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New car or not!

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Comments

  • #52
    Shocks99
    Registered Users Posts: 21 ✭Shocks99


    Chesty08 it will be 36x 380 plus 4.5 k for excess and my beemer , and all that leaves me with a car in negative equity when I go to trade in a few years . Doing the maths I should hold onto the beemer as has been suggested as is the most practical solution. No sure how practical I am :-) . Thanks for all your suggestions / opinions ..


  • #53
    mickdw
    Registered Users, Registered Users 2 Posts: 23,543 ✭✭✭✭mickdw


    Say for example the A4 just met the gfv which would be a good result given the proposed mileage, the cost for driving it for 3 years would be a fully owned 3 year old 3 series plus 36 x €380. That's somewhere around €30,000 depending on what you think the bmw is worth.
    Its not a good deal and it leaves you in a terrible position at the end with no car whereas right now you have a paid for 3 series.


  • #54
    downburst
    Registered Users, Registered Users 2 Posts: 207 ✭✭downburst


    I’ve been in this situation for 15 years, approx same mileage. I’ve had new passats, bought outright, stupid PCP in 2013. Fact is there is no best method here, but buying new is madness and I won’t do that again, although I don’t need to borrow anymore. Best value I ever got was running Aused B5.5 Passat, bought from north at 6 years old into ground, got 3 grand for that for s40, leather etc, auto, a little less reliable ford/pug engine, but quick and heated seats, took it to 180k and engine lights and Electrics went, panicked and bought nearly new Passat again, on one now, 161 82k. Lesson, don’t panic, hold that BMW to 180 k miles and look around then, no compelling reason to sell. Go for a walk and think about clearing mortgage or getting pay rise, new car is not your priority.


  • #55
    Shocks99
    Registered Users Posts: 21 ✭Shocks99


    Agree totally Mickdw when you look at that maths . Also downburst good advice from your post . There’s not much middle ground in this situation it’s keep the beemer ( which is sound , it’s a nice car ) or upgrade and spend a lot both in cost of new car and depreciation on the BMW . If I get a chance over the next few days I will visit a few more garages .


  • #56
    downburst
    Registered Users, Registered Users 2 Posts: 207 ✭✭downburst


    Shocks99 wrote: »
    Agree totally Mickdw when you look at that maths . Also downburst good advice from your post . There’s not much middle ground in this situation it’s keep the beemer ( which is sound , it’s a nice car ) or upgrade and spend a lot both in cost of new car and depreciation on the BMW . If I get a chance over the next few days I will visit a few more garages .

    You will spend a lot on motoring with that mileage. In short having the BMW devalue so heavily is spooking you. Swapping it for a new car is wrong in my view. Right now perhaps best to run it to the end and replace in 4 or 5 years with any number of high end models 3 to 5 years old with low mileage, of which there is a dearth, but buying new, no sense. I work in a very well paid industry, very few new cars in our car park, most of us are pretty well off.


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