Hi all,
Me and and my gf have a '03 Ibiza 130 Sport (nominally my car), and a '52 Golf PD100 SE with all the trimmings - cruise, AC, etc (nominally hers). The golf is paid for and very reliable, but dull to drive. The Ibiza is on a PCP with the balloon payment due in Feb '07, it's great to drive and has been 100% reliable so far, in fact overall it's probably the best car I've ever owned.
However, my gf fancies something a bit sportier and fun, so we are looking to buy a new model MX-5 in ther next few months. The question is; which car do we trade in ? I'll be driving whichever car we keep as I do thousands of business miles and need a diesel, but if I get saddled with the golf I'll be getting it revo'd as soon as I get it as I'm used to the torque of the ibiza, but there are question marks as to whether the 5-speed box on the golf can handle the extra torque.
Basically, I'd like to keep the Ibiza, but if it's going to leave me well out of pocket, I'll take my chance on the golf.
All opinions very welcome,
Jake
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Sell the Golf for the MX5. Pay off the Ibiza, and trade it in for either an older Ibiza 130 or a Skoda Fabia VRS?
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I don't think it matters which car you keep - they're both worth about the same and return the same economy. Maintenance costs are likely to be similar, too. If you prefer the Ibiza, that's a good enough reason to keep it.
Equally whether you sell the Ibiza or the Golf, the fact is that you will still either have one PCP hanging over you or less in the way of assets than you would have had.
Whilst selling the Golf might mean some short-term financial pain as you'd still be paying for the Ibiza (or paying more on the Mazda) your overall asset position wouldn't be worsened either way and as an alternative to selling the Ibiza, you could simpy use money from the Golf to pay that off.
I also can't see any realistic financial advantage in trading the 03 Ibiza for a vRS (probably cash going towards the slightly newer vRS) or an older Ibiza 130 (there aren't many and the best you could hope for would probably be a straight swap against a 52 or 02 in lieu of the dealer's profit margin - completely pointless).
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If as David thinks they're worth about the same, then chop in the Golf in PX for the MX-5 (or sell it privately if you can be bothered with the hassle - you may get more depending on how generous a Mazda dealer is). By the time you've waited for the Mazda, you'll only have another few months paying for the Ibiza.
The main financial question is how will the proceeds of selling the Golf compare with the balloon payment on the Ibiza? I don't know about SEATs but Skodas usually have low balloon payments but higher monthly payments: SEATs may be similar.
Provided you can afford it, keep the Ibiza. Your driving enjoyment over a high mileage is important to you - and for the girlfriend (think of the mood you may come home to her in after a long journey).
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