End of PCP advice please
Discussion
Hi All,
I currently have a BMW X3 35D on PCP paying a really low amount each month (circa £125). I paid £4500 up front and took PCP for 30 months.
The reason I did PCP is that I live in London and could see a very anti-diesel so the intention was to give the car back at the end and get something London-friendly.
Fast forward to Covid and chip shortage and the car hasn't done much mileage and is worth about £18,500 through WBAC.
Original purchase price had I not done PCP was about £19,500 and with PCP I end up paying approx £22,500 in total.
So the question is do I buy the car in August when the PCP term ends on the basis that it's worth more than the £14,000 final payment required or do I just leave it and move on?
Car is 2014 model and Euro VI compliant so still good in London but for how long? Warranty will run out in Feb 2023 so even if buying it I'd have 6 months warranty remaining.
I'm leaning toward buying the car and selling if WBAC has a strong price in the summer as I'd effectively make some money back on it that way but I'm wondering if I'm looking at this the right way or if there are any pitfalls.
I currently have a BMW X3 35D on PCP paying a really low amount each month (circa £125). I paid £4500 up front and took PCP for 30 months.
The reason I did PCP is that I live in London and could see a very anti-diesel so the intention was to give the car back at the end and get something London-friendly.
Fast forward to Covid and chip shortage and the car hasn't done much mileage and is worth about £18,500 through WBAC.
Original purchase price had I not done PCP was about £19,500 and with PCP I end up paying approx £22,500 in total.
So the question is do I buy the car in August when the PCP term ends on the basis that it's worth more than the £14,000 final payment required or do I just leave it and move on?
Car is 2014 model and Euro VI compliant so still good in London but for how long? Warranty will run out in Feb 2023 so even if buying it I'd have 6 months warranty remaining.
I'm leaning toward buying the car and selling if WBAC has a strong price in the summer as I'd effectively make some money back on it that way but I'm wondering if I'm looking at this the right way or if there are any pitfalls.
iF WBAC are offering more than the balloon payment - then you pay off the finance, sell to WBAC and pocket the rest.
Other simple car buying services are available (motorway etc) so worth getting a few valuations - remembering they may chip you down a bit for dinks or kerbed wheels etc.
WBAC will tend to offer bottom of the market - so if you can tolerate the potential hassle then sell privately and make some more.......
If valuations are the same or lower than the balloon then just give it back.
Other simple car buying services are available (motorway etc) so worth getting a few valuations - remembering they may chip you down a bit for dinks or kerbed wheels etc.
WBAC will tend to offer bottom of the market - so if you can tolerate the potential hassle then sell privately and make some more.......
If valuations are the same or lower than the balloon then just give it back.
Driver101 said:
Why bother buying it to sell it to WBAC?
Get them to settle the finance and pay you the additional money.
Also did this with my 420i after getting messed around by Motorway. Got the finance settlement letter, took it to WBAC and 4 working days later had the extra money in my bank. Get them to settle the finance and pay you the additional money.
Artsy said:
Hi All,
I currently have a BMW X3 35D on PCP paying a really low amount each month (circa £125). I paid £4500 up front and took PCP for 30 months.
The reason I did PCP is that I live in London and could see a very anti-diesel so the intention was to give the car back at the end and get something London-friendly.
Fast forward to Covid and chip shortage and the car hasn't done much mileage and is worth about £18,500 through WBAC.
Original purchase price had I not done PCP was about £19,500 and with PCP I end up paying approx £22,500 in total.
So the question is do I buy the car in August when the PCP term ends on the basis that it's worth more than the £14,000 final payment required or do I just leave it and move on?
Car is 2014 model and Euro VI compliant so still good in London but for how long? Warranty will run out in Feb 2023 so even if buying it I'd have 6 months warranty remaining.
I'm leaning toward buying the car and selling if WBAC has a strong price in the summer as I'd effectively make some money back on it that way but I'm wondering if I'm looking at this the right way or if there are any pitfalls.
You'll be fine for a long time Euro7 regs haven't even been drawn up yet & the next change ULEZ wise will be to make all petrol's Euro5 compliant, so I'd keep what you have.I currently have a BMW X3 35D on PCP paying a really low amount each month (circa £125). I paid £4500 up front and took PCP for 30 months.
The reason I did PCP is that I live in London and could see a very anti-diesel so the intention was to give the car back at the end and get something London-friendly.
Fast forward to Covid and chip shortage and the car hasn't done much mileage and is worth about £18,500 through WBAC.
Original purchase price had I not done PCP was about £19,500 and with PCP I end up paying approx £22,500 in total.
So the question is do I buy the car in August when the PCP term ends on the basis that it's worth more than the £14,000 final payment required or do I just leave it and move on?
Car is 2014 model and Euro VI compliant so still good in London but for how long? Warranty will run out in Feb 2023 so even if buying it I'd have 6 months warranty remaining.
I'm leaning toward buying the car and selling if WBAC has a strong price in the summer as I'd effectively make some money back on it that way but I'm wondering if I'm looking at this the right way or if there are any pitfalls.
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