finance general questions

[SKODMISSILE]

hey guys and gals,

 

bought my vrs in december 2012 on a three year pcp (10,000miles a year)

 

my car was £15,800 and i paid the maximum 30% deposit as i wanted to make my monthlys tiny (sub £220 PM)

 

ive got this far down the line and ive done 12,500 miles !

 

i really want a diesel car now preferably the new octy vrs tdi as my circumstances have changed and im really plowing up the miles and

petrol is easily costing me £250 A MONTH!!!

 

i want to do the same on a new octy ! max deposit and small monthlys ..........BUT

 

my settlement figure is 11,000 to buy the car outright .....i dont have that cash lying around !!

 

the cars not mine its obviously still skodas (under finance ) so i cant use that as deposit !

 

bank loan is exspensive to pay monthly even on low rate loans so thats not helpfull either 

 

and handing the car back will leave me with milage fees and back to square one !

 

 

has anyone had similar circumstances or dilemmas and does anyone have and tips or suggestions ?

 

 

thanks 

 

Ryan

 

 

[James I]

Talk to your dealer, he will do you a deal if he sells another car.  You are not trapped in the deal as you paid the full deposit so there will be plenty on the car.

[sworrall]

Pc the old one against a new one. Providing its worth more than the settlement they'll pay it for you. Did this when I swapped my blue one for a white one

[Furbytom]

What's the car worth as a trade in? Unless its got mega mileage it should be worth more than 11k you would hope - and you'd be able to clear the finance androll over the rest towards your deposit.

Whatever way you look at it it's gonna cost you £££ to change. Either in higher monthly payments and/or needing to find a chunky deposit.....

If you spend a few grand getting out of the Fabia and into an Octy you need to do the sums carefully to see how long it would take you to claw back that cash in fuel savings. Say you spent 4k making the upgrade and ended up saving 50-100 per month on fuel it's still going to take you years to break even.

Still, there's no arguing with 'man logic' when it comes to the urge to get a new motor/toy - I'm sure you'll figure out a way of justifying it! :-)

[BossFox]

Exactly as above.

Dealer can end your agreement early to get you in another car.

Expect to get hit financially though, you've just owned a car through the worst period of it's depreciation and now want to start again.

On fuel savings alone I personally thing you'll be worse off.

[XK140]

If there is 11000 owing on the car then the important question is how much is your car worth in p/ ex against whatever car you want next.

If more,then you have a deposit to go down on the next one,if not then you have a problem.

Go to the dealer and see if they can juggle the figures to get you into the next car you want,or,better still,go to several dealers and compare the deals offered very carefully,plenty of scope for them to confuse you to their advantage,so be careful!!!

Ps,as others say think carefully about fuel savings,the vRS should do at least 40 and up to 50 mpg if you are driving with economy in mind,which you should be doing when driving for business rather than pleasure.A diesel isn't going to offer massive savings over those figures.

[SKODMISSILE]

my fabia is currently averaging 21.4 mpg if im lucky ! it has been sitting at 18mpg recently if i drive her really carefully sometimes she does 27 mpg but no gains over that and im doing 150miles almost every 2-3 days so 60 quid in a tank is only getting me through 4 days if that,  my mum has a yeti 2.0tdi 110bhp diesel and ive been driving that recently and averaging 50+ mpg and its being doing 2 weeks with a £70 fill up ,   i dont want to lose a sporty car so a octy vrs diesel sounds a good idea

if i can do 7-10 days each fill up ile be much happier because at the minute a fill up every couple of days is not making me feel perticularly good about driving the car

i may bite the bullet and get into a car thats going to help me out a little rather than kick me in the balls everyweeek ....

 

ive learnt my lesson on financing tho !!

[SKODMISSILE]

to make myself level in the finance i would owe £1100 currently

[hoppipolla]

I had a Monte Carlo from new in 2012...About 18 months later and just under 12k on the clock I came to the conclusion i really needed extra boot space and I needed to switch from diesel to petrol as my commute to work was only 2 miles a day! This caused the dpf to keep on flashing with errors and I just didn't do the miles for a diesel. So I swapped over to a new vRS estate and of course I had to end the contract early. I was expecting the finance monthly repayment to be stupidly high, but with a 300 pound deposit, the monthly payment only went up en extra fiver! Not bad for a car that costs an extra 5 grand or so.

Best thing to do is have a speak with the dealer and see what they can do.

[XK140]

If you have got a vRS that only does 18 to 22 mpg then either there is something very wrong with it or you thrash it all the time.

I'm just back from a long trip,400 plus on a tank,probably 45 mpg approx ,I suppose,moderate but never slow driving.

My 350z will do at least 20mpg driven hard and up to 30mpg on a run.

[Ootohere]

Does sound like there is something up with the car,

Maybe if it does have a K&N filter thats one thing strangling the engine and causing it to drink petrol,

as well as the P Zero tyres, they can easily lose you a couple of mpg over other tyres.

(also the slightly larger diameter has the Mileometer showing differently, but that is usually more accurate when they have new treads if they are 205/40 17's)

 

Its easy to be able to get only 20 or so MPg while covering long distances at well over 100 mph,

& 18mph when really hard driving, but on UK roads driving anything like sensibly not getting 35 mpg is a possible sign of something up with the car.

 

Having got through the Dunlops in 7000 miles like you said in the other posts kind of shows you like spinning the wheels or maybe you do lots of track driving.

 

If you have already done 12,500 thousand miles in 8 months how is that standing with the PCP?

& is it on Variable servicing?

Have you had a Oil Change done or will it just get done at 18,000 or whatever?

 

You said your petrol is easily costing you £250 a month.

Well if you have done 12,500  since December.

That is 1550 miles a month or so as a minimum. 

 39 Gallons is £250. & that would be you getting 39mpg.

If you only get 35 mpg,  that is 44 gallons & around £280

27 mpg is about 57 gallons a month & £360 a month for 1550 miles with 99 ron petrol..

(or there abouts)

 

george

[BossFox]

You need to get that car looked at in my opinion, that's the same mpg I get in a 600bhp 3.8 twin turbo. (18-22mpg)

I only had my mk2 VRS for a short time, but it still averaged around 40mpg.

[simon_g]

Even being pessimistic and saying 30mpg average in the Fabia (when running properly - 20ish mpg is not normal in typical driving) and you're doing 25k miles a year, you'll be paying £4384 a year in fuel at £1.35 a litre

 

Swapping to a diesel that does (an optimistic) 55mpg will still cost you £2892 in fuel at £1.40 a litre.

 

£1492 a year saving in fuel, or less than £125 a month.

 

So if you keep the Fabia for the remainder of the PCP it will cost an extra £3500 in fuel over the diesel. You'll have to weigh up excess mileage charges at the end of the PCP (if handed back) against just making the final payment and selling it privately.

 

See what the dealer can do, but I wouldn't expect it to work out better to buy a new car, particularly because high-mileage PCPs tend to be quite a bit more expensive.

[RobL]

Same as BossFox, I'm at 43mpg over the last 3.5k according to my trip computer.

 

I don't think I could get close to that average MPG even in sport mode.

 

Remove any mods and have it checked out before you dump it would be my advice.