Car lease coming to end - end payment looming choices?

Cash_Flow

lawrie28 wrote: »

So, the car cost £21k, and you put £4.5k down to get your monthly repayment to £300. After 36months at £300, (£10,800) you will have spent £15,300 on this car? Is that right, or have I lost something, because you then say that the balloon is £6500?

The thing to do is firstly, confirm how much for you to buy the car. THen, as suggested, advertise the car to be sold and see if you can sell it for more, making a quick buck (always nice, and a surprise with cars). Remember though, this is not profit, this is just reducing the amount the car has cost you over the last three years.

Then, you need to find yourself another car - one that cost £3-4k should be sufficient - a little corsa/micra/fiat500/C1/Aygo etc that is cheaper to run as well (less road tax, lower insurance etc.) Use your savings to do this, and then put the £300 per month car cost PLUS whatever you where normally saving in the bank. This will quickly return your savings pot, and mean you pay no interest on the new car.

It may be nice to have the mini, but as you said, it is a luxury.

If you wanted to be clever, hunt yourself out a nice cheap convertable, then sell it in the summer and you should make a few quid, as people pay more for a soft top when the sun is out. (£4.5k will get you a used megane CC with hard folding roof)

If you wanted to keep the mini, you wouldn't come on here, you would have got the loan already. Get rid of the car, it will eat money (MOT, Service, Tyres all will need doing soon......) and the value will fall when they inevitably, if they havn't already, release a new model.

I have amended some of your figures:D

lawrie28

Cash_Flow wrote: »

I have amended some of your figures:D

:T:T:T:T

thank you!

(I had, obviously, lost something!)

lawrie28

So, with you having spent £15,300 on this car, it has actually cost you £5,100 per year to have this perk!! that is alot alot of money for a Mini!

EdW_2

Why not take a loan out which has no/low penalties for an early repayment.

Then sell it for the 2/3K it's worth more private, and use the profit plus a small amount of your savings to buy another, cheaper car?

You'd be surprised what your money gets.

I went from an 2008 A3 2.0T company car to a 2003 BMW 320i. The 6 cylinder BMW is barely less economical, even classier inside, and actually goes as well and handles even better.

£3K+£2K savings will, for example, get you a BMW 325ci Coupe on a 2002/2003 plate. You'll find it's a far better car than your mini and will be barely less economical, and you'll have saved a fortune....

nomoneytoday

Does a 3 year old Mini Cooper go for £13500?

i.e. Carcraft have an 07 plate Cooper Swith 30k miles for £10395, or a 24k miler for £10795.
Assuming a private sale goes for a little less (£10k?) is your balloon significantly less?

lawrie28

It is a Cooper S - so worth more than the cooper, and the balloon is £10.5k.

IAN1

You are still young. Do yourself a favour and give the car back. Its not worth the financial burden. If you want a flat, get a cheap car for now e.g. Ford Puma for a grand and save up. Use rest of your savings for a flat. Don't commit to another crippling financial commitment.

[Deleted User]

IAN1 wrote: »

You are still young. Do yourself a favour and give the car back. Its not worth the financial burden. If you want a flat, get a cheap car for now e.g. Ford Puma for a grand and save up. Use rest of your savings for a flat. Don't commit to another crippling financial commitment.

Your advice may be good, but unfortunately you keep posting it 1-2 years too late. Are there some more recent posts you could respond to instead? Ones where the OP may still be alive and reading responses?

IAN1

Deleted_User wrote: »

Your advice may be good, but unfortunately you keep posting it 1-2 years too late. Are there some more recent posts you could respond to instead? Ones where the OP may still be alive and reading responses?

Been one of those mornings mate!