Can't edit messages by the look of it.....we're getting a 1000 for trade in on an M reg 306 + 6 months tax...
:)
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I assume we're still talking about a Focus.
Too expensive for me. The 1.8 isn't really the engine to go for in the Focus - it's generally thought to be a bit harsher than the 1.6, not noticeably faster and quite a bit thirstier.
Motorpoint has an 02 1.6 Zetec 5d in jewel green for £8k (9k miles) and some blue 52 platers for £8499 (with 13k). In both cases it's worth finding out if the warranty would still be valid.
The car can't be both 52 plate and June 02 - 52 came in from September. Either way, I'd want this car to be below £9k or come with a part exchange overallowance to make up for it before I considered it.
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P/X value sounds about right, depending on the spec and colour of your 306, but it's not £500 over what I'd expect.
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Yup it's still a Focus :)
It's Jewel Green 5d version.
As for the plate I may have misled you slightly, it was first registered in Guernsey in June 2002, not a 52 plate. Sorry.
The trade in is for a white 306 with 140k on the clock.
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Unless it's an XS or something sporty, that's a generous price. I'd reckon that, with that mileage and in white (awful colour) you'd be going to £600 as a straight 'book' transaction.
That still means your cost to change is £8499 though.
As an 02 I reckon that you should be looking at £8800 tops with the warranty intact and including 12 months' tax. That means your cost to change should be £8200. If they have a same age/spec 1.6 that they'll sell you for less, go for that one. Otherwise the car is a few hundred more than I'd pay for it, but you're not getting such a bad deal.
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*but you're not getting such a bad deal*
Except that it's an ex rental, so goodness knows how many poor drivers, short journeys etc. I'd expect the deal to be a bit more favourable given the previous owner and the fact the VAT was saved on the original price by keeping it offshore for 6 months.
This is a popular source of cars for traders like MJA.
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but isn't that minimalised with the low mileage ???
and the car is covered by Ford's warranty until June 2005.
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It is a fair point, but I guess it applies to all nearly new cars because virtually none of them have had the balanced driving, one caring owner background that you seek in a 3 year old.
You also have no way of knowing if the mileage is genuine. Okay, it's not going to be 35k or something silly, but it could be 8k and you'd never know the difference. Even if it's genuine, it needs to be serviced now to maintain the original warranty, or you need a new Ford Direct warranty. It also must have been standing for quite a long time, which doesn't help a car, and although it won't necessarily be any better than a 10k miler of the same age, it shouldn't be any worse either.
Overall these points wouldn't put me off, although I'm really not in love with this deal.
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No one seems to be able to verify the mileage on the car.
HPI, AA, Nat. Mileage Register.
I am at the point where I think I should cancel the order.
:(
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More information.....
Harlequin is the hire company in Guernsey.
They turn over their cars in 3 months cycles - hired for Bougord Ford in Gurensey.
I have called them to try and verifty the mileage...
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Its likely the mileage is genuine. Guernsey is a small island. Took my car on holiday there, and including the trip to catch the condor from weymouth, I still had a 1/4 tank of fuel left after two weeks!
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It seems to tally with the car hire co. as they confirm the mileage when it left them as 1400. They also confirmed no crash damage of any kind and looking at the car yesterday we could find no evidence of damage either.
The dealer will service before we collect so it will retain it's warranty.
Although not a startling deal, we are getting pretty good money for the trade in.....I think it's ok......now for finance.
HP
PCP
Personal Loan
?
Thanks for all your help so far peeps :D
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If you have a good credit rating, my advice would be a 3 year personal loan. That way, if you get into financial difficulties, you can sell the car privately, clear of HP. Have a look at uk.biz.yahoo.com which suggests loan repayments of £260.53 over three years from Sainsburys Bank.
A PCP will keep the monthly payments down, but you are pretty much tied to the dealer\'s finance, which will probably have a fairly high APR. You may also find that you don\'t save much per month as the final payments tend to be quite low on used cars.
A typical payment at 13% APR on a PCP would be £215 per month, with £2500 still owing in three years. For an extra £1620 in payments over that time, you\'d get £2500 back - which is better than cash in the bank!
HP is secured on the car. If your circumstances change the car won\'t be HPI clear until the loan is paid off. This means you might find it that much easier to sell on into the trade and take less for it. I know you can give the car back once you\'ve paid over 50% of the credit price but a 4 year old Focus is never going to be worth less than £4.5k anyway, so even if you did it immediately that kicked in, you\'d be on a financial loser...
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I'm with David on the finance. I think PCP and HP are madness for private car buyers, allowing no flexibility for any change in circumstances you might have.
I'd even suggest building your own PCP style plan with a "balloon" or residual value built in (all such plans you're paying the interest on the total amount in any case). You can do this by taking a 5 year loan but looking at a 3 year redemption.
Take out an unsecured personal loan for the money you need. Let's say you have £1,500 deposit and the balance to a loan.
£8k over 5 years will cost about £195 month. Looking then at the 3 year situation, there will be about £4,600 outstanding on your loan and your car will be worth a similar amount, ie you sell the car, pay off the balance and start all over again.
If your car has covered more or less miles than planned, the loss/gain will be yours, if circumstances change and you need out 6 months into the deal, it won't be anywhere near as painful as a PCP opt out.
If you can afford higher monthly payments and shorten the loan term to 4 or 3 years, then there will be more money in the pot when it's time to change the car. When looking at lenders, make sure you choose one with no penalty for early settlement.
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I'm not sure about the DIY PCP... generally I'm a believer in sticking to what you've planned and thereby making sure that what you've planned is realistic.
If you want to do it, Alliance and Leicester www.smartermotoring.com would do you a scheme whereby you pay £178.33 a month, owing £3400 at the end of three years. The disadvantage of this scheme is that although the balloon payment is fixed, the value of the car isn't - although if you can't beat 40% retained value at three years, either you are a very high mileage driver or you've bought the wrong car.
Hopefully that would give you the £1000 deposit from equity needed to do the scheme again with an equivalent car and similar payment; but of course that extra £85 a month (£3060) gives you £3400 at the end of it... it's not quite as good a return as the example above but straight finance over as short a period as you can realistically afford is likely to be the cheapest way.
As for redemption penalties - obviously avoid them if you can, but they're usually only two months' interest (or about £55). A lower APR is probably more important than no penalties.
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Thanks for your help guys - food for thought :D
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