Depreciation (w221)?

[chrisjfinlay]

I was wondering if there was a way of finding out how much my car is depreciating each month, short of ringing a dealer every month and asking fora new quote... I was looking to downsize this month (sorry guys, Mercedes ownership is just taking its toll on me and the missus and I are looking to either buy a house or move abroad so need to get saving as much as I can!) but as it stands, I'm in negative equity by about a grand (10406 remaining, 9500 is what the dealership I went to valued my car at).

I'd like to be able to plan ahead and know when I'm in positive equity, without having to go through the rigmarole of contacting dealers or trying to find an accurate valuation online, so I was wondering if anyone knew roughly how much a March 09 S320 CDI would depreciate (currently with 46000 miles on it and in perfect condition) each month - or how I would go about finding this out?

Edit: I just saw there was an "Insurance and finance" forum, can a kind admin move this please?

 

[ash59fifty-uk]

I'd say pay a lump sum of £906 and stop worrying about it, that way with the following months payment you'll be well into positive equity

Normally goes up/down with releases of a facelift or newer model

 

[Deleted member 6183]

I'd say pay a lump sum of £906 and stop worrying about it, that way with the following months payment you'll be well into positive equity

Normally goes up/down with releases of a facelift or newer model

Really?

How do you know that the monthly capital repayments are keeping ahead of depreciation?

What would be the effect of an overpayment?

How would the release of a facelift or newer model result in the car appreciating?

 

[tromppost]

Try https://www.webuyanycar.com/


You get a text telling how much it is worth and they keep following every couple of weeks so you can watch it plummet weekly monthly

 

[ash59fifty-uk]

Really? How do you know that the monthly capital repayments are keeping ahead of depreciation? What would be the effect of an overpayment? How would the release of a facelift or newer model result in the car appreciating?

The way I see it with any finance and I don't know the OP's position but, if minimum payments are made each month yet the consumer is also saving up money for other things such as house deposits or the like... Then then the interest on outstanding finance is mostly higher than the interest earnt on savings, so may as well use savings to pay off finance?

I'm not sure if there are penalties with paying lump sums of finance off but that's how I see it. If OP has a grand saved in the bank for a rainy day, surely chucking it as a chunk off the outstanding amount on finance would be better

 

[LTD]

If you are using Mercedes Finance then you can get an online settlement figure easily each month.

Then you can track the differences.

 

[Benzowner]

Have a good read of the small print on the agreement. Many years ago I worked for a company that got into financial troubles and removed one of the directors. His company car became spare and needed to be got rid of. Selling was not an option as times were not good for the world so we read the small print and discovered that after 2 years of a 3 year agreement, we could just return the car to the finance company with no penalties.

 

[renault12ts]

Have a good read of the small print on the agreement. Many years ago I worked for a company that got into financial troubles and removed one of the directors. His company car became spare and needed to be got rid of. Selling was not an option as times were not good for the world so we read the small print and discovered that after 2 years of a 3 year agreement, we could just return the car to the finance company with no penalties.

That's usual. 50% of what is due having been paid the car can be handed back...my daughter did it last month.

 

[Deleted member 113659]

That's usual. 50% of what is due having been paid the car can be handed back...my daughter did it last month.

Did your daughter pay the £176 or is it still in dispute?

 

[Deleted member 6183]

It used to be a % of the whole deal, including interest and deposit for HP and the car would need to be in reasonable condition. This was under the old Consumer Credit Act (1974) but I understand that the regulator is now the FCA so the terms might have changed.

Not sure if this is still valid.

 

[TheFoX]

Ironically, on the odd occasion, webuyanycar have actually emailed me to inform me that my car has increased in value.

As if...

 

[Aletank]

Free Car Valuation ? How much is my car worth? ? Auto Trader UK

 

[Delayed Steve]

Have a good read of the small print on the agreement. Many years ago I worked for a company that got into financial troubles and removed one of the directors. His company car became spare and needed to be got rid of. Selling was not an option as times were not good for the world so we read the small print and discovered that after 2 years of a 3 year agreement, we could just return the car to the finance company with no penalties.

I'm just curious but has anybody done this and tried to get finance after?
Surely the finance company wants money and not someone's old car.

 

[john,cook109]

When I checked mine has dropped by £7000 in four years. So a 2007 model from 2012-2016 only cost about £1700 a year not bad for such a beautiful ride I think.