MegaSack DRAW - 6pm Christmas Eve - LIVE on our YouTube Channel
The PCP on our leaf is due to end in Sept and we're looking for something bigger. For a few reasons, changing cars in June would be a lot more convenient for us. With current 2nd had prices am I mental in thinking we could end early in positive equity? If so would another PCP provider be able to take our car and settle the old PCP for us?
Any advice greatly received.
You won’t know about equity until you ask but any new dealer can clear the old PCP and use any equity towards the new car. I moved from Kia to Seat last time no issues.
yes, you can. You can get a settlement figure anytime to end the agreement and pay it off, see who'll give you more than that to give you positive equity towards your next.
Doesn't have to be a dealer although that's convenient if you're swapping cars, as you can get that sorted out and timed to match so you get out of one, into the other and drive away. You could for example use savings or get a bridging loan to buy the car and then private sell it which will probably give you most equity but you have the hassles of dealing with tyre kickers.
Or you can go to WBAC or others who are paying top prices right now and get them to sort it - they'll pay off the PCP and deal with the finance co and give you a cheque for the excess, but again you're then left sorting out leaving a car with them and getting another elsewhere - not impossible.
Also as we learned recently with another PCP question, if you were to choose to buy out and then private sell, some (maybe all) the PCP finance cos. don't allow you to use a credit card, so if you wanted to get that onto a 0% deal you'd have to somehow juggle that on.
Was expecting something quite different from this post. #AngelDust
Thanks for the advice everyone. I'm kind of hoping someone can just take this car, give me another one and for us not to get screwed in the process. Will absolutely not be private selling.
shop around - remember it's not just what they'll pay for your car but also what kind of deals and magic dealer deposit contributions they can find to give you the cost to change.
We did this last yr. got a price from the dealer including their pcp rate. Rubbish.
Then checked out some wbac type car buyers and got a few prices from them. Better than the dealers offer.
Then got a pcp deal with the bank we’re with at a much better interest rate than the dealer.
Went back to the dealer with the figures. He matched the trade in price but couldn’t get near the banks interest rate for the pcp so the dealer bought the car and covered the old pcp pay off and the bank provided the new deal as a cash buyer to the dealer. It was more painless than I ever assumed it could be. We ended up paying the same for the same car/ spec etc but new (well, 6 months old).
We had quite a bit of equity in the car as prices had gone up but obvs the new car price goes up as well.
We’ve just chopped in my BMW 4 series and an Evoque for a new car, both on PCP. Dealers are falling over themselves to get cars off you, I got £5k back after settlement on the BMW and my other half got £9k back on the Evoque.
Dig out your PCP paperwork and phone them direct for the settlement cost. You can also chuck your reg in webuyanycar.com for a quick valuation; mine was exactly what the dealer ended up paying so a good guide I suspect. And possibly do it now instead of waiting until June.
You are aware that you might be waiting 6-9 months for your next shiny electric car to be built ?
You are aware that you might be waiting 6-9 months for your next shiny electric car to be built ?
Yep, we're aware our options might be limited.
Just treat it like any other trade-in, it's only finance no matter how they package it.
Visit a few dealers and see what they'll give you for your car.
