Advice on car loans and trade ins for old cars
Mr Whippy - 24/5/24 at 08:48 AM
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]
cliftyhanger - 24/5/24 at 10:54 AM
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.
Mr Whippy - 24/5/24 at 11:15 AM
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.
nick205 - 24/5/24 at 06:35 PM
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.
nick205 - 25/5/24 at 03:38 PM
If not the MK1 Golf, then a 205 GTI, with a 405 Mi16 4x4 engine & drivetretrain.
Simon - 25/5/24 at 09:56 PM
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!
russbost - 28/5/24 at 08:52 AM
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