Hi, I had a deal from Ford, is it worth the money?

[shef2013 10]

If this isn't the right place for this topic, please delete it, thanks!

 

..............................................................................................

 

I need a new car, I love the new Ford Fiesta 1.0 Ecoboost 99bhp. Now I had a deal from Ford,

 

65reg, only 1998miles, white, 5 doors, Zetec model. 2 and half year manufacturer warranty left. newly serviced. HPI clear.

 

now Ford offers me:

 

1. one off payment £9600, non-negotiable:mad:

 

2. finance:

0 deposit

48 months

no other product and service, i.e. no added Guaranteed Asset Protection, Lifetime paint protection etc.

£190 monthly payment

Guaranteed Future Value £3700

mileage allowance 15000 per year

no admin fees or other hidden charge

 

I am totally new to finance, so I don't know if it is a good plan?? any suggestions please? Should I go for it? Thanks

Edited August 5, 2016 by shef2013

[Norseman 10]

If this isn't the right place for this topic, please delete it, thanks!

 

..............................................................................................

 

I need a new car, I love the new Ford Fiesta 1.0 Ecoboost 99bhp. Now I had a deal from Ford,

 

65reg, only 1998miles, white, 5 doors, Zetec model. 2 and half year manufacturer warranty left. newly serviced. HPI clear.

 

now Ford offers me:

 

1. one off payment £9600, non-negotiable:mad:

 

2. finance:

0 deposit

48 months

no other product and service, i.e. no added Guaranteed Asset Protection, Lifetime paint protection etc.

£190 monthly payment

Guaranteed Future Value £3700

mileage allowance 15000 per year

no admin fees or other hidden charge

 

I am totally new to finance, so I don't know if it is a good plan?? any suggestions please? Should I go for it? Thanks

 

According to your figures by paying £190 a month over 48 months this comes to £9,120 which is significantly cheaper than the one off payment, that doesn't make sense as it always costs more for finance, something doesn't add up here....

 

If they want a sale they can negotiate, check the 2.5 year warranty as well it may or may not be transferable, if it isn't you may need to fork out £600-£1,000 to transfer it over. Some companies do it automatically however others don't be aware of this!

 

Ask to see the service and 'other' receipts as it could be a 'donkey' which is a car that has spent more time in the garage being repaired than it has on the road as 1,995 miles is really low and they may be trying to offload it onto someone like you....

 

I looked at some Fords last year however in the end opted for a different make

 

Also check your insurance on the ecoboost model, I had looked at both the fiesta and focus ecoboost models and the insurance was about group 9. I drive a 1.2 car now and I'm group 3!

 

You need to look into this a little more before you leap..............I've no idea how much these cars sell for or whether this is a good deal or not, so I would also see what other models of the same are costing

Edited August 5, 2016 by Norseman
amendment

[mlfc 10]

According to your figures by paying £190 a month over 48 months this comes to £9,120 which is significantly cheaper than the one off payment, that doesn't make sense as it always costs more for finance, something doesn't add up here....

 

Presumably the one off payment buys the car and the finance leaves you with the final payment as well as the monthly payments. If I'm reading it right that is.

[*_ash_* 88]

Presumably the one off payment buys the car and the finance leaves you with the final payment as well as the monthly payments. If I'm reading it right that is.

 

That's what I thought, especially when saw 'guaranteed future value'.

 

That sounds like a 'walk away' clause to me.

 

-

 

Whether or not the car is good or not, or whether the deal is good or not. I'd probably walk out based on point 1.

 

1. one off payment £9600, non-negotiable

 

For me, if you are buying a second hand car (which is what this is) - then this sentence would push me off any further talks.

 

I'd advise, go somewhere else, and with cash if you have it. (if you haven't got the money, then I also couldn't see why you wrote it, as it wasn't an option)

[tinfoilhat 11]

You aren't after a particularly specialised car, if he won't move on price, look around.

[*_ash_* 88]

Also check your insurance on the ecoboost model, I had looked at both the fiesta and focus ecoboost models and the insurance was about group 9. I drive a 1.2 car now and I'm group 3!

 

Also OP, make sure you read this

 

If it's right, this could shave a few more quid off, just by picking a slightly different model.

 

Group 9 seems quite hefty for a 1 litre

 

---------- Post added 05-08-2016 at 23:17 ----------

 

You aren't after a particularly specialised car, if he won't move on price, look around.

 

Yes, in short. This ^^

[Bodie 11]

(if you haven't got the money, then I also couldn't see why you wrote it, as it wasn't an option)

 

Could you explain to me please why you changed the size of the text???? I'm baffled

[bkcin 10]

 

Group 9 seems quite hefty for a 1 litre

 

 

Performance is only 1 small part of what determines the insurance group.

 

For what it's worth OP the ecoboost Fiesta's are great cars, we bought a nearly new one last year same spec as you mention (although it was 10 months old with 6000miles and was £8800). Test drove most of the other cars in its class and it was far superior performance and handling wise.

 

They are very popular cars and there are lots around so don't worry about shopping around a bit until the right one/price comes up. Also, when looking at finance its worth checking if a small unsecured loan would cost less if you don't have the cash lying around.

[Snowglobe 10]

Have a read at this, it explains some things about car finance, it sounds like the finance offer from the dealer is a PCP deal.

 

http://www.autoexpress.co.uk/car-news/90794/pcp-personal-contract-purchase-car-deals-explained

 

http://www.thecarexpert.co.uk/car-finance-pcp-explained/

[geared 315]

I'd recommend looking into gap insurance as well, especially if taking out finance.

 

It's the one product you never want to have to use, but if you do it can be an absolute life saver.

[Revel 10]

All cars lose a chunk of their value as soon as you drive them off the forecourt.

£9,600 for a second-hand 1L Ford Fiesta (even if it's only 6 months old) seems quite expensive to me.

 

There's a 15-reg one on Autotrader (exactly the same model) being sold by Ford with 4,000 miles for £8,200.

[geared 315]

We're assuming here both have identical options on them as well.

Whats the likely cost of purchasing an extended warranty on the 15-reg car to match that of the 6-month old model?