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What should I do?

  • 19-07-2017 7:49am
    #1
    Morpheus
    Moderators, Society & Culture Moderators Posts: 2,688 Mod ✭✭✭✭


    Current car - 2008 1.6 petrol zetec mondeo
    Loan taken to buy it but - still owe 4k
    Car was an emergency buy at time, id just switched jobs and my old car died
    I dont need anything near as big as the mondeo, id be happy in a smaller hatchback tbh
    im doing 90 km per day return trip for work
    loan repayment is 160 per month
    unleaded petrol - about 320 per month
    Toll - 90 per month
    219,000km on the clock
    you can see where this is going ... is there anyway to change cars AND save overall ?


Comments

  • #2
    Cannon_fodder
    Registered Users, Registered Users 2 Posts: 162 ✭✭Cannon_fodder


    Loan is probably more than car is worth.

    Your best option is the €4k scrapage on the new Qashqai as you will have (as I am having) a hard time selling that age of car privately. Nissan seem to be the only ones offering scrapage deals but VW might take it and you could avail of 0% PCP on a Golf.

    When is the NCT?

    A trade in against a second model might net 2k trade in but you are down 2k loan.


  • #3
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    Unfortunately what you still owe on the car is more than it's market value. Trade in or use a scrappage scheme and buy a newer smaller diesel car while topping up your loan. Your fuel bills will go down as may your maintenance costs but your loan repayments will certainly increase.

    I cannot see anyway how you would actually save money overall though. I think your only option at the moment is continue to drive the Mondeo either until it dies or until your current loan is paid off.


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