Newbie With A Question

[damianmkv]

Hi all. I currently have a 2008 A4 avant s-line but my wife ( after watching too many episodes of Eastenders ) has taken a liking to the C-class.

We live close to MB World at Brooklands ( where I've enjoyed 2 AMG experiences ) so popped along at the w/e, had a nose and have arranged a test drive for a C220 CDi sport in 10 days time.

My question is what deal could I expect to get ? Internet sites seem to give around 10% discount but maybe I'd be better off with a PCP. Does anyone know what APR MB are currently offering please ?

Thanks very much

 

[Biscuit]

Blimey don't mention PCP - it will all kick off again!!

Sorry Damian in joke do a search for 'negative equity'

and welcome to the forum.

 

[Biscuit]

If you can stand the bickering there's a lot of info in the negative equity thread (just bumped it) because I can't work out how to link to it

it's also a good intro into a few of the forum's characters.

 

[JasM]

Welcome to the forum.



Here is the thread:

http://www.mbclub.co.uk/forums/showthread.php?t=62657

 

[damianmkv]

hehe - looked at page 1...then the last page ( if it was the PCPvHP thread )..funny. Good to see all forums operate with the same principles, regardless of the vehicle...

Am off to have a proper nose

 

[damianmkv]

oh, it wasn't the same one. I'll read it anyway

 

[damianmkv]

21

 

[damianmkv]

21 pages ??? I'm supposed to be working

 

[Biscuit]

Yeah we all are....

Now you get the idea of the forum

 

[damianmkv]

yup

 

[damianmkv]

anyways, the reason I was asking is because i owe 50% of the Audi and this has to be paid in November. IF i decided to get rid of it, would MB take the car as p/x and pay off the finance eg if the car is worth £20k and there is finance on it for £10k, would they allow £10k as a deposit on a new car and pay off the Audi finance with the other £10k ?

Or am I better waiting til November, paying off the £10k then going to MB with a car that I own outright and using it as a p/x ?

Hope that makes sense....

 

[scumbag]

anyways, the reason I was asking is because i owe 50% of the Audi and this has to be paid in November. IF i decided to get rid of it, would MB take the car as p/x and pay off the finance eg if the car is worth £20k and there is finance on it for £10k, would they allow £10k as a deposit on a new car and pay off the Audi finance with the other £10k ?

Or am I better waiting til November, paying off the £10k then going to MB with a car that I own outright and using it as a p/x ?

Hope that makes sense....

find out your settlement fiqure, take that the MB dealer and see what they say. That will answer that part of it.

Your car will lose money everymonth, so if its worth 10k today, it won't be in Nov. Of course, if its worth 10k in Nov, its worth more now.

so back to the settlement figure, they will give you it over the phone, and how long its valid until.

easy really.

then you have to decided which car you want, how much you wish to pay, how you wish to pay, and which is the best option given the circumstances you are in.

It could be argued that if your car is worth 10k after the finance is settled, and lets say a deposit of 5k is needed for a PCP, you might use the other 5k for something or other.

then again, if you put the whole 10k as deposit, it might make the APR of a HP loan come out better than PCP per month, if you wish to own the car at the end of the term.

or maybe some other situation will be the best.

All you need now is your settlement figure which you could get in the time it has taken you to read this.

 

[damianmkv]

got the figure - repayments are paying 50% capital, 50% interest. With this in mind, I think I'll try and repay it in April. Then atleast I can start afresh ( if my wife has driven an auto before then ! )

 

[scumbag]

you should be able to go to a Dealer with that info and they will sort it out for you. The part ex price of your audi depends on if the MB dealer wants an audi on its forecourt, if it knows an audi dealer thats wants one, or if it really desperate to sell a car and can find some additonal incentives from somewhere.

best wait 10 days before you go to the dealers tho. they have a better idea of Januarys sale by then, and maybe desperate, or maybe not.

MB dealer will sort out finance for the audi and any left over will be yours to do as you please with, although it does make sense to put it in deposit as you will have to borrow less.

If you wait till april, you have to decide if your repayments give you more equity in the car, than the depreciation it will suffer over the next 3 months.

so if you are paying £100 a month off the outstanding debt, and the car is losing £500 a month, you will need to find £1500 in april more than if you offload now. so if your car is worth 10k now, its worth 8.5k in april.

if you are paying £200 a month off, and you car is losing £100 a month, you will be £300 better off in equity terms. If your car is worth 10k now, its worth 9.7k in april, but your debt on it is less than now.

both of these depend on the equity in your car, which is heading south as we speak.

that said, a new MB might cost you £400 a month, where as you may only be paying £200 a month as it is.