Car dilemma, help!

DrEskimo

The shortfall isn't due to 'rapid depreciation', it's simply the cost difference in what you pay for a car from a dealer, relative to what you get for a car in trade value as a private owner. All dealers have a mark up over trade value of ~£1,000-£2,000 in order to cover costs and make a profit. The fact it's only around £1,500 (ignoring the £1,000 negative equity) is pretty good going after 6-months...

I'm sure a few quick insurance searches would have indicated the increase in insurance costs for you before buying, and a cursory google search showed that you wouldn't get more MPG in this hybrid relative to the diesel, so what was the driving factor for changing in the first place?

Presumably you liked the car and were looking for a change more generally, not purely under the assumption it was going to be cheaper to run?

In any case your options are to get a loan to cover the shortfall plus additional money to buy a replacement car, or trade it in and roll up yet more negative equity into another car finance deal. I would opt for the former, and get a much cheaper car, and pay down the loan as fast as you possibly can. The save the loan repayments each month into a savings accounts for repairs/maintenance and eventual replacement when you need to.

popcornfeet

I'm sure a few quick insurance searches would have indicated the increase in insurance costs for you before buying, and a cursory google search showed that you wouldn't get more MPG in this hybrid relative to the diesel, so what was the driving factor for changing in the first place?

- It probably would have, but didn't think about it to be honest - not sensible I know, insurance has always been cheap for us so it's never been an issue, it's not unbearable, just another niggle.

Presumably you liked the car and were looking for a change more generally, not purely under the assumption it was going to be cheaper to run?

- We loved the car, still do, it's lovely to drive and extremely comfortable, has an appauling infotainment system but the car itself is fantastic bar the mpg, has everything we need and more - bought as we were looking to change to an auto due to some physical limitations and thought a hybrid would be cheaper to run - again, didn't look into it enough. Fell in love with the car and was sold.

Upon perspective should have stuck with the Qashqai, but payments were only £80 less per month for a 67 plate (2.5 years left) so thought it was a double bubble, newer car, potentially cheaper to run, etc. Knee jerk purchase, but that's why I'm here trying to figure out whether to grin and bare it for another 4.5 years, or sell and pay the loan in 4-5 months (continuing with £400 payments), start again with a cheap car. 

Does anyone know the best car selling site in terms of a reasonable valuation if we decide to sell?

popcornfeet

@DrEskimo (forgot to tag you!)

Frozen_up_north

The Nissan is likely manufactured in Sunderland and the MG in China, which may explain the higher insurance for the Chinese car.

FWIW, my insurance for both car and house have reduced this year, so insurance costs may not have increased across the board.

DrEskimo

popcornfeet said:

I'm sure a few quick insurance searches would have indicated the increase in insurance costs for you before buying, and a cursory google search showed that you wouldn't get more MPG in this hybrid relative to the diesel, so what was the driving factor for changing in the first place?

- It probably would have, but didn't think about it to be honest - not sensible I know, insurance has always been cheap for us so it's never been an issue, it's not unbearable, just another niggle.

Presumably you liked the car and were looking for a change more generally, not purely under the assumption it was going to be cheaper to run?

- We loved the car, still do, it's lovely to drive and extremely comfortable, has an appauling infotainment system but the car itself is fantastic bar the mpg, has everything we need and more - bought as we were looking to change to an auto due to some physical limitations and thought a hybrid would be cheaper to run - again, didn't look into it enough. Fell in love with the car and was sold.

Upon perspective should have stuck with the Qashqai, but payments were only £80 less per month for a 67 plate (2.5 years left) so thought it was a double bubble, newer car, potentially cheaper to run, etc. Knee jerk purchase, but that's why I'm here trying to figure out whether to grin and bare it for another 4.5 years, or sell and pay the loan in 4-5 months (continuing with £400 payments), start again with a cheap car. 

Does anyone know the best car selling site in terms of a reasonable valuation if we decide to sell?

If you like the car then that helps towards the argument of keeping it, but obviously the MSE approach would be to pay down your debts as fast as possible, so you can either do that by trading in and getting a cheaper car to reduce the overall amount owed on your cars, or overpay where possible to pay this off sooner.

If the car is stretching you to a point where you are at substantial financial risk, then trading in a getting something cheaper would be a necessity, rather than an option, but thats only something you can answer. 

If you did go the selling route, would look at WBAC and Motorway. But also ring around as many local garages and dealers to get a range of prices. 

popcornfeet

Thanks @DrEskimo

Arunmor

I very much doubt you were getting 70mpd in the Nissan more like just under 50mpg if careful.   See Real MPG web site.

https://www.honestjohn.co.uk/realmpg/nissan/qashqai-2007

paul_c123

Arunmor said:

I very much doubt you were getting 70mpd in the Nissan more like just under 50mpg if careful.   See Real MPG web site.

https://www.honestjohn.co.uk/realmpg/nissan/qashqai-2007

Out of interest I checked out that site. While the average is lower, its worth looking at the variance too. For example, my car should achieve 64.2mpg and the real-world is 81% (52.2mpg), but the spread of data is 42.0-63.0mpg). I can consistently achieve 59mpg. 

WellKnownSid

paul_c123 said:

Arunmor said:

I very much doubt you were getting 70mpd in the Nissan more like just under 50mpg if careful.   See Real MPG web site.

https://www.honestjohn.co.uk/realmpg/nissan/qashqai-2007

Out of interest I checked out that site. While the average is lower, its worth looking at the variance too. For example, my car should achieve 64.2mpg and the real-world is 81% (52.2mpg), but the spread of data is 42.0-63.0mpg). I can consistently achieve 59mpg. 

I've hired the Qashqai 1.5 a few times, they would never get above 50mpg but then they were always with a couple of hundred miles on the clock so still very tight.

Even in the more aerodynamic and lighter Logan the 1.5dCi engine would never see much above late 50s in a long journey.

You're also comparing a manual with an auto.

I could see 54mpg at a push in my diesel (manual) Verso but it would be 46-48mpg for most of the time.  My hybrid Jogger gets me 44-48mpg in Winter and 62+ in Summer.  Around town over 80mpg.  Over a year it's worked out at 75% the cost of the smaller diesel 7 seater with the benefit of being an auto - so it is entirely possible to save money with a hybrid.

popcornfeet

Arunmor said:

I very much doubt you were getting 70mpd in the Nissan more like just under 50mpg if careful.   See Real MPG web site.

https://www.honestjohn.co.uk/realmpg/nissan/qashqai-2007

Hi @Arunmor / @paul_c123 / @WellKnownSid

I was indeed getting 70+ mpg. It was a great car! '67 plate so these are the stats for the correct vehicle... https://www.honestjohn.co.uk/realmpg/nissan/qashqai-2014

Thanks