PCP doesn't work?

[Volvolover]

So I've just finished a PCP on my wife's car, I'm fairly pleased with the outcome.

We had a Fabia Monte Carlo 110ps 6sp with some options (total rrp £17,450)

There was a contribution from the dealer as a deposit and zero from me. We paid £200pm for 42 months with a GFV of £6,475 and i've just waved it goodbye to WBAC for £9,750 after 42 months

So all in all it hasn't cost a lot (£122pcm) and it was a lovely little car.


What next I wonder, something electric i feel. Bet it wont be as cheap!

[WonkeyDonkey]

Good timing more than anything. Second hand prices are ridiculously high at the moment so WBAC and the like are paying a premium compared to 18 months ago.

There are some good electric deals to be had but they tend to come and go, Hyundai Ioniq's seemed crazy cheap a few months ago but I think they're risen a bit in price since.

[Volvolover]

WonkeyDonkey said:

Good timing more than anything. Second hand prices are ridiculously high at the moment so WBAC and the like are paying a premium compared to 18 months ago.

There are some good electric deals to be had but they tend to come and go, Hyundai Ioniq's seemed crazy cheap a few months ago but I think they're risen a bit in price since.

I was always happy to hand it back and walk away (which is the premise i do any PCP by) so was pleasantly surprised. Off to look for cheapo electric deals

[AJB88]

I had a 2014 Leon Cupra on PCP, when it come to the end it was supposed to be 15k to buy it but when I called up they wanted 11k, bought it and sold it to a private dealer a few months later for 15.5k.

[Mr Miata]

AJB88 said:

I had a 2014 Leon Cupra on PCP, when it come to the end it was supposed to be 15k to buy it but when I called up they wanted 11k, bought it and sold it to a private dealer a few months later for 15.5k.

Which I did this. When I reached the end of my PCP the balloon payment was £8000, unfortunately at the time I couldn’t buy it out as I had other things to worry about. The car was returned to an auction house. Then a few weeks later saw a dealership sell my car for £15,000 !

[Sheepshanks]

AJB88 said:

I had a 2014 Leon Cupra on PCP, when it come to the end it was supposed to be 15k to buy it but when I called up they wanted 11k, bought it and sold it to a private dealer a few months later for 15.5k.

I might be missing something but are you saying the Optional Final Payment was £15K but they offered it you for £11K?

[0ddball]

You'll just have to hope for another worldwide crisis around the time your next PCP ends.

[Sheepshanks]

The danger now is exactly the opposite could happen - buy high and sell low!

Never mind, you can average it out.

[Volvolover]

0ddball said:

You'll just have to hope for another worldwide crisis around the time your next PCP ends.

Probably not the nicest thing to wish for lol but it’s been very handy for me all round

[Jimmy No Hands]

Second hand values are solid currently, stock is short, demand is high. Great time to sell anything used, really.

[Volvolover]

Sheepshanks said:

The danger now is exactly the opposite could happen - buy high and sell low!

Never mind, you can average it out.

Not really because GFV

I’d never consider a pcp if I didn’t like the monthly and wasn’t prepared to walk away at the end . Also no more than £1k upfront.

[essayer]

Sheepshanks said:

I might be missing something but are you saying the Optional Final Payment was £15K but they offered it you for £11K?

I did this with my Zoe, OFP was £7200 but they accepted £5700 which is about what it’s worth three years later

[Sheepshanks]

Volvolover said:

Not really because GFV

I’d never consider a pcp if I didn’t like the monthly and wasn’t prepared to walk away at the end . Also no more than £1k upfront.

The way PCP was supposed to work when it was constructed is how it's just worked for you - there was supposed to be enough equity in the car above the GFV that it would pay the deposit on your next deal. People were commonly told "you'll get your deposit back at the end" only to find the car was worth remarkably similar to the GFV and their deposit had "gone".

