Author Topic: What should I do?  (Read 4383 times)

Offline Snooze

  • I live here
  • *****
  • Posts: 838
What should I do?
« on: 08 December 2014, 21:38 »
Got my car on lease hire for another 21 months. Can give it back now anytime I want. I'd like to keep it but thing is at the end of the term I won't own it and there's a £5k balloon payment if I do want to keep it plus I'm paying like 10.7% interest.

If I take out a £12k loan I'll be paying about 4% interest and be paying the same monthly payment I am now and I'll own the car at he end. Been looking at bmw 330d amongst other things. Also seen a couple of lovely low mileage ED30's. The things I love about my car are that its fast, handles great, comfy on long journeys and it's practical. Another thing to consider is that I have out a bit of money in to my mk6. Put down a £3k deposit, had some bodywork repaired and the usual tyres etc. I considered getting rid a couple months ago and decided against it. Nothing wrong with it and I'd end up with an older car too.

What would you do?!
« Last Edit: 08 December 2014, 21:47 by Snooze »
2015 Mk7 Golf Gti 3dr Manual, Carbon Steel Grey, Michelin PS4's

Offline dubber36

  • Forum addict
  • *
  • Posts: 5,536
Re: What should I do?
« Reply #1 on: 09 December 2014, 08:16 »
I think you've answered your own question.

You may be paying quite a lot for it, but it will cost you much more if you change, even for an older car. I know a lot of people that get so hooked up on monthly payments and interest rates, that they don't look at the bigger picture. When you change car, whether it's to trade up or down, the dealer takes his cut, so that money has to be found. Trading down, you won't notice it as such, but the dealers margin will come out of your equity. That money could easily offset your current high interest payments.

The other consideration is that you know your current car, and by the sound of it, like it. Buying a used car can be a minefield, so you'll never really know where it has been.
Red Mk6 gone replaced with a white Mk7 which has gone too. Green Mk2 here to stay.

Offline Booth11

  • Serious forum addict
  • *
  • Posts: 7,739
Re: What should I do?
« Reply #2 on: 09 December 2014, 09:12 »
Snooze. as you say, you debated this a few months ago and decided to keep the car.  What's different now?   Do you really want to keep hold of it or is this being driven by wanting a change of car?

As dubber says, any change will cost you, and as nice as Ed30s are it will surely feel like a step down after the mk6 especially in terms of interior refinement and handling, the very things you say you like most about it. You've looked after it and know its history.

Sounds like you already got the car you're looking for  :wink:

 
Black Beauty: MK7 R 5dr DSG, DBP, 19" Pretoria, DCC, Vienna leather, Keyless, Dynaudio, DNS Pro, Rear camera, HBA
2012 MK6 GTI DSG
2008 MK5 GTI DSG
2005 MK5 GTI Manual

https://www.flickr.com/photos/booth11

Offline Snooze

  • I live here
  • *****
  • Posts: 838
Re: What should I do?
« Reply #3 on: 09 December 2014, 18:18 »
Think you hit the nail on the head booth! I think I liked the thought of a new car and was trying to convince myself it was a Gd idea to downgrade as it were.

Gave myself a gd talking too and I have to accept cars are black holes. Gotta enjoy it whilst I can afford it. I'm now awaiting an email back from the stealer to see my trade up options. Just out of interest mind!
2015 Mk7 Golf Gti 3dr Manual, Carbon Steel Grey, Michelin PS4's

Offline Booth11

  • Serious forum addict
  • *
  • Posts: 7,739
Re: What should I do?
« Reply #4 on: 09 December 2014, 18:29 »
Think you hit the nail on the head booth! I think I liked the thought of a new car and was trying to convince myself it was a Gd idea to downgrade as it were.

Gave myself a gd talking too and I have to accept cars are black holes. Gotta enjoy it whilst I can afford it. I'm now awaiting an email back from the stealer to see my trade up options. Just out of interest mind!

Haha, thought so.  Waiting to hear back from the dealer eh, I can see temptation looming large  :grin:
Black Beauty: MK7 R 5dr DSG, DBP, 19" Pretoria, DCC, Vienna leather, Keyless, Dynaudio, DNS Pro, Rear camera, HBA
2012 MK6 GTI DSG
2008 MK5 GTI DSG
2005 MK5 GTI Manual

https://www.flickr.com/photos/booth11

Offline Exonian

  • Serious forum addict
  • *
  • Posts: 9,271
Re: What should I do?
« Reply #5 on: 09 December 2014, 19:43 »
I always think the best thing to do when you're feeling a little of the love for the GTI going is to go and drive something else.
It's then when you get back in your GTI you realise why you bought one in the first place.

