To ask what is going on with buying cars at the moment

[blueyislife1]

We need a new car, we currently have a SUV type and want another SUV type. 3 years ago we put on finance a £19,800 SUV and pay approx £270 a month.

Looking today at same model same sort of age gap e.g we got a 18 plate in 2020 and now looking at a 20 plate. Showing as £21,500. Fine things have gone up. But the finance in now £450 a month!!!

This seems to be the same for most dealerships except VW who show as £279 on the website then in the dealership they say that's no longer the case it's actually £530 a month!!

What is going on. We are loosing our patience with it and need to trade in the car!!

We need a 'big' car due to children and various dogs so has to be an SUV!

There are also 4x VW t-rocs with monthly payments under £300.

The market's bonkers. In Nov 2020 we bought a 2017 model for £18,950. The exact same models (generally with higher mileage)are currently on sale for between £24,000 to £25,000. These are main dealer prices as our purchase was.

Crazy.

It doesn't have to be a SUV. I'm pretty sure that my Zafira (60 reg) is bigger than your Kuga.

Sorry that should be £23K to £24K

If leasing/PCPing a VW will likely be cheaper (per month) than the equivalent Ford, because VW’s residual values will be better so the finance company won’t need to ‘load’ so much depreciation in as it would with a Ford.

That’s why PCPs/leases on things like BMWs, Mercs etc are comparable (and sometimes cheaper than) Fords, Vauxhalls and Renaults — the premium marquee hold their value better.

To OP’s issue — it’s interest rates. Cost of living crisis. Borrowing costs way more now than it did three or four years ago. Plus cost of manufacture has gone up too. That’s why the equivalent new(er) model is so much more expensive now.

Kuga is a very average size car.
OP,, consider a Dacia Logan MCV.
It’s much bigger than a Kuga, and cheaper than nearly anything else.

Kugas aren't that big, we looked at one and got an Xtrail instead as it was bigger, we always buy outright though at about 3 years old as it works out a lot cheaper.

DH wanted to trade his 16 plate lease for a 21 plate but the second hand cars were more expensive than new ones. So we paid the £10k settlement and decided to keep it for a bit as it's good car.

The costs of cars have gone up. You can no longer afford the model you want. You will have to either keep your current car (Likely the best option cost wise if it's reliable and still meets your needs) or choose a cheaper car.

Excellent. You've realised you're in a position to profit from the situation.

You have a contract that gives you the option of paying £12k (plus interest) to buy a car worth £25-30k. You'd be a fool to throw this away.

You could also look at the likes of Motorway etc to find out who will give you the best price for the car if you're set on changing. But have you not tried to get the malware/screen problem fixed under warranty?

To confirm I'm not after a kuga I'm just after a kuga sized car! I don't even particularly like the car and don't have a brand snobbery point of view.

@BarbaraofSeville it's been 'fixed' by Ford a couple of times but each time it's happened again funnily enough they have said that this type of issue doesn't fall under warranty!

These are very different cars…

This. This is why people get into money woes when they live beyond their means. The purpose of a vehicle is to get you from A to B. YABU to even put it on finance as you'll be paying more for it in the long run

Don’t we all have to buy electric cars now anyway?

Yeh I’m no revhead- but even I can tell the difference between the VW hairdryer and the 2.5 litre does hybrid…

I was using them to demonstrate the monthly replayments. There is a massive price difference on the actual car but both cars are nearing the £500 mark per month.

VW works out pretty much cheaper all round when it comes to finance

Then there’s no helping you if you can’t tell the difference.

Have you done a valuation on Cazoo? Mine was worth far more than the settlement price so I just paid it off although mine was only about 5k.

You could be losing money if you give it back.

sorry I've not had time to read the whole thread but my DC was in this situation and after reading moneysavingexpert They decided to take out a bank loan, which was much lower than dealer finance...There's several of these on the website. Still higher interest than a year ago, but if you have a good credit rating it is a lower interest rate. Surpisingly if you borrow over £7k the rate is lower. And that's from well known lenders. Hope that helps.

Not sure what you are trying to prove?

I said I don't care about brand I just want something with the same space as the kuga. Today we went to Ford and VW. VW was cheaper on finance for the same spec as a kuga the same spec as we have now (one up from basic). Both 1.5 ltr engine, both petrol.

I don't give a damn if it's a Ford, a VW, a Skoda whatever however the monthly payments on a VW is less than a Ford which is what we found out today

Just keep the one you have, it will be easier to just do that and take out a bank loan

Thank you. We are going to take out a bank loan then look to sell privately later on in the year to see how things go.

Car buying is crazy at the moment. 5 years ago I bought my car for 14k, I’ve done 70k miles in it and made the last payment in December. Last month the dealer called me wanting to buy it back for 2k more than I paid for it 😳

I haven’t taken them up on their offer - I’d just have to buy something else!