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My finance quote looks suspect

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Comments

  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    motorguy wrote: »
    Slightly over the 50% every three years rule of thumb.
    24% worse.
  • Car_54
    Car_54 Posts: 9,089 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    AdrianC wrote: »
    £15,375 is Kia's best guess.


    62% depreciation.


    Any guesses from someone independent of Kia?
  • daveyjp
    daveyjp Posts: 14,127 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Looks like one to buy at 3 years. Chances are they won't be bought by anyone doing mega miles.

    Less than 40,000 after 3 years, 4 years warranty left and all for less than £17k.

    OP keep your money and bide your time!
  • motorguy
    motorguy Posts: 22,626 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 8 July 2018 at 12:20PM
    AdrianC wrote: »
    24% worse.

    The general rule is from any given point a car depreciates roughly 50% every three years. The car is a year old now and bought for £32,995, you would expect to get back £16,500 ish in 3 years on average.
  • motorguy
    motorguy Posts: 22,626 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 8 July 2018 at 12:27PM
    daveyjp wrote: »
    Looks like one to buy at 3 years. Chances are they won't be bought by anyone doing mega miles.

    Less than 40,000 after 3 years, 4 years warranty left and all for less than £17k.

    OP keep your money and bide your time!

    The car the O/P is looking at is 2017 registered therefore it'll be coming 4 years old with that residual of £16K ish suggesting a retail price of £20-21K.

    I think there will be that few sold that prices will remain reasonably strong. From KIAs website they've a residual of £18.5K on a 3 year deal, which probably means a 3 year old one with retail at around £23,995.
  • Car_54
    Car_54 Posts: 9,089 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    daveyjp wrote: »
    Looks like one to buy at 3 years. Chances are they won't be bought by anyone doing mega miles.

    Less than 40,000 after 3 years, 4 years warranty left and all for less than £17k.

    OP keep your money and bide your time!


    In three years' time the OP will be older, and possibly wiser. Will he still want a Kia Stinger?
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