Next car/finance - what should I do? | Technical matters | Back Room Forum

Fri 14 Jun 2002 21:21

Next car/finance - what should I do? - Mr Mark

I am currently paying for my car on one of those '36 months at £xx + final payment' schemes, due to end this August.

I am undecided what to do. I quite fancy keeping the car and making the final payment - end of story, but, as in the past, I may be tempted to go for the newer model (but not brand new) and start on another 36 month plan.

My question is... Would I be better to make the final payment myself then go to a dealer with my fully-paid-for car as a deposit OR just go sooner and let the dealer clear the finance and hopefully have a bit left towards a deposit on the next car and let them work it all out?

Will I get a better price for my car if it is fully paid up or not?

Thanks for any advice.

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Sat 15 Jun 2002 13:56

Next car/finance - what should I do? - M.M

I've been involved with just two final lump payment schemes in the past. They seemed to be designed so the final payment was almost the same as the car's value, hence little equity. Yours may be better than this though.

So it seemed the only way to have enough in the deal to start again with a much newer car and another 36mths credit was to lump the whole thing onto the dealer and let him twist the figures to make something out of it.

Having said that if you ever want to "own" a substantial proportion of the car then to carry on paying if off and buy later might be best.

David W

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