Stuck with the 197! Have a plan, but have I worked it out right????

[kevo66]

So....

You all know I got shafted at work with a nice pay cut and cant afford the £320 a month finance on the 197

Tried to sell but no interest even at prices way under retail, I just cant afford to go lower as I need to put money in for the neg equity thats on it!

So, trading it was my only option really. Took it round countless dealers yesterday who all offered me s**t part ex prices. The outcome was that for a £5500 car I would be paying £170 odd a month over 5 years with £1500k in which I have.

Then I spotted a deal at lookers.

Clio 200 or Twingo 133 cup £499 in or £199 in respectively and then £199 a month over two years (Milage cap to 6k a year though and 6p a mile for any excess).

Spoke to another dealer who offered me half decent part ex So.....

With the money in and a bit of neg eq loaded onto the finance its circa £220 for 2 years for a brand new car with warranty etc......

And then I can give it back right? So in 2 yrs as opposed to 5 Im able to start afresh with no neg equity etc... Sounds like by far the best plan to me. Thoughts?

 

[nth]

http://www.cliosport.net/forum/showthread.php?t=512627

from post 21 onwards

 

[kevo66]

http://www.cliosport.net/forum/showthread.php?t=512627

from post 21 onwards

Ta pal, so the Clio is £999 in, Lookers Chester said it was £499 yesterday. Deffo the Twingo then, seems like I did work it out right

 

[nth]

Ta pal, so the Clio is £999 in, Lookers Chester said it was £499 yesterday. Deffo the Twingo then, seems like I did work it out right

not sure if its the same deal, but i remember it looking pretty decent on the surface... eventually makes you rub you're chin once you get the calculator out lol

 

[kevo66]

not sure if its the same deal, but i remember it looking pretty decent on the surface... eventually makes you rub you're chin once you get the calculator out lol

How do you mean mate? So long as you dont exceed the milage its a good deal.

Even 10k over on milage is only £600.

For me its just a way to get the neg equity off loaded over as short a term as poss!

 

[nth]

How do you mean mate? So long as you dont exceed the milage its a good deal.

Even 10k over on milage is only £600.

For me its just a way to get the neg equity off loaded over as short a term as poss!

in a circumstance like yours, i dont you'd be wanting to incur any extra costs, furthermore, imo, i wouldnt feel comfortable drving around knowing that if i exceed the limit il be paying. As said in the thread, take into account running costs, it all adds up.

Its clear that you want to make the right decision by getting rid, but you're somewhat negating this by signing another contract, in all honesty, if you want to get back on your feet financially, you'll have to make a proper sacrifice and steer away from these sort of deals regardless of how glossy they look.

Its not good to be financially cornered, then bind yourself into something else, as your circumstances and easy change again, its pretty clear you want an rs, but cut according to your cloth when choosing. Personally, I think its best to get a 172cup or something similar untill you're in a better position to get something costing alot more.

 

[Soot1e]

I wouldn't be hasty with a lease plan, pay all that money for 2 years and end up with nothing at the end of it. Try Bank of mum and dad or wait to you sell your existing car, it will sell!

 

[seb]

what is the reason for selling the 197? just because you owe so much on it?

i wouldn't personally trade it in, then take out more for a newer car tbh. it just delays you being car debt free for 2 more years. Plus you'll have to pay interest on your debt.

The more financial savvy way of doing it is just sell yours most likely. Or just keep it.

 

[rory182]

Get a loan, pay your car off, sell the car, buy something for a lot less and pay a chunk of the loan off

 

[Gaz_]

Sell it, just hold out....?

 

[Revels]

If you can copy and paste from PoT, so can I

You really are in a bad spot and I feel for you mate.

But..

The fact your Clio is on 36k suggest to me that you do more than 6k a year so you're going to get stung by that final price. You're going to spend out nearly £5k for nothing really. Keeping the Clio will cost you another £2.5k over the same time, but at the end, you have a car, something you can actually sell.

You just seem to be getting yourself into more mess IMO. Bin the Clio and get a banger or keep it and dig in.

 

[kevo66]

All.

Thanks for the advice. I get some of it BUT...

I cant get another loan to pay it off, I have tried, they dont want to loan me money at a bank but car dealers do?! So cant reduce the term or cost that way

The milage I know I can stay under as the 197 had miles on when I got it (8k) and I used to travel big distances!

I was somewhat un nerved over an old clio over 5yrs on finance in case something major broke (yes I'm a pansy) as I have never had the worry of that, always had warrenty to back me up.

The twingo is cheaper a month on insurance, finance and fuel (just) and the term is 2yrs instead of 5. There is no saying that I wont keep it after that, but at least I have an option!

With all that in mind I popped into Lookers Chester today......

 

[alanc1000]

sorry if i missed it, but how much longer do you have to pay off the 197?

If you are struggling with the payments, it MAY be worth approaching the finance company to see if they would be willing to extend to reduce the payments, but obviously this is only worth while if this works out cheaper than getting another car from lookers.

 

[chris197]

It's all very well saying keep the 197, but if you don't have the £320 a month then you don't have it.

I would be tempted to go the Twingo route, nearly half what your paying now per month plus a little saving on insurance. Even if the dealer bends you over for a few quid for going over on the miles it could work out OK.

Providing you can afford £170 (only you now that) then do it. Hand it back in two years time and walk away debt free.

 

[kevo66]

sorry if i missed it, but how much longer do you have to pay off the 197?

If you are struggling with the payments, it MAY be worth approaching the finance company to see if they would be willing to extend to reduce the payments, but obviously this is only worth while if this works out cheaper than getting another car from lookers.

Another 3yrs mate Gone for the Twingo now

It's all very well saying keep the 197, but if you don't have the £320 a month then you don't have it.

I would be tempted to go the Twingo route, nearly half what your paying now per month plus a little saving on insurance. Even if the dealer bends you over for a few quid for going over on the miles it could work out OK.

Providing you can afford £170 (only you now that) then do it. Hand it back in two years time and walk away debt free.

Insurance is £270 cheaper a year too

 

[jordan172]

twingos are great, good choice

 

[Da]

Good choice Kev, as said over on RS

Enjoy the Twingo, great cars!

 

[theduck]

Good call fella. Thats a good deal on the twingo to.

 

[Daniel]

If you've got out of a 5yr HP deal at £320 per month and got into a £200 a month brand new twingo RS for 2 years, you've done the right thing.

6p per mile works out at £600 for every 10,000 miles you go over. Its not the end of the world is it!!

Good move imo.

 

[Ad]

I am surprised they are lumping you neg eq in. Not normally an option with PCPs. Read the paperwork carefully!

 

[Daniel]

I am surprised they are lumping you neg eq in. Not normally an option with PCPs. Read the paperwork carefully!

You can spec a load of dealer fit options to cover it. Like sat-nav, trackers, tinted windows, different wheels.

Say he's got £1500 of neg eq, just add £1500 of dealer fit options (That don't exist), finance company will have no clue and bobs your uncle.

Not that i've ever done that of course.....

 

[kevo66]

Cheers lads! Insurance for £262 fully comp for me and the mrs (4yrs younger) = win!

Ad, they arent! I would have had to pay that anyway mate

 

[theduck]

Thats CHEAP insurance fella!

 

[kevo66]

Aye, another Co quoted me about a 5er more, Swiftcover was one, forget the other

 

[DrR]

That Twingo deal looks spot on! God i'm tempted.

 

[kevo66]

That Twingo deal looks spot on! God i'm tempted.

Its a cracker mate! Ends end of this month tho!