Hi Guys,
I need your help in making a decision regarding upgrading my car. Ford has offered me this deal out of the blue and I have been thinking ever since.

I have a 16 month old Fiesta Zetec Climate (3 Door). I bought my car on Passport finance scheme and pay £170 per month. The scheme works in such a way that you pay £170 per month for 34 months and at the end you get a guaranteed future value, which is around £2900. At the end of the term, you can either clear off this and keep the car or refinance the amount, or give the car away to Ford altogether (provided it is in decent condition)

Now, I have already made a payment of 16months and got remaining 18months to pay before I reach the guaranteed future value part.

Ford has recently called and offered me an upgrade to the brand new Fiesta (the new design which has 5 star ratings everywhere). It will be the same Zetec model with Metallic paint, 5 Doors this time and the same 1.25lt engine as my current Fiesta but has more BHP and less engine weight.
The offer is that I hand over the keys to my old car and they give me the new car @ £200 per month, again for the next 34 months with a higher guaranteed future value, which is around £4800.

This deal gives me the newer car which has got good ratings, has extra knee bags, 5 doors, good future value, free bluetooth (don’t care much for this), USB port along with standard AUX for music system.

The -ve points are it looks like I have paid these 16 month instalments for just renting the car and will be loosing both time and payments.

So guys, I would like your advise on this. Given a situation like this, what do you do?

Personally, I feel that upgrading my car at this point will be more like a passion for the new one and nothing else. My 3 Door Zetec climate perfectly fits my life-style, but just now and then I keep missing the extra 2 doors!!

Thank in advance..
Regards,
Ravs

Ravs

Don't bother unless you have money to burn. I only change my car on average, about once every 4 years, but I don't do huge milleage.

In regard to the subject matter I would suggest that you change the subject title using the edit function. It is not exactly urgent. People may think you are just about to lose your house or something that is serious.

Huckster

Huckster,

Thanks for your reply.

Oh, I did take your advice on the title :)

Cheers,

Ravs

Ravs,

Consider what you are likely to do at the 3 year point with this current car.

I appreciate Huckster's notions but if you are just going to change your car at that point, taking out another similar finance package, then it doesn't really matter when you change the car.

Unless you intend to pay off the full balance on the current car and keep it, change date becomes irrelevant. If you are always going to be paying £200 a month for your car then I can confirm, at first hand, that the New Fiesta is a million miles better and certainly worth £7 per week more than the previous generation.

JJ

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You gotta tie yourself to the mast my friend, and the storm will end.