Ok, I asked this question a little while back as I was sorting out some of my other finances (which is all done now! \o/)
ANYWAY, one of the questions was regarding my car which I got on Finance from VW.
It's a 1.2l Polo, basic edition with no remote central locking just AC and is currently costing me £190pm - my mileage limit PA is 12,000 which I will go over (I bought this car when I had a job closer to home but had to change due to getting fired) and it's an extra 0.45p PER MILE. I will be going over by about 2/3k so this will cost me an extra £1,000 per year.
Now, as well as paying that £190, I am also paying £150 for a car that I no longer own and still have 3 years left on it (I've been stupid with my money thus why I asked OcUK for finical advise which helped very much).
So currently at the moment I am paying £340 for this car (technically).
Now, I have a plan so please feel free to tell me how stupid / great my idea is and give any pointers when / if needed.
My plan is simple, find out how much it would cost to pay off the Finance then find out how much the VW and hopefully the 2 will match up (give or take) then take a loan out for the remaining loan balance of the £150 loan (about 4k) as well as an extra £8k to pay for a new car.
This of course would be a 12k loan which over 60 months is £240 which is £100 cheaper and it also means that -
a) I own the car
b) I do not have to pay to go over my mileage
c) the car is WAY better
d) I don't have to worry about buying the car after the 3 years are up.
SO, question is my fellow OcUKers - is it a good idea?
ANYWAY, one of the questions was regarding my car which I got on Finance from VW.
It's a 1.2l Polo, basic edition with no remote central locking just AC and is currently costing me £190pm - my mileage limit PA is 12,000 which I will go over (I bought this car when I had a job closer to home but had to change due to getting fired) and it's an extra 0.45p PER MILE. I will be going over by about 2/3k so this will cost me an extra £1,000 per year.
Now, as well as paying that £190, I am also paying £150 for a car that I no longer own and still have 3 years left on it (I've been stupid with my money thus why I asked OcUK for finical advise which helped very much).
So currently at the moment I am paying £340 for this car (technically).
Now, I have a plan so please feel free to tell me how stupid / great my idea is and give any pointers when / if needed.
My plan is simple, find out how much it would cost to pay off the Finance then find out how much the VW and hopefully the 2 will match up (give or take) then take a loan out for the remaining loan balance of the £150 loan (about 4k) as well as an extra £8k to pay for a new car.
This of course would be a 12k loan which over 60 months is £240 which is £100 cheaper and it also means that -
a) I own the car
b) I do not have to pay to go over my mileage
c) the car is WAY better
d) I don't have to worry about buying the car after the 3 years are up.
SO, question is my fellow OcUKers - is it a good idea?