Use my equity to buy used or stay put?

[anonymous-user]

My PCP comes to an end next month.
The car has increased around 5-6k in value.
A few years ago I remember it being 12k but dealers have valued it at 16-17k.

Mercedes C200d.

A new one is not an option only because of the end of the contract timeline. So I have to make a decision in line with PCP: hand it back, sell it, part-exchange it, or re-finance it.

Looking at used examples, the desirable ones are 30K+

Am I better off staying put?
Should I re-finance?

I need to stay on the road so it’s looking like keep or buy used are the main options.

[joropug]

Presumably your balloon payment is in line with the previously expected value ? At which point I would look at it as an opportunity to buy a car you know well, presumably like, for a discount price....

That's what I would do anyway - £12,000 on a Tesco Loan is pretty cheap and you can always make a decision to sell privately later on and get back more than you would from the garage potentially..

[anonymous-user]

The balloon is £10,200 having a look through the recent make a decision letters sent by MBFS.

So that’s about 7k toward another one if I part-ex.

Like the Tesco loan idea. Will look into it.

[joropug]

aguywalksintoabar said:

The balloon is £10,200 having a look through the recent make a decision letters sent by MBFS.

So that’s about 7k toward another one if I part-ex.

Like the Tesco loan idea. Will look into it.

So to effectively buy the car is £10,200? I know you could walk away with £7,000 which makes the Merc £17,200, but still to me that is very little for such a new, known to you car.

I think £10,000 over 60 was about £180pm

[anonymous-user]

joropug said:

aguywalksintoabar said:

The balloon is £10,200 having a look through the recent make a decision letters sent by MBFS.

So that’s about 7k toward another one if I part-ex.

Like the Tesco loan idea. Will look into it.

So to effectively buy the car is £10,200? I know you could walk away with £7,000 which makes the Merc £17,200, but still to me that is very little for such a new, known to you car.

I think £10,000 over 60 was about £180pm

You know what? You’re absolutely bang on. I know the car. I have maintained it. It’s not like the new ones but it is not bad either.

[joropug]

aguywalksintoabar said:

You know what? You’re absolutely bang on. I know the car. I have maintained it. It’s not like the new ones but it is not bad either.

I have the older, 2013 C220 AMG Sport Plus Coupe - It's getting on a bit now, but I can't justify replacing it as it's still worth £9,000 - £10,000 I'll have to double the buying price, more like triple it to buy something I want to upgrade to.

Hard to sell a car that looks the part, does 55mpg easily, costs naff all to run and has been very reliable.

[FBR2020]

I was in exactly this position back in November.

2017 Seat Leon, balloon payment £7500, but receiving offers of £12.5k through WeBuyAnyCar, etc., so effectively £5k equity.

I decided to stick because, although a £5k lump into savings would have been nice, there's nothing used for even close to the same money/monthly. Plus I know its history since new, I know the only thing it needs soon is brake pads and it'll hopefully be dependable for a few years.

Tesco loan, £220/month for 3 years and it'll be mine outright.

[omniflow]

Is this even a question?

Pay the balloon, keep the car