Buying a car on finance, not keeping it long term?
Discussion
Only in the last few years have I been earning/comfortable enough to buy cars on finance. I usually overpay them and pay off the balance early (ussually 3 yrs for a 5 yr loan).
I've been wanting to get an S550 Bullitt Mustang for a few years, but the prices are way too high for my liking. I have a deposit saved up, but am growing impatient. For less than what I'd have to pay for a Bullitt right now, I can get an older F-Type, another car I've always wanted to try/own.
In light of this, I've considered getting an F type as they seem towards the bottom of their depreciation bubble and enjoying it until such time as I'm ready to get a Mustang, which would likely be before the F-type is paid off. I've never sold a car that had finance on it so I'm not sure if 1. This is a good idea. 2. How to go about it. Is it worth selling the car outright, paying the loan off and using the balance as a new deposit, or is it better to trade it in on the new purchase and sort out all the financial side as part of that?
I haven't bought either yet, but just something I'm considering to allow me to have a nice car while I wait for my dream one.
I've been wanting to get an S550 Bullitt Mustang for a few years, but the prices are way too high for my liking. I have a deposit saved up, but am growing impatient. For less than what I'd have to pay for a Bullitt right now, I can get an older F-Type, another car I've always wanted to try/own.
In light of this, I've considered getting an F type as they seem towards the bottom of their depreciation bubble and enjoying it until such time as I'm ready to get a Mustang, which would likely be before the F-type is paid off. I've never sold a car that had finance on it so I'm not sure if 1. This is a good idea. 2. How to go about it. Is it worth selling the car outright, paying the loan off and using the balance as a new deposit, or is it better to trade it in on the new purchase and sort out all the financial side as part of that?
I haven't bought either yet, but just something I'm considering to allow me to have a nice car while I wait for my dream one.
OinkMurphy said:
Only in the last few years have I been earning/comfortable enough to buy cars on finance. I usually overpay them and pay off the balance early (ussually 3 yrs for a 5 yr loan).
I've been wanting to get an S550 Bullitt Mustang for a few years, but the prices are way too high for my liking. I have a deposit saved up, but am growing impatient. For less than what I'd have to pay for a Bullitt right now, I can get an older F-Type, another car I've always wanted to try/own.
In light of this, I've considered getting an F type as they seem towards the bottom of their depreciation bubble and enjoying it until such time as I'm ready to get a Mustang, which would likely be before the F-type is paid off. I've never sold a car that had finance on it so I'm not sure if 1. This is a good idea. 2. How to go about it. Is it worth selling the car outright, paying the loan off and using the balance as a new deposit, or is it better to trade it in on the new purchase and sort out all the financial side as part of that?
I haven't bought either yet, but just something I'm considering to allow me to have a nice car while I wait for my dream one.
You'll get a better price selling privately than you will trading in (generally). I've been wanting to get an S550 Bullitt Mustang for a few years, but the prices are way too high for my liking. I have a deposit saved up, but am growing impatient. For less than what I'd have to pay for a Bullitt right now, I can get an older F-Type, another car I've always wanted to try/own.
In light of this, I've considered getting an F type as they seem towards the bottom of their depreciation bubble and enjoying it until such time as I'm ready to get a Mustang, which would likely be before the F-type is paid off. I've never sold a car that had finance on it so I'm not sure if 1. This is a good idea. 2. How to go about it. Is it worth selling the car outright, paying the loan off and using the balance as a new deposit, or is it better to trade it in on the new purchase and sort out all the financial side as part of that?
I haven't bought either yet, but just something I'm considering to allow me to have a nice car while I wait for my dream one.
What is the actual question here?
If you get the F-Type on 3 or 5 year finance and want to sell it after 8months then you call and get a settlement fee from the provider, you'll then have to settle that in full before you can sell the car - If doing this via a private sale, you would normally authorise the 3rd party to talk to the financer and they'd pay the balance directly and any surplus is then paid to you and you make the transfer of ownership as usual.
Prices on the F-Type dropped a little in Nov/Dec but seem to be holding steady at the moment. Currently loving every mile in my V6S AWD and can't think of anything under £80k that I'd replace it with except for an F Type SVR.
If you get the F-Type on 3 or 5 year finance and want to sell it after 8months then you call and get a settlement fee from the provider, you'll then have to settle that in full before you can sell the car - If doing this via a private sale, you would normally authorise the 3rd party to talk to the financer and they'd pay the balance directly and any surplus is then paid to you and you make the transfer of ownership as usual.
