Car on finance but want to upgrade

[muldoon74]

As it says, had my car for nearly 2 years and even though its a cracking wee motor, I'll be moving into a much better paid job in the next 2 months and want to upgrade.

 

trouble is it's on finance so still owe 3 years on it. 

 

Has anyone upgraded while still on finance? Any penalties to pay/extra fees/payments on new vehicle?

 

Current car is through Arnold Clark and had a look at their website thinking it would be easier to upgrade through them but find them a tad expensive. 

 

[heartsfc_fan]

I've just upgraded both my cars via Arnold Clark. Albeit one wasn't on finance.

 

Pop your car reg in online and they are offering an extra £750 trade in. See what you'll get and compare that against what is left on the finance 👍

 

Used car prices are sky high at the moment and you might be surprised.

[muldoon74]

42 minutes ago, heartsfc_fan said:

I've just upgraded both my cars via Arnold Clark. Albeit one wasn't on finance.

 

Pop your car reg in online and they are offering an extra £750 trade in. See what you'll get and compare that against what is left on the finance 👍

 

Used car prices are sky high at the moment and you might be surprised.

cheers I'll try that tomorrow. pc playing up and getting gradually pissed off! 

[Jambo92]

2 hours ago, muldoon74 said:

As it says, had my car for nearly 2 years and even though its a cracking wee motor, I'll be moving into a much better paid job in the next 2 months and want to upgrade.

 

trouble is it's on finance so still owe 3 years on it. 

 

Has anyone upgraded while still on finance? Any penalties to pay/extra fees/payments on new vehicle?

 

Current car is through Arnold Clark and had a look at their website thinking it would be easier to upgrade through them but find them a tad expensive. 

 

 

If your on pcp there's a loophole where you can hand back the car at the half way mark or if you have paid 50% with no penalties etc. 

Obviously the finance companies won't love you for it despite it being all above board and there's risk you wouldn't get another loan from them.

 

Worth chatting to the garage aswell, used cars are in high demand at the moment so in a stronger position to get a deal.

 

[gjcc]

Interest on car finance is front loaded so your settlement figure will be less than whatever your current balance is. They are only legally allowed to take a certain number of days interest as early repayment charge (only a couple months of interest).

[muldoon74]

8 hours ago, Jambo92 said:

 

If your on pcp there's a loophole where you can hand back the car at the half way mark or if you have paid 50% with no penalties etc. 

Obviously the finance companies won't love you for it despite it being all above board and there's risk you wouldn't get another loan from them.

 

Worth chatting to the garage aswell, used cars are in high demand at the moment so in a stronger position to get a deal.

 

I'll look into that. Not sure what type of agreement it is. 

 

Tbh I was actually shocked I was offered finance at the time. Didn't get quoted (on website) monthly payments but it's only £1.50 a month more. 

[Dazo]

11 hours ago, muldoon74 said:

As it says, had my car for nearly 2 years and even though its a cracking wee motor, I'll be moving into a much better paid job in the next 2 months and want to upgrade.

 

trouble is it's on finance so still owe 3 years on it. 

 

Has anyone upgraded while still on finance? Any penalties to pay/extra fees/payments on new vehicle?

 

Current car is through Arnold Clark and had a look at their website thinking it would be easier to upgrade through them but find them a tad expensive. 

 

As long as you pay off the finance you can do what you like. I’d go down that route if you have any equity rather than handing the car back. 

[Horatio Caine]

When you go to see about your new car, the garage will take into account any outstanding finance and factor that in to whatever deal they offer you.  

[muldoon74]

3 minutes ago, Dazo said:

As long as you pay off the finance you can do what you like. I’d go down that route if you have any equity rather than handing the car back. 

Unfortunately don't have the readies ATM...

 

Might have in a year or so as new job much better paid. 

[muldoon74]

4 minutes ago, Horatio Caine said:

When you go to see about your new car, the garage will take into account any outstanding finance and factor that in to whatever deal they offer you.  

I'll maybe just email them. They emailed me saying how used car prices are at an all time high etc coz they want used car stock.

 

 

[Dazo]

52 minutes ago, muldoon74 said:

Unfortunately don't have the readies ATM...

