PCP - early upgrade ?

[gpawson]

Looking for a bit of advice. I bought a car from BMW a few years ago on PCP on a 4 year contract. In a month I will be 3 years into my 4 year contract. Will I have to wait for the 4 years to finish before swapping the car or is it possible to have an early upgrade ? If an early upgrade is possible will I have to contact BMW to ask or will they contact me offering to change the car ? Just looking for advice from other people who have cars on PCP as this was my first time financing a car using this method!

[WonkeyDonkey]

Why not phone BMW and ask?

[Twig62]

With a PCP you can upgrade any time you like but any negative equity will either have to be paid off or rolled over onto the new contract. It will all depend on the outstanding finance balance and the current value of your car.

[CooperS]

in my experience a BMW dealer who's on it will be getting in touch 6 months out as there is a window where you need to tell BMW Finance if you're returning the car or keeping it. As never knew this and mine didn't I got to 3 months out and had a faffy of moving to another BMW whilst ensuring BMW Finance didn't try to take 10k from my account...…….

The other option is to Voluntary Terminate the car (if you've paid over half the balance) and then you are a free agent.

[Kev_Mk3]

WonkeyDonkey said:

Why not phone BMW and ask?

This as the internet can only give you the experience they had - not what you will get.

[Mandat]

gpawson said:

Looking for a bit of advice. I bought a car from BMW a few years ago on PCP on a 4 year contract. In a month I will be 3 years into my 4 year contract. Will I have to wait for the 4 years to finish before swapping the car or is it possible to have an early upgrade ? If an early upgrade is possible will I have to contact BMW to ask or will they contact me offering to change the car ? Just looking for advice from other people who have cars on PCP as this was my first time financing a car using this method!

Under PCP you can change car at any time that you like, and you aren't restricted to the same manufacturer or dealer.

All you are doing is part exchanging the car for a new one, and paying off the outstanding finance. You might have come equity at the end or you might not.

YMMV, so do the sums to find out where you stand.