Car on finance question...

Laurenbelle

Hi there! We have a family car, it is a Vauxhall Zaffira which we bought 1.5 years ago and is on finance. We are 6 in the family hence the need for the bigger car. I am using the car to take me to work everyday and it really is such a waste of money but i can't afford to buy a second car. I am using this big car to travel to work and back (about 30 minutes each way) and i am the only one in it!
Is there anyway that i could take this car back to the garage and trade it in for maybe an older model plus a smaller car and keep paying the car finance company (British Credit Trust) as normal? I just need a run around to get me to work. The finance isnt with the garage we got the car from (Evans Halshaw).
Does anyone have any idea?
THank you in advance for any information!

Lemonade_Pockets

The only way is to settle the old agreement and take out a new one since the finance is secured against that particular car. A dealership could arrange this for you.

However in practise it is not a sensible idea as it will probably end up costing even more in the long run despite the saving of running smaller car.

hewhoisnotintheknow

running two cars will cost more than you are currently spending, 2 lots of tax insurance mot etc

you will loose money trading it in

Laurenbelle

Thank you, i was just thinking that just because i am going through a tank of petrol a week and i dont do much more than travel to work and back it might make more sense. I may have to look into it a little more! THank you again!

Lemonade_Pockets

Just to give you rough idea of how it might shape up.

Lets say you bought your zafira for £8k 1.5yrs ago. It will probably be worth now no more than £5k. But if my former experience of BCD is anything to go by you will owe at least £6k with 3.5 years to go on the finance. (Optimistic figures if anything)

So lets pretend you buy two cars worth a combined total of £4k.

So you need to finance the following.
£4k for the new cars
+£6 (the amount you still owe)
-£5k (the value of your car)
=£5k on finance.

Now you can either do that over 3.5yrs so you don't end up paying for longer than you where orginaly. Or you can start again on a 5yr finance deal.

Either way you will have two cars which are a lot older and worth a lot less than the Zafira and be paying back a whole load more interest (not to mention 3 lots of documentation fees) plus the extra running costs associated with running two cars.

By all means pay a visit to the local dealer and see how it stacks out but i will pretty much bet my house that it won't be any cheaper.

The only way imo to get what you want is buy a old £100 banger just to run about in and save the zafira for weekend family use.

motorguy

I used to run a second, old car and invariably found they cost a fortune to run repair / mot costs thus pretty much negating the benefit.

Laurenbelle

Lemonade_Pockets wrote: »

Just to give you rough idea of how it might shape up.

Lets say you bought your zafira for £8k 1.5yrs ago. It will probably be worth now no more than £5k. But if my former experience of BCD is anything to go by you will owe at least £6k with 3.5 years to go on the finance. (Optimistic figures if anything)

So lets pretend you buy two cars worth a combined total of £4k.

So you need to finance the following.
£4k for the new cars
+£6 (the amount you still owe)
-£5k (the value of your car)
=£5k on finance.

Now you can either do that over 3.5yrs so you don't end up paying for longer than you where orginaly. Or you can start again on a 5yr finance deal.

Either way you will have two cars which are a lot older and worth a lot less than the Zafira and be paying back a whole load more interest (not to mention 3 lots of documentation fees) plus the extra running costs associated with running two cars.

By all means pay a visit to the local dealer and see how it stacks out but i will pretty much bet my house that it won't be any cheaper.

The only way imo to get what you want is buy a old £100 banger just to run about in and save the zafira for weekend family use.

That makes a lot of sense, thank you very much for taking the time. I think the £100 banger would be the best idea! Thaks again!