1st year tends to loose 30% give or take, and rolling off the forecourt looses the VAT, so somewhere in that area I'd imagine
there's a handful at stealers for about the 15.5k mark with similar mileage
so add in 2.5-1.5k for dealer markup depending on how charitable they're feeling
so add in 2.5-1.5k for dealer markup depending on how charitable they're feeling
Thanks for the replies!
I'm hoping I don't have to sell it, Mr Mortgage advisors thinks on my salary I should be able to got 150000 100% mortgage so I'll use the deposit to settle my car loan. Fingers crossed else autotrader it is!
I'm hoping I don't have to sell it, Mr Mortgage advisors thinks on my salary I should be able to got 150000 100% mortgage so I'll use the deposit to settle my car loan. Fingers crossed else autotrader it is!
Don't do it!!!! You will pay alot more settling your car instead of doing a mortgage deposit!
Say you have 3 years to run on your car. You will only pay for 3 years.
Pay it off and have a bigger mortgage will mean you pay over 25 / 30 years (or your mortgage term).
Say you have 10k deposit. You can pay off your car but borrow £10k more on your mortgage. Over 25/30 years, you will pay more like 20-30k.
That will cost your dearly over the term!
Make a bulk payment to your car finance if possible (not loads, say 10% of what you owe) instead of the whole job.
The more you can shave off your mortgage, the better. Remember the mortgage term is far more than your car finance term!
150k mortgage @ 6.08% x 25 years = £985.27 a month / £295,581 total paid
140k mortgage @ 6.08% x 25 years = £919.59 a month / £275,877 total paid
Difference over 25 years = £19704
If you are mortgaging over 30 years
150k mortgage @ 6.08% x 25 years = £915.89 a month / £329,720 total paid
140k mortgage @ 6.08% x 25 years = £854.83 a month / £307,338 total paid
Difference over 30 years = £22382
You see the difference (not even taking in account that mortgage rates will no doubt climb a little higher and make it worse!)
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Yous should be able to ask 15-16k for it, if its mint of course.
the stealers will offer you about 13-14k i would imagine.
I would sell it private on sites like pistonheads, I have sold a couple of my cars on there.
the stealers will offer you about 13-14k i would imagine.
I would sell it private on sites like pistonheads, I have sold a couple of my cars on there.
100% mortgage, pray the interest rates dont go up again.
I was thinking of selling my FR, i was going to put it in autotrader for £14,895 there wasn't many out my way and none on the local dealers forecourt, but they are calling me on monday to give me a price against a Cupra new & their demo Cupra.
I was thinking of selling my FR, i was going to put it in autotrader for £14,895 there wasn't many out my way and none on the local dealers forecourt, but they are calling me on monday to give me a price against a Cupra new & their demo Cupra.
Thanks for the calculations and advice. It is a personal loan rather than car finance so the £300 + £900 mortgage payment will only leave me £700 per month, I'd rather pay a little extra in mortgage payments for the 100% mortgage and have the addtional 300 per month. With any amount of luck I should get a decent payrise in the next six months with should help.
You need to come up with a plan that means you are comfortable each month and arent likely to build up any debt - yes it would be great to keep the car but if that means you end up building up a few k in debt the likelyhood is you wont get out of it for years to come because pay rises get swallowed in other things.
My rule of thumb when selling people loans and mortgages is that if you have to seriously think about whether you can afford it, you cant! I see it too often that people over commit themselves and build up significant debts that they will never actually pay off.
My rule of thumb when selling people loans and mortgages is that if you have to seriously think about whether you can afford it, you cant! I see it too often that people over commit themselves and build up significant debts that they will never actually pay off.
Best advice as above get shot of it if it means you are going to struggle or finance it through a mortgage. Its only a car at the end of the day and you can get plenty of nice cars for a third of the price.
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