Does this sound like a good deal?

Ultrasonic

neilmcl wrote: »

You can get a brand new one for £18K - see drivethedeal.com.

If you pay cash presumably? Once you factor in the finance that the OP would need the cost would be rather higher...

The price for the car is £13k. Personally if I was saving for a house (I am as it happens) I would be looking to buy a much cheaper car, about half that price perhaps. But the OP seems to have decided this is the car that is right for them, and they are obviously free to do whatever they like!

londonTiger

TradePro wrote: »

There's a very good reason for this...

i know you hate vws, and will harp on about kia. But even if a used touran with 100K on the clock and as bad with reliability as you imply. It can still very easily be completely overhauled several times over, it will cost 3K to buy, with 17K in your "repair budget" you can travel to the moon and back - still more sensible than buying a (text removed by MSE Forum Team) gashqai that you can't afford.

OP has negative equity on their current car. Nobody should ever consider buyign another car on finance when they still have balance owing on previous car.

A good touran can be had for 3K. in fact any decent MPV can be hat for that. I really don't understand why parents need to get a chelsea tracker to feel safe. When was the last time a car got pulverised on a residental road, so much so that the rear seats met with the front seats and crushed anyone in the rear seats?

A saloon car is more than adequate for taking children around journeys. If space is really an issue a MPV would be more than adequate.

Ultrasonic

londonTiger wrote: »

Nobody should ever consider buyign another car on finance when they still have balance owing on previous car.

Why not? The fact that there is outstanding finance doesn't seem to be making the current 'deal' particularly terrible. Provided the valuation on the current car is reasonable.

Olza23

More direct answer to your question..

Probably not the best deal, you say you drive 300 miles a week to work so your are trying to justify buying a new car for this?

If you paid off the current car, got it serviced and maintained it properly there is no real reason why it would be any less reliable..

Do you want the novelty of a new car? Personally I wouldnt buy it because I dont think there is a problem to be solved but the decision is yours..

TradePro

neilmcl wrote: »

You can get a brand new one for £18K - see drivethedeal.com.

Including 4 years interest?

Daniyella

A Qashqai isn't a chelsea tractor its a 4x2 crossover 1.5 dci

bodgerx

Daniyella wrote: »

We are looking to change our car (as its falling apart and costs a fortune to run) and we have been offered this deal, does it sound a good deal or alot on interest etc


PCP on New Car £13,000

Old car Part exchange - £3700
Negative equity £1600 (absorbed into the deal)

Amount financed £14600

£300.87 per month over 48months

Final payment/Guaranteed future value - £4048

interest £3,681 (4% flat rate)

Total payable - £18281.76

A very bad idea. Really bad.

You are paying 18k for a car that costs 13k, the value of which is headed in only one direction: Down.

The negative equity situation you have with the current car is just about to get worse on the newer one. It's a warning shot.

Pay off the debt on the existing car and then get cash together so that you can at least pay a 50% deposit on the next one.

Cars are not like houses.

bodgerx

Daniyella wrote: »

We are aware of the impact that extra borrowing could have on our ability to borrow for our mortgage which is why my mother in law is having the finance in her name so it wont be affected,

I did wonder where the £22k had come from but went along with it as it as i thought they would know what they were on about, it is only £18k.

I dont want to keep the GV simple as, i have lost all respect for it and want a change. All i want to know is the amount of interest on the deal normal, high etc?

This is also a very bad idea. Having your ML on the note could at best alter your relationship, and at worst destroy it in the event of your inability to pay.

Keep your relatives out of your finances, it will be the best move you make.

If you are seriously thinking about mortgages, you need to get your finances into a very clear and simple place and reduce debt to zero.

There is no short cut here.

Daniyella

Its my partner (her sons) car so its between them, they paid off the negative equity and we have bought a 62 plate Qashqai with 7k miles with payments £30 less than on the 10 plate one but thanks for everyones advice. I didnt realise at the time but they had received an inheritance which has enabled them to help out, really pleased and cant wait to get my new car on monday

bodgerx

Daniyella wrote: »

Its my partner (her sons) car so its between them, they paid off the negative equity and we have bought a 62 plate Qashqai with 7k miles with payments £30 less than on the 10 plate one but thanks for everyones advice. I didnt realise at the time but they had received an inheritance which has enabled them to help out, really pleased and cant wait to get my new car on monday

That isn't how you explained it originally.

You said the negative equity was being absorbed into the new finance deal.

No matter how you cut the new lower monthly payment, with information you provided you are headed down another path where you are owing a lot more that the car is worth for a very long time. That isn't sustainable...