goRt
Active Member
If you have a mortgage you should look at your rate and pay that down if you don't have a penalty - the mortgage rate is the effective rate of interest you can achieve
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Selling my M3P
- Thread starter Ant M3
- Start date
If you have a mortgage you should look at your rate and pay that down if you don't have a penalty - the mortgage rate is the effective rate of interest you can achieve
pdk42
Active Member
It also depends on what you 'gain' by overpaying the mortgage versus selling the car etc.
If we sold our Tesla now, I can wipe £50K off our mortgage overnight.......equally if I never bought it in the first place we could have reduced our mortgage borrowing by £70K.
However right now we are about to add on about £150k+ borrowing to our mortgage because borrowing is SO CHEAP at present it makes almost zero sense to 'save up' and spend in another 5-10 years when you can access the capital now for virtually no interest payments once inflation is taken into account.
There is clearly a balance, and everyone is different in their own situation, but right now if you have a big capital spend planned for the next 5 year+ taking up additional borrowing is essentially buying you 'free' time to use that capital now.
Unless you have something very specific you want to do with having ££££ savings in the bank, spending the money is actually a fantastic way to turn random numbers on a screen into real assets you can enjoy in the real world - which ofcourse is exactly what the government is trying to get people to do.
fancealot
Member
This is why Tesla really need to get cracking on the Model 2 (or whatever it'll be called) a more cost effective run around EV, I know that Mrs F would get one of them in an instant as a replacement for her car, she like most on here does little to no driving these days as she's home based now, but does need a car for the occasional day in the office or for run around tasks, we've been looking at the Mazda MX-30, she loves her Mazdas but range limitations are a slight issue - need to sort out a 48 hour test drive to see if it'll manage the occasional 85-90 mile round trip to her office. Anyway I digress - I think the smaller and more cost effective Teslas will be in great demand in this closing out of /end of COVID time, allowing us Tesla fans to keep the enjoyment of a tesla but less of a guilt that a £45k plus car is sat gathering dust on the drive.
pharwood
Member
interbear
Active Member
Motorway were excellent in terms of communication, price and simplicity when I sold my Audi when switching to my Model 3. I’d recommend them highly.
There's an article about selling your car here, much of it fairly obvious but it does compare all the options talked about and others.
The sale or return route maybe your best option if you don't want the hassle of dealing with buyers yourself. Motorway etc mean the dealers take the risk of buying the car, holding it as stock, etc where you can take all that risk if you don't need the car and they just get a commission for the actual sale. Richard Symons is the only dealer I'd use to do that though, some of the others have been caught out with shady practices, if they'd sell a badly damaged/repaired car to a punter, what would they do to a seller?
The sale or return route maybe your best option if you don't want the hassle of dealing with buyers yourself. Motorway etc mean the dealers take the risk of buying the car, holding it as stock, etc where you can take all that risk if you don't need the car and they just get a commission for the actual sale. Richard Symons is the only dealer I'd use to do that though, some of the others have been caught out with shady practices, if they'd sell a badly damaged/repaired car to a punter, what would they do to a seller?
If you are thinking of the SOR route I'd recommend Simon Jones - there are good reports on here about him. I used him and had a very good/easy experience.
JohnnyMiller
Member
R Symons gets my vote, he collected mine Tuesday on SoR. sold it Thursday, several thousand more coming my way than had I gone with wbac or motorway... it didn’t even make the website or get advertised...
Hope you don't mind me asking... what was your reason for sale? Upgrade, back to ICE?
JohnnyMiller
Member
Well, my m3p was paid for outright by my company. I’ve closed my company down and gone back to paid employment. New employer has provided me with an EV so I can get a load of capital back from selling my m3p and paying off the mortgage. Sad to sell it, loved it, but it doesn’t make any sense in my situation to have it sat around unused.
Similar threads
