Would really appreciate any advice that could be given here, I'm sure, well at least I hope, my situation is not unique and someone could give me a bit of advice. Basically I bought a new uk WRX03 in April, got a good trade in on my old car and put it on finance. I'm now in a position where I cannot realistically afford the car, yet cannot sell it to clear the finance as the car is worth less that what I owe (totally standard car, black 7k miles any ides on it's value?). I have tried to do a trade in on a much cheaper car, then finance the difference plus the price of the car, but cannot find a dealer who is interested. It's a sad position to be in as I love the car, but now resent it, as 1, I can't think of a solution (bar selling my house and I really don't want to do that) and 2, it represents a foolishly reckless decision on my behalf and I don't like to be reminded of it.

Any help gratefully received.

Thanks.

 

If it really is that bad mate ( and i'm sorry to hear it) you may be better off selling it cheap, cutting ya losses and pay off the difference.

At least you wouldn't have to sell ya house mate.

All the best mate

 

Dont know what deal you got on finance ie term and %. But if you sell the car, you lose big style. Depreciation in first year is the worst ! Maybe you could look at other finance companies or the one you are with and lengthen the term / try for better %. It may cost you in interest but maybe not as much as the loss on the car price. You will no doubt need another car. Unless you are buyin from an auction , someone is lookin to make a profit on you !!!
hope you sort things out m8 !

 

Guys,

Appreciate the responses big time, really do. mcscoobydoo you are so right bout depreciation, and to be honest I was a bit of a mug going for it, seemed a good idea at the time!! Hope noone else has to go through this, as this is a car you should love not hate. Thanks again.

 

if u trade it in u will get a cr&p price. is it worth less than u would get privately?

Sorry to hear it though.

 

Martin - sell it and get a small loan to cover the difference, sounds like your problems will only get worse otherwise - no car is worth too much worry and the house will be a better investment -trust me I've wasted thousands over the last few years on bikes and cars that I've sold for a loss after little useage because I was skint or bored of them.
Don't panic sell to the first bidder though, hold out for a fair price given that it a crap time of year at the moment!
A dealer should tell you what you should advertise it for privately and get two or three opinions. Be careful if you sell privately. Test pilots and thieves!
Good luck m8