BMW 1 Series Convertible - to part exchange or not !!!

Honest John Back Room » Motoring discussion
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Thu 13 Jan 2011 22:34
BMW 1 Series Convertible - to part exchange or not !!! - lornaboon

im thinking of part exchangeing my bmw for a fiat 500, i only brought this car from new in 2010 and its on finance but the repayments are huge! on a fiat i would save about £320 a month, would this be a stupid thing to do ? any suggestions please

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Fri 14 Jan 2011 02:57
BMW 1 Series Convertible - to part exchange or not !!! - the_bandit

You should buy a car you can afford.

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Fri 14 Jan 2011 16:01
BMW 1 Series Convertible - to part exchange or not !!! - lornaboon
luckily i can afford it, i just want to changing to a cheaper car.
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Fri 14 Jan 2011 16:36
BMW 1 Series Convertible - to part exchange or not !!! - pyruse

You do realise that if you part-ex a new-ish car which you have bought on finance, it will nowhere near clear the finance because it will have dropped in value so much?

You'll end up paying for the new car *and* the old one.

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Fri 14 Jan 2011 20:37
BMW 1 Series Convertible - to part exchange or not !!! - daveyjp
You need to find out what the settlement figure is on your current car, any difference between the trade in on your car and this figure will be added to a new loan, so you may not save as much as you have stated.

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Fri 14 Jan 2011 23:11
BMW 1 Series Convertible - to part exchange or not !!! - Avant

Welcome to the forum.

If your BMW is on a 3-year finance contract, you're best advised to keep it for at least 2 years to avoid negative equity (i.e. as mentioned above, the settlement figure being higher than the value of the car).

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