[Sheepshanks]

essayer said:

I did this with my Zoe, OFP was £7200 but they accepted £5700 which is about what it’s worth three years later

Interesting - the only time I've heard of it happening was then the arse fell out the market around 2008 and dealers didn't want cars back.

I have a Merc and it's a common complaint on Merc forums that owners want to keep their car at the end of the deal but the final payment is a couple of £K more than the car is worth and MB won't budge.

[Mr Tidy]

Sheepshanks said:

Interesting - the only time I've heard of it happening was then the arse fell out the market around 2008 and dealers didn't want cars back.

I have a Merc and it's a common complaint on Merc forums that "renters" want to keep their car at the end of the deal but the final payment is a couple of £K more than the car is worth and MB won't budge.

Fixed that for you!

[Fady]

Volvolover said:

So I've just finished a PCP on my wife's car, I'm fairly pleased with the outcome.

We had a Fabia Monte Carlo 110ps 6sp with some options (total rrp £17,450)

There was a contribution from the dealer as a deposit and zero from me. We paid £200pm for 42 months with a GFV of £6,475 and i've just waved it goodbye to WBAC for £9,750 after 42 months

So all in all it hasn't cost a lot (£122pcm) and it was a lovely little car.


What next I wonder, something electric i feel. Bet it wont be as cheap!

Was this at 0% APR? Otherwise numbers do not add up!

[HTP99]

Sheepshanks said:

essayer said:

I did this with my Zoe, OFP was £7200 but they accepted £5700 which is about what it’s worth three years later

Interesting - the only time I've heard of it happening was then the arse fell out the market around 2008 and dealers didn't want cars back.

I have a Merc and it's a common complaint on Merc forums that owners want to keep their car at the end of the deal but the final payment is a couple of £K more than the car is worth and MB won't budge.

Renault did this with the original ZOE as they set the GFV too high, they didn't want to get lumbered with cars that were many thousands the wrong way. Its the only time they have done it.

Dealers could also buy the cars back at a far lower amount than the GFV, I seem to recall Nissan doing somethung similar with early Leaf.

[Volvolover]

Fady said:

Volvolover said:

So I've just finished a PCP on my wife's car, I'm fairly pleased with the outcome.

We had a Fabia Monte Carlo 110ps 6sp with some options (total rrp £17,450)

There was a contribution from the dealer as a deposit and zero from me. We paid £200pm for 42 months with a GFV of £6,475 and i've just waved it goodbye to WBAC for £9,750 after 42 months

So all in all it hasn't cost a lot (£122pcm) and it was a lovely little car.


What next I wonder, something electric i feel. Bet it wont be as cheap!

Was this at 0% APR? Otherwise numbers do not add up!

Obviously not

But without knowing the dealers deposit you can’t possibly work it out

[nickfrog]

Mr Tidy said:

Sheepshanks said:

Interesting - the only time I've heard of it happening was then the arse fell out the market around 2008 and dealers didn't want cars back.

I have a Merc and it's a common complaint on Merc forums that "renters" want to keep their car at the end of the deal but the final payment is a couple of £K more than the car is worth and MB won't budge.

Fixed that for you!

If that makes you feel better, that's the main thing. I think it takes a serious weirdo to post stuff like that though. IMO of course.

[DSLiverpool]

Volvolover said:

So I've just finished a PCP on my wife's car, I'm fairly pleased with the outcome.

We had a Fabia Monte Carlo 110ps 6sp with some options (total rrp £17,450)

There was a contribution from the dealer as a deposit and zero from me. We paid £200pm for 42 months with a GFV of £6,475 and i've just waved it goodbye to WBAC for £9,750 after 42 months

So all in all it hasn't cost a lot (£122pcm) and it was a lovely little car.


What next I wonder, something electric i feel. Bet it wont be as cheap!

Ioniq will be £600 down and under £200 a month inc maintenance. Ours does 4.7 miles per KW and we use off peak electricity at 5p a kw so 1p a mile ish.
It’s got the best air conditioning I’ve ever had in any car.