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!

It can actually be cheaper to lease a new car than a second hand one, daughter has just stopped her two year old polo for an Audi A1, pretty much same price finance wise but a three year old Audi would have been £70 more expensive a month

As I’m sure you’re aware interest rates have risen - you won’t find the lower price

What about something like this?

www.trustford.co.uk/used-car-details/used-ford-galaxy/id-273671862/?SSPostcode=Yo269ss

(not my actual post code!)

Before you go for the bank loan double check you can't get a 0% credit card instead

estates are usually bigger than SUVs and maybe cheaper

We sold ours back to the dealer for more than we paid. I’ve always had new or nearly new on PCP.

Bought a banger instead and am free of car payments. The old car gets me the same places only I’m not paying a small mortgage for it. It’s just not worth it!

Could you borrow the £12k from the bank and pay that off monthly? Then you actually own something at the end

You can't usually buy cars with credit cards, you can pay a deposit of about £1k with one but for some reason car dealers don't usually accept credit cards, we couldn't when we bought our caravan either, as I wanted to use it to collect the points. Maybe it might be different now but OP should check if she wants to do this

No. Not for a long time.

We were able to do a cash transfer (at a small % ) to our bank account and then pay from there, you are correct they wouldn't let's us directly pay on it either .Its worth doing the comparison

You shouldn’t have to keep explaining, OP. Driving a nice car is something many people want and will make it happen. My friend pays over 700 pounds for her car but it’s her joy and she can afford it.

Cars are definitely more expensive than a few years ago with interest rates going up etc. My brother is in the same predicament and kicking himself when he had an opportunity to get the model he wanted that has increased so much. I think a bank loan as suggested is the way too go. Good luck.

To*

Firstly: interest rates
Secondly: estate car, a family member has 3 kids and 2 dogs, the boot capacity is usually bigger in an estate too. If you think you need an SUV you’ve probably just been well marketed to.

For reference, boot space with seats up:
412l Ford Kuga (SUV)
660l Skoda Superb (estate)

I've not read the full thread as it's 7 pages long but may be able to help.
Apologies if its been covered already.

Your car will be worth significantly more than your pay off is, check out webuyanycar or motorway.
That will help close some of the financial gap.

If you're looking at VW try either seat or skoda as they are all the same cars underneath and you'll likely get a better deal than from VW.

If you don't like your current car I'd personally take out a bank loan to cover the outstanding payment, sell it yourself even to one of the companies above you'll likely make a profit. I'd then spend whatever money on a decent used car purchased outright and not on PCP, the advantages of PCP are less appealing when you factor in sky high intrest rates.

I used to have a kuga and now have a skoda kodiaq which I love so much more. However we also have a skoda superb estate which has more space than either of the SUVs and comfortably takes multiple car seats, double buggy, travel cot, dog, bags etc without even blinking.

We don't have a Skoda dealership anywhere near us. We'd have to make a day trip of it.

I'm not massively keen on them if I'm honest (only because DF had one when I was much much younger and I remember it always broke down so I've never gone near one since!) however when we decide to sell we will make a trip

Oh okay fair enough, sorry I missed that part.

Nobody needs an SUV

honestly, other cars are available

7 seaters, 5 seaters with big boots

i have a Skoda yeti which fits 5 large (6ft plus) adults and 2 large dogs

Does it? I looked at the yeti and the backseat was tiny.

Interest rates have gone up considerably. Surely you know this.

You don't need an SUV. You could buy an large car but choose something older and cheaper.

Do you have to go to a dealership? Can't you looked at used car places or autotrader?

So many people come onto MN complaining that they can't make ends meet and it's because of stuff like this. YOU CAN'T AFFORD THE CAR IF YOU ARE PERPETUALLY BUYING IT ON FINANCE AND CAN'T AFFORD TO PAY OFF THE LUMP SUM. The dealers have got you right where they want you. Pay off the car with a loan, sell it and pay back the loan. Put what you have left to buying something much older.

They have Skodas at places like Motorpoint

Hey @blueyislife1 did you see this?