Extend motorplan finance options

[DeanoBlado]

Hi guys

I got a quote to extend my MP by another year for R10500.

Should i add this to my finance of the car or pay cash upfront. Not sure how much difference the extra 10k would make.

what's the better finance option. i obviously want to save as much money as i can.

Any advice?

 

[r0ckf1re]

Pay cash then you don't have to pay interest of that R10k.

Sent from my SM-N910C using Tapatalk

 

[Maljan]

It depends on lots of things. You might lose out on other opportunities by not having R10K in cash on hand. If it is well invested, you could even offset the extra interest on your car loan. A nice Mandela gold coin comes to mind.

The number of payments left and any residual value have to be considered as well. And on how long you intend keeping the car. On the one hand the car will be worth more if you intend trading it in before the MP is used up. On the other hand your settlement amount will be bigger.

Your finance house should be able to give you the numbers on how much it will add to your monthly payments. Wild guesstimate - about R1K per month if spread over a year.

 

[Jooste92]

My 2005 BMW has 217'000km on the clock - is there any Maintenance Plans and/or Service Plans that will cover it?

 

[ChefDJ]

My 2005 BMW has 217'000km on the clock - is there any Maintenance Plans and/or Service Plans that will cover it?

Welcome to the forum. Post an intro thread of your car.

Your only option for a warranty would be one of those aftermarket warranties away from the dealers, but a lot of people say it's a waste of money and that you should rather put that money into an account for emergencies.

Do research before you buy anything like that.

 

[pimpassdaddy]

You can't beat paying cash... No matter which way you look at it.