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Discussion Starter #1
Hi everyone,

Just thought I'd post this here to get some opinions...

I bought my Mito from new back in Nov 2009 from new. It's a 120TB Veloce in Etna Black, red leather, climate and a few other extras. I bought it on a 12k/year finance deal but put a fairly hefty deposit down on it too. Currently it's just over 2 years old and has only done just under 15k miles.

Now, a year after buying I moved down to London, and as such the car now sits on my driveway most of the time, I use it maybe once or twice a month and only then to drive around London.

So I've looked online at Alfa's website and found that cars of a similar age and spec to mine are being sold at well over what the finance settlement figure is on my car. If I were to sell it, I'd only want enough to clear the finance, I'm not after making a profit.

So, do you think I should try and sell it, or just keep it? I just feel sad that it hardly gets used. I'm not under financial hardship or any pressure to sell it, it's purely down to how infrequently it gets used!

(I did call a dealer but apparently they're not buying Mitos currently and they'd probably offer me a stupidly low quote for it anyway)

Anyone else been in the same position?
 

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Hi everyone,

Just thought I'd post this here to get some opinions...

I bought my Mito from new back in Nov 2009 from new. It's a 120TB Veloce in Etna Black, red leather, climate and a few other extras. I bought it on a 12k/year finance deal but put a fairly hefty deposit down on it too. Currently it's just over 2 years old and has only done just under 15k miles.

Now, a year after buying I moved down to London, and as such the car now sits on my driveway most of the time, I use it maybe once or twice a month and only then to drive around London.

So I've looked online at Alfa's website and found that cars of a similar age and spec to mine are being sold at well over what the finance settlement figure is on my car. If I were to sell it, I'd only want enough to clear the finance, I'm not after making a profit.

So, do you think I should try and sell it, or just keep it? I just feel sad that it hardly gets used. I'm not under financial hardship or any pressure to sell it, it's purely down to how infrequently it gets used!

(I did call a dealer but apparently they're not buying Mitos currently and they'd probably offer me a stupidly low quote for it anyway)

Anyone else been in the same position?
If you're not under any financial hardship then I would keep it. If it's getting irregular use but it's still getting used then you can justify it. If it was a diesel I would say sell it since they don't take to kindly to 'sitting there'. What you have is a modest car with a 1368cc engine and reasonable servicing costs. If you were to buy a cheaper runabout there may not be 'much in it'. Having a decent sized car makes it all the more enjoyable for a country run plus it will carry 4 comfortably when the occasion arises. Plus the MiTo is probably the first Alfa that is holding its value comparing with the rest of the range and by all accounts they seem to be selling well in the right spec which yours seems to have.
 

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Discussion Starter #4
I agree with what you're saying in principle multispoke, but ideally I don't want a car at all. I live in zone 2 in London and use the tube/bus almost every day to get around. I'm looking to move shortly and trying to find a place that has parking somewhat limits my options :(

Whilst I say I can afford it, the extra money each month from not paying for it would be useful :p
 

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I would sell it - if it's not being used and you could do with the money for something else (another holiday) or the increasing Train fairs then sell and get rid of Finance.
Also to think if you are in a financial agreement and for whatever reason you need to get another financial agreement somewhere else it may hinder you (as it is a good chunk of money)
Just an idea anyway.
 

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I agree with what you're saying in principle multispoke, but ideally I don't want a car at all. I live in zone 2 in London and use the tube/bus almost every day to get around. I'm looking to move shortly and trying to find a place that has parking somewhat limits my options :(

Whilst I say I can afford it, the extra money each month from not paying for it would be useful :p
Given that you've taken out a Finance deal you've entered into a contract. These contracts are hard to break and it is advised that the best option is to transfer the 'burden' of the monthly payments to someone else. If you look at the 'hefty deposit' that was paid and what the Finance company are looking for an early redemption it would work to be pretty expensive motoring. Do you have the actual figures ?
Another option is to engage a 3rd party company who would facilitate transferring the monthly payments to someone else e.g. swapalease.com (haven't used them & I'm not recommending them).
But if you want to be shot of the car and wipe out the monthly payments by clearing what's owned to the finance company from selling it - I can empthatise with that.
Best of luck and keep us updated on the outcome.:thumbs:
 

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Discussion Starter #9
Given that you've taken out a Finance deal you've entered into a contract. These contracts are hard to break and it is advised that the best option is to transfer the 'burden' of the monthly payments to someone else. If you look at the 'hefty deposit' that was paid and what the Finance company are looking for an early redemption it would work to be pretty expensive motoring. Do you have the actual figures ?
Another option is to engage a 3rd party company who would facilitate transferring the monthly payments to someone else e.g. swapalease.com (haven't used them & I'm not recommending them).
But if you want to be shot of the car and wipe out the monthly payments by clearing what's owned to the finance company from selling it - I can empthatise with that.
Best of luck and keep us updated on the outcome.:thumbs:
Thanks for your input. The car is not leased, just on HP. I am actually in possession of the V5 and am the cars registered owner/keeper. With this kind of finance the agreement it is non transferable.

I am aware of the law which states that I can hand the car back after I have paid off 50% of the loan amount however I don't want to do this as I believe it would appear as a voluntary termination on my credit file which may affect my ability to get finance on a car again in the future. The best option would be for it to be bought out of finance then everyone is happy.

A combination of a 4k deposit, VAT at 17.5% and buying it before Alfa put the prices up by a grand and the fact that the car has done less than 15k miles ( At present the car is allowed to be on 26k under the contracted mileage) means that the finance company want about 1.5k less than the price equivalent models are being listed at on autotrader and alfa's website.

Just need to find a buyer now :)
 

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...The car is not leased, just on HP. I am actually in possession of the V5 and am the cars registered owner/keeper...Just need to find a buyer now :)
The first 2-3 weeks of the ad is the 'critical stage'. Keep the price keen and competitive. Take the best pictures you can. Be aware of the dangers of selling privately. And before you hand the keys over make sure that the money is in the bank and that the draft has cleared. I've sold all my own cars privately but it's not for the faint hearted. Best of luck.:thumbs:
 

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Discussion Starter #13
Well, I'm trying to decide. I drove it the other day to go pick up a parcel from the local depot and it reminded me how useful it can be to have a car, even if you rarely use it!
 
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