 

Might have in a year or so as new job much better paid. 

You don’t need any money, you sell the car which covers your finance

[Byyy The Light]

As others have said the used car market is crazy at the moment due to the fact that nobody can get their hands on new cars.

 

A mate of mine works for BMW and they are not expecting delivery of any brand new cars until October this year at the earliest.  Keep that in mind if you are looking to upgrade to a brand new car, the supply problem is across the board due to the backlog of factories shutting down for months at the start of Covid and only being at 50% capacity etc for so long.

 

BMW don't expect things to get back to normal until 2025.  I am led to believe a lot of dealers (Arnold Clark were mentioned) are still piling on the orders knowing it's unlikely they'll be fulfilled any time soon.

 

You might get a cracking price for your existing car but what you can get your hands on instead you may end up waiting for months or paying over the odds for a used car.  A lot of the snakey salesmen* won't tell you this as they'll want to lock you in to a deal so be careful.

 

 

*there's plenty decent guys out there too!

 

[tian447]

I was looking at something similar.  The settlement figure is just over £6,000, but I've checked and WeBuyAnyCar will give me £9000 for the car.  I wouldn't actually sell it to them, but if I decided to go down "the easy route", I could pay the car finance off and then have up to  £3000 to put down as a deposit on a new one.

 

Could be worth checking to see how much your car would be worth, and then try and pay it off early with the value.  

 

You might want to check you can actually get a new car - we were looking at a new VW iD3, and they told us the waiting time for purchase is 32 weeks  

[muldoon74]

1 hour ago, Byyy The Light said:

As others have said the used car market is crazy at the moment due to the fact that nobody can get their hands on new cars.

 

A mate of mine works for BMW and they are not expecting delivery of any brand new cars until October this year at the earliest.  Keep that in mind if you are looking to upgrade to a brand new car, the supply problem is across the board due to the backlog of factories shutting down for months at the start of Covid and only being at 50% capacity etc for so long.

 

BMW don't expect things to get back to normal until 2025.  I am led to believe a lot of dealers (Arnold Clark were mentioned) are still piling on the orders knowing it's unlikely they'll be fulfilled any time soon.

 

You might get a cracking price for your existing car but what you can get your hands on instead you may end up waiting for months or paying over the odds for a used car.  A lot of the snakey salesmen* won't tell you this as they'll want to lock you in to a deal so be careful.

 

 

*there's plenty decent guys out there too!

 

I did check what was available and saw that cars exact same as mine (age, model etc) are priced at what I paid/am paying 19 months ago so expect to pay a wee bit more for something a bit better. I'm happy with my max price and know what I want carwise/ice,media centre etc..  

 

I'm not going brand new precisely because of the supply problems. 👍

[muldoon74]

5 minutes ago, tian447 said:

I was looking at something similar.  The settlement figure is just over £6,000, but I've checked and WeBuyAnyCar will give me £9000 for the car.  I wouldn't actually sell it to them, but if I decided to go down "the easy route", I could pay the car finance off and then have up to  £3000 to put down as a deposit on a new one.

 

Could be worth checking to see how much your car would be worth, and then try and pay it off early with the value.  

 

You might want to check you can actually get a new car - we were looking at a new VW iD3, and they told us the waiting time for purchase is 32 weeks  

Just checked webuyanycar after reading your post 

 

I reckon settlement wold be about £6000, wbac valuation is £6200..  

 

Might rethink this.. current cars decent enough (but you know what its like when you get a permanent cash increase!) And I really do like it fine. 

 

Also looking to get a motorbike later in the year and possibly a mortgage for a new(to us) house. All thanks to new job and putting loads of crap behind us and wanting more out of life seeing as things are on the up. 🤔🤔

[tian447]

2 hours ago, muldoon74 said:

Just checked webuyanycar after reading your post 

 

I reckon settlement wold be about £6000, wbac valuation is £6200..  

 

Might rethink this.. current cars decent enough (but you know what its like when you get a permanent cash increase!) And I really do like it fine. 

 

Also looking to get a motorbike later in the year and possibly a mortgage for a new(to us) house. All thanks to new job and putting loads of crap behind us and wanting more out of life seeing as things are on the up. 🤔🤔

 

It's a fair estimate but that will just be their valuation though, if you went through a private sale you might get closer to £7000, or maybe higher depending on the car - especially with how the used market is at the minute!

