MikeG
Joined: 16 Apr 2008
Location: Yorkshire
Posts: 3
 
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| PAY FINAL PAYMENT OR HAND BACK??? |
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In the next 6 months I will have to make the decision whether to pay the final balloon payment, hand the car back or trade in for a new disco, but it looks as though the vehicle will be worth less than the balloon so it looks like a hand back (unless of course landrover will do a deal on the balloon!) and with the current tax issues and the price of diesel getting a new one might not be such a good idea. Has anyone got any views 
Last edited by MikeG on Fri Jul 18 2008 11:08am; edited 1 time in total
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 Thu Jul 17 2008 2:28pm |
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ronp
Joined: 29 Nov 2006
Location: Lost in my own space!
Posts: 4043
 
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Pay It!!
I did and have never looked back!
I even paid mine off 5 months earlier just so it could be all mine.  Blessed are the cracked, for they shall let in the light.
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Morphy Richards 21w "Dual" Food Processor
[complete with addittional bowl and changeable blades]
Only £3.78 at a store near you!
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 "The BEAST"
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| Thu Jul 17 2008 2:31pm |
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DG
Joined: 12 Dec 2005
Location: The Gaff !
Posts: 13693
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Get a new one !
Nice new 3 year warranty.... 2009my improvements.... £7.69 a week for tax ...couple of packets of fags worth of fuel  Powered by............................
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I've been accused of vulgarity. I say that's bullshit 
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| Thu Jul 17 2008 2:52pm |
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cmyers_uk
Joined: 10 Apr 2005
Location: Near Bristol, UK
Posts: 247
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Do you yearn for the new car smell, that 58 plate? If so its new.
If its for your bank balance nothing burns money faster than depreciation, event the tax on fuel is nothing to new car depreciation.
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| Thu Jul 17 2008 3:30pm |
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JMC
Joined: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 3652
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If you need it, like it, think it's a good one and can afford to keep it, then get it paid for pronto.
If you want an investment that will be worth something in time to come, hand it back now and be debt free. Use any funds to buy gold as mineral wealth is about the only thing that's vaguely stable just now.
If you have to ask us about the options, then I'm guessing that buying a new one in the current financial climate is nuts. Only buy a new one if you've the money in the bank to pay for it.
My thoughts and I'm entitled to them.........
Look at it this way...... You hand it back and walk away....... Now ask yourself:
Would buy that car from the dealer as a used car at that price?
Would you go and spend a load of wedge on a new one?
Would you buy something a bit less costly?
BTW, freedom finance / balloon type deals are THE most expensive way of buying a car. They represent much of what has got our economy into the state it's in  The older I get, the more I realise that people confuse wrinkles for wisdom 
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| Thu Jul 17 2008 3:52pm |
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NoDo$h
Joined: 02 May 2006
Location: Dodging peanuts
Posts: 5900
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JMC wrote:BTW, freedom finance / balloon type deals are THE most expensive way of buying a car. They represent much of what has got our economy into the state it's in
Unless they happen to come with 0% and still leave you free to negotiate the terms of the supply / trade-in  Going, going...... Gone!
Carbon footprint? I neither know nor give a damn
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| Thu Jul 17 2008 3:55pm |
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DG
Joined: 12 Dec 2005
Location: The Gaff !
Posts: 13693
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JMC wrote:
BTW, freedom finance / balloon type deals are THE most expensive way of buying a car.
 How come ? Powered by............................
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I've been accused of vulgarity. I say that's bullshit
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| Thu Jul 17 2008 3:56pm |
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JMC
Joined: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 3652
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Because your paying the interest on the 'balloon' element all the time you have the car.
It's only the payment that's deferred - not the interest.
If its £40k and you pay the first £20k over three years, you are paying interest on £40k for those three years.
Then you re-finance the remaining £20k for another three years and pay interest again.
