yes m8 i have had the same problem i got a zr td+ in february it was £14k but 5 months later i was only offered £9k :yikes:

 

They want me to pay £1900 and then i can hand the car back !

 

sell it private m8 you should be able to sell it for a lot more than that

 

rover residuals are poor to say the least. a dealer offered me £1500 for my 98r 214si which was £13000 brand new. best 2 keep it for the full term and just hand it back. let the finance company absorb the loss.

 

if i let it run until the end of the term they will give me £4160.00 for the car. OH AUTOTRADER! i can hear you calling... should have brought the Type - R grr ;P

 

well the idea is the car is worth more than the final balloon rental so u can take the supposed equity as a deposit on a new one but i'm sorry 2 say it never seems 2 work like that by the time u get to the end. my finance finished in may this year and my 98r 214 was supposed to be worth a minimum of £2300 but yet now in july just 2 months later its only worth £1500. just hand it back m8 after the term ends. just think of it as leasing a car for 3 years. i feel sorry for the guys who are paying an arm and a leg for brand new ones on hp over 5 years. cos when they have paid miles more than the car was in the first place they get told their cars are practically worthless.

 

I agree! A lesson learned. hopefuly i sell it sooner rather than later. i've got my eye on an audi tt

 

if u sell it private u will probably get a good price for it. i'm looking 2 sell mine in the next few months. wot gets me annoyed though is the dealers offer u a rock bottom price then sell it for twice the amount. i was offered £1500 but the dealer had one on the forecourt for £4995?????????
and he was most indignant when i told him to F*** O**!!!!!!!

 

It’s just depressing! I've liked the car up until now. I just feel like its worthless and a complete waste of money!! Also If my ownership had be trouble free it would have been a little better, but I’ve had a massive array of warrantee problems. In all i'm left feeling bitter about the car and MG.

 

dony worry m8. i was the same. but the way i look at it is that i love the car. it really is a fantastic car 2 drive. had many thousands of happy miles in it. i've had no major problems with it. its a shame the 25/zr dont seem 2 be built as well as the 200's.
dont let the dealers/warranty problems sour the memory of wot is essentially a great car.
i had metro as a first car. when i came 2 sell it i was told it had been a TOTAL LOSS WRITE OFF. and i'd been driving around in it for 2 years but even so i still loved that car.

 

Just take a look on parkers, you cansee there what they are worthj to dealers and private, private is always miles miles more, dealers try taking people for a ride and the sad thing is people actually believe them :err:

 

Just a thought, can you still sell the car privately if it's still got an outstanding HP agreement on it. I think it's illegal. You'd have to pay off the HP first then sell it privately if you've got the cash to do that.

 

It's best if you tell the purchaser there is still finance outstanding, and then you pay it off with the proceeds of the sale.

 

Of course that goes without saying

 

I would never buy a car with money owing on it.

Someone can correct me if I am wrong with this, but as I understand it it.
If the seller takes the money and runs, without paying off the debt, then the car can still be repossesed by the finance company no-mater who owns it now.

 

Thats true that happened with me i bought a 216 coupe off some old guy about 4yrs ago he said it was his sons and his son was in hong kong on business.I started getting calls after i registered it saying there was £10,000 still owed on it(hp),i was not best pleased ,i am not a violent man and its usually pointless, but after it felt like my heart stpped i went over with my big bro and knocked on his door,He broke down in tears and said his son was a piece of work and didn't know the meaning of responsibility so his dad tried to move the responsibilty to someone else-needless to say we sorted it out.Moral is yes its the worst feeling in the world to pay 5k for a car then a week later be told you also owe 10k of the previous owners debts.This whole thing is why i'd rather save up if i wnat something i 'm scared sh*tless of the bank/company having me by the b*lls and squeezing, no way i want that i won't spend money i haven't got, why should i.

Is there any MG/R car you'd like(i can think of about 6) Why don't you go to rover and start bartering for another car ,the reason they offer cr*p money is because they're afraid once your'e gone thats it they got no more business/money from ya .If you get another one and you stay a MG/R owner they're bound to make it worth your while.

