I currently drive a RenaultSport megane 225. It's 2 years old and has has a few problems since i've owned it but it's not been a too bad car.... (Well, it is french though). I love the performance and that's one of the things I don't want to loose when I get a new car.
The problem is I probably owe about 3/4 grand on it. What should I do? Wait another year and get rid, hoping that the finance evens itself up? Or, sell now and owe money that I don't have. If anyone has suggestions of what I could do then please let me know. Thanks.
2007-03-07 03:24:54 · 12 answers · asked by pgholmes_uk 1 in Cars & Transportation ➔ Buying & Selling
Check on how much money it will cost to settle.These companies have a habit of charging you extra for settling early.Remember you cant really sell it unless you have settled the finance as its not your car to sell in theory!If it works out expensive then you are better off hanging on to it untill its paid off.
2007-03-07 03:37:19 · answer #1 · answered by ? 5 · 0⤊ 0⤋
I had a Renault Laguna which I bought for £5000 in a 5 year deal (payinng £1000 per year) and after 3 years I sold it and bought a ford Fiesta. The performance of the Laguna was good but in the last year that I had it we had to have a COMPLETELY new engine put in it twice cos bits kept breaking and wrecking the whole engine. The Fiesta was a fantastic car and I found no problems with doing this, even though I still owed £2000 on the Laguna. I just bought the Fiesta with the money I got from selling the Laguna and continued paying the Laguna...no biggy.
But it depends on what you want to do i can only advise. Hope my advice helped
2007-03-07 11:36:08 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Whatever you do, you will still lose money. Cars are not an investment.
If it were me, I'd trade in for a new car. Your current debt (£750) will be built in to the new finance deal/loan. It is better to get a loan with a low interest rate (between 6-7 % apr), to pay off your current finance and fund the new car. Shop around on the internet (try www.uswitch.com) to find best rate.
Finding a car with similar performance could be tricky. I'd be tempted by a Honda Civic Type R. You would be very unlikely to encounter any reliability issues with it, and it should keep it's value better than any French car.
2007-03-07 12:07:47 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Get rid whilst you can. In a years time it won't be worth £1000. Garages will always work the finance with you as long as your credit is OK. I had to sell a car in negative equity after putting 65000 miles on in 18 months. But I still managed to trade it in for a similar monthly repayment (although the period stretched a bit)
2007-03-07 11:54:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It seems you are satisfied with its performance.if u sell u might be committed more.further,you have an idea that after one year your own financial status would get OK.why do you take risk,and if any new car purchased , found unsatisfying to you ,you will be in with a sense of losing something good.my humble suggestion is wait until you don't owe any to anybody.purchase a good car without any loan. you will be happy with that.
2007-03-07 11:42:14 · answer #5 · answered by dpkdrj 5 · 0⤊ 0⤋
I woul drecommend a 190E 2.5-16 not only will it appreciate but also it is very well built, decent looking and a Cosworth derived engine cannot be bad. Or you can track drom a C36 or E36, slightly newer and faster. Good news is with a car like this it will soon pay for itself (it appreciates)
2007-03-10 15:20:01 · answer #6 · answered by Emily 2 · 0⤊ 0⤋
That's the risk you take by buying new or almost new cars I'm afraid. I bought a £9,000 2 year old car 7 years ago - when I sold it last year I got £750 for it!! Stick with an old banger - you get your money's worth!!
2007-03-07 11:30:12 · answer #7 · answered by ChocLover 7 · 1⤊ 0⤋
Hi
easy: money down the drain, cars depreciate! thats a fact!
So sell it now, and buy something else, something on cash, and stop thinking what other will say, personally i would go for a german audi a4, more reliable than renaults, but you choose my freind, but dont keep it, your paying finance on something is depreciating like mad!
Higher purchase is a bad thing, get your money, cash i in!
good luck
Regards
Jam
2007-03-07 11:31:11 · answer #8 · answered by jam 5 · 0⤊ 1⤋
If something else goes wrong with it could you live with it, or would be thinking back to when you asked this question. Just get something cheaper/smaller, probably save on insurance/tax and running costs. Hope this helps...
2007-03-07 17:06:41 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Trade it in ASAP. better if you get a loan and pay off the finance and then sell it private.
2007-03-07 11:35:39 · answer #10 · answered by Merovingian 6 · 0⤊ 0⤋