 

Maybe hang off for another 6 months or so.  You would have less to settle, and the car probably won't lose much more value in that time, leaving you with the chance to put a bit more down up front.

 

I must be in the same boat as you; I absolutely love my wee car.... but a shiny new one is a shiny new one  

[Ribble]

4 minutes ago, tian447 said:

I must be in the same boat as you; I absolutely love my wee car.... but a shiny new one is a shiny new one  

 

My cars great but seriously thinking of switching to a lease EV later in the year once the finance balance roughly equals out with the value of my car. Car has a few dings and with 110k on the clock there's a fair number of chips in the paintwork so i'll need to balance out what it'd cost to have the paintwork repaired v any increase in what i'd be able to sell it for. 

[tian447]

23 minutes ago, Ribble said:

 

My cars great but seriously thinking of switching to a lease EV later in the year once the finance balance roughly equals out with the value of my car. Car has a few dings and with 110k on the clock there's a fair number of chips in the paintwork so i'll need to balance out what it'd cost to have the paintwork repaired v any increase in what i'd be able to sell it for. 

 

You want to see the absolute state of the front of my car with stone chips.... after 22,000 miles!  It's absolutely horrific, you'd think I'd entered it in the Paris-Dakar rally!

[Taffin]

17 minutes ago, tian447 said:

 

You want to see the absolute state of the front of my car with stone chips.... after 22,000 miles!  It's absolutely horrific, you'd think I'd entered it in the Paris-Dakar rally!

 

Some cars just seem particularly susceptible to it...and also I guess the area you drive in.

 

It was never an issue for me before but my current car picks them up all the time. 

 

At the mileage yours has done fixing them would be worth it in terms of value. At >80k like mine, not so much I wouldn't think.

[tian447]

7 minutes ago, Taffin said:

 

Some cars just seem particularly susceptible to it...and also I guess the area you drive in.

 

It was never an issue for me before but my current car picks them up all the time. 

 

At the mileage yours has done fixing them would be worth it in terms of value. At >80k like mine, not so much I wouldn't think.

 

The biggest problem is the paint itself: it's the Mazda Crystal Metallic colour, which is a blend of 3 colours meaning a match is difficult. I had a scratch repaired on the back bumper from someone hitting me, and as much as the place doing the work assured me they had the right paint, it's really noticeable in the light that they've made an arse of it.

 

Fortunately the front bumper is lots of little bits, rather than large scratches. 

 

I've been tempted to try this company for a touch up kit: https://www.drcolourchip.co.uk

 

They do a road rash kit for £50 which can't be any worse than it currently is

 

I hope... 

[Ribble]

28 minutes ago, tian447 said:

 

The biggest problem is the paint itself: it's the Mazda Crystal Metallic colour, which is a blend of 3 colours meaning a match is difficult. I had a scratch repaired on the back bumper from someone hitting me, and as much as the place doing the work assured me they had the right paint, it's really noticeable in the light that they've made an arse of it.

 

Fortunately the front bumper is lots of little bits, rather than large scratches. 

 

I've been tempted to try this company for a touch up kit: https://www.drcolourchip.co.uk

 

They do a road rash kit for £50 which can't be any worse than it currently is

 

I hope... 

 

I’ve done a couple of repairs to mine in the past where I’ve scuffed the front underside of the bumper and was in a place where so long as I used black paint it’d not stand out too much. I managed to colour match easily to the bmw sapphire black but biggest issue is trying to get the top clear coat to factory shine levels. The hardest part is getting the right proportion of colour to clear coat which can vary between colour types and manufacturers. 

 

 I’ll end up just get the ding just above the front wheel arch fixed and then take what I can for the car.

[muldoon74]

A big part of wanting a newer car was to get a satnav in centre console.

 

However, have just had to wait for the wife to finish a birthday lunch with her work pals and I was arsing about with the "intellink" system.. it appears if I connect phone via a usb I can project to satnav onto the screen anyway. 

