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Part-Exchanged A3

GTAIVgunner Dec 23, 2017

  1. DrEskimo

    DrEskimo Registered User

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    Sounds as if you’ve made your decision so all the best with it mate.

    I’m a little confused about the settlement figure though..? 67plate ex demo 2.0TDI S-Line is about £20k, so I imagine you didn’t pay much more for your 66 plate 9months ago, right? How after 9 payments of £367 + any deposit do you still owe £20k? Seems awfully high to me?

    I’ve also seen this from a few other members, where they’ve described a dealer ‘sorting out their negative equity’. Unfortunately Peugeot haven’t cleared your outstanding finance. Anyone can get £4k discount off a 208 without a P/X. Despite what the salesman might have told you, they aren’t a charity...You have just refinanced that debt into a new car finance agreement. Whilst most are getting at least £2,500 (on the website), but more likely up to £4k discount, you are essentially just paying full RRP.

    Whilst it’s understandable to look at just the monthly payment, you really need to factor in the deposit as well, since obviously that dictates the monthly figure. £1500 over 48m is £30. So that £80 per month saving is in fact £50. If you plan to only keep it 24m, then £1500 over 24m is around £60. So now you’re only actually saving £20 per month...that’s why when you do the total cost over 24m (monthlies of your A3 vs the monthlies and deposit of the Peugeot), it’s only about £500 different....remember that a brand new car will depreciate far quicker than a used. That’s what the £4k negative equity represents. It’s seems daft to pay that high depreciation cost, and then start another one on the Peugeot all over again when the aim is to save money??

    With regards to your insurance, if that really is your best price then that really is poo! You really do have to shop around and haggle hard. The reason your quote is so unbelievable is that there are 20yr olds on here with RS3’s not even paying as much as £6k...! A non-fault accident shouldn’t rise a premium by 214%....

    I just really hope you are making decisions based on clear information and proper calculations. I worry it could end up putting you in, at best, the same situation financially but driving a Peugeot, or at worse doubling your debt on a Peugeot worth less than you owe on it....all because you got an insurance company changing their arm with a ridiculous renewal quote that is nowhere near what you would actually pay!

    Good luck with it all buddy. Car finance and insurance is such a ball ache...! Oh and hope you had a lovely Xmas :)
     
    -Ju- likes this.
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  3. GTAIVgunner

    GTAIVgunner Registered User

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    My current Audi was £23,000 pre-owned with 4,000 miles on the clock. I put down a deposit of £750 and signed for a four year PCP deal. Like I said, the insurance being £6000 wasn’t based on a renewal quote. It was based on websites like compare the market and money supermarket and the cheapest they came back with is around £6000 (based on my age, the fact I passed in Feb and the fact I was hit in September). I know that I’ve basically paid RRP for the car and put the outstanding finance into the new car but that’s fine with me. Like I also said, I owe Audi £20,000 at the moment and I’ll only be owing Peugeot £15,000 (including the negative equity). I’m not sure how you can’t see that this is less and therefore means I’m saving money. This stacked with the £4500 drop in insurance means ditching the Audi is actually making me much better off. My Audi has had issues since the start and whenever I take it in, I always end up paying for something that is apparently linked.... I’ve spent £2000 in repairs in the past three months and I doubt some of them were needed. I don’t care if the car depriciates because it’s a PCP deal and the future value has been guaranteed. If the car falls below that value then it’s not my problem as we have already agreed a future value figure. As you’ve said, I’ve made up my decision so I’m not sure as to why you keep pushing your opinion. You seem very interested in how I’ll be better off but if you’ve not followed my other threads then you won’t know.... The saving from insurance in one year covers the negative equity and then I’ll be saving for years two and three. Amazing!
     
  4. DrEskimo

    DrEskimo Registered User

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    That is so unfair...I can’t believe the insurance companies can get away with that...!

    And I can’t believe Audi have made you responsible for £2k repairs on a car under warranty...no wonder you want to get rid!

    Apologies I’m not pushing my opinion, just showing you the maths. The depreciation is extremely important as that is what dictates the GFV. And remember the GFV is only guaranteed at that time point and that mileage. If you wanted to trade early (as you are finding with the A3) the GFV means nothing.

    I take it from the A3 figures your GFV is somewhere in the £9k mark? Meaning that your finance deal is based on paying £14k in capital and interest on the full amount. If the GFV on the Peugeot is £3000 and the price is ~£16k, then you are paying about £13k in capital and interest on the full amount. Granted the APR and total amount you are paying interest on are lower for the Peugeot, but the capital repaid is very similar, and that has the biggest impact. Put simply, if you bought the A3 for £23k in cash and sold it for the GFV of about £9k you would have spent £14k, and if you bought the Peugeot for £16k cash and sold it for the GFV of about £3000, you would have spent £13k. There is hardly anything in it....and that’s why depreciation is so important.

    You’re absolutely right though. If that is the true insurance quote then you are saving lots, but I just can’t understand how the insurance companies can justify that massive hike in premium. Absolutely disgusting from them...
     
    GTAIVgunner likes this.
  5. S32B

    S32B Registered User

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    Out of interest what were those repairs? If it's under warranty they should pay for it surely!
     
  6. GTAIVgunner

    GTAIVgunner Registered User

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    Tyres, tracking, tracking again and there was something else but I can’t remember what it was. I’d take it in for a warranty issue and then they’d say it was caused by something I need to pay for. Funnily enough though, the issue would still remain. Poor service and it’s made me lose faith in the car :rage:
     
  7. Jimbbobw1977

    Jimbbobw1977 Registered User

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    @GTAIVgunner has made his decision, financial is obviously just one of the reasons for the choice as are others reading his posts and I’m sure he has made an informed choice for changing. Yes it’s Peugeot, it’s hardly like it’s terrible car as Peugeot actually make decent cars these days. It is clear in the short term in saving money on a day to day basis it probably makes sense even just considering fuel useage alone, servicing, road tax, tyre costs and other associated costs with running a far lass performance orientated machine.

