So here's the scenario. I have the opportunity to pay off my car. 2010 335i MSport manual. Settlement is 267k. Mp exited in June 2016. No extension is 40k for 20000kms + 1 year. Current mileage: 92500kms. No accidents. Car is clean. Should I pay it off or do I trade in for something else? What would you do? Also have a 2014 Honda brio auto as a daily ride. 16000kms. Settlement should be about 140k. Do I trade in both for a 330d and be saddled with a hectic installment? Do I settle both cars and save installments for repairs bills?
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Paying off car. Advice needed
- Thread starter 335i MTX
- Start date
RAArmstrong
///Member
With the current state of our economy I think settling the car is the best idea. Have as much liquid cash as possible
zippy320
Well-known member
I agree with the above , Pay it off and be done with it , with the state of the economy right now , its not worth getting yourself into more debt. My E46 (Purchased new) has been paid off for a long time now and I cant tell you how lovely it feels not to have to pay money towards repayments on a car .
Sadly ... the new F30s repayments start this month..
Save money and save for repairs .
Sadly ... the new F30s repayments start this month..
Save money and save for repairs .
Sabretooth tiger
///Member
The best car is one thats paid off.
bmsportzn135i
///Member
To agree with whats being said above.
I was once taught, the best way to save money, is to be debt free...
Settle the car and enjoy knowing that you own a beautiful piece of machinery.
I was once taught, the best way to save money, is to be debt free...
Settle the car and enjoy knowing that you own a beautiful piece of machinery.
individj
Well-known member
would you come out with money if you just sold them..or 1? this may seem paranoid but i would get a fuel sipper for a year or year & half & try & have no debt...im very worried about the year ahead.
i used to work in the auction business & we thrived during these periods but you see horrible things...terrible seeing people losing their houses & the stress on families
R400k is a lot of hard cash to throw at a car now in my humble opinion.
i used to work in the auction business & we thrived during these periods but you see horrible things...terrible seeing people losing their houses & the stress on families
R400k is a lot of hard cash to throw at a car now in my humble opinion.
Thank you all for your comments. I am actually a bit worried about the maintenance costs on the 335i. MP ext is 40k. What can I expect to fetch for it selling privately? I am prepared to take a small knock but that's better to be saddled with a depreciating asset with no MP. Rather cut my losses and find a clean 325iS and keep the Honda as a daily. The 335i's got no comments, super clean and hard to find in manual.
Btw the 335i just had turbo replaced (n55), and some shaft. Total cost billed to MP was about 50k. All shocks were replaced last year under MP. Clutch changed. CD player replaced last year Jan/Feb under MP. Newish michelins (more than 80%), mags to be refurbished this month, next service due in 18000km. BMW also changed something recently in the steering column to remove a notchy feel when I turned. The car really does feel like brand new after the shaft part and new turbo got fitted. It feels much much smoother than it was. Car has 2 audison amps, 1 alpine amp, MTX splits, earthquake underseat subs, audison Bit tenD and 1 MTX 10" (9510-44) and lots of sound deadening. I only mention all this to demonstrate why all this is a bit of a conundrum as to what to do. Help me decide guys...please.
Btw the 335i just had turbo replaced (n55), and some shaft. Total cost billed to MP was about 50k. All shocks were replaced last year under MP. Clutch changed. CD player replaced last year Jan/Feb under MP. Newish michelins (more than 80%), mags to be refurbished this month, next service due in 18000km. BMW also changed something recently in the steering column to remove a notchy feel when I turned. The car really does feel like brand new after the shaft part and new turbo got fitted. It feels much much smoother than it was. Car has 2 audison amps, 1 alpine amp, MTX splits, earthquake underseat subs, audison Bit tenD and 1 MTX 10" (9510-44) and lots of sound deadening. I only mention all this to demonstrate why all this is a bit of a conundrum as to what to do. Help me decide guys...please.
so you want to drop almost 300k cash on car because you are worried about the economy/maintenance/etc?
I dont know man, I would keep the car and keep paying monthly. Either extend the plan or keep some cash for emergency repairs. The rest of the cash I would invest in something thats either easy to get liquid again or some or other overseas funds that would minimise the effects of the poor rand performance at the same time.
But Im not a finance guy, and also not in your position. and dont have 300k cash :roflol:
I dont know man, I would keep the car and keep paying monthly. Either extend the plan or keep some cash for emergency repairs. The rest of the cash I would invest in something thats either easy to get liquid again or some or other overseas funds that would minimise the effects of the poor rand performance at the same time.
But Im not a finance guy, and also not in your position. and dont have 300k cash :roflol:
njabulosky
Member
Yoh, this is a tough one.... it's scary though to want to bind you hard earned cash in a car. I say keep paying installments and invest the money in a way bcos you don't sound like you in a serious financial bind. Get those after market pathetic warranties, lol.... they will bail you out on curtain irritating amount. Settling a car when you not financially struck is dumping money in a dark whole. Remember they are things like accidents that might compromise your car and if it's cash owned, what do u get for it after? (Just My rusted 2c)
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Sent from my SM-N9005 using Tapatalk
Sabretooth tiger
///Member
For me its ultimately about how much you saving.
With an early settlement you going to score hugely on interest. I would go with this route, and still put the money aside I would have spend on the installments and save it in an account where I would gain the most interest.
So in essence you save a lot in interest + then let the very money you using now gain you savings in interest.
Its a win in my book.
With an early settlement you going to score hugely on interest. I would go with this route, and still put the money aside I would have spend on the installments and save it in an account where I would gain the most interest.
So in essence you save a lot in interest + then let the very money you using now gain you savings in interest.
Its a win in my book.
