Going to sell my mini

[bazzaric]

Hi folks,

It would appear that the missus is pregnant so the first thing that's got to go is the Mini
What will be the easiest way to sell it? It's on Finance and I have more finance than the car is worth. Really need to get something that is a lot cheaper to run and costs less than my finance/insurance currently costs.

How much is a 53 Plate Cooper S in Dark Silver worth? Am I better taking it to a dealer and doing a trade in for a worse car, or better to sell it, pay off the finance (which I can just afford to do) and then start again? I.e. Is the car a good bargaining chip?

Sorry if i'm all over the place, but I only found out about the new arrival today!! This will be my first child, and will be a complete change to my current lifestyle!!

[bazzaric]

Just to add, I was going to think about leasing. Anyone with advice on this area?

[AndyP & Lenore]

Well, first of all congrats on the impending arrival. Just when you think life is laid out, nature throws a curve ball, eh.

As for the MINI, how far along the finance are you? Was it a car loan secured on the car? If you have paid more than 50% of the total amount due on the agreement you should be entitled to simply hand the car back to the finance company. So any negative equity on the car is the finance companies problem, not yours. Check your finance documents for the specifics.

Nae idea what your car would be worth, I'm afraid. Hopefully others will be along soon to advise on that.

A.

[bazzaric]

Well, first of all congrats on the impending arrival. Just when you think life is laid out, nature throws a curve ball, eh.

As for the MINI, how far along the finance are you? Was it a car loan secured on the car? If you have paid more than 50% of the total amount due on the agreement you should be entitled to simply hand the car back to the finance company. So any negative equity on the car is the finance companies problem, not yours. Check your finance documents for the specifics.

Nae idea what your car would be worth, I'm afraid. Hopefully others will be along soon to advise on that.

A.

Thanks!! Only one year in to the car loan, so wont be able to hand it back. I think the car would be worth more than the finance at the half way point though.

I've got the chilli pack, standard 'S' Spoke alloys and a years tax and test on the car. Got to be worth £7k+ I think. I've got around 7 months to sell it I think, so is summer the best time to sell? I was thinking more 'just before christmas' for all these rich parents that buy their children minis