172--->182 upgrades

[blink172]

Does anyone know what the score is with upgrading to a 182 if your on the reno finance scheme? I realise ill take a hit on the value of mine as ive only had it 6 months, but wondered if it was worth looking into

 

[telford_mike]

Itll cost you a fortune - easy to get the extra bhp with mods if thats all youre after, but if you want the actual car youll lose a lot.

 

[edde]

You could do this but youd need to end your present contract and start afresh so your looking at quiet a fair bit to change.

My guess is that your paying ~£230 a month so youd have to find about £4k to change but there only guesstimate figures.

 

[wackojacko]

In the style of Homer Simpson.

POINTLESS ....................!

 

[cris]

i wouldnt say its pointless it can be good. all you need to know is what your settlement figure is with your finace company and only you can do this not renualt. once ya got your settlement figure you can see if the dealer will be able to give ya more for ya car as a px meaning you can use the extra money as a deposit for a 182? here an example?

mk2 172 - settlement figure= £9000

px value= £9750

deposit on new car= £750 (px value-settlement) so you end up with a new car without spending any of your savings.

 

[edde]

Quote: Originally posted by cris on 19 May 2004

mk2 172 - settlement figure= £9000
px value= £9750

deposit on new car= £750 (px value-settlement) so you end up with a new car without spending any of your savings.

Yep your right but assuming £14k for the 172 paying £230 per month on a contract you have paid ~£1.5k so your ~£16k loan is only down to ~£14.5k.

A 172 6 months old will at a guess be worth £10k trade in against a contract 182 so you owe £4.5k to swop.

Even assuming your contract loan was ~£14k and you pay £250 a month and a 172 trade in is worth 11k your still £1500 short to swop.

 

[cris]

true but wat ya gota remember is when ya get a settlement figure you only paying the interest of the loan for the time you have the car ie in this case 6months worth of interest not 3 or 5 yrs?

 

[cris]

also it can vary depending how much of a deposit you put down on the car you currently own, cos if ya put say 3k deposit you will only be borrowing 11k in the first place (roughly)

 

[yeecup]

yeah but u get penalised for early settlement of an agreement.

 

[cris]

it wat way, because you end up paying less interest on the borrowed amount. and ive done this twice now and i havent needed to pay any sort of adminstration charge of any other charge because your paying paying off the loan early if thats wat you mean?