Just after some advice
I want to trade our car in as repayments are massive 210pw we still owe 34k we would have to get new loan for new car would spend around 15k on car. Was looking at a golf wagon or something.
Or we refinance car into homeloan? Has anyone done this
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27-10-2016 07:02 #1
Trading cars in
27-10-2016 07:39 #2
I would sell the car outright as a trade in wont give you as much money.
Then use that money towards a new car, but if you're struggling with repayments I wouldn't be buying a big European car, I would get a Hyundai or Mazda. And I would try and get either a demo model or one that is a year or two old and just get a car loan for it, as it is so much harder to pay down a mortgage if you've added the car portion to it too.
I'd Google which cars are suitable for two kids. Also do you really need a wagon? They're quite a bit more expensive and unless you go camping a lot for long periods of time or something like that, I wouldn't bother paying the extra money for a wagon. You could also get a tow bar and a trailer if you did need to transport large quantities of things
27-10-2016 08:00 #3
@A-Squared has his the nail on the head. I bought a car 3 yes ago for $12k from a yard and I rang the precious owner as you can and asked him how much he got as a trade in. $5k is all he got. The car itself was only 6 yrs old and had 44k on the clock ! I sold it last year privately for $9k as I didn't like a sedan and went back up to a full sized 7seater 4wd
27-10-2016 08:11 #4Senior Member
- Join Date
- Mar 2015
Depending on your car, where you are located and what you would want to replace it with.
Generally you can get more selling it yourself but that depends on how popular your car etc etc.
I had a Mazda 2. We were getting a new car. There are 10000000000 Mazda 2's on Carsales etc. So it would have to be competative in price. We ended up trading in as the price was ok compared to maybe selling it privately.
We got a wagon (love the wagon).
It may be better in the long run to put it on your home loan but do your research.
27-10-2016 08:20 #5
Definitely sell privately, if you can.
As pp have said, you will get more money for it. Also, it gives you more haggling power when buying another car.
Hopefully someone with more knowledge comes along, but I don't think it's advised to add a car to your home loan, because the loan life is usually much longer and you end up paying significantly more interest than if you were to have a separate car loan with even the maximum 7 year term.
As A-squared said, I wouldn't be looking at a VW if you're trying to reduce spending. Everything, from services to spare parts, is more expensive.
Just another tip - I wouldn't necessarily be setting a price for the car that you're willing to pay, but what the maximum amount you want to pay each week/fortnight/month, and make sure you account for rough fuel costs, services, rego etc. There are often really good finance rates around that mean you could be better off buying a brand new car, rather than a few years old.
27-10-2016 08:49 #6Senior Member
- Join Date
- Mar 2015
27-10-2016 12:32 #7
the most we have spent on service on our VW (thats what our car is now is $400) i want wagon mainly because when we have pram plus dog then there isnt much room left. if i got just a 4 door thing then i wouldnt be able to take a pram and DS runs with his ASD. our dog goes nearly everywhere we do i looked at i30 wagon but reviews still pushed to vw golf wagon.
27-10-2016 12:52 #8
no advice re cars - but in terms of financing you are definitely better off adding the debt to your home loan rather than getting specific loan for a car as the interest rates for home loans are substantially less .... but that is only the case if you you increase the repayments.
You will have more cash available because you are not having the $210pw car loan ... so if you consolidate your loans, and put this money (or at least a good portion of it) towards your home loan, you will pay your overall debt off much sooner.
27-10-2016 12:54 #9
I agree with others, look at selling it privately. I usually sell my cars privately but I wanted my 4wd gone so traded it. Traded it in for $54k and they went and sold it for $65k. Kicking myself now argh!
Proper car loan's aren't too bad now, depending on who you go through you could get a really good interest rate.
27-10-2016 13:11 #10
We have a Hyundai ix35 and that would be big enough to fit a dog and a 3 or 4 year old model with low kms would be cheaper.
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