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RickyT93
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im trading in my Fiesta Zetec s before the contract is up, I bought it at the chain 'days ford' which also sell other cars, would i be able to trade it for a different make second hand car? or would it have to be a ford again?

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  • 2 weeks later...

A car can be traded early and yeah days will probably let you go with another manufacturer but obviously you wouldn't be a ford credit customer any more so you may have to wait until end of contract

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Options is just a form of credit.. Providing the car is worth more then the total finance which would include the final balloon payment then yes. The dealer pays ford then gives you anything left after.

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You can, but maybe not with ease.. If your deposit is too small you may end up having to pay another large sum in a years time. I just traded up a year early the car covered finance and put a small deposit towards my current one..

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Haha then yeah should be easy I done it a couple times for versus reasons. But if you thinking of a new next year go for a 2 yr deal. If you can as you will lose less.

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Yeah for me I don't have a lot of money to put down so if I took out a three year deal il see how much I would loose if any at all if I loose quite a bit il put up and wait for the Fiesta RS

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I bought my ZS this time last year, and I've just picked my ST up at the weekend.

Basically I had to pay another deposit as well as the increase in monthly payments because I'd gone over my mileage and wasn't far enough into my 'agreement' for my car to be worth more than the outstanding finance (as the initial loss on a new car takes a while to catch up with).

I always wanted the ST though, so in my opinion it was worth it.

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so you didn't have to pay them anything apart from a deposit because you went over the mileage? because im way over mine with still a year and half to go

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Mileage isn't an issue it's the cars value.. Mileage decreases the value but the 60p or what ever it is over the agreed only comes into force at the end of the agreed 2-3 yrs. If you paid a large deposit your car maybe worth more then the balance.

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No extra charge for mileage and I was 4000 miles over my annual limit when I took my car back, but they didn't bat an eyelid because I was buying a new car.

I was told the mileage charge only comes into play if you are returning the car at the end of your term - so if you decide to upgrade or keep the car it doesn't matter anyway.

The only difference is (as Russdaz said) the overall value of the car may be affected by the mileage, therefore they give you a guaranteed minimum future value (GMFV) based on the miles you estimate you'll do with the car. If you go way over that, the car becomes worth less, but if they're going to get another sale out of you, they'll probably ignore this.

Edit:

Additionally, if you give a high annual mileage and don't reach it by the end of your 2 or 3 year term, you may find that the car is worth slightly more than the GMFV (although I'd imagine in the real world this doesn't happen very often).

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No extra charge for mileage and I was 4000 miles over my annual limit when I took my car back, but they didn't bat an eyelid because I was buying a new car.

I was told the mileage charge only comes into play if you are returning the car at the end of your term - so if you decide to upgrade or keep the car it doesn't matter anyway.

The only difference is (as Russdaz said) the overall value of the car may be affected by the mileage, therefore they give you a guaranteed minimum future value (GMFV) based on the miles you estimate you'll do with the car. If you go way over that, the car becomes worth less, but if they're going to get another sale out of you, they'll probably ignore this.

Edit:

Additionally, if you give a high annual mileage and don't reach it by the end of your 2 or 3 year term, you may find that the car is worth slightly more than the GMFV (although I'd imagine in the real world this doesn't happen very often).

Sorry yeah was late.. i did mean at end as if just handing car back.. If your trading up provided the dealer feels he can sell the car they will buy it from you, in that case again the mileage isn't an issue, provided the car is worth more then your settlement figure which will be your GMFV. (If the cars a wreck and the dealer can't make money they won't buy so your left with handing back to ford, remember trading it in with a dealer, its the dealer group in a effect buying it from Ford, but any extra value over the settlement figure is yours.)

Yes if your mileage is much lower then you quoted the car 'should be' worth much more then the GMFV provided the car has been looked after.

For example fully loaded mo st3 with everything £20,800.. £1,000 deposit. ford £500 deposit.

options at 6k miles a yr GMFV £8,802 but will cost you £358 a month.. over 3yrs.

24k miles a year GMFV is £6010 but will cost £415 a month.

So in theory if you said 24K but did 6k you should have over £2,800 deposit for next car... assuming depreciation stays as predicted.

This because you have borrowed more money from ford on the higher mileage deal, as your borrowing is based on the cars list price minus deposit in this case £20800-1500= £19,300. from which your GMFV is then deducted so for 6k miles a yr you borrow £10,498, on the 24k miles you borrow £13,290

Get your mileage right the car will give you some money at the end get that wrong and go over it could cost you a lot. i.e agree to 6k mile but do 24k a yr you could be right outta pocket at the end or at the point of trading up.

I traded a yr early in a 3 yr deal and got 90% of my original deposit back which was mainly made up from partx originally. If i had run the course to yr 3 based on current values id have made £600 over what my original deposit was.

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cheers for the replys, the predicament im in is i put a £1000 deposit down and have been paying £256 a month for 20 months, with a GFMV of roughly £6600 at the end of the 36 months but i agreed to do 12k milage a year but im already on 33k with another 16 months to go, should I trade up now before I go way over that?

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cheers for the replys, the predicament im in is i put a £1000 deposit down and have been paying £256 a month for 20 months, with a GFMV of roughly £6600 at the end of the 36 months but i agreed to do 12k milage a year but im already on 33k with another 16 months to go, should I trade up now before I go way over that?

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Ouch.. yeah i can see why.. what model you got?

Best thing is pop into a dealer to find out how much they will give you compared to you settlement fee to see how much you lose now, compared to later.. and also shop around dealers as one that wants a sale may offer over book to gain the sale.

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Ouch.. yeah i can see why.. what model you got?

Best thing is pop into a dealer to find out how much they will give you compared to you settlement fee to see how much you lose now, compared to later.. and also shop around dealers as one that wants a sale may offer over book to gain the sale.

ive got the 63 plate Fiesta zetec s, 1.0 125ps, with the 17" alloys, tinted windows and candy blue paint

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cheers for the replys, the predicament im in is i put a £1000 deposit down and have been paying £256 a month for 20 months, with a GFMV of roughly £6600 at the end of the 36 months but i agreed to do 12k milage a year but im already on 33k with another 16 months to go, should I trade up now before I go way over that?

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Ricky hi, the best advice is to got to the dealer and get a quote for early swap, try two or three dealers as they will want to get your business and then see if the figures work for you! Feel free to share them for opinions. Good luck mate

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Oh Candy blue, nice rareish colour may help getting better price. Nearly got that on my last car, looks mint.

21013 63 plate Worth around £9,500K based on 20K.

Time to visit a some dealers i think mate.

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cheers guys, i didn't think about going to another dealer to see if they'd be willing to offer the cash i need to pay off the rest of the finance, I'll get myself round some dealers and let you guys know how i get off

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