Car finance - to sell or not to sell - HELP

Puzzledbubbles

Hi All,

Looking to improve my current financial state and i have to say my biggest monthly expense is my car.

Now its a convertable so the absolute WORST time to sell, but i really could do with freeing up some extra cash.

There is just under £6,000 to go.

Im thinking i have several options.

1. Carryon paying monthly - payments will finish October 2011 and then sell the car at the end

2. Exchange the car with a dealer, get the best possible price for the car on a trade in and then get something cheaper to run and hopefully cheaper on finance.

3. Take out a loan to clear the finance at a lower monthly rate (if i can find one) and then sell the car and use the cash to buy another one.

4. Take out a loan to clear the finance, sell the car and use anything that i make to clear a higher interest debt and live without a car for a year or so until i can afford one again.

Advice would be greatly appreciated as i really dont have a clue.

Thanks

Puzzled

milliemonster

A lot depends on how much your car is worth compared to what you owe still on it, have you had a look at parkers to see how much it is worth?, if it turns out it is worth a lot less than you owe on it and you can afford to keep up the repayments then that would seem the most logical option

Puzzledbubbles

Hi Millie,

The car is currently going for the £3,000 mark on ebay, parkers says fair dealer price is £4,000 but with the curent climate not sure how relevant that is.

Thanks for commenting

x

Puzzledbubbles

Shameless bump to see if any of you daily DFW's can help

mcjordi

i would see what you can get as a trade price off a dealer/swap
or sell and live without a car

Puzzledbubbles

thanks mcjordi,

thats what i was thinking, will go visit some dealers on the weekend (if i get chance)

got any bargaining tips?