car loan- what would you do??

madvicker

Tarambor wrote: »

There's a lot of mileage in the phrase "better the devil you know" when it comes to cars. Keep what you've got, see if you can get a 0% money transfer card and pay off the loan with that to save interest.

https://www.moneysavingexpert.com/credit-cards/money-transfers/

Really?? :rotfl: Nice one...
I'd also say, keep the car. You know it by now and unless you're struggling to meet the repayments, or see something coming up in the future that would tighten your belt there doesn't seem to be a reason to change your car.

DrEskimo

afcafc wrote: »

I checked the auto trader valuation for part ex which was £4010 and we buy any car was £3990. When I went to my local Evans halshaw theybvalued it at 4060.

So I’m basically going off that.

Well a basic rule of thumb is to add £1/2k on top of that trade in.

Private sale is your best bet, and I imagine it would be easy to achieve at least £5,500.

Having said that, I'm still surprised at the level of deprecation. Did you finance the entire amount?

Either diesels have taken a bigger hit than I thought, you have racked up lots of miles since buying it, or unfortunately you overpaid when you bought it....

But don't compound the issue by selling it to the lowest bidder! P/X or trade is always poor. For such little cost and time, you can easily achieve thousands more than their valuations.

I sold my 2009 A5 2.0TFSI privately for £11,800 a few years back. Took a month before I got a genuine buyer, but they rang Friday, viewed and paid Saturday and drove it away on the Sunday.

Trade was offering me £8k....

afcafc

Thanks for the advice. I just wanted to get a second opinion if they would pay £200pm for a 58 plate car. Sounds like a lot of people would keep the car and make the repayments for the remaining 2y 9m

DrEskimo

afcafc wrote: »

Thanks for the advice. I just wanted to get a second opinion if they would pay £200pm for a 58 plate car. Sounds like a lot of people would keep the car and make the repayments for the remaining 2y 9m

Ignore the monthly payment. They can be tailored to any amount and have no bearing on the worth of the car itself. In fact, if at all possible, I would increase it to pay the loan off quicker and reduce the amount of interest you are being charged. Now if you overpaying £100, and therefore paying £300 a month, the question doesn't suddenly become "Should you pay £300pm for a 58 car".

How you decided to pay that loan back on a monthly basis is independent of whether the car is worth it or not.

All that matters is what you bought the car for, how much it is costing you to run, how much interest you are being charged if you used finance, and how much you can sell it for. Concentrate on those numbers and see how much the car would have cost you over the 2+ years you've owned it. Then look at other cars you would buy and anticipate how much that would cost you over the same period. Look at total cost of ownership.

Of course you have to make assumptions that are impossible to know now, like unanticipated repair costs, and predicted value, but you get the general idea.

That's how I approach car buying/selling anyway :money:

foxy-stoat

DrEskimo wrote: »

Many of the issues with the multitronic gearbox where on the B7, not so much the B8. Although it's advised to get the gearbox oil done every 48k miles.

If it was a 2.0TFSI I would be worried about the horrendous oil consumption issue it had (although Audi finally accepted liability and will fix it for free)...

Actually thinking about it, if its not a 1.9tdi manual I would get out of it....autos still touchy, oil shafts letting go on the 2.0 unless sorted and heavy oil consumption on the petrols.

You where lucky to get a result on your TFSI ! Well done sir

DrEskimo

foxy-stoat wrote: »

Actually thinking about it, if its not a 1.9tdi manual I would get out of it....autos still touchy, oil shafts letting go on the 2.0 unless sorted and heavy oil consumption on the petrols.

You where lucky to get a result on your TFSI ! Well done sir

I have to admit, I never had the greatest faith in my multitronic when I had it...although I did like how it drove!

Yea thankfully mine came about when Watchdog and things were running a report on it. I stood my ground and my local dealer agreed to replace all the pistons and cams FOC. Think the invoice was something like £2k!

Even got a A7 hire car for the week while it was done too

System

afcafc wrote: »

True, it's got 87k on the clock as well so I suppose that's nothing for a Diesel engine

Not for a well serviced one. I sold my last car with 168k on, my current one has 134k on. Neither had any problems of any note. My friend's not so well maintained Astra van is on 230k and its issues are mostly suspension due to the poor state of local roads.

afcafc

Thanks for all the advice guys. I think I will pay off the finance company with a 0% credit card and pay the car off as quick as possible. Over 2 years it’s only cost me 40 pound for a diesel partiical sesnsor. So I think I will keep it and run it.
Just about to change brake pads and been told the calipar is tight which will cost around £300 but over two years I think it’s worth the hit.

DrEskimo

afcafc wrote: »

Thanks for all the advice guys. I think I will pay off the finance company with a 0% credit card and pay the car off as quick as possible. Over 2 years it!!!8217;s only cost me 40 pound for a diesel partiical sesnsor. So I think I will keep it and run it.
Just about to change brake pads and been told the calipar is tight which will cost around £300 but over two years I think it!!!8217;s worth the hit.

Sounds like a sensible plan mate. Once you have settled the 0% credit card and have nothing owing on the car, start putting that surplus money into your savings and build up a nice pot to buy another car when that finally gets to a point of being uneconomical to repair (or indeed you just fancy something different!). Stick it in a high interest regular saver and start using interest to help you build wealth, rather than interest from loans taking away your hard-earned £££!

Here's to a good few more years of event-free motoring :beer:

Get into the habit of regular servicing and there is every chance it will keep going to 400k+ miles...!

https://www.youtube.com/watch?v=Wk-isKUjWBQ&frags=pl%2Cwn

Fireflyaway

I'd actually hand it back which is what I did with an A4 I had some years back. £200 a month would be a nice sum to have in your pocket. The most reliable car was my Astra which I had for 8 years. It never gave me one single issue. I really believe it's hit and miss with cars. Some last forever and some always play up. 3 years tied to an agreement just doesn't seem worth it. I'd save a bit of cash and buy something outright.