Deal of the month

Honest John Back Room » Motoring discussion
View Threaded
Tue 8 Apr 2003 20:53
Deal of the month - DavidHM
A friend of mine had an N plate, 110,000 mile Corsa. One morning, it wouldn't start, so rather than spending £6 on changing the plugs, he traded it in for a new one.

Here's the deal.

01Y Corsa 1.2 Comfort with 41k - cost to change £7495
"Fire and theft insurance" (Gap insurance?) £29.99 per month
Finance at 20.9% APR - £195 per month
Total cost to change - £13499.40
Value of car in 5 years' £1200
Net cost including depreciation - £12300

The car's worth about £5500, less at auction. The sad thing is, he doesn't even have a bad credit record.

Or he could have done:

03 Corsa 1.2 SX - £7838 with a year's free insurance (£600)
Trade in for the old car - £850 (pessimistically, more privately)
Finance at 6.7% APR - £136.97 x 60 or £214.55 x 36
Total cost to change - £8218.20 or £7723.80
Value of car at end - £4200 or £2800
Net cost including depreciation - £4018.20 or £4923.80

So, a deal that could have cost him less than £5k over 5 years on a brand new car has cost him over £12300!

No, he didn't come to me first!
Reply | Report as offensive | Link
Tue 8 Apr 2003 21:34
Deal of the month - SteveH42
Of course, it's people like this that mean there are some good deals around for those of us with a bit of nouse and the common sense to do a bit of research. It does make you wonder though, and of course also makes car dealers all over rub their hands together with glee.
Reply | Report as offensive | Link

Our honest used car pricing is a little bit different to all the others. You can get to our values through make or model - you don’t have to follow a prescribed route. Plus, it’s live, which means we can react to changes in the market quicker than any printed price guide.

Honest Used Car Prices

From which small car to buy at which price point to the best UK-built cars, our Top 10s have the lot. Click now for your shortlist.

Unsure of what to buy? Our Top 10s are here to help you....