Up Owners Club banner

1 - 11 of 11 Posts

·
Registered
Joined
·
50 Posts
Discussion Starter #1
Hello upers..this might be a totally STUPID question but here it goes.
Ive ordered my high up already and its not due to be ready till end of september. The problem is im really stuck on what way i should pay for it.
I have the money in the bank to pay outright but that will leave me broke. i was wondering if there are any benefits to paying monthly but only over 18-24 months max. Or doing half deposit and half on monthly payments.
Would be interested in how others have paid for there bundle of joys.
Thanks in advance
 

·
Registered
Joined
·
30 Posts
Got my Up in May and went through the same thought process. Did the sums and concluded there is not much in it as interest rates (3 year fixed ISA for cash you keep on hand, versus VW Options if you finance for a similar amount) were very similar. I ended up using VW Options (but put down a £3k deposit) and believe this gives me more flexibility at the end of the 3 years (or sooner).HTH
 

·
Registered
Joined
·
50 Posts
Discussion Starter #3
Thanks mcgrit for your reply..now to choose finance options.
Did you go for the one where you can swap car after 3 years or pay final payment after 3 years and keep it or the only other i know about is where its just payments till youve paid it off.
I also see that if you choose one of the finanace option you get £50 off 3 years fixed servicing.
 

·
Registered
Joined
·
315 Posts
If you have got enough to pay outright then ask your dealer for a reduction by paying cash. It may be worth a try you might get a couple of hundred off. What's wrong with being broke as long as you don't go borrowing money from loan sharks like Wonga. If you are working you can start saving a few bob every pay day again. But paying anything over a period is always costly. If you have the dosh then pay it in one.
 

·
Registered
Joined
·
727 Posts
I paid cash, got a thousand (Swiss Francs) knocked off the top plus no intrest charges that a payment plan would have.
 

·
Registered
Joined
·
1,274 Posts
I was told before buying my up! If youtake the monthly deal servicing is either cheaper or free and there maybe other benefits but your paying intrest on what you lend but I was told I can pay as much off as I want when I want, so I thought about signing up to this monthly deal getting some freebies and then paying a lump sum off. In the end I just paid a lump sum off


I'll just add, what I would be paying monthly I am now putting back into savings to top them up again, so I have taken a interest free loan against my self lolEdited by: Itzben
 

·
Registered
Joined
·
604 Posts
You could pay half cash and half interest free credit card ,that way your not totally skint
 

·
Registered
Joined
·
176 Posts
D3ftones said:
Thanks mcgrit for your reply..now to choose finance options.
Did you go for the one where you can swap car after 3 years or pay final payment after 3 years and keep it or the only other i know about is where its just payments till youve paid it off.
I also see that if you choose one of the finanace option you get £50 off 3 years fixed servicing.

You seem a tad confused here.

The choices you get at the end of the (say) 3 year period are to give the car straight back to VW, to use any profit over and above the Guaranteed Future Value as a down payment on a new car. Or, you can buy your car from VW for whatever has been pre-determined to be the GFV and continue to use it, or to sell it privately.

You can sell the car anytime you wish before the end of the finance period but you will have little or no equity in it because of the big 1st year drop in value of new cars.
 

·
Registered
Joined
·
202 Posts
I financed the whole thing.. But in italy you get a cheaper price if you finance rather than pay up in one some because the reseller also gets money from the bank for opening a new financial plan and they take some of that off the price of the car (atleast the honest sellers do :) )
 

·
Registered
Joined
·
59 Posts
I paid for my up using savings, as I looked at total paid amount on finance it was costing about 2k more than cash price, eg 10000 cash 12000 by the end of finance. I figured I was loosing enough with depreciation. I still got local dealer to take further 450 off. I am now replenishing savings each month. If I'd got a 0% deal that would be different .
 
1 - 11 of 11 Posts
Top