Originally Posted by davyk31
It really depends on what you intend to do. Your existing car has suffered the worst of its depreciation but if you VT and step into a new agreement you are hiking up the depreciation again. Years 3 and 4 of any agreement are the ones where you level the balance of loan against car value because depreciation has drastically reduced.
I see where you are coming from. The current situation is that the car is valued at £5-5.5K less than the current settlement, and only £1k above the GFV of the car and its already done 25000 miles after 21 months. I don't know if this car will ever even out, and the salesman even recommended that BT might be a sensible approach.
The car isn't really meeting our needs anymore, and we would P/EX it against another car if we could. However any deposit we pay would only eat into the negative equity, and even then we would probably have to take out a negative equity loan depending on the dealers figures. I don't want to throw good money after bad where I could pay another few months and leave the car with nothing owed.
Does my logic sound reasonable or am I missing something? Always interested to hear other opinions as they always have valid points.
Originally Posted by A_P
You gave them your word when you signed that you will pay it off.
A man only has two things in this life. His word and his balls.
He shouldn't break them for nobody.
I can see your point of view. I just think compromising with this car on order to keep my word with a dealer isn't worth it to me. It's surely still a mo at spinner for BMW regardless.