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Thread: Settling the finance.. would you?

  1. #1
    Regular Member S888 SRB's Avatar
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    Default Settling the finance.. would you?

    Heres the situation.

    I've had the vectra one year now. Its just had its second service, a years tax and a set of Eagle F1's

    I am in the position whereby in around a weeks time, i could afford to buy the car off the finance company.

    Originally the car was £9495, i paid £200 deposit, financed £9295 which left about £3,000 in interest (overall figure just over 12k)

    This was a five year finance deal at £204 per month.

    As i am in the motor trade i regularly check the value of my car in glasses guide and reckon its worth 7k as it stands.

    I have recieved a settlement figure of £8495 from the finance company. I will take the £204 pm payment and standing order it into a savings account.

    I am all up for buying the beast as shes been good to me so far, but i have seen alot of newer Vectra for £8495.

    I realise buying the newer Vectra is not achievable as i have the outstanding finance on my car and its not got to the three year stage where i could hand it back without penalty. it just makes me feel a little sick that i could have one newer and half the mileage for the same money as i am going to be paying to settle this one..

    Would you do it??

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    Regular Member MLC's Avatar
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    That's life where cars are concerned (and Tv's )

    If you can, pay the finance off. If you're saving yourself a lot of interest, it's better in your pocket than theirs.

    There's a saying that the cheapest car to run, is the one you already own.

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    Regular Member S888 SRB's Avatar
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    Tell me about the TV's... we got a new one two days before christmas thanks to the bank of mum and dad providing a special loan which has to be paid off before the car but both are achievable.

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    Regular Member nutron's Avatar
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    I prefer to get a bank loan to buy my cars, that way it's not against the car and you can do what you want with it. Unless you get 0% finance, a bank will give a better APR too.

    If you can buy it, I'd get out of the trap now and save for your next one.

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    Regular Member Gsi3.2's Avatar
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    if it was a decision i had to make, i'd settle and save yourself the compund interest that is still to come..

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    Regular Member AndrewTi's Avatar
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    As above.

    Money in your pocket is worth more than in theirs!

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    Regular Member lee_eardley's Avatar
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    and once it is in your pocket you can spend it on your car

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    Regular Member S888 SRB's Avatar
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    Don't say that!

    The way i am seeing it is this, either i buy the thing or i whittle away what i would be paying for it and probably have not alot to show for it...

    So yeah i think i will buy it. The *****...

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