 

When i got the car I turned the DAB to planet rock, connected my phone and pretty much left it. Maybe should have explored its potential a bit! 😂

 

Mot due soon and service at same time. Brakes need done and a couple of new tyres wouldn't go amiss. Get that done and she'll be good as new (almost). Mot, service on service plan so won't cost anything. 

 

Sorry if I've given anyone a "new car itch" to scratch but it looks like I've talked myself out of it! 😂😂😂👍

[tightrope]

19 hours ago, muldoon74 said:

As it says, had my car for nearly 2 years and even though its a cracking wee motor, I'll be moving into a much better paid job in the next 2 months and want to upgrade.

 

trouble is it's on finance so still owe 3 years on it. 

 

Has anyone upgraded while still on finance? Any penalties to pay/extra fees/payments on new vehicle?

 

Current car is through Arnold Clark and had a look at their website thinking it would be easier to upgrade through them but find them a tad expensive. 

 

Great time to do it, was Arnold Clark but Apr is now non negotiable. Didn't get the deal I needed. Went to motorpoint, fantastic. Picked up dropped off and 14 days trial. Had an issue, phoned up and was told to take to garage and they would cover costs. Would recommend a look.

[Ribble]

18 hours ago, muldoon74 said:

A big part of wanting a newer car was to get a satnav in centre console.

 

However, have just had to wait for the wife to finish a birthday lunch with her work pals and I was arsing about with the "intellink" system.. it appears if I connect phone via a usb I can project to satnav onto the screen anyway. 

 

When i got the car I turned the DAB to planet rock, connected my phone and pretty much left it. Maybe should have explored its potential a bit! 😂

 

Mot due soon and service at same time. Brakes need done and a couple of new tyres wouldn't go amiss. Get that done and she'll be good as new (almost). Mot, service on service plan so won't cost anything. 

 

Sorry if I've given anyone a "new car itch" to scratch but it looks like I've talked myself out of it! 😂😂😂👍

 

When it comes to sat nav I honestly never use the built in sat nav for cars, next car my only requirement will be that the car has apple carplay so I can connect my phone easily and use waze which for me is far superior to any of the sat navs that come built in

[mrmarkus1981_1]

You can get retrofit kits for Apple car play / Android Auto for a lot of cars now. I had it done to my partners A1

[Taffin]

13 minutes ago, mrmarkus1981_1 said:

You can get retrofit kits for Apple car play / Android Auto for a lot of cars now. I had it done to my partners A1

 

If you don't mind me asking, what sort of price range is it? I've a Scirocco and I actually like the in-built sat nav but wouldn't mind having android auto as an option

[mrmarkus1981_1]

Not cheap for the A1, £449.99!

 

Seems about the same for VW - https://integratedautomotive.co.uk/product/vw-mib1-retrofit-carplay-and-android-auto-kit/

[Taffin]

4 minutes ago, mrmarkus1981_1 said:

Not cheap for the A1, £449.99!

 

Seems about the same for VW - https://integratedautomotive.co.uk/product/vw-mib1-retrofit-carplay-and-android-auto-kit/

 

 

Cheers, cheaper than a new car though and given there's no new Scirocco's anyway I'm planning to run mine for as long as possible. I'll do some saving!

[mrmarkus1981_1]

Having seen it in action i have contacted 'Bimmerman' in Glasgow to see about having my car done

 

Agree with Ribble above, Waze is great

[Ribble]

At that price i'll stick to using my 20 quid phone holder for waze haha, was more a comment that if muldoon74 was looking at a new car to get sat nav he'd be better off getting something with carplay or android auto etc rather than relying on the factory sat nav's 

[Taffin]

5 minutes ago, Ribble said:

At that price i'll stick to using my 20 quid phone holder for waze haha, was more a comment that if muldoon74 was looking at a new car to get sat nav he'd be better off getting something with carplay or android auto etc rather than relying on the factory sat nav's 

 

Depends on the car imo. Obviously Waze and Google maps are more up to date but that OEM slickness tops it for me. Some cars in-built one is rotten though...looking at you Vauxhall 😂

[Herbert.]

I wouldn't buy a new car just now. Prices are stupid, My Mrs just spent 25k on a Mokka, they were 15-20k new before lockdown. Just wait until your deal runs down the prices might be back to precovid levels.