Can't decide what to do...
Discussion
Hi Guys
As subject line really. I can't decide what to do.
I'm into the last year of a PCP so my target is to let it ride out. I cant decide whether to hand the car back at the end and just pay a cash deposit for another car, or pay off the PCP and use that as part exchange thinking maybe I'll get a better deal that way. My car is a BMW M2, so the prices currently are holding up well. It's currently worth more than I paid for it, even WBAC are offering £30k (not that I'd sell it to them). I do realise that the figures will look a little different in 12 months time, but still.
I just figure I lose out by handing the car back, versus paying off the PCP after which the car and it's value are mine. I've never actually part exchaged a car before but I do realise I won't get what the car is worth. The dealers have to make money as well, I know that.
So......
As subject line really. I can't decide what to do.
I'm into the last year of a PCP so my target is to let it ride out. I cant decide whether to hand the car back at the end and just pay a cash deposit for another car, or pay off the PCP and use that as part exchange thinking maybe I'll get a better deal that way. My car is a BMW M2, so the prices currently are holding up well. It's currently worth more than I paid for it, even WBAC are offering £30k (not that I'd sell it to them). I do realise that the figures will look a little different in 12 months time, but still.
I just figure I lose out by handing the car back, versus paying off the PCP after which the car and it's value are mine. I've never actually part exchaged a car before but I do realise I won't get what the car is worth. The dealers have to make money as well, I know that.
So......
M.F.D said:
Don't hand it back.
Either trade in and pocket the equity, or pay off and keep.
What would you replace it with? As above, are you not tempted to hold onto it?
Yes keeping it is an option. I've been loooking at M4's though. And I have this thing where once I start looking at cars, it's only a matter of time. I also have this thing where I change my mind often and wildly. I just wanted to get some thoughts off others.Either trade in and pocket the equity, or pay off and keep.
What would you replace it with? As above, are you not tempted to hold onto it?
RSsteveH said:
ninjag said:
Do you not want to keep it instead?
Indeed keeping it is an option in the mix. I just get itchy feet after 3 or 4 years.It's probably because I always made various sacrifices with each car, so I started to stray. This time I chose a car which ticked every box I wanted and needed, so I'll be keeping it until forced into EV.
Is there anything in particular that you aren't happy about with the M2, or is it just a case of wanting a change?
ninjag said:
Aye I fully get that, I'm the same and have changed cars every few years and lose thousands in profit to dealers as a result lol
It's probably because I always made various sacrifices with each car, so I started to stray. This time I chose a car which ticked every box I wanted and needed, so I'll be keeping it until forced into EV.
Is there anything in particular that you aren't happy about with the M2, or is it just a case of wanting a change?
Nah, the M2 hasnt missed a beat. I smile even when I hear that cold start. Sad I know. I wouldn't desert the M brand. I've been looking at M4's and quite fancy a bit of that in competition form.It's probably because I always made various sacrifices with each car, so I started to stray. This time I chose a car which ticked every box I wanted and needed, so I'll be keeping it until forced into EV.
Is there anything in particular that you aren't happy about with the M2, or is it just a case of wanting a change?
RSsteveH said:
Hi Guys
As subject line really. I can't decide what to do.
I'm into the last year of a PCP so my target is to let it ride out. I cant decide whether to hand the car back at the end and just pay a cash deposit for another car, or pay off the PCP and use that as part exchange thinking maybe I'll get a better deal that way. My car is a BMW M2, so the prices currently are holding up well. It's currently worth more than I paid for it, even WBAC are offering £30k (not that I'd sell it to them). I do realise that the figures will look a little different in 12 months time, but still.
I just figure I lose out by handing the car back, versus paying off the PCP after which the car and it's value are mine. I've never actually part exchaged a car before but I do realise I won't get what the car is worth. The dealers have to make money as well, I know that.
So......
You lose out by handing the car back so long as prices for used M2's stays high.As subject line really. I can't decide what to do.
