Newbie Help Needed Negative Equity Advice on Ibiza :(

[fez2013]

Hi everyone new to the forum looking for some advice please....

I bought at 61 plate Seat Ibiza Sportrider (white with black alloys, roof & wing mirrors) 7 months ago for £8745.00 I'm currently paying £213 a month for it & 7 months into a 42 month contract...

Now I see you can get a brand new Ibiza Toca for £150 a month, £60 less a month than I'm paying for one that will be 3 years old in September and will be out of warrenty & will start to cost with MOT's etc....

Nipped into the garage I bought the car from to ask about the £150 a month offer with no deposit... I owe £7,850 still on mine (finance) and they said they would value mine at £6,750 which left me £1,100 in negative equity on the car but payments for a brand new one would still be less than I'm paying for an almost 3 year old one... If i trade mine in for the Toca offer I would get a brand new car, years tax, start waarenty again from scratch for £190 a month (over 42 months) £23 less what i currently pay on my 61 plate Ibiza....

Does it seem a good idea to twist and get a new one for £23 less a month? The negative equity though does leave me feeling a bit sick seen as owned the car for 7 months.... This is from a local SG Petch dealer that i originally bought the Sportrider from

There is a Jennings Seat branch also close to me doing the same deal I have an appointment with them on Saturday but I'm guessing they will tell me the same... Would be good if they could offer me more than the £6,750 the garage i originally bought it from have offered

Any advice would be greatly appreciated really feeling pi$$ed off at the moment that I'm paying £60 more a month for a 3 year old car than a brand new one would be :/

Hope all made sense & hope I've gave you all enough details to give me some sound advice even tho I'm a newbie on the forum.

Thanks people.

 

[DEAN0]

To get an idea of the basic price you should get - try "webuyanycar"

If they get somewhere near the price you need it might be easier to let them have it and start a new deal.

 

[fez2013]

£6,300.00 on WeBuyAnyCar ouch!!!

 

[DEAN0]

£6,300.00 on WeBuyAnyCar ouch!!!

I would have expected more than £6750 from the dealers if WBAC are offering £6300


That unfortunately is the issue with buying on the PCP type deals - they are hard to get out of without some major loss.

IMO - cars today depreciate far too fast and that causes the PCP deals to get more and more expensive.

EDIT - I would have another chat closer to month end / qtr end and see if they will sweeten the deal.

 

[fez2013]

Thanks for quick replies

Well I think maybe my local dealer think I'm desperate to get rid of it as i was in a few weeks saying I could do with something cheaper a month.... I expect the dealer I go to on Saturday may offer me more than the one i bought the car from did.... Just unsure if I would be better off going for new or continue the £213 a month for my 61 plate ibiza

 

[DEAN0]

Thanks for quick replies

Well I think maybe my local dealer think I'm desperate to get rid of it as i was in a few weeks saying I could do with something cheaper a month.... I expect the dealer I go to on Saturday may offer me more than the one i bought the car from did.... Just unsure if I would be better off going for new or continue the £213 a month for my 61 plate ibiza

When you say the new deal is £190 - is that a sraight swap of cars and then pay £190 a month OR do you still need to find £1100 to get that deal ?

 

[fez2013]

£193 is the new deal... You can get a brand new Ibiza 1.4 toca sport coupe with sat nav for £150 a month with no deposit or in my case £193 per month due to negative equity I owe on my 61 plate ibiza i've owned for 7 months

 

[fez2013]

jenningsmotorgroup.co.uk/deals/seat/ibiza/1.4-toca-sport-coupe/633

sgpetch.co.uk/seat

Deals are above cant post full link as i havent had 15 posts :/

 

[DEAN0]

£193 is the new deal... You can get a brand new Ibiza 1.4 toca sport coupe with sat nav for £150 a month with no deposit or in my case £193 per month due to negative equity I owe on my 61 plate ibiza i've owned for 7 months

Does sound like a no brainer based on the lower cost for a new car - with warranty - including break down cover etc.

Perhaps they will let you swap wheels over if you wanted to keep them !!

 

[fez2013]

It does but if I hadn't bought the 61 plate one 7 months ago I'd only be paying £150 a month as opposed to £190 - Although £190 for a new Ibiza is better than £213 for the next 3 and half years on a car thats out of warranty this September.... I'm hoping I can get the 2nd garage that I didnt buy the car from originally will give me a bit more than £6,750 I've been offered to decrease my negative equity... The garages are within a mile radius of each other hopefully I can play them off a bit to get a better deal & reduce the payment.

 

[CraigFrTsi]

£6,300.00 on WeBuyAnyCar ouch!!!

Ouch indeed, my 59 plate FR which I bought in March/April time has been valued at £6,465 and I payed £8600

 

[DEAN0]

It does but if I hadn't bought the 61 plate one 7 months ago I'd only be paying £150 a month as opposed to £190 - Although £190 for a new Ibiza is better than £213 for the next 3 and half years on a car thats out of warranty this September.... I'm hoping I can get the 2nd garage that I didnt buy the car from originally will give me a bit more than £6,750 I've been offered to decrease my negative equity... The garages are within a mile radius of each other hopefully I can play them off a bit to get a better deal & reduce the payment.

If I could run a new car that i liked for less money than a three year old car ( regardless of when I bought it ) - I would probably do it.

Yes - mathamatically it looks crap based on negative equity - but the reallity is - it's less outlay per month.

Just check your insurance quote - sometimes they load policies on a NEW car - that could cancel any savings.

 

[fez2013]

Thanks will check insurance quotes before committing to anything

 

[Griffin94]

Hi, if you go on google and type glasses guide, that is what the salesmen work off(I know that because my dad works for seat and he told me). it will give you a better guidance of the price you get and will show you how much the company will sell it for and how much you could get if you sold privately.

 

[BrettBlade]

Hi, if you go on google and type glasses guide, that is what the salesmen work off(I know that because my dad works for seat and he told me). it will give you a better guidance of the price you get and will show you how much the company will sell it for and how much you could get if you sold privately.

Not necessarily, a lot of places use CAP - the difference between CAP and Glass' can sometimes be several hundred quid.

 

[fez2013]

very wide valuation for trade in on Glass Guide site £5,600.00 - £7,450.00 :/