to finance or not...

[mjrennie]

been offered a sliver arrow in swap for my clk. complete no cash either way swap. problem is i owe 18.5k on my clk with mb finance highwaymen.

i can go for the arrow over 36 months with a baloon, but i dunno...seems dear at 350 pm with a baloon of 10800.

anyone smart with finances? i could...

1. remortgage and put an extra 18.5 k on. i have a mortage reserve, so easy. plus masses of equity. that would coast 177 pm and i could sell at any time.

2. rob a bank.

3. not get the arrow and always ****** regret it.

4. try another route which will be suggested by someone really clever on this board any moment now.

come on people, any sensible advice? i want the arrow.

michael.

 

[Blobcat]

Most of the finance options confuse the hell out of me. :-?
£350 per month for 36 and a balloon of £10,800 = £23,400 which taking off the £18,500 = £4,900 cost for the credit.

Cheapest method is taking the money from the mortgage, however it does depend on how much the bank charges you to take the money out of the house. Although the repayments are the cheapest the arrangement fees can mount up. Also even after you have sold the car you are still paying for it on the mortgage

Next cheapest would be an unsecured loan which if you shop around (just found 5.6%) this equates to £558.30 per month for 36 months and total cost of £20,099 or £1,599 price for the credit

 

[mjrennie]

well, there is no arranging fee for the mortgage and when you sell, you whack the money back in the house, or take more. our mortgage has 10 years left. in theory, we can buy every 2 years and then break even (if you see what i mean) when we make the final payment on the house. when that happens, i'm having 7 sl'd, one for each day of the week!

mortgage seems the best way to go.

the running costs of a 500 are a slight issue. great v8 is timeless. fuel? well, i do 8k a year tops, so it is not a great expense. insurance is double the clk at 700 quid, not exactly outrageous.

my mate is an expert merc mechanic with 10 yeras at a big mb dealer, now he is independent. reckons the sl500 is a god of a car and easy to fix and maintain. he can source any parts and service it. for pennies and pints!

 

[Blobcat]

What are you waiting for then ?????? isn't the shop still open

 

[television]

The Slver Arrow is the one to go for, not many in the UK comes with full spec.


malcolm