Ford New Car Finance Deal

mike123

If you buy a new car from Ford they are offering a deal were you can borrow as little as £2,500 at 8.1% payable over 24 months (24 payments of £112.52) which comes to a total credit charge of £210.48p on the loan. In return they give you £800 immediatey off the price of your new car. This seems like a fantastic deal to me but can anyone see any pitfalls?

LinasPilibaitisisbatman

You're paying finance for at least 2 years on a car which is probably over 5 years old and will cost you quite a bit in tax, repairs and maintainence on top of that.

jonesMUFCforever

LinasPilibaitisisbatman wrote: »

You're paying finance for at least 2 years on a car which is probably over 5 years old and will cost you quite a bit in tax, repairs and maintainence on top of that.

OP did mention he was buying a new car - are you sugesting that Ford are selling old 5 year old stock as new?

LinasPilibaitisisbatman

jonesMUFCforever wrote: »

OP did mention he was buying a new car - are you sugesting that Ford are selling old 5 year old stock as new?

Then quoted figures for a 3.3k car max:rolleyes:

project500

Yes a great deal wrong .Fords are one of the worst depreciators so you stand to loose at least £3000 the minute you take it out of the showroom.
Far better to buy one a year old with low mileage that has lost that £3000 already.
Buying and owning cars is all about depreciation in the money saving world of this money saving expert web site.

jonesMUFCforever

LinasPilibaitisisbatman wrote: »

Then quoted figures for a 3.3k car max:rolleyes:

Trade in of old vehicle + extra cash for new car?

mike123

Many thanks for your replies. I have ordered a new car under the scrappage deal and after agreeing the purchase price etc I was also offered the above optional loan scheme to save even more money on the agreed price.

1jim

cant see a problem with this as long as you are accepted by ford finance, If i remeber correctly I read somewhere tha ford can be quite fussy about who they accept, but getting £800 off by taking out credit which costs £210 over the 2years is great.
Do you mind if I ask what car you bought and what you traded in..might be in the market for a new car if the deals are right
thanks

project500

If you bought your new car taking advantage of the scrappage scheme then don’t be fooled ,you will still experience massive depreciation far outweighing any scrappage advantage.
Your old car was worth virtually nothing so it was off its depreciation curve .
You were getting free motoring !
Now you have a depreciating asset again that will eat your money up .