Life lesson [dont bite off more than you can chew]

DCFC79

Thanks for posting cammyyammy, its nice to have had you perspective. Other people will have made the same mistake but dont do anything about it or in denial its an issue.

See this is the thing with a car on finance, its all go for the first 6/12 months but life throws a curveball.

zippygeorgeandben

Yes thanks for posting. I don't have a car but if I was going to purchase one, your life lesson has taught me something.

gycraig_2

Tarambor wrote: »

Congratulations on learning the lesson now. Could be worse, you could have been like a lot of the mugs who get a car on PCP and then you're trapped for many years and you'd be paying far more to end up with nothing than you have with this Fiesta where at least you walked away with £4500 even though you still have £2k odd outstanding. Had it been a PCP deal you'd not even have that.

he bought a car for 9k had 6200 outstanding and sold it for 4500, how has he walked away with 4500, if anything a lease would of been far cheaper to hand back.

Cremear

Don’t beat yourself up. Everyone wastes money. Every takeaway or car journey less than a mile has wasted cash.

Just learn from it that like a lot of people you could’ve bought a flash car that would have lost you even more money.

bearcat16

It’s also good to learn about yourself. Something I have learned is that I get bored with cars quite quickly. I only know this through experience. Now that I know this, I avoid committing to long term car deals that are hard to get out of.

Other people I know like to run their cars into the ground.

aphill24

Well done Op and a lesson learned that will stand you in good stead for many years, ie cars are expensive items and lose so much money in the early years. What a lot of people are doing now is rolling that negative equity up into the next car and paying even more interest.
People on pcp deals have used their cars as a deposit or taken the money given for the px and spent it, then they become slaves to the car companies when it comes to the end of the deal. They need a car so either have to stump up more cash because prices have gone up or downsize to a smaller car for similar payments. If you can afford it and enjoy new cars every so often all well and good but I buy 2nd hand and try and get value for money by not changing my cars regularly as the px prices are a joke.

Niv

Tarambor wrote: »

Congratulations on learning the lesson now. Could be worse, you could have been like a lot of the mugs who get a car on PCP and then you're trapped for many years and you'd be paying far more to end up with nothing than you have with this Fiesta where at least you walked away with £4500 even though you still have £2k odd outstanding. Had it been a PCP deal you'd not even have that.

A rather sweeping generalisation that is not always the case with PCP. I think it depends on the circumstances and the deal.