Change now or in January

Paraone

Hi I'am a high mileage driver with 65,000 miles on a 2009 car (diesel) would it make any sense to change for a new 2010 model now or would my losses even out if I wait til January, assuming I'll probably put another 30,000 on it by then.

bazz26

I think either way your going to take a massive hit on a car with that mileage. From a dealer perspective trying to sell on your car on, I'd image it may not be any easier to sell a 1 year old car with 65k miles on the clock than a 2 year old car with 95k miles on the clock.

I'd try and sell the car privately at a reduced price and then you will be in a better position to negotiate the price of the new car. Actually you might be better off looking at leasing rather buying. The monthly payments might be higher taking the depreciation into account but at least at the end of the term you don't have to worry about resale value of the car.

Drummerboy08

bazz26 wrote: »

I think either way your going to take a massive hit on a car with that mileage. From a dealer perspective trying to sell on your car on, I'd image it may not be any easier to sell a 1 year old car with 65k miles on the clock than a 2 year old car with 95k miles on the clock.

I'd try and sell the car privately at a reduced price and then you will be in a better position to negotiate the price of the new car. Actually you might be better off looking at leasing rather buying. The monthly payments might be higher taking the depreciation into account but at least at the end of the term you don't have to worry about resale value of the car.

I'd tend to agree with you on that, but unless his company (or if he owns it himself) are willing to lease it through the company name, then it wont work. I dont know of anyone who will lease a car privately at the minute..

It would be worth while trying to sell the car privately IMO. You'll get much more that way than trading it in.

bazz26

Thought as much about private leasing.

I'd be inclined to not change at all if the car is running fine, keep the current car until it dies. With the mileage the OP is doing it is madness changing every year when it is your own money you are spending. This time next year the OP will be in the same position again.

Berty

Do dealerships not provide leasing options as well?

Probably not very competitive but It could be an option rather than heading for the Commerical leasing companies.

Drummerboy08

bazz26 wrote: »

Thought as much about private leasing.

I'd be inclined to not change at all if the car is running fine, keep the current car until it dies. With the mileage the OP is doing it is madness changing every year when it is your own money you are spending. This time next year the OP will be in the same position again.

Thats what I'd be thinking. It will cost a fortune to change every year. As long as the current car is running fine, keep it for another while.

Drummerboy08

Berty wrote: »

Do dealerships not provide leasing options as well?

Probably not very competitive but It could be an option rather than heading for the Commerical leasing companies.

The dealership can offer it all they want, but at the end of the day its down to the finance companies to approve the deal. I think most got stung with private deals over the last few years with cars going missing etc, so they wont do it for a private individual.

The other problem is that the lessee is responsible for any damage outside of wear and tear, and for any excess mileage charges. This can often add up to a fairly large bill, which leaves most private punters gasping for air.

I know of PTSB doing a deal for a fairly large company based in Cork. They allowed the drivers to lease the cars individually to avoid paying BIK. Its the only time i've heard of it in the last 2 and a bit years, so i'd say its rare.

Of course, check it out OP and see if you can get somewhere with it. Just be aware of the pitfalls involved.

unkel

bazz26 wrote: »

Thought as much about private leasing.

I'd be inclined to not change at all if the car is running fine, keep the current car until it dies. With the mileage the OP is doing it is madness changing every year when it is your own money you are spending. This time next year the OP will be in the same position again.

I'd agree with that. Even if it is likely the car will develop an expensive DMF problem between now and January '11 and possible big suspension bills in about a years time and maybe a clutch too, it will still work out far cheaper overall to keep the car going. Have it serviced very regularly though!

What car is it BTW? I'm presuming it's a manual?

Esel

Don't most leasing companies charge a major whack for excess mileage?

Drummerboy08

esel wrote: »

Don't most leasing companies charge a major whack for excess mileage?

Normally 10 cent plus VAT per KM.

_Conrad_

esel wrote: »

Don't most leasing companies charge a major whack for excess mileage?

i worked in that field, and yes, if the miles are way over what the contract states, then there's going to be a big charge, same gos for a car retruned with damage


I must ask the OP however, why do you feel you must change to a new car? if the one you have is still in a usable condition it'd be far better really to just keep going, keep it maintained and treat it well, rather than taking a massive hit every year, as people in this country are terrified of mileage on cars, even if the car has a perfect serice hsitory and has been babied constantly throughout it's working life. so you'll get a seriously reduced price when trying to sell a very young car with mileage that is far above average

Tinker13

I was in this position previously and found that the best option was to buy a two year old car with low mileage and drive it until it starts to cost money. (I'd keep your current car until this happens.)

Then flog it and start the process again.

mickdw

Tinker13 wrote: »

I was in this position previously and found that the best option was to buy a two year old car with low mileage and drive it until it starts to cost money. (I'd keep your current car until this happens.)

Then flog it and start the process again.

This is going to work out the cheapest without doubt but the OPs question was to buy new now or in 2011. New in 2011 selling privately between now and january would be my choice.