Mr Whippy
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| posted on 24/5/24 at 08:48 AM |
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Advice on car loans and trade ins for old cars
Hi,
As I don't have much experience with cars loans and trade-ins I thought I'd ask here.
As some of you know I have an old Ford Prefect, I took out a loan on the car over a year ago and really it's a terrific car which I love to drive
so much (maybe way too much), remarkable considering it's almost 90 year old.
I'm now totally fed up of driving any modern cars, I can't stand them but the Prefect it's not really an all year round car, especially
if there is salt on the road I can't used it at all so instead I have been toying with the idea of maybe trading it in the Prefect with a
specialist dealer for a really nice condition 1000 Morris Minor (I'm a bit of a fan of those too).
As I took out a loan to get the Prefect and I checked the paperwork and there is no mention of anything about it being for a car, then I'm
assuming then the Prefect is not on finance and I can trade it in or swap with any car (through a dealer) as though I fully owned the Prefect?? As it
was about 10k when I bought it and have an agreed insurance value of that, I'm expecting to be able to trade it in for great condition Minor.
Any views or advice??
Thanks 
[Edited on 24/5/24 by Mr Whippy]
Fame is when your old car is plastered all over the internet
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cliftyhanger
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| posted on 24/5/24 at 10:54 AM |
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No idea on loans/finance.
But a minor will dissolve just as fast as the prefect. But either will survive substantially better with proper Dinitrol or Dynax wax treatments.
On another note, I am toying with getting a mk1 golf, ideally with a later turbo VW engine installed. That will upset the ULEZ folk as it is exempt.
Reckon that could make a very good everyday car.
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Mr Whippy
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| posted on 24/5/24 at 11:15 AM |
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quote:
Originally posted by cliftyhanger
No idea on loans/finance.
But a minor will dissolve just as fast as the prefect. But either will survive substantially better with proper Dinitrol or Dynax wax treatments.
On another note, I am toying with getting a mk1 golf, ideally with a later turbo VW engine installed. That will upset the ULEZ folk as it is exempt.
Reckon that could make a very good everyday car.
Yeah your right about corrosion but I have ways to deal with this and stop it, brushed on old engine oil and grease is my fav . The Prefect would
also be a total nightmare in the winter especially with no heating or ventilation other than opening the windscreen! even I am not hardy enough to
deal with that 
Yeah a Golf is fine but anything younger way to modern for what I want. A 1000 4 door Minor would be ideal for my requirements and I've looked
over several at the shows and spoke to their owners and decided on one. I even have several workshop manuals so know the mechanics quite well.
Fame is when your old car is plastered all over the internet
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nick205
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| posted on 24/5/24 at 06:35 PM |
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quote:
Originally posted by cliftyhanger
No idea on loans/finance.
But a minor will dissolve just as fast as the prefect. But either will survive substantially better with proper Dinitrol or Dynax wax treatments.
On another note, I am toying with getting a mk1 golf, ideally with a later turbo VW engine installed. That will upset the ULEZ folk as it is exempt.
Reckon that could make a very good everyday car.
No idea on the loans/finance bit, but a MK1 Golf with a VR6 conversion has always appealed to me as a toy car.
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nick205
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| posted on 25/5/24 at 03:38 PM |
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If not the MK1 Golf, then a 205 GTI, with a 405 Mi16 4x4 engine & drivetretrain.
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Simon
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| posted on 25/5/24 at 09:56 PM |
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The loan was just for the money to do what you want with - you might have told them it was for a car but car is not tied to it. If you buy a car
through a dealer and use their finance, that's an entirely different matter, and also makes the finance company responsible for the
condition/roadworthiness of the car (if it's a pile, you can give it back to the finance company).
Sell your Prefect privately if you've got the patience, you'll do far better I suspect.
For a useable classic, I'm restoring a 1985 Rover SD1 VDP EFI (but with a 4l V8, 8 speed ZF auto and possibly LPG). Comfy, quickish and no RFL,
ULEZ, MOT and classic insurance £120ish/year. Even free electricity won't make an ev cheaper to run!
I also have a soft spot for the P6 Rovers and you'd be able to get a nice one for your budget!
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russbost
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| posted on 28/5/24 at 08:52 AM |
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The problem with any classic, whatever the engine & other work done is still invariably body & bright work corrosion as they were never
treated properly in the first place & secondly hard to get, no longer in production specialist parts. I remember a Moskvitch getting written off
back in the 90's simply because no one could supply a water pump!
If you enjoy that type of vehicle (not the Moskvitch ) surely you'd be better with a modern (relatively) reproduction - Falcon, Beauford, NG,
Calvey, Pilgrim Bulldog, various MG TD & TF reps etc etc. Fibreglass bodywork, sturdy chassis that's easily protected & relatively modern
mechanicals usually with a heater/demist proper wipers etc. & usually weather gear available if required
I no longer run Furore Products or Furore Cars Ltd, but would still highly recommend them for Acewell dashes, projector headlights, dominator
headlights, indicators, mirrors etc, best prices in the UK! Take a look at http://www.furoreproducts.co.uk/ or find more parts on Ebay, user names
furoreltd & furoreproducts, discounts available for LCB users.
Don't forget Stainless Steel Braided brake hoses, made to your exact requirements in any of around 16 colours.
http://shop.ebay.co.uk/furoreproducts/m.html?_dmd=1&_ipg=50&_sop=12&_rdc=1
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NOTE:This user is registered as a LocostBuilders trader and may offer commercial services to other users
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