    Enjoy your new car and good luck with the new house.
     
    mister.c. and GTAIVgunner like this.
  8. GTAIVgunner

    GTAIVgunner Registered User

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    Thank you :D You get where I'm coming from!
     
  9. S32B

    S32B Registered User

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    Not surprised you wanted to change it, sounds like they had you off! £2k for tyres/tracking is a massive amount!
     
    KenL and GTAIVgunner like this.
  10. Mrs Wogan's Lemon Drizzle

    Mrs Wogan's Lemon Drizzle Registered User

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    buying nearly new cars when your young, spaffing six thousand pounds on insurance is crazy to me.

    It's not as if the cars you're buying will set your pants on fire anyway is it?

    Just go buy a 15 year old snot box, i.e a Golf/Polo and spend the rest on sex and drugs and rock and roll (or buy a house).
     
    DrEskimo, richinsoton, Tom.H and 2 others like this.
  11. GTAIVgunner

    GTAIVgunner Registered User

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    Collection day is Saturday, will make sure to post some pics up on here :sign pics:
     
    jassyo06 likes this.
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  13. jassyo06

    jassyo06 T-Cut King !

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    Yeah mate l would like too see yer sexy looking black edition pug enjoy
     
    Pinky1959 and GTAIVgunner like this.
  14. S32B

    S32B Registered User

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    This do for now?

    [​IMG]
     
  15. jassyo06

    jassyo06 T-Cut King !

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    Tis a line one must never pass over in relation to dugs and humans lol
     
    MattSedg likes this.
  16. jackandrew1995

    jackandrew1995 Registered User

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    Hey @GTAIVgunner, remember me? We got our Audi's around the same time :)
    I did the same as you, I want to save for a house too!

    I got rid of my A3 Sport in August after only owning it for 6 months... I did only do 6000 miles in those months but I got rid for a Fiesta (£100 a month cheaper!) but didn't end up with any negative equity in my car and it was brand new. So i'm quite suprised at your level of negative equity.

    However, even though I was saving money with the Fiesta - that car's gone as it rattled like a b***h and the Sat Nav didn't work. Gave them 2 chances to fix the issues and nothing. Exercised my right to reject the car as soon as I could.

    Currently carless :(
     
    GTAIVgunner likes this.
  17. S32B

    S32B Registered User

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    Was it the new shape Fiesta?
     
  18. jackandrew1995

    jackandrew1995 Registered User

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    Unfortunately, it was
     
  19. S32B

    S32B Registered User

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    Shame as i think the new shape looks nice, especially in the soon to be out ST:

    st.jpg
     
  20. jackandrew1995

    jackandrew1995 Registered User

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    The new shape is great and interior quality is night and day better than my previous Fiesta, just little faults here and there made me feel like I was in a test car and not something that should be with the public.

    The ST looks amazing though to be fair!
     
  21. jassyo06

    jassyo06 T-Cut King !

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    The new fiesta ST does not look any different from a ST line X or even THE ST Line l was looking at them yesterday poor basic spec for a rather expensive small Ford, although the interior is rather nice in the ST line but again Ford still fit halogen headlights in every model which is pretty gash and ancient technology
     
    Tom.H likes this.
  22. S32B

    S32B Registered User

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    Always wait 6-12 months before buying a new model. I work in a car factory so get to see what goes on/gets done!!! It puts you off buying any car :D
     
    -Ju-, AudiNutta and jackandrew1995 like this.
  23. GTAIVgunner

    GTAIVgunner Registered User

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    Hello mate! Sucks about your Fiesta but crazy that we've both gone down the same route. My negative equity was so high due to the 21,000 miles I've done since collecting my Audi at the end of March (mileage is an absolute killer on outstanding finance car prices) :'( Looking forward to collecting my Peugeot 208 though as I learnt to drive in one and they've been around a while so hopefully no faults.

    Apart from cars, how are you doing?
     
  24. GTAIVgunner

    GTAIVgunner Registered User

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    [​IMG][​IMG][​IMG]
    Picked him up yesterday, loving it so far!
     
    MattSedg, jassyo06, TYb and 1 other person like this.
  25. S32B

    S32B Registered User

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    Who the guy in the wolly hat in pic 2? hope it goes well for you both ;):p

    Car looks good by the way ;) enjoy :)
     
    GTAIVgunner and SamR92 like this.
  26. azibux1

    azibux1 Registered User

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    Looking good mate! Looks similar to the one I had on holiday! Much better in black than the red I had
     
    GTAIVgunner likes this.
  27. jassyo06

    jassyo06 T-Cut King !

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    Stunning example of this car mate very nice indeed, remember to look after that black paint. Enjoy
     
    GTAIVgunner and azibux1 like this.
  28. jackandrew1995

    jackandrew1995 Registered User

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    Ooooft that looks fine man! Hope you enjoy it!
    I’m alright thank you, had a great Christmas so was great. How about you?
     
  29. GTAIVgunner

    GTAIVgunner Registered User

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    Hahaha that’s the one ;) Thanks!
    I’m enjoying it so far, obviously not as powerful as the A3 but surprisingly nippy :) Glad you’re doing well and Christmas was good. I’m good, just settling into 2018 and sorting things out for a holiday next month :D
     

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