Trading down?

sillysocks

Hi All,

I have a 2007 Mini One (1.4l) and am thinking of maybe trading it in for something a bit cheaper (half thinking of the new fiat 500 to keep with something a bit quirky! Don't know what their prices are set at yet though).

I presume though if I'm going down in price there's no way of getting a 'trade in' as the dealer would be giving me cash back and getting no cash from me? Or is there any way that does happen?

Also, does anyone know is it generally easy to sell a Mini privately? Have done about 6k miles in it, and it still has all the warranties and has the TLC servicing pack as well. Wouldn't want to get stuck with two cars! I know they generally hold their value well - I paid 24k for mine, would have to dig out the full spec but any ideas what I could expect to sell it for? I know it had the salt pack, alloys, leather steering wheel and spare wheel but can't remember what else.

ninty9er

I'd say sell privately. A dealer will never give you what it's worth anyway.

Probably €21-22K. Once you cover your outstanding finance you shouldn't be too worried about it. but push the price maybe start at €22.5k and work down to €21,750.

Not entirely sure though.

su_dios

Is there any point? Its practically a new car, and a small one at that with only a 1.4. I would understand if you drove a 2.0 saloon but I don't understand the point here. You've already lost a bit on depreciation and may not get the value you expect, and the 500 I presume will be similarly priced to the punto grande so you're not really saving yourself that much at all. I would stick with what you have.

irishpartyboy

It may or may not be the case, but technically, if there is finance outstanding on the car, it's not "yours" to sell.....

However people do it every day, me included in the past... but it is possible for someone to sell on the car, and not clear the finance....

Your best bet would be to sell privately IMO - however 20k+ is alot of money privately..

IPB.

sillysocks

Theres no actual car finance outstanding on it - I do have a loan I used to buy the car (only about half the value of the car), and can pay that back early with no problems. The loan wasn't secured on the car.

Am just wanting to reduce repayments a bit each month - thinking of maybe trying to get something around 14/15k which would mean the monthly payments would go down and as I'll prob have something with a smaller engine so will tax/petrol/insurance so it all adds up!

I did notice that the emissions would put the Fiat 500 and probably a lot of other small cars I'd be looking at would put them in the new lower VRT 14% bracket so would it be worth holding off until that comes in or will dealers just put up the base prices once that happens?

E92

The new MINIs with EfficientDynamics are actually very good on CO2, the Cooper D does a same as the Toyota Prius and better than the hybrid Honda Civic 104 g/km. 14% VRT and €100 to tax, anyone?

Even the petrol One model does 128 g/km so that would be 16% VRT and €150 tax if you got either car in July.

Mr.Boots

Some of the larger dealers will offer you a cheque for the ballance owed to you on your trade in....not sure about Fiat dealers.
Your gonna have to buy new so its gonna cost top money
The Fiat looks cool but i can see the icing coming off the cake very quickly with these and them depreciating just as quickly as other Fiats in a year or so, compared to the Mini which still has very good residuals even after 7 years .
I think the Fiat 500 is about 15/16k

sillysocks

Just been having a look at some VW polo's - could probably get a 2007 one for just under 15k, or maybe 13k in a private sale (and assuming the original warranty is transferrable I would still have a warranty until '09).

Suppose that would probably make more sense and it would be that bit bigger with 5 doors etc but can't exactly call a Polo quirky! Decisions decisions.

Biro

sillysocks wrote: »

Just been having a look at some VW polo's - could probably get a 2007 one for just under 15k, or maybe 13k in a private sale (and assuming the original warranty is transferrable I would still have a warranty until '09).

Suppose that would probably make more sense and it would be that bit bigger with 5 doors etc but can't exactly call a Polo quirky! Decisions decisions.

You can't even call a Polo interesting, let alone quirky. Either keep the Mini or go for the Fiat. They are your two options! Flip a coin if necessary!

cantdecide

Biro wrote: »

Flip a coin if necessary!

You must realise 24k is a serious outlay for a quickly depreciating car. VRT makes cars like the mini MUCH more expensive than they should be and playing with these figures can have disproportionately big consequences for Irish people.

Rememer also that if you got a personal loan for 3 years and you want to pay back a portion (or even the greater part of it), chances are, the term will be reduced but the monthly will stay the same. Maybe they'll allow yout to re-negotiate but you should contact your bank and find out exactly what will happen.

sillysocks

Yes I've been onto the bank and I can renegotiate - basically I'd be paying off the loan with money I get for the car and taking out a new loan for the balance needed on the new car, so the payments would be reduced.

Will have a think about it over the next while. The Fiat isn't launching until next month anyway.