Change of car Fiat 500 S or Fiesta Zetec
Discussion
I’m looking to change my car, currently I have a Lexus IS250 SE-L that’s on finance. A local dealer has gave me a good part exchange price for the car of £4000 -£4500 and I would have £1500 -£2000 negative equity to pay off.
So he has a 2014 Fiat 500 S and a 2014 Fiesta Zetec.
Prices are Fiat: £4321 and Fiesta £5687
Which out the two would you go for? As I’m just looking for something cheap to tax, insure and run and maintain. The Lexus is great but as I do t do much mileage I can’t justify the cost of the car each month, tax insurance and fuel.
Any advice would be great.
So he has a 2014 Fiat 500 S and a 2014 Fiesta Zetec.
Prices are Fiat: £4321 and Fiesta £5687
Which out the two would you go for? As I’m just looking for something cheap to tax, insure and run and maintain. The Lexus is great but as I do t do much mileage I can’t justify the cost of the car each month, tax insurance and fuel.
Any advice would be great.
Poppiecock said:
£2000 of negative equity buys a lot of tax, insurance and fuel!
It's a pretty stupid plan and won't save you anything - it will get you a significantly worse and less reliable car, though.
£2000 would yes but it will also leave me with a car that’s worthless by the time I’ve paid for it. It will save me £300 a year road tax, £300 - £400 in Insurance and £300 a year in fuel. Also the Lexus maybe reliable but it’s out of warranty and I’m sure if something did go wrong it would cost more than parts from the other two manufacturers.It's a pretty stupid plan and won't save you anything - it will get you a significantly worse and less reliable car, though.
rdb85 said:
£2000 would yes but it will also leave me with a car that’s worthless by the time I’ve paid for it. It will save me £300 a year road tax, £300 - £400 in Insurance and £300 a year in fuel. Also the Lexus maybe reliable but it’s out of warranty and I’m sure if something did go wrong it would cost more than parts from the other two manufacturers.
And how much do you think the Fiat or the Ford are going to be worth? - you're also adding £2k to their purchase prices to clear your -ve equity.Admittedly, you'll save on VED ('road tax') - but I'm really surprised you can save that much on insurance unless you're a really young and inexperienced driver (just about any car you can name costs me £300 or less these days in my mid 40s!).
You're talking about 'saving' £80 / month at best. But extending your loan by £2k. It's going to take at least 2 years for any saving to materialise. At which point you'll be hacked off with a wheezy little shopping trolley and looking to get into the hock for something else.
I’ve only been driving for 3 years. I’m just after advice as I say. So I would be saving quite a bit when looking at it yearly. I understand that I would need to add the negative equity to a new finance deal but it would at least give me some cash as it’s costing me around £300 per month for the Lexus. I’ve driven a Fiesta before, they are not bad. Never owned a Fiat.
I’m assuming that after 2-3 years they would be worth more than the Lexus IS is currently. It’s an 09 plate Full Lexus Service History. I’ve got just under 3 years left to pay and it’s been valued at £3800! I paid £7850 for it. Which okay may have been too much I did get a years warranty, new tyres, mot, service and all alloys fully refurbished.
I’m assuming that after 2-3 years they would be worth more than the Lexus IS is currently. It’s an 09 plate Full Lexus Service History. I’ve got just under 3 years left to pay and it’s been valued at £3800! I paid £7850 for it. Which okay may have been too much I did get a years warranty, new tyres, mot, service and all alloys fully refurbished.
It's a crazy idea - you're effectively going to pay £7.5k for a crappy Fiesta in the hope you can save £80 / month. Not in your wildest dreams is that going to be worth £3.8k in 2-3 years time.
You fancy changing your car and are desperately trying to make it look like you're saving money. You're not. Changing car (especially when rolling up a -ve equity on the old one) never saves money.
No wonder this country is so heavily in debt.
You fancy changing your car and are desperately trying to make it look like you're saving money. You're not. Changing car (especially when rolling up a -ve equity on the old one) never saves money.
No wonder this country is so heavily in debt.
Fair enough. I am just looking at options as currently the Lexus IS is costing me a lot each month and due to a change of job I don’t need such a big car. Which will probably be worth a grand by the time I’ve finished paying for it. Yay seems a waste of money as the car is losing money faster than I can pay for it. If I could hand it back I would but that would cost me £2000 to meet the half way payment. I would then be car free. But I don’t have that sort of cash.
