PCP basic question
Discussion
A female friend bless her took out a VW pcp deal over 3yrs ago while having a "break up with boyfriend day" and didn't really understand what happens at the end of the deal. (Yes I know!)
Anyway the end is in sight, the VW polo with a guaranteed future value of £5800 is currently valued as of yesterday on WBAC at £7100 so as I understand it she can sell the car and just pay off the settlement fee if she wants out of pcp while retaining any surplus yes?
Or she can roll the extra forward into a new deal (maybe even get a better trade in?) with the dealer as she's fancying a new golf.
I've never done pcp myself and would only advise if she's selling to pitch for more than WBAC obviously.
Anyway the end is in sight, the VW polo with a guaranteed future value of £5800 is currently valued as of yesterday on WBAC at £7100 so as I understand it she can sell the car and just pay off the settlement fee if she wants out of pcp while retaining any surplus yes?
Or she can roll the extra forward into a new deal (maybe even get a better trade in?) with the dealer as she's fancying a new golf.
I've never done pcp myself and would only advise if she's selling to pitch for more than WBAC obviously.
Welshbeef said:
Or take out a loan (or pay on cash) the final balloon payment and run it for another 3 years enjoying it and it will be much cheaper motoring over the 6 years.
I think tbh she's scared stuff will start breaking at 4yrs in and become unreliable. It's done 29k which is nothing really and I also said it will run for years yet with just servicing and tyres. George Smiley said:
Scared stuff will break at 4 years? Drs
Its as bad as my missus who s
t the bed when she found out my 30 year old mini is on 92,000 so will explode soon.
According to her, all cars blow up at 100,000 miles
To be fair they didn't do such a bad deal for her by the look of it and it was affordable and reliable but yes the general feeling she has is after 4yrs stuff just falls apart and newer would be trouble free. being without a car or organising repairs and a hire car herself is apparently risky lol. Its as bad as my missus who s
t the bed when she found out my 30 year old mini is on 92,000 so will explode soon.According to her, all cars blow up at 100,000 miles
I think she'll probably go trade in against a new golf on a similar deal if honest, don't think she'll buy it despite it being fault free and perfectly maintained etc.
E36Dan said:
Oooo she didn't know what she was doing, she's only a woman!
I'd say her fears of it not lasting a few more years is probably justified.
She's actually a very smart cookie but had a bad experience once with an old car breaking down in a dangerous place, and at the time of splitting up with her boyfriend was running an unreliable fiat so was sweet talked into a pcp deal on the back of no more bills and unreliability. To be fair it has worked well hence her wanting to consider keeping on the merry go round. She just didn't know how the excess leftover works and neither did I, I've never needed a pcp arrangement I'd say her fears of it not lasting a few more years is probably justified.
troika said:
Pay the £5,800 and own a perfectly good, known vehicle with years of life left in it with minimal depreciation or sign up to a never ending circle of debt. Tricky one...
Especially as I’d assume she has no interest in Cars as long as it starts first time every time and gets her from a to b safely. If she is worried about it’s costs in year 4+ she could buy the best warranty in the world to keep that worry at bay
I really don't blame her - no warranty will match a new car warranty. And they're not free.
I really prefer a new car for a family / road car. I find the difference in cost when bought/leased properly is very small compared to an older car. Way too small for me to ignore it.
I don't mind having repairs done on an older car but it's just that I'd rather not have the hassle and would prefer to use my time doing something else.
I really prefer a new car for a family / road car. I find the difference in cost when bought/leased properly is very small compared to an older car. Way too small for me to ignore it.
I don't mind having repairs done on an older car but it's just that I'd rather not have the hassle and would prefer to use my time doing something else.
Edited by nickfrog on Friday 6th July 11:19
But you don’t need a warranty on a 3yo polo.
£5,800 to drive a car she loved - why not run it for another year, I’d wager tyres will still not be worn out likewise discs and pads will be fine. It’s also possible with the condition based servicing there is no requirement for another year.
£5,800 to drive a car she loved - why not run it for another year, I’d wager tyres will still not be worn out likewise discs and pads will be fine. It’s also possible with the condition based servicing there is no requirement for another year.
I’d be running it for another 3 years with that mileage. Should only drop a couple of grand with minimal maintenance costs versus what, the thick end of £10K for a new one for 3 years? Of course, the great thing about not being bolted into a new PCP is that she will have complete flexibility should she decide to change at some point. I get why people don’t want a complex vehicle out of warranty, but a Polo?! Spend the money on fun stuff instead.
Edited by troika on Friday 6th July 12:49
nickfrog said:
Welshbeef said:
If she is worried about it’s costs in year 4+ she could buy the best warranty in the world to keep that worry at bay
Welshbeef said:
But you don’t need a warranty on a 3yo polo.
t if you do none but it will last. She's being told by other folk (without any nous) that is the case for sure in regard to 4yrs being "old" however she's also not daft with money and knows that it's feasible to buy the car quite cheaply and take a punt on no major repairs. The term is up in 3 or 4 months I believe so she can at least make sure what she wants to do now.
Edited by 200Plus Club on Friday 6th July 20:10
Edited by 200Plus Club on Friday 6th July 20:10
Is there anything wrong with the vehicle?
Does it still meet her needs?
Does she want anything else?
Does she have any olans is saving for something.
Genuinely i get frustrated when people think and stare to others cars are useless after x miles and years. If influences people.
This lady could happily run this for another 15 years frankly
Does it still meet her needs?
Does she want anything else?
Does she have any olans is saving for something.
Genuinely i get frustrated when people think and stare to others cars are useless after x miles and years. If influences people.
This lady could happily run this for another 15 years frankly
Welshbeef said:
Is there anything wrong with the vehicle?
Does it still meet her needs?
Does she want anything else?
Does she have any olans is saving for something.
Genuinely i get frustrated when people think and stare to others cars are useless after x miles and years. If influences people.
This lady could happily run this for another 15 years frankly
Exactly what I said to reassure her. She's taking on advice being given :-)Does it still meet her needs?
Does she want anything else?
Does she have any olans is saving for something.
Genuinely i get frustrated when people think and stare to others cars are useless after x miles and years. If influences people.
This lady could happily run this for another 15 years frankly
Bear in mind she's a single lady in a high pressure job involving some travel in our area so reliability is her priority.
We'd just accept a slightly increased risk of additional cost but maintain it fully and run the bugger into the ground lol
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