New car PLEASE HELP !!!

craftyfox

so the first thing you need to do is get the right value of the car and what it will take to clear the balance, then find out if its better to sell it private or trade in but i think the ford place had big windows the first time round and saw you comming so trying another dealer might be worth a go - and have a look at the order market, i swanned about in a 2.8lt merc for years (she was 16 years old and we bought her for cash but looked the part) and then when you are sorted and your mates ask about the new car tell them your downsizing to keep your lovely misses in a style that suits the lovely person that she is and you'll have a few extra quid to spend on that games room she letting you have :beer:

Inactive

Can somebody explain this " status " thing to me?

Why do some people feel the need to try to impress others?

ixwood

Marketing/media deliberately making people feel inadequate and deprived to encourage consumption.

Alias_Omega

I would return the car, settle what you need too.

Bum about in a poor mans car for a few month. Save the £380 p/m & buy a cheapishy car outright.

£380 a month is my mortgage...

Hintza

Think we will see a lot more of these storoes on here in the coming months. Some good advice on here. You need to explore how much it's going to cost to get out of the deal.

Just another bit of advice:- "Games Room"? I would give that a miss too, start putting some money in the bank and look forward to what you might need it for in the future. House, children etc?

The days of easy money are over.

Good luck

DealDrivers_company_representative

There has to be something wrong in those figures, surely? Are uou sure you've got that right..?

A brand new Titanium 2.0 auto in metallic paint WITH Advanced Nav/6CD included as a 5dr hatch right now brand-new... is only c.£15,270 with the current deals...Ford Finance don't do finance for 5yrs (Ford offer some of the best apr's around for 2 and 3yrs)...so is that with some sort of third party funder using an ultra-high APR??

Scuttsy

Sorry to sound rude but can we get some focus (no pun intended) to Chaz's original question. I am sure being told what he should have done is not making him feel any better. As far as I can tell Chaz owes £18,000 on a vehicle which is now worth between £14,000-£16,000. Perhaps you can advise further Dealdrivers I am not at work and do not have access to any guidebooks. In the best case situation this leaves a negative equity situation where selling the car would leave a debt of at least £3000.

My advise would be to try to sell the car privately and use any funds to clear the finance I would then take a personal loan for any negative equity to clear off the car loan entirely. Unfortunately in the current economic climate this is not easy. Dealers are struggling to sell high performance cars so private buyers will find it even harder you may need to sell to a dealer if you need a quick sale.

Now you will have replaced a loan at £380 month which a much smaller personal loan but have no car. Then find a suitable car with what you have left in the budget.

If you are in HP agreement it will have the option to end the agreement and hand back the goods when you have paid half the amount owing on the agreement but in a 5 yr deal this could be 2 years or more away.

hope this helps it all gets a bit complicated

iB1

I think that Scuttsy offers some good advice. You'll obviously get a better price for the car by trying to sell it privately, as a high performance petrol car with high CO2 output will give most current dealerships a small heart attack! If you did sell it, could you borrow 3K or something like that from your parents/relatives and then pay them back? It would save you the hassle of getting yet another loan.

I think you'll have to wake up and smell the coffee though and face facts that new shiny cars cost a lot of money. If you're wanting to buy a house with your girlfriend, then saving for that should be the number 1 priority for you know. Ignore what your mates may say. Either buy something nearly new (something like 18 months old), or buy a four year old car from a car supermarket. You'll still get something quite shiny, but at a lot less cost!

MX5huggy

chazzyb wrote: »

Mine is a 2.0 with Sat Nav auto transmission so a little bit more then 15k

Auto!!! you must be having us on, all this worry about what your mates think, maybe you don't let them look at the inside of your car.

I say get rind and get a grip there is a mid point between the L reg Toyota and new Focus.

DealDrivers_company_representative

Get your paperwork out from your finance agreement and read through the small print, then have a calm conversation with the finance company to see what range of options they can offer you as a get-out at this early stage. I'm really sorry to say it sounds like you've been seriously 'tucked up' on that car and whatever finance deal they got you into. Focus margins (which dictate the dealer-discounts) have changed very little for Ford dealers in the past 4-6mths, so I don't understand how that car cost the amount you say it did.

As a car only a few months old you're in the max' depreciation period -even a 57 plate manual 2.0 Focus Titanium with 8k on the clock currently has a book price of around £8k (c £9250 poss' private sale).

I've just asked one of our trade buyers what he'd offer on a 3mth Focus Titanium 5dr 2.0 auto with metallic paint and Nav', under 8k miles, and he said £8.5 as a trade-buy in the current climate, poss' private sale could be achieved around 11-12k if you can find someone really wanting an automatic (there's a very small market for automatic Focus).

Your first stop is to find out what your options are with whoever your finance agreement is with before doing anything else as they are the ones holding all the cards at the moment and you need to be talking to them first. Is the finance HP or PCP or personal contract hire?