Ford Mondeo 05

ste_bla · 1 Jul 2007 at 11:06

Looking to by an estate mondeo, the wife has got a goodish deal with finance (@ 8.5%)

The price is just short of £9k and its a Ford Mondeo 2.0 Zetec 05 Plate. Metallic paint aand 30200 miles. Is thus a good price? Parkers doesnt say as its above avg mileage.

How much and often are the services on this car? Looking to keep it for 5+ years so would it be worth geting dealer or just local garages to do work?

carpmaster · 1 Jul 2007 at 11:52

8.5% is a good deal? Why not get a 01 plate Mondeo estate with 60,000 miles for £3000. I don't think it would be any less reliable and it saves £6000

blueboy2001 · 1 Jul 2007 at 12:06

£9k is probably about right for a dealer, but there's plenty around so push for £8500 if you can.

8.5% isn't a great rate if you've got a decent credit rating, 7% would be good and 8% about average. Make sure the dealer isn't quoting flat rates to you, the APR is roughly double the flat rate.

As a rough guide, at 7%, 9k over 36 months would be £277, over 4yrs would be £215 and over 5yrs would be £177.

Ford service costs vary wildly between dealerships - a normal 12.5k service on a Mondeo varies between about £120 and £235 at various dealerships within a 20 mile radius of where I live. My local dealer is at the cheaper end - £120 for a 12.5k service and £165 for a major service and at those prices I don't think it would be worth using an independent.

Duke · 1 Jul 2007 at 12:15

You would save money by getting a bank loan (with a better rate) and buying the car outright, again saving money by doing a deal on the asking price for paying cash.

blueboy2001 · 1 Jul 2007 at 12:37

Duke said:
You would save money by getting a bank loan (with a better rate) and buying the car outright, again saving money by doing a deal on the asking price for paying cash.

Not always - dealers will often sell cars cheaper with a finance deal because they will get a decent commission for selling the finance agreement.

Some dealers make more in finance commission than they do in profit on new car sales.

viper_2003 · 1 Jul 2007 at 13:12

I would be looking for a bank loan at around 6 - 6.5% APR, thats what I will be doing to buy my new car!

Try www.moneysupermarket.co.uk

ste_bla · 1 Jul 2007 at 13:32

The problem with credit is, I have none. I hate using cards etc so I only have a couple of mobiles and one bank CC so I get declinded for a lot of things as no real credit history, wife is the same.

I know about the whole saving or getting a cheaper one but i've never had a nearly new car, actually i've never had a car under 9 years old

[TW]Fox · 1 Jul 2007 at 15:15

Don't borrow money to buy a quickly depreciating variant of a newish car for which there are 3-4 year older examples available for half the price which are otherwise very similar.

Get a nice 51 plate for £4.5k.

Luke · 1 Jul 2007 at 19:45

Seriously, when a 52 plate 2.0 tdci (albeit high mileage) can be had for £3680 - as mine was - then getting a loan for a £9k seems to be madness, particularly at a rate that is as uncompetetive as that.