £5k)
I would guess you'd be looking at around £4500 if you can find a buyer willing to settle the finance privately.
Have you tried webuyanycar?

[fathomfive]

Plenty of 4yr old Clios on Autotrader, from dealers, with lots less miles than yours around £4500.

That with your £999 bodykit on...

[edo]

Your car is worth less than the settlement fee I am afraid.

2007 RENAULT CLIO 1400 cc 1.4 16V Dynamique 3dr [AC]
Trade Seller: Evans Halshaw
3 Doors, Manual, Hatchback, Petrol, 23,719 miles, Blue, Call 01942 219 845, Adjustable Steering Column, Electric Door Mirrors, Electric Front Windows, Height Adjustable Driver's Seat, Multi Functional Steering Wheel, Radio CD Player, Colour Coded Bumpers, Front Fog Lights, Cloth Trim, Air Conditioning, Leather Covered Steering Wheel, Sport Steering Wheel, Air Bags, Anti-Lock Braking System (ABS), Privacy Glass, Remote Central Locking, Immobiliser, Alloy Wheels. £4,694

[Daaaveee]

Not sure exactly the spec, however using the Dynamique S spec in the Vauxhall glasses guide valuation:

Renault Clio Dynamique S
1.4 Petrol 3-door Hatchback
5 Speed Manual Front Wheel Drive
Year: 2007 07
Mileage: 39,000

Estimated value of your car

Part-exchange Price:
Excellent condition: £3990
Average condition: £3690
Below average condition: £3190

[mnkiboy]

If I read this correctly, you have £5800 to pay to get out of your finance agreement. Therefore if you can sell your car for £4500, you still have £1300 to pay.

If you can't afford the monthly payments for the insurance, then you're going to struggle to pay £1300 surely?

Rock----->You<-----Hard place

[StevenRenault]

Thanks for you quick replies,

I should have stated that I can easily afford the finance on the car, its just that now the insurance has expired for the year, I will struggle to pay the insurance on it, therefore I am trying to sell the car as I will struggle to pay Admiral their monthly payments.

WeBuyAnyCar offered me ~£3,000

Thanks

[StevenRenault]

doogz said:

What sort of insurance quotes are you getting?

Well on all comparing sites, i received Elephant as the top quote on all, and that came to £1,074. I told Admiral this and they stated the Elephant was their sister company and the met their price or something for me and ran a "Discount" on their system which was able to knock £50 off my yearly figure.

With Admiral, when you pay the yearly amount and by card, you get a big discount they tell me, so my yearly amount is £891 to insure. However now that i want to pay monthly, it has gone to 1,100 or something stupid due to debit fees etc.

[edo]

doogz said:

Get a credit card with 0% for a year, pay for insurance, pay up?

Was going to suggest this, but as a stuaaadent, I think he may not get a credit card so easily.

[LuS1fer]

If you've paid half the HP price, you can return it:

http://forums.moneysavingexpert.com/showthread.php...

[JR]

StevenRenault said:

Thanks for you quick replies,

I should have stated that I can easily afford the finance on the car, its just that now the insurance has expired for the year, I will struggle to pay the insurance on it, therefore I am trying to sell the car as I will struggle to pay Admiral their monthly payments.

WeBuyAnyCar offered me ~£3,000

It appears that your car is worth about £2K less than the settlement figure. If I am reading this correctly you like the car but are struggling in the short term. Why not take out a zero miles policy? It shouldn't be much over £100 for a year.

[mnkiboy]

doogz said:

Really?

When i was a student, bank monkeys were almost falling over themselves in the street outside the union trying to give people credit cards.

And that's how it all started...

[Liquid Knight]

£200 per Ton.

It's a five year old Renault so get shot of it as soon as possible.

[simonrockman]

Liquid Knight said:

£200 per Ton.

It's a five year old Renault so get shot of it as soon as possible.

I agree. Our 3 year old Renault Secnic couldn't go near the dealer without a £1000 expense: suspension, gearbox, door locks, horn, brakes. It's tanked in value too. All in it's cost about £5k/year to run.

[mnkiboy]

doogz said:

I paid off the last of my student loan with my self assessment 2 weeks ago. Felt good

As long as you're not 64 years old, then well done!

I wish my gf would get hers paid off and we can start looking for houses.

[davepoth]

I'd pop down to Ensleigh insurance (they're usually in the Student Union) to see if they can beat your quote. They offer quite a discount for students.

[geeteeaye]

Do you have a relative who might be able to help? If they set up a new credit card with 0% on purchases for 12 months, they pay the £891, you pay them back £74/month. Problem is you'll presumably be in the same situation next year, doubt you'll be able to hand it back as you won't have paid anywhere near 50% of the total payable.

By the way, what term is your finance over for you to say you can easily afford the finance, but can't afford the insurance (which is under £100/month)? If it's 5 years you have been well and truly done up like a kipper!