Changing Car Problem

guggyegg

Here’s my question for all you motor buffs

I bought a 08 BMW 320i coupe last year and need to change it for something more practical (baby on the way and have dogs which need to be carted about most weekends). Problem is I financed the entire cost of the car and still owe €38K on finance and the best price I can get from a dealer is €28K for a trade in (from bmw dealer)

Would a dealer take in the car and add the balance due on the finance onto the new car finance deal? (I haven’t ask any yet)

Or what other options should i look at

bazz26

Finance is alot harder to get these days than it used to be. I'd say give your Finance company a ring and see what they have to say.

Alzar

In my situation, they did. I was updating to a newer car.
If you are going back a few years, I'd doubt it.

A few years back I changed from a 03 to a 06. I was in negative equity on the 03. Basically they added the the balance of finance owed minus the value of what the car was worth to the price of the 06. That may not happen in the current recession.

As you know, you say your car is valued at 28K. You owe 38k. So if you buy a car at 30K, you are financing 40K. Try & work something out instead of bringing an extra 10K to a new car. Trust me on this one. I'm now trying to change & basically I haven't a hope because of bringing the negative equity onto the 06.

Could you buy an old(er) estate & just use it when necessary?
Al.