Why has my car depreciated so much!!??

[Lordyb]

Hey, just a wee rant.
I just got married a week ago, and me and the wife are now desperate to save for a house and start a family!

So I went to ness motors with tears in my eyes as I have finally made the step to part with my super fun Twingo RS Silverstone!

But the car has depreciated so much in 2 years that I can not actually get rid of the car!

They valued my RS with only 10k at £7000!!!
I owe £9000!!

How can I actually attempt to save money when I can't get rid of my expensive car!!

I'm rather peed off at the moment!

 

[user 980]

Tell me about it! I discovered how much our cars are valued and I refuse to lose that much so I'm keeping it for the time being.

The only decent offer I've had was part exing it against another car

 

[Lordyb]

Yeah, I want to keep it, but I could really do with getting my monthly payments a lot lower! And I want less tax to pay, and less fuel, and less insurance and cheaper tyres etc! Lol

 

[user 980]

I wish I'd held out for a year from buying the twingo rs as the clio 200 fell to around the same price!

Could be worse, you could of bought a clio 200 from new. They depreciated much worse!

If you got finance(loan) through the dealer I would look into a loan with someone else like sainsburys and buy out your existing loan. You'll get much lower interest rates

 

[tommy89]

Why not just put it on autotrader for what you need for it and see how you go - Its only a fiver for 2 weeks or something.

there is a 61 reg silverstone for 11 grand and a and another 61 reg for 9 grand. I got rid of a horrible rotten old clio for much more than they were going for on there just because thats what I needed to get for it. Im sure its worth a shot if you want to make the move to a bought house (I did the exact same with my twingo extreme)

Then you can take out a lower finance deal on a cheaper car if you wish.

 

[Araf]

If you think cars are a money pit, wait until you have kids. Sod starting a family, just carry on practicing.

 

[weebob]

If you think cars are a money pit, wait until you have kids. Sod starting a family, just carry on practicing.

Lol. So very true, coming from a father of two........ bless them

 

[DanPaul7]

My mum just sold her megane floride, lost 7k in one year if I remember correctly... such a stupid waste of money really.

 

[poweller23]

Hopefully there start to hold there money better,now you can no longer buy them

 

[Matt]

This is where PCP finance comes in handy, you agree to a Guaranteed Final Value which means if the car falls below this when you want to get rid, they will give you the full amount essentially breaking even.

By the sounds of it, this is on bog standard finance though?

 

[Dazza1]

Mines on a pcp as Matt said u break even when givin it back

 

[Noesph]

And that's why I buy second hand in cash..........

 

[Araf]

Mines on a pcp as Matt said u break even when givin it back

Apart from the deposit, and what you have spent in monthly payments.....

 

[maggi200]

ALL cars cost money. They're a luxury. Some more than others, but some have more car than others. The Twingo is a cheap car, so you limit your loss immediately. Heck, how many cars could you buy for ~£11,000 (well what I paid new) new and have this much fun?

 

[JMR]

I paid £9995 for my 60 plate Gordini 133 second hand from renault and i sold it 9 months later after being p!ssed off with problems with it.
Id been back and forth to the garage 8 times and had enough.

Part chopped it for £7295 against a more expensive car from Honda.
And i was realistically ok with that, they put it on their website at £8295.

I can understand that youre upset by the lowly figure lordyb.
As said, bang it on autotrader and see what you get.

 

[Lordyb]

What are the chances of other garages giving me a better price for the Twingo? And maybe going for a second hand deal?

Anyone got any thoughts on that? Ta

 

[Lordyb]

This is where PCP finance comes in handy, you agree to a Guaranteed Final Value which means if the car falls below this when you want to get rid, they will give you the full amount essentially breaking even.

By the sounds of it, this is on bog standard finance though?

Mine is a personal loan that the garage set up, as they were having issues getting finance! The salesman did almost everything to push through the sale!!

 

[Araf]

Mine is a personal loan that the garage set up, as they were having issues getting finance! The salesman did almost everything to push through the sale!!

That's where you have gone wrong. As soon as you rolled off the forecourt, you were chasing negative equity in the car.

My eldest is just looking at a new car, and I have told her "Half down, and half on finance that you can afford. The car also has to be paid off before it is 5 years old. If you can't do that, then you can't afford it if things go wrong."

 

[funky_d]

What you have to bear in mind though is that is the trade in value of a car which is not necessarily representative of the car's actual value. Most car garages give you a trade in value based on what they can advertise your car for when they go to sell it on, factoring in at least £1000 profit in it and more.

 

[JMR]

This is true what funky says.
Dealer said to me they would be looking at putting £1k on it on the forecourt