So if you were me, would you keep the current car that’s £200 a month £79 Insurance £70 a tank of fuel.
So if you were me, would you keep the current car that’s £200 a month £79 Insurance £70 a tank of fuel.
ZX10R NIN said:
As above keep your current car it'll be cheaper also it'll depreciate less than those two therefore your saving overall will be much smaller than you've worked out.
I’ve lost about £6000 based on the total price of the car on finance so far. I think it will just keep going down as these big cars don’t seem to hold there value that great. All I’m thinking is it’s costing me a lot per month for the car, insurance, road tax and fuel. Hence the reason for a change. If I could hand the car back I would. But to do that would be about £2000. So you would save a grand but have nothing to show for it.
I will have to do some figures based on what I have now and what’s left to pay versus what’s something like a Fiesta would be or even a Rio for example.
rdb85 said:
I’ve lost about £6000 based on the total price of the car on finance so far. I think it will just keep going down as these big cars don’t seem to hold there value that great. All I’m thinking is it’s costing me a lot per month for the car, insurance, road tax and fuel. Hence the reason for a change.
If I could hand the car back I would. But to do that would be about £2000. So you would save a grand but have nothing to show for it.
I will have to do some figures based on what I have now and what’s left to pay versus what’s something like a Fiesta would be or even a Rio for example.
£6000 in depreciation? If I could hand the car back I would. But to do that would be about £2000. So you would save a grand but have nothing to show for it.
I will have to do some figures based on what I have now and what’s left to pay versus what’s something like a Fiesta would be or even a Rio for example.
Or are you including the interest from your loan?
I don't remember you having a budget of 10k when you were talking about you buying your Lexus.
What's you APR?
What's your cars year spec & mileage?
If you buy that Fiesta now and run it for 3 years, it'll be worth less than £2k. Possibly only a grand as a trade in.
That's another £4k+ you've spunked on a car over the next 3 years. Plus the £2k finance still to clear from the old one.
In another 3 years, the Lexus will be worth about the same as the Fiesta, if not more. But you won't have spent £2k on swapping cars.
There is no way in this world it makes any sense!
That's another £4k+ you've spunked on a car over the next 3 years. Plus the £2k finance still to clear from the old one.
In another 3 years, the Lexus will be worth about the same as the Fiesta, if not more. But you won't have spent £2k on swapping cars.
There is no way in this world it makes any sense!
ZX10R NIN said:
£6000 in depreciation?
Or are you including the interest from your loan?
I don't remember you having a budget of 10k when you were talking about you buying your Lexus.
I had an £8k budget. So the APR on the Lexus IS 8% which was cheaper than the bank. As I’ve never had a credit card or a loan before now. So it was £10k including the interest.
What's you APR?
What's your cars year spec & mileage?
That’s the total finance. Which is 8% but as I’ve never had a credit card or a loan before now it was my cheapest option. If you base it off the car price of £8000. It’s lost about £4000 in 15 months. It’s a 2009 plate Full Lexus Service History, 73k. To sell privately I would get £6000 for it. Or are you including the interest from your loan?
I don't remember you having a budget of 10k when you were talking about you buying your Lexus.
I had an £8k budget. So the APR on the Lexus IS 8% which was cheaper than the bank. As I’ve never had a credit card or a loan before now. So it was £10k including the interest.
What's you APR?
What's your cars year spec & mileage?
Edited by anonymous-user on Monday 2nd September 12:44
ZX10R NIN said:
Also you'll be adding £2000 to anything you buy so you will be worse off no matter what you buy, the other answer is to sell it privately you'll get more for the Lexus & therefore make your negative equity more palatable.
I agree that to sell it privately would be the best option. I understand that anything I buy would have the equity added to it. Or get a low interest loan and then sell it. Trying to sell a car with finance I would imagine would be difficult, plus it belongs to the lender. Issues there too. rdb85 said:
ZX10R NIN said:
£6000 in depreciation?
Or are you including the interest from your loan?
I don't remember you having a budget of 10k when you were talking about you buying your Lexus.
What's you APR?
What's your cars year spec & mileage?
I had an £8k budget. So the APR on the Lexus IS 8% which was cheaper than the bank. As I’ve never had a credit card or a loan before now. So it was £10k including the interest. Or are you including the interest from your loan?
I don't remember you having a budget of 10k when you were talking about you buying your Lexus.
What's you APR?
What's your cars year spec & mileage?
Those smaller cars will depreciate at a greater rate than the Lexus.
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