 

Loads of companies do HP checks, they only charge about £30 for it, definitely worth it on anything over £1000

 

hi all i agree.. i went to my local rover dealer and basicaly they were useless... i was after a mgtf 135.. fair enuff i was getting it at staff price for around £14500 brand new on the road.. troble was i still owed 12 months on me rover 200 s reg. so i worked it out and i owe around £2400... i was gob smacked when the sales assistant said they would give me £1850 tops on me more or less imacculate 200...and all the sales assistant kept saying was thats a good deal cause the tf retails at £18000..i thought yea it probably is but i aint giveing me car away for nothing. so as the story goes im not haveing a tf i will stick to me 200 for a couple of years...

 

This is it .Its getting on my nerve these days.If you borrow money there is ALWAYS someone that gets to stick the knife in,then someone else to twist it.Thats why i couldnt do it.

 

I would never buy a car new (unless I could afford to pay in cash!). It makes me mad when I see all you young 'uns being conned into buying new cars. These days there is too much pressure put on young people to have a nice car at an early age. It just isn't realistic. You are all saddling yourselves with huge debts and getting caught in the HP cycle. New cars are for people in their forties who have higher incomes and grown-up families!!

Several reasons why HP is a con:

1) You have to have a new car every 3 years or settle the debt, which will be very expensive as they charge you a fortune in interest (banks loans are far cheaper). A lot can happen in 3 years, you may not be in a position to warrant having a new car. i.e. you might lose your job, get married/kids, or even get banned!!

2) Cars lose at least 25% of their value every year. This means that if you buy a new one you lose a lot more money in the first 3 years than a person who buys your car and then sells after another 3 years. I have owned several 3 year old cars and they have all been in perfect condition and been very reliable.

i.e. new car = £15,000
1 year old - 25% (£3,750) = £11,250
2 year old - 25% (£2,813) = £8,437
3 year old - 25% (£2,109) = £6,328

After 3 years the new buyer has lost £8672

3 year old buyer =£6,328
4 year old - 25% (£1,582) =£4,746
5 year old - 25% (£1,187) =£3,559
6 year old - 25% (£890) =£2,669

Somebody who has bought a 3 year old car loses just £3,659, thats a difference of £5,000 and that doesn't even include all the interest that would be saved. And I can tell you from experience that 3 MOT's and not having any warranty for 3 years doesn't cost £5,000!!

3) If you lose your job/get banned etc you cant sell the car because it's not legally yours until you have paid all the HP. If you had bought a 2nd hand car with a bank loan you could!

Top Tip:

Buy cars when they are 3 years old, they still are in very good condition and they will fly through the MOT for at least another 3 years and all major problems will have been fixed under warranty anyway.

 

I have worked as a CAR SALESMEN before and my boss used to say after someone had bought a new car,if he came back to sell it to us next month (and it got only a 1000miles on it) he'd offer them about 25% less than they'd payd for it .And most people recognise that as an average figure.

 

I sold my last car with hp still owing i paid for the guy buying it to get a hpi done on the car so he had it in writing who owed what etc, just for his piece of mind.

There's no way in a million years that i'd buy another car from MG. i was offered a honda type r at the same time as buying the Z'd if i had the honda now it would have lost 27% of it value in the same amount of time the MG which has lost 52%. The bare fact is MG's aren't worth the money they are sold for your better off buying a rover and putting the Z'd kit on it. Another thing that hasn't helped is the amount of deals MG did over the past 6 months its saturated the markets thus lowering the market price of the cars.

Luckly now I’m in a better situation from when i brought the car. This means i can shop around and buy something that isn't going to drop half its money in the best part of two years. I feel sorry for other people that will have to bite the bullet.

 

New cars lose 25% the day they roll of the lot-FACT.I'm sorry to hear your so down matey,i'm sure your cars worth more than that in the private marketplace but if you went back to honda to sell a civic type-r with hp still owing you'd still get a bad deal .I don't believe its the car i think its just that in your situation,any garage would take you for a ride.Once again,i'm sorry to hear this,it must be gutting.Have you thought of buying a car thats say 2yrs old still with some warranty on it.

 

Yes thats exactly what i'm doing next. with regard to the honda i used my friends as an exmaple and did some ringing round he's basical on the same agreement as i am and his out come was a lot better..