OP
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About £175 a month.
Off Topic My 500 has been cloned...
- Thread starter RobinPJ
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Off Topic My 500 has been cloned...
About £175 a month.
OP
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True, but it is bad enough going for the same car again - I wouldn't want to downgrade to a Pop I'm afraid.
If it were me I'd go for the loan and pay it off, it's going to cost more per month, but at the end of that term you'll still have more equity in the car that you own than the car which will need another balloon payment paying on it.
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No, I understand how the balloon payment works. That's fine.
The point I was trying to make was that if RobinPJ pays the 5.6k balloon payment now and owns the car for the next few years (i.e. from years 3 to 6), there is a good chance that the car will still be worth almost that much in a few years time, whether it's traded in or sold on privately. So in theory it should be three years of very cheap motoring, barring any major mechanical issues.
I just used the example of an 08 plate one to illustrate what the prices look like for a five-year old model now, i.e. his car in a few years time.
Of course a lot depends on whether the 500 used market suddenly tanks or not; but it hasn't so far...
ahmett
Prominent member
yes but then you just make another 3 year plan and keep on doing so until you die of old age = )
Pay it off now and no need for more 3 year plans, we own our 500 and we can use the money saved for other things
ahmett
Prominent member
yes but then you will be driving an old banger eventually instead of a new car = ) Some people don't mind, others do. I think a family of four would prefer driving something new and having the piece of mind of a warranty instead of something that is breaking down (mind you maxi you are different because you take care of your cars much more than 90% of the population).Pay it off now and no need for more 3 year plans, we own our 500 and we can use the money saved for other things
ahmett
Prominent member
I don't know I saw so many new cars in England because of those 3 year plans that anything over 5 years old looked out of place = )A well maintained 6 year old 500 isn't a banger
My advice would be to get a new car now and each month save what the guaranteed future value is divided by 36. In your case I think that would be £158.
So make sure you save £158 in a separate account which you won't touch each month along with paying the regular monthly ammount to Fiat. That's what I did and paying the final payment is an amazing feeling! Plus it puts you at a much better advantage when buying a new car in the future
So make sure you save £158 in a separate account which you won't touch each month along with paying the regular monthly ammount to Fiat. That's what I did and paying the final payment is an amazing feeling! Plus it puts you at a much better advantage when buying a new car in the future
The Twins
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My advice would be to get a new car now and each month save what the guaranteed future value is divided by 36. In your case I think that would be £158.
So make sure you save £158 in a separate account which you won't touch each month along with paying the regular monthly ammount to Fiat. That's what I did and paying the final payment is an amazing feeling! Plus it puts you at a much better advantage when buying a new car in the future
Very disciplined! : )
Trouble is most, folks go to their limit per month so no spare cash to save. Your way does of course make a lot of sense.
Good advice from all concerned, RobinPJ has looked at various options and has come down on the one that suits his purposes. If it feels and looks right and is within the comfort zone then decision made.
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The average uk car is apparently 7 years old
However our climate is very bad for cars so anything over 12 without rust is doing well. Saw a 3 year old 500 today with half its rusted back box hanging down. Probably just the outer skin but not exactly confidence inspiring.
Mine will be 21 in September
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After looking at some of the figures on the MJ v TA thread you've struck a really good monthly figure particularly for a Lounge even with the slightly p.a. low mileage at 5K. What blinded by judgement was the low mileage on your current 500 at 15K but your dealer appears to be giving you an OK trade in price. It's a good insurance policy in the unlikely event of anything going wrong with your current 500.
You're not doing anything wrong. You are buying affordable motoring with peace of mind for a shade under £150/month ((£709 + (£129*36))/36 = £148.69). Even less if you end up with some equity in the car at the end of the next three years.
At 5000 miles pa, that works out at about 35.7 p/mile for depreciation. There are plenty of cars you could buy that are far worse than that, and many of them don't have the 'fun factor' of the 500. Sure, you could probably get that depreciation below 10p/mile by buying a base model Panda, maintaining it yourself & running it into the ground, but life is meant to be lived & enjoyed & there are no pockets in a shroud.
This puts the performance vs economy argument for the various engine variants into perspective - the difference in fuel cost between them is only going to be around 2p-4p/mile, far, far less than the depreciation.
Of course I realise I'm not really 'walking my talk', & I'm still proud of my 60+mpg
.
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This article from the Daily mail states that the majority of those on PCP do it again when the contract period is up. Having a fixed exposure for monthly outgoings and keeping the PCP within the manufacturer's warranty period make sense. It beats having a shed load of parts out the back with the intention of running a car into the ground. :devil:
If you're not DIY it's simply not a runner. Plus with the exposure for electronic issues e.g. ECUs, Canbus wiring looms, etc. there can be some issues that one can't make provisions for. Since the OHs MiTo MJ needed a replacement ECU I've started to think a little differently on the concept of actually owning a car.
Lastly, If one was to pop your clogs in the midst of a PCP is their any exposure for costs for one's dependants ?
I still don't agree with this fixed exposure malarkey. Our 500 cost us 220 a month for 3 years and in the last year it's cost me 50 or 60 quid to service, it's needed two part worn tyres and that's it.
