In negative equity with our car

mbrijun

C_Mababejive wrote: »

My advice..downsize to a Toyota Yaris or even an Aygo...

the OP has another baby on the way. I doubt a Yaris would do as a proper family car.

Maybe not a "downsize" is needed, but a "downshift in brand" - in a true spirit of MSE

motorguy

blondeprincess wrote: »

The car is a BMW 1 series on a 55 plate

We will 100% be handing the car back

They gave us 15,000 miles a year i am doing about 11.000 a year

So there is no way i can hand the car back now & be done with it then you dont think

BMW will charge me a fortune for banging the dent out, they cost a arm & leg in servicing hence why i go elsewhere now for it. I shall have to get it done somewhere else

Why would you hand the car back? When the final payment is nearly due, trade the car in and pocket the difference - so if you get £6K for it that'll be £2000 deposit on your next car.

Get the dent repaired on your BMW the same way as you would on any other car - by pricing around some local body repair shops - and try to use one that was recommended.

motorguy

I cant understand the mentality of the O/P.

"we *have* to change our BMW to a bigger one because we have another child on the way"

Heres an option, though its an old fashioned idea - its called "making do".

You dont *need* to change your car just because you have a second child. We'd a 106 when my son was born and it was TINY.

Even with two kids a one series will be just fine. The only thing that is likely to be cramped is your style by not driving an x5

Tally-Ho_2

harveybobbles wrote: »

!!!!!! has that got to do with this thread...?!

I think that post should have gone on this thread:

https://forums.moneysavingexpert.com/discussion/2653951

Tally

motorguy

C_Mababejive wrote: »

X5...? Rotfl..i know someone who had a fairly newish used one and the turbo blew. OMG..you dont want to hear about how much it cost.

My advice..downsize to a Toyota Yaris or even an Aygo...

I had an x5 and it sucked £500 of diesel a month, THEN there was the big finance payments, THEN the running costs.

There are small south american countries that cost less to run.

mbrijun

pgilc1 wrote: »

I had an x5 and it sucked £500 of diesel a month

that must have been something like a 1000 miles a week?

seven-day-weekend

iolanthe07 wrote: »

Unfortunately when you buy a car on HP

The OP bought the car on PCP, not HP.

The last time we bought a car on credit was in the 1980s.

Therefore I need to ask: What is PCP?

motorguy

mbrijun wrote: »

that must have been something like a 1000 miles a week?

No, it was at the time when fuel prices 'peaked' (just my luck!)

Diesel was £1.33 a litre, so thats £6.06 a gallon.

All in all i think it was around 2300 miles a month on average i was doing - at 28 mpg. I'd bought it when i was just doing short runs and getting the train to work, then i got 'promoted' which meant i had to have my car on site and move between sites, so the fuel costs went through the roof.

20 inch alloys with two tyres every 10,000 miles costing £250 each, servicing, depreciation....

It was a beautiful beautiful car though. Had to let it go after about six months.

Tko

You have not been done over at all, it's simple you signed the contract, You should have studied it, What will happen at the end of your 4 years is that a driver will come and pick the car up and drop it off at the nearest auction house, though 1st the finance company will ask you if you wish to keep the car and they will drop way below the 4K balloon payment originally quoted, Stitch the seat up 1st with your black cotton don’t worry about the little ding if it is little

iolanthe07

seven-day-weekend wrote: »

The last time we bought a car on credit was in the 1980s.

Therefore I need to ask: What is PCP?

Just google 'PCP' and you will learn all about it. Fundamentally, it is a way of deferring most of the purchase price until the end of a fixed term when you can either hand it back, pay a pre-arranged balloon payment or trade it for another car. The attraction is that you get to drive a better car, but Motor Mouth in last Saturday's Motoring section of the Daily Telegraph made a very good case for avoiding it and buying one the traditional way. Sorry, I don't know how to do links.