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Thread: PCP - keep going 'til the end or VT now?

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  1. Re: PCP - keep going 'til the end or VT now? 
    #11
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    Quote Originally Posted by fronty View Post
    Hmmm, this from the MSE PCP page:

    "Usually at the end of a PCP deal, the car will be worth slightly more than the balloon payment. And if this is the case, your dealer will usually ask if you want to use that 'equity' as a deposit on a new PCP deal on a brand new car. For example, if the carís actual value at the end of the deal in the example above was £9,000 and the balloon payment is £8,000, youíd have the difference of £1,000 that you could use as a deposit to roll into another deal.

    Usually people go for another PCP, but you donít have to. Sadly, you can't take the extra as cash - unless you buy the car and then sell privately (or get agreement from the finance company to sell it & then pay off the finance)!

    You donít have to worry about the car being worth less than the balloon payment - that is if it's lost more value than was expected at the start of the deal. If that happens, the sensible course is just to hand the car back - the finance company takes the hit."
    This may have changed as my wife definitely received a residual payment


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  2. Re: PCP - keep going 'til the end or VT now? 
    #12
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    Personally, I wouldn't go the PCP route ever. I bought a motorbike in 1981 on what was then called hire-purchase and realized after finishing the payment(s) it had cost me 1.5 times the MRP but was now worth only 10% of the MRP.

    I prefer to buy the car outright these days and run it for a minimum of 10 x years.

    These are always personal choices of course but I'm at a time in life when I'm happy to get from A to B, in comfort, with enough toys to enjoy the journey. I don't need all the options for audio entertainment I have in my car: radio, DVD/CD, juke-box, SD slots, BT MMI, Android Auto..... in fact one SD and Android Auto would cover everything.

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  3. Re: PCP - keep going 'til the end or VT now? 
    #13
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    Quote Originally Posted by andyhud007 View Post
    I did it early instead of waiting till April as I saved myself a bit on the interest on the payments I would have been making till April 2020.
    That's true, he did say if I settled now I would save a bit on interest, but I can't really justify stumping up £36K - have been on autotrader this morning looking at Ford S-Max's.... can get something that'll do the job for around 16K - how the mighty have fallen!
     
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  4. Re: PCP - keep going 'til the end or VT now? 
    #14
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    I know this is a personal choice and depending on individual situation but I am with you ragebe... If I had the money, I'd prefer to buy outright to save on whatever interests (6 - 7%?) you pay on lease. You'd need a really good investment to reliably return that % say you were to put the money elsewhere.. But being poorer, we buy secondhand ones instead and run them to the ground, counting on the car to be reliable :O but prepared to pay higher maintenance cost . We use extended warranty etc to somewhat control the maintenance cost.. (haven't done the maths, might workout to be similar buying new when factored in all the extra costs??).. As the result, I still don't know what a new car smells like and I hate to see new model release like what Audi did to the Q recently lol.


    Having said all that, we are actually considering PCPing a small car for the new driver wife to practice for a couple of years as she refuses to drive the big Q haha.. a lot of the questions asked would be relevant to us if we ended up doing it.


    Quote Originally Posted by ragebe View Post
    Personally, I wouldn't go the PCP route ever. I bought a motorbike in 1981 on what was then called hire-purchase and realized after finishing the payment(s) it had cost me 1.5 times the MRP but was now worth only 10% of the MRP.

    I prefer to buy the car outright these days and run it for a minimum of 10 x years.

    These are always personal choices of course but I'm at a time in life when I'm happy to get from A to B, in comfort, with enough toys to enjoy the journey. I don't need all the options for audio entertainment I have in my car: radio, DVD/CD, juke-box, SD slots, BT MMI, Android Auto..... in fact one SD and Android Auto would cover everything.

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  5. Re: PCP - keep going 'til the end or VT now? 
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    Quote Originally Posted by fronty View Post
    That's true, he did say if I settled now I would save a bit on interest, but I can't really justify stumping up £36K - have been on autotrader this morning looking at Ford S-Max's.... can get something that'll do the job for around 16K - how the mighty have fallen!
    We almost did the same.
    VTíd our Range Rover sport and put a deposit down on a skoda kodiaq thinking about the extra cash.
    Anyway long story short there is no Kodiaq on my drive and instead a 20MY Q7.

    The step down was just too much to swallow.
     
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  6. Re: PCP - keep going 'til the end or VT now? 
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    I had this dilemma last May. I was quite happy to keep the car for another couple of years but when I spoke to Audi about refinancing for two years, they would only do repayment not a new PCP. I did this with my previous X5 and it meant the monthly payments dropped by about £100 which covered the extended warranty.

    The Audi deal was so bad I ended up paying the balloon. I had enough equity in the offset mortgage to cover and this was the cheapest option by far. Made sure I kept up the discipline with the monthly payments in addition to the mortgage repayments. With hindsight, wish Iíd done a 4 year PCP.

    Last month put a deposit down on a new car as fancied going for something a bit smaller after 13 years in large SUVís. So looking to sell in March. I spoke to the dealer who gave me a good price on the X5 when I sold it and theyíve offered £30k for my May 16 272, 22k miles and high spec. I think thatís a decent backstop but will have a look on autotrader next month too.
    Former Q7 owner
     
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  7. Re: PCP - keep going 'til the end or VT now? 
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    Just typed the reg into webuyanycar... only worth £32,815 according to them... crikey!
     
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  8. Re: PCP - keep going 'til the end or VT now? 
    #18
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    Their price will always be on the lower side that's how they make money and to allow room for any potential existing problems with the car as they are buying "any" car, and I don't think their pricing system takes into account any of the optional extras but they do actually make the car more desirable and sometime people are willing to pay more.

    You can try list it on Autotrader and see how desirable it is now with your ideal price plus a little bit to allow some movement. Listing fee is only a small amount relatively to the car's price and potential savings. You generally would make several grands more selling privately but be prepared to have to answer some phone calls, reply to some emails and meeting a few potential sellers, but if you think the time spent is not worth it then that's a different story.



    Quote Originally Posted by fronty View Post
    Just typed the reg into webuyanycar... only worth £32,815 according to them... crikey!
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  9. Re: PCP - keep going 'til the end or VT now? 
    #19
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    I was offered 32k yesterday for a MY17 19k miles nice spec Q7

    I made the dealer aware of my thoughts on that.

    Personally I donít think the network want the Q7 at this time.

    I have 17 months to run which Iíll see out and I have a 26k balloon so I will probably pay that and keep the car and buy an electric for local trips

    Andy


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  10. Re: PCP - keep going 'til the end or VT now? 
    #20
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    Quote Originally Posted by fronty View Post
    Just typed the reg into webuyanycar... only worth £32,815 according to them... crikey!
    Years ago I did the same for my Touareg. They offered £13.5k from memory and it went for £20k
    Former Q7 owner
     
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