I'm into the last year of a PCP so my target is to let it ride out. I cant decide whether to hand the car back at the end and just pay a cash deposit for another car, or pay off the PCP and use that as part exchange thinking maybe I'll get a better deal that way. My car is a BMW M2, so the prices currently are holding up well. It's currently worth more than I paid for it, even WBAC are offering £30k (not that I'd sell it to them). I do realise that the figures will look a little different in 12 months time, but still.
I just figure I lose out by handing the car back, versus paying off the PCP after which the car and it's value are mine. I've never actually part exchaged a car before but I do realise I won't get what the car is worth. The dealers have to make money as well, I know that.
So......
Why wouldn't you get what the car is worth? Dealers all use the same valuation tools when you want to PX, so you'll get what it's valued at. This will be less than a private sale, but less hassle for you also
Dimebars said:
You lose out by handing the car back so long as prices for used M2's stays high.
Why wouldn't you get what the car is worth? Dealers all use the same valuation tools when you want to PX, so you'll get what it's valued at. This will be less than a private sale, but less hassle for you also
Yeah, that's what I mean, the difference between a private sale and PX value at a dealer. It's always the question of wether to hold out for the private sale or not. I'll see what the market is doing nearer the time. You're right about not handing it back at the end of term though. The dealer has already been on to me to do a deal with them. They want it back in stock, and I'm thinking 'nah'.Why wouldn't you get what the car is worth? Dealers all use the same valuation tools when you want to PX, so you'll get what it's valued at. This will be less than a private sale, but less hassle for you also
RSsteveH said:
Yeah, that's what I mean, the difference between a private sale and PX value at a dealer. It's always the question of wether to hold out for the private sale or not. I'll see what the market is doing nearer the time. You're right about not handing it back at the end of term though. The dealer has already been on to me to do a deal with them. They want it back in stock, and I'm thinking 'nah'.
That all depends on what deal they're offeringNew car discounts are slim pickings just now, so whatever extra you're getting in PX value is lost in the price of the car you want to buy
Dimebars said:
That all depends on what deal they're offering
New car discounts are slim pickings just now, so whatever extra you're getting in PX value is lost in the price of the car you want to buy
Of course. I'll wait until nearer the time, see what the market's doing. I'm not sure I'd do anythng earlier because I don't know what that would do to the numbers.New car discounts are slim pickings just now, so whatever extra you're getting in PX value is lost in the price of the car you want to buy
Given that there hardly any discounts about (unless you want something unpopular or in an odd spec that a dealer can't shift), its mostly likely that you'll have to increase the monthies and put a bigger deposit down to maintain or better what you are currently driving so I'd be keeping the M2 if it were me.
Unless you have an itch that badly needs scratching and £££ is no object then the above doesn't apply.
My PCP comes to an end in a years time and unless deals get any better (unlikely?), I'll be keeping what I currently drive and coming off the PCP wheel.
Unless you have an itch that badly needs scratching and £££ is no object then the above doesn't apply.
My PCP comes to an end in a years time and unless deals get any better (unlikely?), I'll be keeping what I currently drive and coming off the PCP wheel.
DiscoSINGH said:
Given that there hardly any discounts about (unless you want something unpopular or in an odd spec that a dealer can't shift), its mostly likely that you'll have to increase the monthies and put a bigger deposit down to maintain or better what you are currently driving so I'd be keeping the M2 if it were me.
Unless you have an itch that badly needs scratching and £££ is no object then the above doesn't apply.
My PCP comes to an end in a years time and unless deals get any better (unlikely?), I'll be keeping what I currently drive and coming off the PCP wheel.
I've been craving an M4 comp. And usually, my craving gets sated. I don't mind going PCP again, but it won't be for a new car. I'm looking 2018, 2019, 2020 models with lowish miles - and they are out there. But you know, I'll change my mind half a dozen times between now and then.Unless you have an itch that badly needs scratching and £££ is no object then the above doesn't apply.
My PCP comes to an end in a years time and unless deals get any better (unlikely?), I'll be keeping what I currently drive and coming off the PCP wheel.
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