Advice needed RE: changing car with finance owed...

[243]

Hi, I got a fiat grande punto on HP last september, I laid down a £1300 quid deposit and basically said I had around £90 that I was able/wanted to spend on a car per month. So we worked out a deal including GAP insurance that would equate to 90quid a month.
I do feel as though I rushed into this and as alot of threads on here say about car finance, I do regret going ahead with it, but I dont want to beat myself up about it I just want to get something else...

As we have just got a puppy, that is going to get rather large (weimaraner, we are wanting to take it out alot in the car with us on days out so I have been looking at larger cars and have come across a 05 primera 2.2dci, that I quite fancy... yeah it looks like a big of a pig, but the rest seems like a good buy, as the performance, MPG and tax aren't too bad compared to a 2L petrol equiv. Now this car is up for £3600 at a renault dealer... so probably a bit overpriced. My punto is a 07plate done 50k and they are going on autotrader for about 3800-4000

So I'm wanting to at least go have a look around this primera, but dont want to turn up clueless and walk straight into a bad deal... so what are my options?


ETA: I currently owe around £3100 on the punto
Thanks

[zaphod42]

You could get a very nice Honda Accord for that money...
or
A Mondeo (estate or saloon)?
or
A Mazda 6

All nicer places than the Nissan to spend time, and very good cars...

[Zwoelf]

243 said:

Now this car is up for £3600 at a renault dealer... so probably a bit overpriced.

My punto is a 07plate done 50k and they are going on autotrader for about 3800-4000, I currently owe around £3100 on the punto

So I'm wanting to at least go have a look around this primera, but dont want to turn up clueless and walk straight into a bad deal... so what are my options?

Those AT prices for similar Puntos to yours are asking prices, not what they will necessarily sell for. If the car you want to buy is "probably overpriced" - why don't you think the same about the Puntos? How does the asking price of the Nissan compare to similar examples for instance?

The trade value of your Punto will be less than the finance you currently still owe (i.e. you currently have "negative equity"), which will need to be settled within the deal somehow, usually by you covering that negative equity amount with cash input, which still contributes nothing to buying the Nissan - which is unlikely to be underwritten on finance at 100% of whatever price you buy it for (assuming you intend to finance the purchase).

Get yourself an idea of the likely trade value of your present car by visiting We Buy Any Car, or ringing some dealers and asking them what they would buy your car for - without them having any vested interest in selling you a car (which is exactly what happens when a car is underwritten within the trade), that's the true value of it. Whatever you are given as a PX allowance over and above that is actually taken out of the profit of the sale of the car you're buying.

[VeeFour]

How many people will you need to carry at the same time as the dog?

The obvious answer is that if there are only 2 of you, then fold the back seat down and get a dog guard that effectively turns the car into a small van.

[243]

Thanks for the replies... I was (looks like foolishly) hoping I would be able to 'swap' the punto for something else with little or no cash input.. I do appreciate I am in negative equity and that this will balance itself out after about 3 years where I actually owe what the car is worth.

I had thought about just folding down the back seats, or even removing them, but at the same time, fancied something a bit quicker.. as this is the slowest car I've ever had or driven I have become quite frustrated!

[243]

I appreciate its not a quick car, but having had an arosa sport with simular 0-60 time as the primera it was a lot easier to live with 'speed wise' as the punto has been.