Buying new car options.

ipri

Hi, I'm in the position to buy new car outright. I've heard it is best to still take out finance, then pay it off immediately. Is this true? Do all contracts allow this? Also, I know I'm best off selling my existing car privately. I can't really face the prospect. Will I really lose so much in a part-ex deal? Thanks.

vansboy

http://www.honestjohn.co.uk/how-to-buy-sell/

Lots info there, for both buying and selling.

If you are buying NEW, then you probably will have finance contributions, from maker and dealer, which appear to be a discount, but if you are intending to pay off straight away, do check any small print, to ensure you keep the incentive.

If buying 'nearly new', then compare interest rates as well as brokers like carwow... drive the deal etc, to see just how much you are possibly NOT saving, by going the nearly new route

VB

walwyn1978

Vans boy's link is well worth a look, useful advice on there

Finance: Yes, should be possible in almost every case. Check with the dealer whether you can 'pay it off early if you come into money'

Part Ex: Yes, you'll lose some, but it's easier in that it's all done and dusted in one transaction. Plus, you can try to haggle up the value they assign to your part ex. Try and do this AFTER you've already agreed a price on the car you want to buy otherwise they will simply adjust their bottom line on the new car to reflect the agreed new price for yours.

Good luck.

da_rule

When I bought a new car from Ford they offered me a discount (dealer finance contribution) which was only available if I took finance. There was a small admin charge to pay it off early I seem to recall, but the saving far outweighed this. I also had to make at least one of the regular monthly payments before I could pay it off.