Car Dilema

*mimi*

Hi there, i'm a moneysaving virgin so my lingo may not be up to speed. I am in a bit of a dilema about my car. I bought it a year and a half ago when we were in a totally different financial scenario. We lived in a big farm house which we didn't have to pay a mortgage for, had our own flat let out, and so decided that we'd treat ourselves to an audi a4 cabrio. Anyway, i took out a silly finance deal - 3 years with a guaranteed trade in price at the end of the three years, -a balloon payment-. OUr circumstances changed, and we had to move out of our rent free pad, and buy our own house, during the property slump and are paying a huge mortgage for not a very huge house. I want to get rid of my car for something much more economical and cheaper. when i went to see about trading my car in, i have a settlment figure of 12000, but the garages are saying my car is only worth 8000 now!! even though it was 16000 a year and a half ago. What can i do? i am in a catch 22

MX5huggy

We need more info on the Audi, what reg, milage, engine spec any optionla extras?

vaio

But the idea of negative equity on financed cars is not unusual.

*mimi*

its an audi a4 1.8t quattro sport 2004 black with cream leather.... really nice, but needs to go

Anihilator

*mimi* wrote: »

its an audi a4 1.8t quattro sport 2004 black with cream leather.... really nice, but needs to go

Had a look on autotrader and think the dealers trade in isnt too unfair.

You obviously paid far more than the car was worth or had a very unhealthy finance deal.

Pew_Pew_Pew_Lasers!

You obviously paid far too much for the car. The price you've been offered is about right, although you'll get slightly more if you sell privately.

What is the guaranteed value at the end of the three years?

plane_boy2000

Think as others have said it looks like you paid top whack for it, and it is a depreciating asset - A4 Cab has been discontinued this year as well which will have hit residuals plus its now Autum - not really cab buying weather.

I used to have one so am a little biased but I would say you have the wrong model - 1.8 a little underpowered plus high VED and not that economical. People who want a petrol will probably go for the 2.4 / 3.0 V6 or the diesel model.