Time come up to Sell or Keep

[bensz4mc]

So my balance payment scheme comes to an end in November, owing around 11k and I have some tough choices to make.

Having owned my car for 4 years, I still love my car and it puts a big smile on my face apart from when I have to fill it up! It Silver, red leather is full loaded apart from extended leather, folding mirrors and sun protection glass, has covered 50k miles, just had inspection 2 and gearbox service and has transferrable bmw extended warranty.

So my options are:

1) Keep it, get a loan, keep the extended warranty running and it will cost me around £400 per month, plus fuel (£180), plus servicing, tyres and tax ect around (£120) Total is aprox £700 PM. Not sure if it will depreciate much?

2) Sell it, any ideas what I will get for it?
I have been offered by a family member to take over a lease of their 18 month old Merc C350cdi (5k miles) for another 18months, it's nice spec, apart from its the non sport model so lots of chrome (old man spec). The service is inclusive and it will cost me £310PM plus fuel (£100), plus tax and maybe rear tyres (£40) Total is aprox £450.

3) Dream probably out of the equation - Sell my car and buy an 05 911 C2S. Cost will be approx £800PM maybe..

Your thoughts are appreciated...

 

[Aliv6]

I'd sell based on the numbers you've provided.

 

[RidgyDidge]

Surely you keep it don't you...?

I know I would.


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[bensz4mc]

Yep I do want to keep it as I love it, just thinking of the pocket unfortunately...any ideas wha you think I will get for it selling privately?

 

[Mafoo]

I may be misreading something here but £400 per month for a warranty? £4,800 a year seems very expensive?

 

[mmm-five]

I may be misreading something here but £400 per month for a warranty? £4,800 a year seems very expensive?

£400 including the monthly loan repayments.

Max for the BMW Insured warranty is about £90/month.

 

[Mafoo]

As thought - I misread something ha.

 

[inkey$]

I feel for you Ben. £700 a month is a big old chunk of change to pay out on a regular basis. Although its less a month I reckon if it was me I'd regret going for the Merc option after the 4. Depreciation should hopefully be kinder with the Beemer too.

But thats me. This is about what you can realistically afford per month and what you reckon feels right.

Good luck with your decision

 

[James_G]

I'd sell (as indeed I am doing) but not for financial reasons, but to try something else. 4 years is a long time with one car, unless saving for something really special. Merc contract hire sound suspiciously cheap too. As does your price for rear tyres :wink: