Can I cancel car finance after 6-8 months

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  • nic_c
    nic_c Posts: 2,928 Forumite
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    OP has said he's not buying new cars, so it could well be as was said by one fellow forumite with ample white space, and another with a more compact text approach. to compare purchase and sale prices. There are alternatives such as leasing a car for a few months.

    Then there is insurance, which will be more on a "fun" car than will be for the family bus.

    Alternatively buy a gaming console and big TV and which will probably cost less than the loss and continue to have fun drives without leaving the home :rotfl:
  • Clive_Woody
    Clive_Woody Posts: 5,855 Forumite
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    Lucky_Duck wrote: »
    Probably cheaper to hire or lease one?
    Exactly what I was thinking and at least that way he will know up front how much 6 month of use of the car will cost him.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • Integroo
    Integroo Posts: 22 Forumite
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    If you are buying a relatively new performance car, you will take a huge hit in depreciation.

    There are plenty of fun cars you can drive for six months that won't depreciate anywhere near as much as a relatively new M5 (and indeed are likely to be more fun than a two tonne four door saloon! Lotus Elise, for example. If you really want a super saloon, I would advise an older one for less money - though you ofc bring the risk of maintenance and repairs - but if you buy well you should hopefully be fine for six months. If you are brave or know a lot about cars, buying privately will minimize the depreciation hit.

    I would finance it via personal loan - not linked to the car and more flexible when you want to sell.
  • fiisch
    fiisch Posts: 510 Forumite
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    Have you thought about the boring car + fun car option?

    Could you look to get the Volvo and a Subaru Impreza STI / E46 M3 / Mitsubishi Evo 6 as a weekend toy?

    M5 / E63 / RS6 will take a big hit for the joy of 6-8 months ownership, and whilst you won't get the same creature comforts, you can go as fast - if not faster - for lot less.
  • tykesi
    tykesi Posts: 2,061 Forumite
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    edited 14 November 2017 at 9:52AM
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    Don't think we're telling the OP what they wanted to hear, they won't be back.

    I do agree with Integroo though, plenty more fun cars out there than a fast family saloon. I bought a 3.0 Z4 after selling a motorbike but still wanting a weekend toy. Paid £4400 for it and sold it for £4k almost a year to the day after I'd bought it. Much less of a hit than you'd take with the cars the OP is on about.
  • simpson_77
    simpson_77 Posts: 117 Forumite
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    nic_c wrote: »
    Alternatively buy a gaming console and big TV and which will probably cost less than the loss and continue to have fun drives without leaving the home :rotfl:

    Thanks i already have a games console and big tv:D
  • simpson_77
    simpson_77 Posts: 117 Forumite
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    fiisch wrote: »
    Have you thought about the boring car + fun car option?

    Could you look to get the Volvo and a Subaru Impreza STI / E46 M3 / Mitsubishi Evo 6 as a weekend toy?

    M5 / E63 / RS6 will take a big hit for the joy of 6-8 months ownership, and whilst you won't get the same creature comforts, you can go as fast - if not faster - for lot less.

    Yeah, given they can achieve circa 25-30mpg on a long motorway run, I'm not sure buying a 2nd car + insurance + maintenance would work out cheaper. I have thought about the mile muncher option alot, but will most likely just have the 1
  • simpson_77
    simpson_77 Posts: 117 Forumite
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    So, I looked at a lease, and it only the new model being launched EOY so £1,800pm WOW...I don't mind taking a hit on the car of a few grand for the smile every time I drive it. Decided on £25k loan @ 3.9% and 0% credit card. Pick her up on Thursday :).
  • simpson_77
    simpson_77 Posts: 117 Forumite
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    tykesi wrote: »
    Don't think we're telling the OP what they wanted to hear, they won't be back.

    I do agree with Integroo though, plenty more fun cars out there than a fast family saloon. I bought a 3.0 Z4 after selling a motorbike but still wanting a weekend toy. Paid £4400 for it and sold it for £4k almost a year to the day after I'd bought it. Much less of a hit than you'd take with the cars the OP is on about.

    Went to France for a few days to see the D-day beaches, didnt go online!

    I save and invest a lot every month and thinking hey, you cant take it with you so may as well spend what I have. Maybe it's my post 40th B-day midlife crisis :rotfl:
  • simpson_77
    simpson_77 Posts: 117 Forumite
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    As an FYI, on a 3 year PCP the GFV is £18,900, the car i'm buying was £37.5 and got through a main dealer for £34k including full warranty etc. On my reckoning that's a potential £5k pa loss or £2.5 if I sell in 6 months with 6 months warranty left and in that time I should have no servicing costs (expect some tyres :))
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