Advice needed for car liability options 26 November 2021 at 6:04PM in Loans 5 replies 171 views

danny1990

Hi,

long story short, I purchased a 2018 Audi A6 Ultra Black Edition for ~ 23k with 1k down for PCP with repayments for ~ £395 PCM in August 2020. I picked this car purely because my ex partner wanted it, I personally wanted a van worth 2k  

Now, I find myself sat with this huge lump of crap, even though it is a good decent car, I just don't like it, don't like the expensive payments, tyre that are £700 for a set on a 2lt diesel.. I could go on.

I've just received a settlement figure for 19.3k 

I imagine right now, my car on a forecourt would go from anywhere between 26-30k. I'm basing this on similar cars near-by this one here https://www.autotrader.co.uk/car-details/202111099377668?sort=relevance&make=Audi&year-from=2018&radius=50&postcode=ts231de&include-delivery-option=on&advertising-location=at_cars&onesearchad=New&onesearchad=Nearly%20New&onesearchad=Used&model=A6%20Avant&keywords=ultra%20black%20edition&page=1 has 20k more miles than mine for 25k.

I imagine I should get a part-ex value of at least 21-22k which gives me 1.7-2.7k equity.. I haven't received any official quotes as of yet.

My plan is then to buy a smaller car of around 7-8k in value using any equity down and the rest HP finance to hopefully have monthly payments of around £130.

Can anyone see any flaws in my plan, better ways of approaching my plan, or any alternate ideas at all? My aim is to bring out outgoings down, not increase.

Sandtree

Check all the "we buy any car" type organisations to see if they offer more than the trade in.

danny1990

Your valuation

£21,675

From we buy any car.. However, I know they'll shoot me down 2-3k if there's rain drops on my car..

Sandtree

danny1990 said:

Your valuation

£21,675

From we buy any car.. However, I know they'll shoot me down 2-3k if there's rain drops on my car..

Hence you dont just try one and factor in a bit of a downward negotiation... a £3k drop on a £21k car would be a lot for them if you are being honest/realistic about the damage/condition... obv if you say its fantastic condition when clearly its average at best and kerbed alloys etc then big drops can be expected.

danny1990

Sandtree said:

danny1990 said:

Your valuation

£21,675

From we buy any car.. However, I know they'll shoot me down 2-3k if there's rain drops on my car..

Hence you dont just try one and factor in a bit of a downward negotiation... a £3k drop on a £21k car would be a lot for them if you are being honest/realistic about the damage/condition... obv if you say its fantastic condition when clearly its average at best and kerbed alloys etc then big drops can be expected.

I would say good/excellent body work, one kerbed wheel. Other than that, it's pretty much spot on.

DrEskimo

Given used car prices you're in a fortunate position to trade in and settle the finance (most likely with a surplus). 

As above, try your local dealers, garages, motorway.co.uk, carwow and others to see what the best price you can achieve is.

In terms of your next car, just look for something in budget (using your equity) or if you just use finance, just go with the cheapest option in terms of finance paid. You want to maximise payments as much as possible to reduce interest costs. Look at personal loans as the APR is likely to be lower than used car finance.