Bored of car. What to do. ho hum

[Oakey]

So I'm bored of my ZR. Whilst it's a nice colour and the interior isn't bad, I'm finding the 103bhp 1.4 engine getting kind of boring, and now with the recent events of MG Rover, feel maybe I should move on. It's not all bad news though, my employer pays for the car, if I'd paid for it myself I might be a little annoyed.

So, anyway, it wasn't my dream choice of car, but as I only passed my test last September, it was the only decent looking, reasonably priced new car I could get insured on (£1k FC) without paying stupid money.

When I first got the car it was quite nippy and problem free, however, the more miles it seems to rack up, the worse I feel it performs. Plus it's started rattling, creaking, has a well known electrical fault and today discovered a back window leaked.

So, my dilemma. What to do. My insurance is due for renewal in October, by then I'll have been driving 13months and will have 2years NCB (one from pass plus). Also, come December I'll be 24. I'm hoping this will reduce insurance premuims reasonably and open up more choice in cars.

However, I have the strong urge to go out and get something else, things like Evo IV's, etc are easily affordable although I doubt the insurance will be.

So should I hold out till I'm 24 and have 2 years NCB and start looking for something a little more powerful. Or should I get rid of the MG as soon as I can due to MG Rovers current status?

Also, the ZR is on finance so if I want rid, how do I go about selling it / clearing the finance?

[CocoPops]

I think now is a bad time to sell a rover.

Let people forget, then sell it.

If you try and sell it now, you will have a struggle imo.

[IainB]

So should I hold out till I'm 24 and have 2 years NCB and start looking for something a little more powerful. Or should I get rid of the MG as soon as I can due to MG Rovers current status?

Also, the ZR is on finance so if I want rid, how do I go about selling it / clearing the finance?

I would personally hold out for your 2 years NCB, is this also when the finance will be 2 years old, if so - your allowed (if you have paid 50% worth of the balance) to hand the car back.
Before that time I think you will have to buy your way out, or offset an redeption fee from the PX value (I have done both, PX'd on finance and also quite recently given one back after passing the 50% mark) credit score is still OK
Im guessing with the goings on atm, especially over warrenty work, the PX values have dropped quite quickly, as Coco mentioned now might not be the best time to attempt to move it on.

[Oakey]

I'll have had the car 1 year. Wouldn't hand it back after 2 years anyway, seems a waste of money, surely?

[Butuz]

Generally you have to finish paying it off before you sell it as a HPI check will show theres cash owed on it and any sane buyer will steer well clear.

Now is a bad time to sell a rover but IMHO from now to forever is gonna be a bad time because yor gonna lose your warranty and if bits go wrong they may not end up getting fixed so no one is gonna want to buy all the rattly rovers in the world.

IMHO - get rid of it now as its always and only gonna be worth less in the future.

Get a loan sell the rover and buy something exiting and reliable

Butuz

[Butuz]

I'll have had the car 1 year. Wouldn't hand it back after 2 years anyway, seems a waste of money, surely?

Depends how long your loan is taken out for and how much your car has depreciated, if the finance cost 10k and youve only paid for half of it then you need to work out if the cars actually gonna be worth 5k, or less. If ti is gonna be worth less then youd be better off handing it back and leaving it to them to get rid of?

Dunno

Butuz

[Oakey]

Car was £10k, finance is for 3 years, it's something like £3k a year anyway, plus £2k at the end.

By the way, my mum works at the Rover / Nissan dealership here, with the latest events at Longbridge I asked her if MG / Rover sales had taken a hit, her exact words were "I wish!!! we sold bloody loads of cars today!"

[Oakey]

Just got a quote on an ITR DC5, £1800FC. Not as much as I was expecting for a Group 20 car but still a little too much. However, got put through to NU's horrible Indian call centre and the Indian woman insisted I'd oly get 1 years NCB at renewal and the Pass Plus wouldn't account for anything, despite what the English guy told me last week.

[dkmech]

Pass plus doesn't give you an extra year NCB. It normally reduces the price by the same amount as an extra year of NCB, but i don't think its completely interchangeable. They also often only take it into account on the first year.

[Oakey]

Yeah, but I know some insurers do give a years NCB for Pass Plus after the first year, and according to the English guy I spoke to at NU last week, he sounded adamant that was the case with NU. The woman in Sweatshopsville, India says otherwise though.

[Butuz]

I think this is particularly apt for you oakey boyo?

[Oakey]

Okay, emailed Norwich Union. Got a more detailed reply by an englishman (w00t). It would appear that at my renewal they will give me a 2 years 'Introductory Offer', ie, 2 years NCB which would only be available with them. If I leave for another insurer I'd only get a certificate for 1 years NCB.

So, the dilemma. ITR DC5 is looking really tempting. Can be picked up for about £12-£14k for a decent one. Insurance would cost me another £900. Just need to find out what to do about the finance. If the finance co offer no options I'll have to take out a loan, pay the finance off and sell the car to pay off the loan, most likely losing a bit of money.

[Shad]

No idea where abouts in the country you are but if I were buying a DC5 I'd be buying it via Tom at TGM Sport in Fleet

www.tgmsport.co.uk

[Zak33]

OAKEY...MATEY...how to get out of a finance deal early..the legal way.

Read your conntract and look for the words EARLY TERMINATION. To prevent people getting stuck too deeply in a finace deal, the governement, in its infinite wisdom created a Consumer Credit Act, which has a rather natty get out of jail....

but its not free.

The problem with your Rover is this. Its' dropping like an anchor. The good news is that you can afford the payments cos someoelse is paying you for them.

What worries me is that as you make monthly payments now, the car wil drop more per month and you will go further and further into a situation where you wont want to own it.

Did it have a residual baloon payment at the end? If so, how much and at what mileage? I 'll bet your car will still be worth less than the residual at theend of the deal so you'll give it back anyway.

If you read the early termination rule, if you pay HALF OF THE TOTAL AMMOUNT PAYABLE (thats inital price PLUS al interest....the TAP is all of it) you can give it back and walk away. So long as itsin good nick and you might have to drop it off at an auction, or maybe just the local dealer. You give the finance company a 30 day written notice and they'll ask you to visit a dealer for them to do an inspection. Then you hand it back,.

and walk away. You have no money, but you also have no debt.

If you need my help, get a copy of the doc, scan it, and send it to me

here to serve ya matey

[Oakey]

Right, the settlement figure is £9500. I was looking at a DC5 and they offered £7500 on the MG. They seem to be going for about £8500 on AutoTrader, however, you can get the very basic model new for this price or less. I don't see them selling privately for anywhere near £8500 now, so £7500 doesn't seem too bad.

So, I think the car came to £12k total, there was a £2k balloon payment at the end.

brb...

[Zak33]

ya see...you're already £2000 into negative equity, and the new Glasses Guide aint cme out yet, with the news of the demise of Rover.

Right....are you sure you only owe£2000 at the end...I bet its more like £3000.