Does cash still talk?

Mrs_Rachel_Trelfa

Spicy_McHaggis wrote: »

Go to a dealer, get the best deal you can on finance, say no to any extras, sort out your own gap if you want it and pay off the finance early.

If mum is over 65 can she not invest your cash in one of these over 65 bonds? It might work out you'll get the same return as finance is costing you and you'll get the money back in three years.

What do you mean by sorting out my own gap? Also mum is under 60 but has just downsized her farm so is mortgage free and has a pot of cash for doing up the new place as its a bit of a project. Would be paying back between 200 and 300 per month

Nodding_Donkey

Be aware though that a lot of private sellers even prefer bank transfer to cash. There are too many snide notes about. I'll only take cash off people I know.

worried_jim

Mrs_Rachel_Trelfa wrote: »

What do you mean by sorting out my own gap?

Gap Insurance

No motorist ever wants to see his or her car written-off or stolen. But if you're unlucky enough to have to say goodbye to your car in such circumstances, you can at least ease the financial pain by having 'gap' insurance cover in place.

As its name suggests, gap insurance is designed to cover the gap between the amount you paid for your car, and the amount your insurer will pay out based on its current value.

http://www.moneysupermarket.com/car-insurance/gap-insurance/

You can (and should if you want it) arrange it yourself, it will save you a big% over what a dealer charges.

Mrs_Rachel_Trelfa

Thanks. So I could agree on a deal on finance and then go back say the next day (within the cooling off period) and pay it all off in cash without incurring any fees? So I am basically paying in cash, which is what I want to do .

Spicy_McHaggis

Mrs_Rachel_Trelfa wrote: »

Thanks. So I could agree on a deal on finance and then go back say the next day (within the cooling off period) and pay it all off in cash without incurring any fees? So I am basically paying in cash, which is what I want to do .

Yes, you'd pay the finance company by bank transfer when you cancel the finance deal, do a bit of research and read the terms first.

I'd agree a finance price on the car before you go into detail with the cancellation as they'll get a fee for signing you up. This will be your negotiation on price for the car, however the dealer may get penalised if you cancel in the cooling off period. That's his problem though if you've already done the deal.

arcon5

Buying a 3 year old car max - how's that avoid depreciation.

Spicy_McHaggis

arcon5 wrote: »

Buying a 3 year old car max - how's that avoid depreciation.

It doesn't but I'd presume she wants a fairly new car and isn't into bangernomics.

loskie

For a 12yr old ka dont bother trading it in you will literally be paying them to take it off your hands. Either try to sell it privately or to a low end dealer.

benham3160

loskie wrote: »

For a 12yr old ka dont bother trading it in you will literally be paying them to take it off your hands. Either try to sell it privately or to a low end dealer.

"Dealer stocks trade in at £25", usual stuff!

With older "bangers" (and I don't mean that in the perjorative) providing there isn't anything particuarly wrong with it I'd definately sell the car privately - if you're really unsure start the car from £100 on eBay, be brutally honest and invite any inspection and see where it goes, you may get a surprise, there are always people after a cheap to run hack like a Ka.

forgotmyname

To limit depreciation you should be looking around 5 years old.

I bought my last car in 2009 it was 5 years old. I paid just over £2000 for it and have just sold it for £850.

If you buy right then a 5 year old car can be in better condition that a 3 year old one.

You just need to get one thats serviced properly and looked after, Not something that was driven with the attitude that it wasnt theirs so who cares.

Whilst looking for another car i spotted a few that had gone over the service intervals. I think 12,000 miles for a diesel is too high between oil changes, Yet there were plenty that were serviced between 16k and 20k miles.

I didnt even give them a 2nd glance.