Financial stickiness, and what to do
Discussion
As a lonely hearts would read, long term reader, first time poster. First of all I hope this is the right place.
I currently have a 62 M135i that I purchased nearly two years ago from BMW, the car was £18200, I put £6000 down into a PCP with my part exchange e46 M3.
Now it’s coming up to the end of lease and I’m stuck between mind and heart. I think the car performs brilliantly at everything, but I haven’t really had that connection with it, possibly because I haven’t modified it like I do with every car.
My concern is that if I was to finance the balloon payment of £10k then I’ll be paying finance on what will be a ten year old car and in my mind that seems a little silly.
Do I:
A) Return the car to BMW in September
B) Sell private and get back £2-3k of my initial investment to play with an older BMW
C) Refinance and hope the prices bottom out at circa £8-10k in 4 years time.
Just abit lost at the minute and I’ve been stuck in this rut for the last two months or so.
Thanks guys
Alex
I currently have a 62 M135i that I purchased nearly two years ago from BMW, the car was £18200, I put £6000 down into a PCP with my part exchange e46 M3.
Now it’s coming up to the end of lease and I’m stuck between mind and heart. I think the car performs brilliantly at everything, but I haven’t really had that connection with it, possibly because I haven’t modified it like I do with every car.
My concern is that if I was to finance the balloon payment of £10k then I’ll be paying finance on what will be a ten year old car and in my mind that seems a little silly.
Do I:
A) Return the car to BMW in September
B) Sell private and get back £2-3k of my initial investment to play with an older BMW
C) Refinance and hope the prices bottom out at circa £8-10k in 4 years time.
Just abit lost at the minute and I’ve been stuck in this rut for the last two months or so.
Thanks guys
Alex
I'm not sure what you're asking really...?
Look at it from another perspective:
Think of it as you have been renting a car.
A, hand it back, walk away.
B, For a bit of hassle, you can raise a few quid. How long would it normally take for you to earn £2-3k? Is this a real figure, or just the numbers seen advertised.
C, You need a replacement car. Do you buy the one you have been using, for which you need a loan, a newer one, which will presumably need a bigger loan, or a cheaper one, that may not need a loan.
You need to answer:
Do you need a car?
What do you need it for?
What do you want it to do?
What can you afford and what are you prepared to spend?
Look at it from another perspective:
Think of it as you have been renting a car.
A, hand it back, walk away.
B, For a bit of hassle, you can raise a few quid. How long would it normally take for you to earn £2-3k? Is this a real figure, or just the numbers seen advertised.
C, You need a replacement car. Do you buy the one you have been using, for which you need a loan, a newer one, which will presumably need a bigger loan, or a cheaper one, that may not need a loan.
You need to answer:
Do you need a car?
What do you need it for?
What do you want it to do?
What can you afford and what are you prepared to spend?
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