Prices on the F-Type dropped a little in Nov/Dec but seem to be holding steady at the moment. Currently loving every mile in my V6S AWD and can't think of anything under £80k that I'd replace it with except for an F Type SVR.
OinkMurphy said:
Only in the last few years have I been earning/comfortable enough to buy cars on finance. I usually overpay them and pay off the balance early (ussually 3 yrs for a 5 yr loan).
I've been wanting to get an S550 Bullitt Mustang for a few years, but the prices are way too high for my liking. I have a deposit saved up, but am growing impatient. For less than what I'd have to pay for a Bullitt right now, I can get an older F-Type, another car I've always wanted to try/own.
In light of this, I've considered getting an F type as they seem towards the bottom of their depreciation bubble and enjoying it until such time as I'm ready to get a Mustang, which would likely be before the F-type is paid off. I've never sold a car that had finance on it so I'm not sure if 1. This is a good idea. 2. How to go about it. Is it worth selling the car outright, paying the loan off and using the balance as a new deposit, or is it better to trade it in on the new purchase and sort out all the financial side as part of that?
I haven't bought either yet, but just something I'm considering to allow me to have a nice car while I wait for my dream one.
Bullett Mustang is a bit naff imho. Just look for a 2018 on (low road tax) GT mustang in a colour you fancy its 99.999% the same car.I've been wanting to get an S550 Bullitt Mustang for a few years, but the prices are way too high for my liking. I have a deposit saved up, but am growing impatient. For less than what I'd have to pay for a Bullitt right now, I can get an older F-Type, another car I've always wanted to try/own.
In light of this, I've considered getting an F type as they seem towards the bottom of their depreciation bubble and enjoying it until such time as I'm ready to get a Mustang, which would likely be before the F-type is paid off. I've never sold a car that had finance on it so I'm not sure if 1. This is a good idea. 2. How to go about it. Is it worth selling the car outright, paying the loan off and using the balance as a new deposit, or is it better to trade it in on the new purchase and sort out all the financial side as part of that?
I haven't bought either yet, but just something I'm considering to allow me to have a nice car while I wait for my dream one.
F Type also great, but id only buy off a dealer with a 2 year warranty as theres plenty of complex tech to go wrong, they are a bit more than a GT mustang to buy and a lot more to fix, service and run. In short if you want a mustang buy one - but dont pay a silly premium for a bullett car.
bennno said:
Bullett Mustang is a bit naff imho. Just look for a 2018 on (low road tax) GT mustang in a colour you fancy its 99.999% the same car.
F Type also great, but id only buy off a dealer with a 2 year warranty as theres plenty of complex tech to go wrong, they are a bit more than a GT mustang to buy and a lot more to fix, service and run. In short if you want a mustang buy one - but dont pay a silly premium for a bullett car.
Agree about warranty but no need to buy from a dealer for it, you can get JLR extended warranty on the cars so long as they have a FJSH - Or if they don't then JLR will do an inspection of the vehicle and then either note items to be sorted before you're able to purchase a warranty or issue you with a price.F Type also great, but id only buy off a dealer with a 2 year warranty as theres plenty of complex tech to go wrong, they are a bit more than a GT mustang to buy and a lot more to fix, service and run. In short if you want a mustang buy one - but dont pay a silly premium for a bullett car.
Just take a personal loan with the bank.
You’ll get better APR than through a dealer or PCP.
When you’re ready to change you have a few options as the loan won’t be tied to the car.
1. Save the cash, trade in the F-Type and just pay the difference with your debit card.
2. Trade in F-type and take another loan to bridge the amount needed.
3. Sell F-Type, clear loan (hopefully with slight profit) and take new personal loan.
On a personal loan no one will know how much is on the car and you won’t have to clear it when selling so it will make a smoother process.
You’ll get better APR than through a dealer or PCP.
When you’re ready to change you have a few options as the loan won’t be tied to the car.
1. Save the cash, trade in the F-Type and just pay the difference with your debit card.
2. Trade in F-type and take another loan to bridge the amount needed.
3. Sell F-Type, clear loan (hopefully with slight profit) and take new personal loan.
On a personal loan no one will know how much is on the car and you won’t have to clear it when selling so it will make a smoother process.
Gassing Station | Car Buying | Top of Page | What's New | My Stuff