Stoneacre Fiat

allan1983

Im hoping that someone will be able to help me make a decision.
Last year I bought a Fiat Punto from stoneacre. It was a year old and was £6000.
I got it on finance, and over 5 years the payments with Gap insurance come to £170 p.m.
The deal came with a years insurance and a years tax, so over 1 year was a pretty good deal (ithought anyway)
There was also the parting shot of 'come back in 12 months and we'll do you the same deal on a years newer model.'

Well here we are a year later, with almost a full blown recession, so my plans are all a bit screwed.

Ive been to Stoneacre today, and the 'best' deal I can work is:
Exchange my current car for-
A brand new punto (1.4 Active)
Same payments as now, for 12 months
£700 for insurance,
12 months Tax
Mats (:rotfl:)

But after 12 months, the payments go up to more like £260 a month.
Again, theyre suggesting that after 12 months I can go and get a new deal, so never have to pay £260, but I know Ive had to jump through some hoops today to get where I am now.

Fortunately, as they want proof of income (im a student on a bursary which I cant prove Im getting yet) Ive got some thinking space while I get the head of the Uni to confirm my income.

As a side note, Ive got an insurance quote on the new car for £640 ish, but if I can get my head round how to do it, will do one of the cashback site deals, so should make a bit of profit that way.

I need opinions and Expert advice.

Should I go for it or run for the hills?!?!?

Once I finish Uni (2 and a bit years) Ill be able to pay the finance off, or get a 0% deal, cos ill be earning proper money!!

Thank you and sorry for the long post.

goldspanners

your current fiat will end up costing you over £10,000.
the new fiat will end up costing you just over £14,500.

none of these are good deals im afraid.

allan1983

I know, dont upset me more than I already am!
But what Im wondering is, if I continue down the road of good short term deals attached to long term deals which equate to a form of monetary rape, once I can afford to opt for a 0% APR or even a settlement figure, do I come out smelling of roses?

Anihilator

That is a horrendous deal.

The punto active 1.4 should be easily obtainable on a 59 plate for about 8k.

This aside why on earth would you want to tie yourself in for longer. Stick with what you have

allan1983

This aside why on earth would you want to tie yourself in for longer.

Because over 12 months I get a fairly good deal, its only over 5 years Ill get shafted.

As i said, im a student, so im trying to keep my monthly payments as static as possible.:o

Anihilator

No it isnt a good deal over 12 months because you arent taking out a deal for 12 months. You are taking out a five year deal and over five years you are being shafted in every hole you have.

TRADESIZE

you need to sell that car pronto. you need to not buy such a new car so that you dont suffer depriciation too much. you need to own your car outright so as not to keep having your finances killed every month forever more.

I suggest this:

Work out what its worth private sale, going for part ex at a dealer your only going to get tucked up all day long in every instance - this is fact!

If you can sell it private sale for the same or more than whats outstanding on your finance then great do this, however the fact its on finance may put off private sale buyers, in which case get a loan to pay it off first.

Now you have no car, but no debt. Buy a car under 2k making sure its a 1 owner low mileage FSH very tidy examaple. Keep this for 4 years +. My last car cost me £900 it was 34k from new 1 owner, and I've had it 6 years! The most I've spent on it in one go is £140

Why let motoring cost you so much? Its really not necessary.

By the way I deal with the stoneacre group of garages as part of my job on a daily basis I can honestly say they are all rubbish
Dont let yourself be tucked up. At the moment they might as well be saying - hello sir, wanna new car, do you wanna be tucked up, or tucked up? Take them up on any of the deals they've offerd you and you will be.

these guys are crooks too but will buy a car on finance - they pay it off - a private sale customer will probably be put off doing this, but webuyanycar.com will buy your car, if the figures work its an easy life to get out of your finance deal. Like I say as long as what you can sell it for is more than or the same as whats owed on the finance your OK, regardless of the fact that webuyanycar.com are knobheads!

by the way to keep your insurance low do reseacrh on a car that is VERY low insurance group for your replacemnet.

mollycat

TRADESIZE makes a good point; if you are a student why are you shelling out so much each month, (and planning to do it forever by the looks of it) for owning a car?

Im 46, have always bought/traded bangers over the years, and motoring has basically cost me jack !!!!!

Dont get on the treadmill mate, theres no need.

allan1983

i was working when i got the first car. and massively NAIVE!
But now I feel stuck, as i need my car for Uni and family stuff, but as people have said I cant just sell up.
AAARRRRGGGGHHHHH

chambta

allan1983 wrote: »

i was working when i got the first car. and massively NAIVE!
But now I feel stuck, as i need my car for Uni and family stuff, but as people have said I cant just sell up.
AAARRRRGGGGHHHHH

You may need a car but you have no financial justification for doing a deal like that. A 2k car wisely bought is plenty enough and frankly I'd bet you can get a better car than that Fiat anyway even for 2k.

goldspanners

another tip would be to never buy GAP from the dealer, your probably paying way too much for that.
im sure you can get it from other insurance companies for a few hundred pounds.

keep the car you have just now,ride the storm and learn your lesson, theres no way your going to break even if you sell it.
if your really struggling then worst case scenario is to sell the car either privately with the buyer making the cheque or form of payment out to the finance company or selling to folk like webuyanycar,they will give you less than a private sale.

then buy a banger for £500 with 12 months mot and tax. if it falls to bit a year later then it has only cost you £500. repeat until you can afford a better car without silly finance deals like this.