Personal Finance

Ford Options: what do people think?

I am considering buying a new Ford Car using the Options finance scheme. This means there is a guaranteed minimum future value at the end of 3 years with an option to return or keep it. What has been anyone's experience of this scheme compared with traditional payment loans? I understand it is a way to keep monthly payments lower on a new car as well as to update a car more regularly. However, what happens if the car is written off in an accident or you wish to settle or trade in before the end of the agreed time period? Would I end up being out of pocket? I would welcome people's comments as it seems a less secure way of paying for a car.

Godmancunian Sun 11/05/08 17:22

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chas2008
Thurs 15/05/08
13:35

i have purchased a few vehicles this way via Ford & Peugeot, its often the only way to be able to own a new car.
Its ideal if you normally finance and change vehicles every 2-3 years, no deposit and hand it back at the end if you dont want to purchase it. Dont think of it as lost money , sometimes the depreciation is not a million miles of the payments.
On 2 occasions i negotiated a better price with the dealer to purchase at the end of the deal. this was possible due to market conditions , the guranteed value was far higher than they were actually worth.

Godmancunian
Sat 17/05/08
08:11

Question Author

Thanks for your interest and reassurance Chas. It is good to know that you recommend this scheme. I have found out that it is possible to take out gap insurance to cover the difference between an insurance settlement and the cost of arent car which is also reassuring. Is this something that you have done? Ford Insure guarantee to replace a written off car with a brand new one any time in the first year too.

chas2008
Sat 17/05/08
22:09

didnt bother with gap insurance, never really considered it. My daughter purchased a 106 on Peugeots passport scheme(same as ford options). Never thought she would ever own/run a new car at 18...even got a years free insurance..when i done the sums as a young driver her fully com payments were almost the vehicle repayments, a new car for nothing ! better still

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