Do I change my car?

BIGEYE

Ok, here's my dilemma. I have a 2018 Volkswagen Tiguan 2.0 TDi BMT (150bhp) 4Motion R-Line 5d DSG, with 10718 miles on the clock. Fantastic car. However, my monthly payments are quite high.

I am now looking at a newer car, which is the Skoda Kodiaq 2.0 TDI 190 Sport Line 4x4 5dr DSG.

The Skoda gives me a newer can, 5000 miles on the clock, bigger engine, reversing camera, electric tailgate, lower monthly payments.

I would lose the full leather seats, and would extend my finance by 1 year.

Do I change or not?

AdrianC

Show us the numbers

BIGEYE

Monthly repayments on the Tiguan £435 (paid a good deposit)
Trade in value of the Tiguan £23626
Outstanding finance on the Tiguan (early settlement) £18930
Trade in balance £4696

Cost of Skoda £29498
Finance repayments £418 pm (I'm sure I can get it under £400)

AdrianC

So you're looking at £17/mo difference...? Less than 4%...?

Don't forget that "trade in balance". That's what you'd have to pay to settle the Tiguan finance. You're going to be borrowing that on top of the Skoda price, and paying interest on it for the entire term.

And all to rent the exact same car, just with mildly different cosmetics and trim.

F1F93

AdrianC wrote: »

So you're looking at £17/mo difference...? Less than 4%...?

Don't forget that "trade in balance". That's what you'd have to pay to settle the Tiguan finance. You're going to be borrowing that on top of the Skoda price, and paying interest on it for the entire term.

And all to rent the exact same car, just with mildly different cosmetics and trim.

I think it's the other way round, the trade in balance is what's left after settling the finance to use as a deposit on the skoda.

OP, are you keeping this as cash or have you already put it in as a deposit on the skoda?

AdrianC

F1F93 wrote: »

I think it's the other way round, the trade in balance is what's left after settling the finance to use as a deposit on the skoda.

Must've been one mahoosive up-front on the Tiguan deal, then, to be in £5k of positive equity a year and a bit into the deal.

motorguy

AdrianC wrote: »

Must've been one mahoosive up-front on the Tiguan deal, then, to be in £5k of positive equity a year and a bit into the deal.

+1

Sounds like a big deposit if hes carrying that much positive equity already.

motorguy

BIGEYE wrote: »

Ok, here's my dilemma. I have a 2018 Volkswagen Tiguan 2.0 TDi BMT (150bhp) 4Motion R-Line 5d DSG, with 10718 miles on the clock. Fantastic car. However, my monthly payments are quite high.

I am now looking at a newer car, which is the Skoda Kodiaq 2.0 TDI 190 Sport Line 4x4 5dr DSG.

The Skoda gives me a newer can, 5000 miles on the clock, bigger engine, reversing camera, electric tailgate, lower monthly payments.

I would lose the full leather seats, and would extend my finance by 1 year.

Do I change or not?

Whats the APR on a used Skoda these days? Cant imagine its low.

Also its not a bigger engine, its a more powerful variant of the same engine.

If power is an issue with your car (i doubt it is) then you can get a tuning box add on that will give you approx +30BHP anyway.

Is it PCP or a straight HP deal? This would perhaps be a moot point with the PCP (assuming you'd take another car at the end of the term) but if its straight HP then you're adding 12*£417 = £5000 or so costs before you've it paid off.

This wholly falls in to the "i just fancy a change" scenario (from what you've told us so far) and ultimately its going to cost you £,£££s to do for what amounts gaining a few questionable options and losing leather seats.

I wouldnt do it, personally.

DrEskimo

We haven't really got enough information. The monthly costs mean very little. It's highly influenced by the type of finance, term, amount borrowed and APR.

What are the exact details of the VW. We have the discounted price (hopefully you got a good price on it using online brokers to compare with new), so what deposit was used, what was the term, what was the APR, is there a final payment and how long have you had it now? How does the P/X compare to other dealers and online valuations?

Same with the Skoda. What is the discounted price from RRP and how does this compare with online brokers for new orders? What is the finance term, deposit (presuming just the equity from the VW?), Final payment and APR?

motorguy

DrEskimo wrote: »

We haven't really got enough information. The monthly costs mean very little. It's highly influenced by the type of finance, term, amount borrowed and APR.

What are the exact details of the VW. We have the discounted price (hopefully you got a good price on it using online brokers to compare with new), so what deposit was used, what was the term, what was the APR, is there a final payment and how long have you had it now? How does the P/X compare to other dealers and online valuations?

Same with the Skoda. What is the discounted price from RRP and how does this compare with online brokers for new orders? What is the finance term, deposit (presuming just the equity from the VW?), Final payment and APR?

Why?

I think the consensus is its a fairly bad idea irrespective and not worth the hassle.

He might be getting or end up getting The Best Deal On Earth with Skoda but hes still going to be out £,£££s for little or no advantage.

Mercdriver

Cutting down on coffees bought from Costa et al will likely save you more money on your monthly expenditure, and this change so early on will cost a lot more. You are half way through your term if on a 3yr. Sit out the rest of it and then look out for a similar car. This one is hardly rare. Perhaps you might get the 190 with leather seats by then.