Part-ex PCP Vehicle After One Year
Discussion
Newbie here - hi all.
A story of bad timing: in February this year I bought a new VW Polo on a 4 year PCP, essentially my work commute vehicle. A few weeks later and I’m working from home and the VW has barely moved, just 1,000 miles completed.
Lucky me will soon be in a position to splash out 40 to 50k cash on a Cayman, that I intend to get from a Porsche dealer and the VW won’t be needed any more.
Therefore, can anyone advise on my best course of action in relation to disposing of the Polo? My ideal would be to settle the finance via the dealer, effectively do a part-ex. I suppose I’m asking, firstly would a dealer be interested in a VW and, secondly, would it be a bad idea from a financial perspective? I’d like to avoid buying it outright and selling it privately as I live in a rural area with limited potential customers.
I appreciate that I could phone a dealer and ask this but thought there might be someone out there with experience of this sort of thing.
Thanks
A story of bad timing: in February this year I bought a new VW Polo on a 4 year PCP, essentially my work commute vehicle. A few weeks later and I’m working from home and the VW has barely moved, just 1,000 miles completed.
Lucky me will soon be in a position to splash out 40 to 50k cash on a Cayman, that I intend to get from a Porsche dealer and the VW won’t be needed any more.
Therefore, can anyone advise on my best course of action in relation to disposing of the Polo? My ideal would be to settle the finance via the dealer, effectively do a part-ex. I suppose I’m asking, firstly would a dealer be interested in a VW and, secondly, would it be a bad idea from a financial perspective? I’d like to avoid buying it outright and selling it privately as I live in a rural area with limited potential customers.
I appreciate that I could phone a dealer and ask this but thought there might be someone out there with experience of this sort of thing.
Thanks
If you want to part exchange it may be worth picking a Porsche OPC that is part of a group that also has a VW franchise like for example JCT or Helston Garages.
As it is only 12 months old it would be something the Porsche OPC could pass out into the group VW franchise.
With a lockdown you may get a more sensible offer that otherwise would not happen.
AJB88 said:
I've got a 2015 Cayman S on PCP I'd like to get rid of due to not doing any miles in it but Porsche OPC/ Webuyanycar are short of the PCP amount so keeping it for now!
Take some pics. Put it on Wizzle. Dealers will bid for it. I got about 4K more than the WBAC offer this way. If it’s a small engine Polo, then definitely worth trying to sell privately. They are highly sought after by parents for 17 yr old learners. I’m talking about wealthy parents who buy for their kids, not 17 yr olds buying their own car.
Oh, and good chance of selling in rural area, as those parents fed up playing taxi
Oh, and good chance of selling in rural area, as those parents fed up playing taxi
Talk to the finance company behind the pcp. There was a big thing on RIP off Britain a couple of weeks ago where you end up paying for pcp even though the dealer has taken the car/money and not passed it on.
Once you know how the finance company reacts, you can make a better decision.
Once you know how the finance company reacts, you can make a better decision.
I guess it depends how much discount you go on it new?
You can easily get 18-22% off a new Polo. How close you got to that will make a big difference on how much of a bath you take on it to be honest.
My daughter looked at a 1.0 Polo Match recently, it came in at £13700 new from £17200, so a saving of £3500 or 21%.
If that is what new cars are costing, I would imaging trade in would be around £10k for them to retail at £12999, which I bet they would get currently, or private sale around £12k, maybe even a bit more if someone wants a car now rather than waiting for a build slot.
You can easily get 18-22% off a new Polo. How close you got to that will make a big difference on how much of a bath you take on it to be honest.
My daughter looked at a 1.0 Polo Match recently, it came in at £13700 new from £17200, so a saving of £3500 or 21%.
If that is what new cars are costing, I would imaging trade in would be around £10k for them to retail at £12999, which I bet they would get currently, or private sale around £12k, maybe even a bit more if someone wants a car now rather than waiting for a build slot.
gsewell said:
Talk to the finance company behind the pcp. There was a big thing on RIP off Britain a couple of weeks ago where you end up paying for pcp even though the dealer has taken the car/money and not passed it on.
Once you know how the finance company reacts, you can make a better decision.
Ehh?! Once you know how the finance company reacts, you can make a better decision.
Geoff39GL said:
If you want to part exchange it may be worth picking a Porsche OPC that is part of a group that also has a VW franchise like for example JCT or Helston Garages.
As it is only 12 months old it would be something the Porsche OPC could pass out into the group VW franchise.
With a lockdown you may get a more sensible offer that otherwise would not happen.
That’s a great suggestion, cheers As it is only 12 months old it would be something the Porsche OPC could pass out into the group VW franchise.
With a lockdown you may get a more sensible offer that otherwise would not happen.
You dont own the car and neither does the dealer. It is owned by the finance company and you need to deal with them to settle any finance.
The bbc show rip off Britain did a special on this a couple of weeks ago, where people had handed the car to the original dealer with a settlement payment and a few months later the finance company chased them for payment.
The bbc show rip off Britain did a special on this a couple of weeks ago, where people had handed the car to the original dealer with a settlement payment and a few months later the finance company chased them for payment.
gsewell said:
You dont own the car and neither does the dealer. It is owned by the finance company and you need to deal with them to settle any finance.
The bbc show rip off Britain did a special on this a couple of weeks ago, where people had handed the car to the original dealer with a settlement payment and a few months later the finance company chased them for payment.
Thanks, I’m erring on the side of settling the finance first and then deciding where to go with itThe bbc show rip off Britain did a special on this a couple of weeks ago, where people had handed the car to the original dealer with a settlement payment and a few months later the finance company chased them for payment.
Shimo said:
I suppose I’m asking, firstly would a dealer be interested in a VW and, secondly, would it be a bad idea from a financial perspective?
Firstly, speak with the dealer (Great suggestion from Geoff39GL about choosing based on links with VW dealers)Secondly, speak with the finance company.
Sorry that's blunt but asking the internet is probably not where you will get the correct answers to your individual situation.
Autotrader have a link at the top of their page which says "value my car". If you put in your reg it will ask if you are selling and will give you private sale and part ex prices. From that page you can follow a link whereby Mannheim auctions will give you a guaranteed price subject to an inspection at your home address. Worth a go for a few minutes of your time.
gsewell said:
You dont own the car and neither does the dealer. It is owned by the finance company and you need to deal with them to settle any finance.
The bbc show rip off Britain did a special on this a couple of weeks ago, where people had handed the car to the original dealer with a settlement payment and a few months later the finance company chased them for payment.
If you sell your car back to a dealer, be that the dealer that sold to you or anyone one else, and they don't settle the finance that is fraud on their behalf. The bbc show rip off Britain did a special on this a couple of weeks ago, where people had handed the car to the original dealer with a settlement payment and a few months later the finance company chased them for payment.
I can see this happening with small dealers who as strapped for cash, but a Porsche main dealer is not going to do this, well unless they go bust before they settle the finance.
One other thing, I have always had worse part ex prices from main dealers whose group sell the brand I am trading in.
That may be different at the moment where everyone is struggling for stock.
I would sell privately, stuff like Polos is selling quickly and anything under £15k, especially will manufacturers warranty on it still, is easy as a private sale.
That may be different at the moment where everyone is struggling for stock.
I would sell privately, stuff like Polos is selling quickly and anything under £15k, especially will manufacturers warranty on it still, is easy as a private sale.
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