What do i do?

So, to sums things up - are you guys telling me to stick with it?

Also, I do not plan on buying the car after 3 years as I hate the car!
 
You have little choice but to stick with it as far as I can see. This is the problem with a PCP, they offer very little flexibility.
 
Casdawer said:
So, to sums things up - are you guys telling me to stick with it?
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Seriously, if you're honest with yourself, do you really think it's a good idea to get a loan for another new car such that you are effectively in the situation where you are paying monthly for your current and two previous cars? Seriously? I think you know the answer. You said in your financial advice thread that your major debts will be gone in three years. There was hope in that post - STICK TO IT!!

Also, I do not plan on buying the car after 3 years as I hate the car!
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You're learning - new does not equal good :). And new only lasts a very short time. But I have a solution! If your maths/reading really was dodgy and you'll only be hit for 4.5p per mile, that's a whole k saved right there compared with thinking it was 45p! What does a grand say to me? NOS! A big one. Boring polo fixed :)*





*a joke - do not really do this.
 
Casdawer said:
With the new 'plan' it's £12,000 + 10% (loan interest) = £13,200 over 60 months = £240pm
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The maths seems a bit off here.

£240x60 = £14400

10% is a bit odd, if thats APR then the total would be £15827.40 which would be £263.79/month

If your £240/month is accurate then that works out as around 6.4% APR

Either way, seems like it would be a good idea to get someone to check your numbers
 
Probably not important in the grand scheme of things but I believe they charge VAT on top of the excess mileage charge, however they usually quote it exc VAT so if it is indeed 4.5p per mile then the real cost could actually be 5.4p per mile or something.

Are you still paying £150 per month on the Mazda6 you traded in?
 
I did consider it, and at the time I quite liked the Polo and was fit for purpose, but now that I am travelling further due to a job change it is not.

Would it be a better idea to take out a smaller loan and get a car around the 4k mark instead of the 8k area?
 
Casdawer said:
Would it be a better idea to take out a smaller loan and get a car around the 4k mark instead of the 8k area?
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It would be an even better idea to take out no more loans at all and get a £1000 car.

You already have two loads of car finance despite now only having one car. Stop borrowing money for cars!
 
Casdawer said:
I have no idea what the interest rate is for my VW Finance agreement so cannot comment on that.

With the £190 + £150 = £340 x 36 = £12,400 + the extra for the extra mileage and the last payment to own the car.

With the new 'plan' it's £12,000 + 10% (loan interest) = £13,200 over 60 months = £240pm.

The 'plan' is the cheaper way of doing it - I'm still paying the exact same amount of money but just over a longer period of time. And in that time, I can be saving money to pay off the debt sooner (say £100pm * 36 = £3600 which means that I could pay off the loan 1 year earlier, possibly earlier).
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Sounds like your'e trying to justify making yet another stupid mistake that will sink you even deeper into debt, buy a banger and settle your finance then buy a nice car when you can afford one.
 
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I have a great solution for you

Get the biggest loan you can to finance the cheapest e46 m3 with smg that you can find.

What's the worst that could happen....

Alternatively, realise you are spending so far beyond your means it's embarrassing and that you probably can't afford a car like this. Get your debts cleared, no more loans or credit cards and buy a cheap fiesta/corsa/ something to get you from a to b.
 
Liampope said:
Ah well, never mind - dont mean to have a go. Back to my nice large, comfortable, powerful, reliable motor that costs me £0 per month. :)
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I'm with this guy, I'd rather waft around in silence in a car worth nothing for pennies.

I plan to own the car for 3 years, if you take depreciation into account it's costing me £11.10 a month. It's also got central locking. And dual zone climate. And heated seats. You don't have to spend a fortune to be comfy and have a decent car. :)

8k is way more than I'd ever spend, Mondeos and other large execs are so cheap these days. What kind of car are you after?
 
Well I had Mazda6 prior to this car and would love to get that car again, and for 8k you can get the newest model but you can get the older one (the one I had) for about 3k.
 
I traded in my Bravo 10 months ago for £4k~, it had duel zone climate control, was a 2007 current model, had bluetooth, it had done about 25k and costs as near as nothing to run and keep on the road.

So why would you want to finance another £8k of money you don't have and can't afford. I'm not saying get a Bravo before you ask, I'm saying:

Buy a stupidly cheap £1000 and seriously sort your finances outs.
 
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Casdawer said:
Well I had Mazda6 prior to this car and would love to get that car again, and for 8k you can get the newest model but you can get the older one (the one I had) for about 3k.
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I'm not a motors forum poster but god man stop borrowing money (I guess you have to agree with Fox in the motors forum :p )
 
Stick with the current polo until you've paid it off, then start again with a cheap 1k car. You might hate it but seriously taking more finance really isn't the way forward.
 
VelvetAcid said:
Stick with the current polo until you've paid it off, then start again with a cheap 1k car. You might hate it but seriously taking more finance really isn't the way forward.
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I was thinking this while reading. Its better to own a cheap car then a more expencive car you cant afford.

At least if you own a cheap car and you lose your job your not gonna get into the bother of if your 'renting' a car.
 
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