"Stick or Twist"- S3

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GRE57Y

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Hi All,
After looking through the thread about Carwow, it's really got me thinking about how much more I could have for the money I'm paying out on my (now) 12 month old S3 that has 23k Miles.

The Facts:
S3 Manual, 3 Door
SD Nav
15k Miles PA
48 Month PCP

As you can see my mileage is higher than anticipated per year taking me over the agreed Mileage allowance.
My original plan was to change the car at 2 years.

I would like to know what people would do in this situation given that my money is paying for a basic S3, when it could be going toward a higher spec S3.

All feedback, guidance and advice would be welcome.

James
 
I'm currently thinking the exact same. Except my S3 is only 8 month old.
 
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It's frustrating really! Had to buy mine in a hurry and knew I could probably get a better deal, I paid the price of demand unfortunately. Already planning my next car as want to get the most for my money next time!
 
A lot of effort coming back to the same car, without the numbers I couldn't say if it's worth it (depost paid, monthly payment, end value, current mileage and so on)
 
£1200 deposit (self)
£1200 deposit (dealer)
£441/month
48 months
23k miles current vs 15k agreed

Can't remember what the GMFV is without checking paperwork
 
Regardless of what you change to, if you're doing 23k miles a year and that's typical then get rid of it quickly - its value will plummet with that kind of mileage.
 
GRE57Y said:
£1200 deposit (self)
£1200 deposit (dealer)
£441/month
48 months
23k miles current vs 15k agreed

Can't remember what the GMFV is without checking paperwork
Click to expand...

Just thinking out loud...

1200 down.
21168 total finance
Final payment; would assume 15k?
Gives a total of 36168

On that assumption;

If you sold it now, 27 for arguments sake.

Without the interest rate/settlement figure you would possibly pay 15+whatever your finance is (they top 30 days interest usually and thats it), so maybe 11,200.

So that would give you 26.2 so you would be .8 up.

This is all assumed though.
 
Ok I'm going to get the exact figures tomorrow to see where that puts me and will update you all tomorrow.

Vertigo1 said:
Regardless of what you change to, if you're doing 23k miles a year and that's typical then get rid of it quickly - its value will plummet with that kind of mileage.
Click to expand...

^What would you suggest going forward?
 
Hard to say without knowing all the options/figures etc etc. Just thinking that high mileage on a relatively small car will harm resale value in the future and I suspect there'll be some fairly harsh penalty for going 8k miles over the agreed limit each year. I have a company car and the lease also has an agreed mileage limit with a per-mile surcharge if it's exceeded. This tends to vary but can be around the 10p per mile mark which, if yours is similar, would stick you with an £800 bill each year.
 
audi upgrades
The only option is Sat Nav. As for the mileage it's around 7pence per mile. All other figures listed (£/per month, contract length, deposit) listed further up the thread.

Mileage is one of my main concerns, fortunately this will be offset against the government tax relief of using own vehicle for business use. This will see a rebate of 45p per mile for first 10k miles and 24p per mile thereafter (£6,660 based on 19k business miles).
 
The excess mileage charges only usually matters when you just hand the car back rather than px or renew PCP, its value will obviously be less though with higher miles.
On a 4 year PCP deal I'm afraid you won't of made much of a dent in the finance!
 
buz said:
On a 4 year PCP deal I'm afraid you won't of made much of a dent in the finance!
Click to expand...


^ This.

Effectively, with PCP, unless you did put in a very large deposit, you car is going to be worth far less, than the PCP settlement figure for around the first 2/3 length of the term.

This article explains it quite well:
http://www.thecarexpert.co.uk/settle-a-pcp-early/
 
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Vertigo1 said:
Regardless of what you change to, if you're doing 23k miles a year and that's typical then get rid of it quickly - its value will plummet with that kind of mileage.
Click to expand...

Alternatively keep it for ever until it goes bang and it will have been a bargain rather than swopping and changing every couple of years.
 
I got 10.3% off mine, I only put £1000 in on a 4 year PCP deal, yet he has already warned me he will be after me changing at the 2 year mark as he reckons I'll have the next deposit in the car!!! BUT the car will have less than 16000 miles on it in two years.

My current car is almost 18 months old and only has 8200 mile on it! I know the S3 will be used more just down to the fact I'll be going out driving for fun. A 4x4 diesel just doesn't make you want to go driving lol.
 
veeeight said:
^ This.

Effectively, with PCP, unless you did put in a very large deposit, you car is going to be worth far less, than the PCP settlement figure for around the first 2/3 length of the term.

This article explains it quite well:
http://www.thecarexpert.co.uk/settle-a-pcp-early/
Click to expand...
Great article thanks...

I guess it leaves me wondering do I:
a) Pay any negative equity now and look for a new PCP Deal on a new car and start fresh. Current settlement figure is £26,138.

or

b) Wait it out with the excess miles (+8k p/a over agreed 15k p/a) and pay the excess mileage at the end (7p per mile approx= c.£2,240)
 
What is the market value of the car now?

Trade price and Private Sale
 
I was in this position s i currently have the M235 for 7 months now but needed to replace it. I went to different dealers to get the best price all in (part ex and new car) . No matter what im in negative equity but got a diamond dealer who got me the best deal. Pay 2k to right off current finance 1k down on new car and then gave me 4k contribution they were going to pay off my current car completely but made more sense to pump money to the new car
 
greasy Thumb said:
I was in this position s i currently have the M235 for 7 months now but needed to replace it. I went to different dealers to get the best price all in (part ex and new car) . No matter what im in negative equity but got a diamond dealer who got me the best deal. Pay 2k to right off current finance 1k down on new car and then gave me 4k contribution they were going to pay off my current car completely but made more sense to pump money to the new car
Click to expand...
How much better off will this leave you? What was your alternative?
 
GRE57Y said:
How much better off will this leave you? What was your alternative?
Click to expand...
The alternatives were cheaper monthly payments but pay 2k to clear finance inc part ex (plus1k deposit) vs vs normal payment but car finance cleared. Monthly on 48 month is (2k+1k) 420 vs (1k) 520

For now call get your finance settlement figure call dealers on car wow and see what part ex and new order deal they will do. Its win win for them as they sell you a new car and sell your car. I found the part ex figure varied massively from dealer to dealer.
 
Your other option would be to wait until you've repaid 50% of the amount owed, then hand the car back under a VT, and walk away.

You are within your rights under the CCA to do this, and no excess mileage to pay.

Your credit rating will not be affected.
 
veeeight said:
Your other option would be to wait until you've repaid 50% of the amount owed, then hand the car back under a VT, and walk away.

You are within your rights under the CCA to do this, and no excess mileage to pay.

Your credit rating will not be affected.
Click to expand...
Thanks for the links V8!
Ahhh, decisions to be made... I'm feeling I should probably keep what I've got for now, just not sure if that's the right thing to do.
 
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