To buy, or not to buy (a new car)

FrosteeMARIA

LE
Gallery Guru
A dilemma.

I've had my current car (fiesta Titanium) for 2 years on PCP. Only got ~1,100 miles on the clock (thanks lockdown!) Just got first service done.

Recently contacted by dealership with an offer of a trade in and upgrade to Titanium X, (heated seats, heated steering wheel, blah blah) Will cost me an extra tenner / month with slightly higher final payment. Colour choice limited.

I can't figure if it is worth doing or not.
I understand the new car market is pretty flat, and that used cars are sought after.

I can send the quote over to anyone who could help.....I can't figure if it's a good deal or not. My first car I had for 20 years, so this is all new to me!

Thoughts??
 
So long as whatever you send to anyone is 100% sanitised of your personal ID.....and I mean with the car as well.
Nasty people abound fortunately less than the good 'uns.
But I expect...hope...you'd figured that.
 

FrosteeMARIA

LE
Gallery Guru
Oh definitely, it's just a copy/paste exercise with no data other than the vehicle which is unregistered :)
 
Oh definitely, it's just a copy/paste exercise with no data other than the vehicle which is unregistered :)
OK dokes.
I've never seen a situation like yours, so I'm backing out.
Only got ~1,100 miles on the clock
No bloody wonder the Stealer Dealer wants your car though.......;);)
 

RBMK

LE
Book Reviewer
Dealers are desperate to shift new cars at the moment due to Covid.
It's not the £10 per month but the final payment that you probably need to consider. If you're going to keep the car afterwards then what's the difference in the balloon payment, and does the dealer also want an upfront payment.

Without the figures I can't advise, but then it's up to you if you want a new car and I may not be the person to ask as I buy a nearly new one for cash + trade in and keep it until it's worn out. But then I do 20,000 miles per year so PCP makes no financial sense for me and I don't really care about having a "new" car.
 
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Dealers are desperate to shift new cars at the momentvdeue to Covid.
It's not the £10 per month but the final payment that you probably need to consider. If you're going to keep the car afterwards then what's the difference in the balloon payment, and does the dealer also want an upfront payment.

Without the figures I can't advise, but then it's up to you if you want a new car and I may not be the person to ask as I buy a nearly new one for cash + trade in and keep it until it's worn out. But then I do 20,000 miles per year so PCP makes no financial sense for me and I don't really care about having a "new" car.

In't US they are trying to get in used cars to sell on as they can make more money from a used car sale than a new car sale........sounds daft, but true.

At the wifes place her head of training had a VW Atlas on lease for his Mrs and was contacted to ask if he wanted to bring it in with 18 months of the 3 year lease left to run. They also offered him a new Atlas on the same terms basically picking up where the old one left off and re-starting the clock for three years.

I personally have had umpteen letters from Mercedes telling me they will give me top$ for my 350GLE if I take it in. I have been around a few main dealerships in the last month just to have a look and they are all pretty devoid of stock. I was in the BMW/Triumph motorcycle place on Friday looking around the showroom which was pretty sparsely populated by bikes and half of what was in there were used machines ....... the main showroom is usually only for new stuff with the used stuff being outside.

I am told that there is a backlog in automotive production due to a shortage of microchips for vehicles caused by covid. Apparently Ford was/is still banging out some vehicles sans microchips and parking them up in the huge storage fields until they can get chips into them and shift them on.
 

FrosteeMARIA

LE
Gallery Guru
Dealers are desperate to shift new cars at the momentvdeue to Covid.
It's not the £10 per month but the final payment that you probably need to consider. If you're going to keep the car afterwards then what's the difference in the balloon payment, and does the dealer also want an upfront payment.

Without the figures I can't advise, but then it's up to you if you want a new car and I may not be the person to ask as I buy a nearly new one for cash + trade in and keep it until it's worn out. But then I do 20,000 miles per year so PCP makes no financial sense for me and I don't really care about having a "new" car.
Difference in final payment is another £822.
Up front payment not required
I had planned on keeping current car for as long as possible, but I wanted to make sure I wasn't missing a potentially "good" deal. I see the obvious oxymoron there, (car salesman and good deal....) but wanted to check with those more knowledgeable!

I barely do 3,000 miles a year, even less at the minute. I was getting 8 months to the gallon until last week. Can't really justify the flashy upgrades when I only drive short distances. My old job was a 30 mile round trip, so might have done it then.

I'm thinking that any possible savings made on no MOT or service costs for 2-3 yrs will be far outweighted by the balloon payment diff and the fact I am continuing monthly payments for another two years.

Another sage piece of advice I received was wait until the end of the month, as they may be even more deperate then to get their sales targets met.

I think it's a no from me for now!

Unless there's a substantial amount knocked off at the end of the month, in which case, I shall return to the ARRSE collective for further discussion :) !

Edit - they don't have the colour I want either. That's important!
 
Yep, that's the persepective I was after! Plus it's a massive faff.
How long do you plan to keep it? What is the difference in depreciation between the current one and the newer one?

Is the replacement 2 years newer? Is £120 a year plus the difference in final payment worth it?
 

FrosteeMARIA

LE
Gallery Guru
How long do you plan to keep it? What is the difference in depreciation between the current one and the newer one?

Is the replacement 2 years newer? Is £120 a year plus the difference in final payment worth it?

1 For as long as possible
2 No idea, same vehicle but a few upgrades (Fiesta Titanium to Titanium X)
3 replacement is new and unregistered, 2021 model, current is 2019 plate
4 Probably not, as it's 2 more years of payments as well
 

RBMK

LE
Book Reviewer
Biggest hit on any car is depreciation.

My current Volvo would have been £40k new, or £29k at 11 months old with 2,800 miles on the clock.

I guess the question is whether you want to spend an extra £10x36=£360 + £800?
 

Joker62

ADC
Book Reviewer

theoriginalphantom

MIA
Book Reviewer
if you are doing such little mileage every year (ignoring the lockdown - reduced my mileage from 20k plus a year to 3k) do you really need to upgrade and spend more money to do so?
it's not like you are spending hours every day in the thing. I'd go electric if that's the distance I was doing (I'm assuming not many long journeys)
 
if you are doing such little mileage every year (ignoring the lockdown - reduced my mileage from 20k plus a year to 3k) do you really need to upgrade and spend more money to do so?
it's not like you are spending hours every day in the thing. I'd go electric if that's the distance I was doing (I'm assuming not many long journeys)
^ This.
You could also reduce your carbon footprint and stop the world from burning and washing away in the rain.
 
Depends on your attitude to life I traded in my 3.5 year old car in last month and bought a pre registered 69 plate car with 73 miles on the clock and all the goodies, full leather seats all electrical, uprated stereo and saved £6000 off list price for a new model. Ok I spent some money but there are no pockets in a shroud and I like a bit of luxury
 

FrosteeMARIA

LE
Gallery Guru
if you are doing such little mileage every year (ignoring the lockdown - reduced my mileage from 20k plus a year to 3k) do you really need to upgrade and spend more money to do so?
it's not like you are spending hours every day in the thing. I'd go electric if that's the distance I was doing (I'm assuming not many long journeys)
Yeah, that's the plan - go electric eventually as we'll all have to do it before too long anyway! I'll at least get 8/9 years out of this one at least.
 

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