Why do you think the dealers like doing the deals  The older I get, the more I realise that people confuse wrinkles for wisdom
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| Thu Jul 17 2008 3:59pm |
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JMC
Joined: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 3652
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NoDo$h wrote:Unless they happen to come with 0% and still leave you free to negotiate the terms of the supply / trade-in
Then that's not a typical Freedom deal and I'd love to see the small print. You get nowt for nowt and I can only surmise that the front end was loaded at a higher price. Sounds too good to be true, which usually means that it is.....  The older I get, the more I realise that people confuse wrinkles for wisdom
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| Thu Jul 17 2008 4:04pm |
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NoDo$h
Joined: 02 May 2006
Location: Dodging peanuts
Posts: 5900
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NoDo$h wrote:Unless they happen to come with 0% and still leave you free to negotiate the terms of the supply / trade-in
Going, going...... Gone!
Carbon footprint? I neither know nor give a damn
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| Thu Jul 17 2008 4:04pm |
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NoDo$h
Joined: 02 May 2006
Location: Dodging peanuts
Posts: 5900
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John, just signed up for exactly that. I put 50% in, the balance is deferred for 2 years at 0% interest, I got decent trade in and a healthy discount on the new car. No payments to make in the interim either. It's one heck of a deal 
Read the small print? I write the stuff for a living!!! Going, going...... Gone!
Carbon footprint? I neither know nor give a damn
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| Thu Jul 17 2008 4:06pm |
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JMC
Joined: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 3652
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That's a more sensible deal ND
Not what I was talking about though....... (and not what MikeG has either)
Go to buy a car with a (relatively) small deposit. Get something you can't afford and you are given a GFV (guaranteed future value) based on a strict annual mileage etc. Pay for it over 3 yrs and have the option to hand it back or re-finance after 3 years.
Crap deal designed only to sell cars to people who can't afford them.
Edit: 50% deposit means a lot in the purchasing world  The older I get, the more I realise that people confuse wrinkles for wisdom
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| Thu Jul 17 2008 4:11pm |
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DG
Joined: 12 Dec 2005
Location: The Gaff !
Posts: 13693
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I know what you are saying ....but when you are only worried about paying a set monthly fee and you change the motor for new every 3 years ...I'm not so sure that really matters does it? Especially when you think that at the moment the true value of my motor at trade-in time is worth £2.5-3k less than the MGFV...which if I had owned the motor outright then I would have taken the hit on. Sounds like swings and roundabouts to me TBH Powered by............................
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I've been accused of vulgarity. I say that's bullshit
Last edited by DG on Thu Jul 17 2008 4:30pm; edited 1 time in total
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| Thu Jul 17 2008 4:17pm |
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Bodsy
Joined: 06 Nov 2006
Location: Have Vodka Will Travel....
Posts: 5378
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Well that'll probably be most people on here then (me included) 
As for cash purchase, you're right, I wouldn't have been able to stump up the £41k, but my car allowance covers my monthly payments so I'm quids in & at the end, I choose if I want to carry on & own it or get a new one.
OK, so I could have got a cheaper car & banked the allowance, but where's the fun in that.... TDV6 HSE Black, Black Wheels /MTR's(in the shed!), Black RRS front/rear LR badge (tbf) Black Leather, Black Glass, Black TowB, Shiny Tasmods, Dull Mantec, White (& Orange) Reflective D3 Sticker, Black steering wheel badge, black air intake. Optima & Traxide dual battery setup.
Need black RRS wheel centre caps.
Now with added Engel.....
We D3, therefore we are..........
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| Thu Jul 17 2008 4:17pm |
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James R
Joined: 27 Oct 2007
Location: All at Sea
Posts: 593
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This is a decision you need to make for yourself.
Do you want to continue being a D3 owner? if so, Do you want a new one? Have you visited some dealers and found out how much a new will cost you? Sharks: Natures way of telling surfers to get a job
07 Silver TDV6 XS Manual + Stainless Tubes + Tints + LR dog Guard
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| Thu Jul 17 2008 4:17pm |
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