I was coming out of B&Q yesterday evening with my £2.48 bag of spring washers (to fix a bed, long story) into the gloom of the car park. There was one car in the car park that immediately caught my eye - a very tidy mk6 GTI.
With just rear LEDs and a nice set of alloys the mk6 GTI still looks great.


An ED30 is an old car now, someone else would have had the best years out of it and considering how much they still change hands for you've got to accept there will be a point which I think is coming up soon where, like the 25th Anni before it, it's just another older car requiring quite a bit of money being spent on it to keep it mint. The mk7 R is the car that's going to replace the ED30 as the modern classic Golf.
What do you get with an ED30 that you don't with a mk6 GTI? More horsepower coming from a bigger turbo that therefore needs more fuel to get the best out of it, produced at much higher revs than a mk6 GTI.
So you get a slower response at lower revs and it drinks fuel if you drive it fast.
As your mk6 GTI is out of warranty it would be a much better drivers car at normal road speeds with just a simple remap giving you about 300 lb ft of torque at nice low revs making it a very quick cross country car and still not drink much fuel.
A slightly nicer set of seats in the ED30 that the leather will be starting to show its age by now in most examples.
And what else?
Yes you can still buy mint ED30s with minimal miles but you'll pay top dollar for them and unless it's your full time job keeping it mint and low mileage you won't get the return you've invested in it.

A 330 BMW is an amazingly capable machine but it's not a GTI.
A friend of mine hired a 335d x-drive for the weekend a couple of months ago. Brand spanking new with hardly any miles on it.
At first I was bowled over with the huge torque, smoothness and general solidity. Then came a few bends and roundabouts.
A 335d might have all wheel drive, it might have oodles of grunt, it might even sound good for a Diesel but it doesn't drive like a GTI around the twisties. So a 330d ain't going to be any better.
Go spend a few hours in a 330d and then get back into the GTI and take it for a blast then make your mind up where your priorities in motoring lie...


Then again if you're young and have no ties with a burning desire to try out new things then you will already know your destiny and won't listen to an old fart like me who's been there and done it, I think you already know what you're going to do!

‘23 8R, ‘20 8CS, ‘19 135iX, ‘19 TCR, ‘17 Ed40, ‘17 GTD, ‘15 7R, ‘13 GTI PP, ‘11 GTI, ‘09 GTI, ‘98 Ibiza Cupra, ‘05 GTI, ‘06 Polo GTI, ‘04 GT TDI, ‘05 Fabia vRS, ‘02 GTI T, ‘03 Ibiza TDI 130, ‘01 Leon 180, ‘89 mk2 16v, ‘99 Ibiza TDI, ‘96 VR6, ‘98 Ibiza TDI, ‘92 VR6, ‘88 mk2 8v, ‘92 Polo G40, ‘91 mk2 8v, ‘89 mk2 8v, 205 GTI 1.9, ‘83 mk1 GTI, ‘80 Scirocco GTI, plus some others I’ve forgotten 

Offline Snooze

  • I live here
  • *****
  • Posts: 838
Re: What should I do?
« Reply #6 on: 09 December 2014, 19:57 »
I've asked the stealer to see if he can find me an R  :cool:
2015 Mk7 Golf Gti 3dr Manual, Carbon Steel Grey, Michelin PS4's

Offline Booth11

  • Serious forum addict
  • *
  • Posts: 7,739
Re: What should I do?
« Reply #7 on: 09 December 2014, 20:11 »
I've asked the stealer to see if he can find me an R  :cool:

Why is that not a surprise   :tongue:  :laugh:

Mk6 or mk7 R?
« Last Edit: 09 December 2014, 20:41 by Booth11 »
Black Beauty: MK7 R 5dr DSG, DBP, 19" Pretoria, DCC, Vienna leather, Keyless, Dynaudio, DNS Pro, Rear camera, HBA
2012 MK6 GTI DSG
2008 MK5 GTI DSG
2005 MK5 GTI Manual

https://www.flickr.com/photos/booth11

Offline Snooze

  • I live here
  • *****
  • Posts: 838
Re: What should I do?
« Reply #8 on: 09 December 2014, 21:01 »
Defo can't afford a mk7 R. Heres hoping I can find a mk6 R in my budget!
2015 Mk7 Golf Gti 3dr Manual, Carbon Steel Grey, Michelin PS4's

Offline golfhappy

  • I live here
  • *****
  • Posts: 648
Re: What should I do?
« Reply #9 on: 09 December 2014, 22:57 »
Stick to the Mk6 R, looked at the MK7 GTI  and the led lights although good aren't the same as the Mk6. I could always have bought a BMW but think the models are lost in a sea! meaning " no identity" you've seen one you've seen them all!
Audi S1 gone, awaiting 1.5tsi r-line, pan roof, led lights front and rear, active dash, 18" jurva alloys and a dealer fitted Oettinger roof spoiler in tornado red.