Seeking opinions

[jazzyj99]

Hi Folks,

So I have a 2017 Audi R8 V10 Convertible. The lease has just come up. I now have two options:

1. Return the vehicle at no cost
2. Pay the balloon of £65k

I have the cash to pay the balloon, but I'm wondering if that's such a good idea at the moment. I love the car, but it's only a bit of fun. Prior to Covid I was offered 75k from the dealer as a PX value (and indeed as a straight sale) so I did have £10k equity in the car. (emphasis on DID)

I understand Autotrader is probably just a good place to look at cars at the moment rather than figure out a true value, so I'm interested in peoples opinions on what I should do with the car.

I'm still undecided, so appreciate any thoughtful replies.

Cheers

J.

[ZX10R NIN]

The truth is we'd all be guessing I don't see prices changing much straight after the lockdown it'll take around 6 months to truly see where things land.

If it were me I'd let it go & I'd see where we're at then I'd buy something with the 65k.

[Monkeylegend]

Interesting to see if the pre covid deal is still on the table from the dealer.

That might give you an indication as to where they might think the market is going. Even if they drop by say £5k you still have £5k in your pocket.

[Trevor555]

It depends if you fancy a change.

Standing you in at 65k your car will not be depreciating much now.

Maybe Covid could change that?

I don't think so personally.

In a couple of years when everything's electric, and you just cant buy a screaming V10 new anymore, I think values of cars like yours will stand firm for quite some time.

[jazzyj99]

Some very interesting replies. Just after Covid kicked in my dealer said they were not purchasing any cars at the moment (understandable). I'm a big electric car fan, I own a couple of tesla's, but they just don't put a smile on my face like the R8. I know they are totally different cars, and maybe the roadster might be different, but I think you might be right about the V10. I'm pretty torn at the moment.

Appreciate the points-of-view chaps.

J.

[Jamescrs]

Objectively where prices end up is anyone's guess.at the moment. If Your balloon is 65k and you were offered 75k as a market value then in theory you are looking at values dropping 20%ish to start being significantly out of pocket. It may happen but it depends on what your long term plan is, were you looking to move it on? If so maybe hand back is the best option.
I wonder if in the current climate the finance company would negotiate a 6 month extension which would reduce the balloon which may tempt you as they can't collect anyway? That would give you options when you have a better idea.on how the market is going?

[jazzyj99]

James - what a great idea, let me reach out to my finance company and see if they will extend the lease.

[stevemcs]

I guess it depends on your personal circumstances, are you likely to need the 65k in the next 12 months ? if money isn't an issue and you like the car then I would say keep it. Even if the car has lost 10k in the last month its still break even, things may pick up, things may cave in, truth is nobody really knows whats going to happen.

[ED209]

jazzyj99 said:

James - what a great idea, let me reach out to my finance company and see if they will extend the lease.

Is it not a PCP as opposed to a lease if it has a balloon ?

[HustleRussell]

OP you haven’t stated yet whether you want to keep it, you’re purely talking about the financial side. It sounds like you’re passionate about your car so surely you have a feeling one way or the other?

[jazzyj99]

HustleRussell,

Good observation, my heart says keep it, my heads says hand it back.

I've reached out to the finance company (vwfs) to see what they say, If I can get a 6 month extension then that might satisfy both

Let's see what they say, I'll ping back in this thread when/if I hear from them.

Appreciate everyone's responses.

[pistonuser]

Iam in the market for one, let me know if you do decide to give back, maybe i'll be able to better it....

[Wilmslowboy]

https://collectingcars.com/for-sale/2017-audi-r8-v...

This should give you a bench mark where the mkt is right now.

6 days to go and already at £63,600 (with buyers premium)