Has anybody ever traded down in relation to cars?

  • Thread starter Emily Sodor
  • Start date
E

Emily Sodor

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I don't know if I'm in the right section as I'm new to the site but here goes.

I have a 04 Ford Focus, around 8 months old with only about 3000 miles on the clock, I really like but it's starting to feel like loose around my neck ie. paying back the loan every month, it's not that I can't afford it but I would rather that I saving a bit instead of throwing it all away on a nice car, if you know what I mean. Anyway, as you can see I don't do very much travelling hence I don't really need that big a car, just something reliable to get me from A to B.

Anyway, I was wondering has anyone ever traded down, did they do it with a garage or did they sell the car themselves and go buy another car seperately? Or is the whole thing just an off the wall idea??

My loan on the car is approx E16,000 @ E350 per month over 5 years (reason being I got a special deal as my uncle used to work for ford and he gave me a voucher) and I was looking at various prices on the paper etc and they seem to be asking for around the E17,000-E18,000 mark some even are asking for E19,000 but I think people asking for that just have high hopes.

Any advice welcome!

Title edited by ClubMan.
 
Emily,
Is the loan a cash loan or Car Finance Agreement? If its a Car Finance Agreement it is likely that you don't own the car and you would need the permission of the finance company before you sell. Even if they agree to you selling it would be worth checking how the figures are going to work out.

Most likely you have not yet reached 'Half the Hire-Purchase Price' but for the purpose of the discussion...anyone who has has the right to Terminate the agreement themselves. This could mean returning the car after Half the Hire-Purchase Price is paid and you don't have to pay any more. But it must be TERMINATED CORRECTLY and not a 'surrender' of the vehicle.
 
Not Financed

Thanks for the reply BG, no it's not financed, I just have a Credit Union loan, so technically the car is mine (or you could say the Credit Union own it :)...
 
Re: Not Financed

You could trade down in age and get a similar car for a lot less if you dont mind the number plate.

I spotted A "99" focus in auto trader from a dealer for EUR6800 with 46,000 miles. No doubt you could haggle with cash.
 
Re: Not Financed

hi Emily

one thing to consider is if you have any problems with the current car, sometimes when you are buying a car and you dont know it's history it could end up costing you more in the long run,

good luck
 
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