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Trading down to release equity

aurora_borealis_2
aurora_borealis_2 Posts: 13,477 Forumite
in Motoring
Hi, I've got a Saab 1.9 TDI diesel automatic. Dec 2004.

I think it's probably worth about £14000.
I want to buy a cheaper car to get some cash out of this one.

Nothing too old and something with a bit of room. I'm considering a new model Astra Estate or similar.

Any thoughts?
de do-do-do, de dar-dar-dar ;)

Comments

  • blue_haddock
    blue_haddock Posts: 12,110 Forumite
    Are you sure you'd save money? by the time you've sold yours for £14000

    Assuming you actually get £14k for it, a new astra estate would not be far off that price so you could be left with very little extra cash in hand.
    Cover me in honey and fling me to the hermaphrodites!
  • xycom1
    xycom1 Posts: 784 Forumite
    Plus IMO an Astra will depreciate a hell of a lot faster than the Saab - so I think you will end up saving very little in the long term?
  • blue_haddock
    blue_haddock Posts: 12,110 Forumite
    Just checked - even going through a broker you are looking at approx £14k for a 1.7 CDTi 80 Life Astra Estate so there is nothing to gain really in trading down.
    Cover me in honey and fling me to the hermaphrodites!
  • plane_boy2000
    plane_boy2000 Posts: 1,482 Forumite
    The Op didnt say he was looking to buy brand new. Astra estate is a nice car - I have had a few on hire. Foucus estate is also OK and may be a little cheeper. You shoul dget either from acar supermarkert for 9 - 10 K about 12 months old and balance of warranty. just downgraded myself from a Audi A4 Cabriolet - decided that it was just to much of a luxury given the size of my mortgage!
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