Hi all, just want to get everyone elses thoughts on this/ I've got a 2009 VRS LE TDI on HP finance, and sometime early next year, I can give it back (I'll have paid half so can return with no costs or strings attached). The reason for this is that I quite fancy having a car not on finance again, to save money basically!

 

So I'm thinking of just buying a MK4 golf GTI 180, a MK1 Leon Cupra or maybe a MK1 octy VRS, all petrol of course. Now I realise getting rid of  the MK2 seems silly, but even with a bit extra fuel cost, I'll still save a lot each month. 

 

So... Does anyone have any experience of the above 3 at all? I'll be looking to spend £1500 to £2000 I think.

 

Cheers!

Just be aware that if you hand the car back after paying half, the agreement gets marked as such on your credit file and you'll struggle to get any finance at all from the group of companies who provided the terminated agreement.

Bugger! Better look in to that! Personal experience?

Why would you be penalized if giving it back is part of the contract?

Why would you be penalized if giving it back is part of the contract?

That part is financial law, and is forced on the fiancé company's. They do have an official name for ending the contract early but can't remember it.

If the car is worth more than the finance left to pay, you could sell it to a dealer who would settle the finance of on your behalf and give you the remainder. Perhaps an auction centre would do the same? Or borrow the cash to pay it off, then sell it and repay the borrow.

Also bear in mind an older car might annoy you, since you'd be coming from a newer one, ie it'll feel older/worn, and it might cost more to keep on the road than the extra depreciation of the original car.

Keep what you have mate you will regret getting rid.

You will regret it. Keep the LE.

All very good points, my arm is beginning to twist!

That part is financial law, and is forced on the fiancé company's. They do have an official name for ending the contract early but can't remember it.

Its called "Voluntary Termination", and is usually marked as VT on your credit report. Seen as a negative because its usually used in cases of financial hardship.

If you've owned the car for more than 18 months then just P/ex it and you may find its worth more than just handing it back anyway. What you get for your car at the 18 month point should clear the finance agreement and in this case it gets marked as "Settled" and is seen as a positive.

If you do sell it I would go for the leon cupra from the shortlist that you suggested. Mk4 golf gti is poor to drive. I used to have a mk1 leon cupra r and would still say it's the best car I've had even over my current mk2 fl vrs.

+1 for the Leon, loved mine, felt quick even when you weren't going quick...:-)

Had a MK1 vRS and really liked it although if I had to downgrade my LE I'd be looking for a well looked after LCR, the BAM engine is a peach and its a car I've always wanted to own

Think I might just keep it now, unless I swap it for something newish.

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That or I'll get a new push bike, live in tent and be eco friendly.

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If you owe less than the car is worth then definitely sell and clear the finance , much better resolution than voluntary termination.

On a side note, does it have a DSG gearbox ?

I think all le Octavias are manual

Keep the car [emoji106]

Don't go older. As said you might regret it.

I had a MK4 Golf Cabrio before the Mk2 Octy.  I've found the newer car much more reliable & cheaper to run (better fuel economy, less unscheduled repairs).  It was purchased on a 2 year lease in 2008 which i extended another 1 yr and then bought the car outright.

 

Best thing ever & things like 6 airbags, ABS, traction control, ASC, etc reduce some of the risk if things go wrong.  I've tried the "go to an older & cheaper car" before & it didn't work for me - not as a daily driver.  Weekend fun car maybe.

I had a MK4 Golf Cabrio before the Mk2 Octy.  I've found the newer car much more reliable & cheaper to run (better fuel economy, less unscheduled repairs).  It was purchased on a 2 year lease in 2008 which i extended another 1 yr and then bought the car outright.

 

Best thing ever & things like 6 airbags, ABS, traction control, ASC, etc reduce some of the risk if things go wrong.  I've tried the "go to an older & cheaper car" before & it didn't work for me - not as a daily driver.  Weekend fun car maybe.

You're probably right! Sounds sensible. My arm is officially twisted!