VWFS PCP on a Q7 - keep going 'til the end or VT now?
Discussion
Hey all,
Had my Q7 since Oct 2017 on a 3 year PCP, I'm now at the stage where I've reached 50% and can VT for no fee (barring any excess mileage and remedial work required).
But I just need some help running through this.
If I want to keep the car then obviously I have to keep paying the monthlies and the balloon payment of £30.5K due in October this year. £30.5K actually seems quite reasonable when I look up 3 year Q7's on Autotrader with a similar spec. But I don't really want to have to find 30K and would rather get a cheap runaround for a bit (so I can use the cash I'd save to pay for a decent holiday!).
I've already decided I DO NOT want to renew onto a new contract, so already that means I'll walk away at the end of this deal. So is it really worth me continuing to pay the monthly fee for another 9 months - it feels to me that all I will be doing is building up some equity to roll forward into a new deal, and I will lose that equity if I walk away in October.
So it seems like the sensible thing to do is to VT now and save myself 9 months of payments.
What's the general consensus with PCP? This is my first contract so not sure what people usually do.
Had my Q7 since Oct 2017 on a 3 year PCP, I'm now at the stage where I've reached 50% and can VT for no fee (barring any excess mileage and remedial work required).
But I just need some help running through this.
If I want to keep the car then obviously I have to keep paying the monthlies and the balloon payment of £30.5K due in October this year. £30.5K actually seems quite reasonable when I look up 3 year Q7's on Autotrader with a similar spec. But I don't really want to have to find 30K and would rather get a cheap runaround for a bit (so I can use the cash I'd save to pay for a decent holiday!).
I've already decided I DO NOT want to renew onto a new contract, so already that means I'll walk away at the end of this deal. So is it really worth me continuing to pay the monthly fee for another 9 months - it feels to me that all I will be doing is building up some equity to roll forward into a new deal, and I will lose that equity if I walk away in October.
So it seems like the sensible thing to do is to VT now and save myself 9 months of payments.
What's the general consensus with PCP? This is my first contract so not sure what people usually do.
Called up VWFS earlier, outstanding balance today is £36,146.86 - just looking on autotrader now and this seems to be about the going rate for my spec car, but I did just see one for 35K so already the prices are under pressure. I don't think I'll make anything if I try and sell it now. Not sure I can be bothered to wait until the end.
fronty said:
Called up VWFS earlier, outstanding balance today is £36,146.86 - just looking on autotrader now and this seems to be about the going rate for my spec car, but I did just see one for 35K so already the prices are under pressure. I don't think I'll make anything if I try and sell it now. Not sure I can be bothered to wait until the end.
Pop your reg into WBaC and that won’t be far off price wise!MDMA . said:
If 35k is the trade price, I think you'll only get offered high 20's. PS, do you still have the R36?
Nope, it shifted within a couple days of advertising it. The phone was ringing off the hook, one chap put a deposit down even before he saw it and turned up with cash in hand for the asking price. Turns out he had set up an alert on ebay so when I listed it he got pinged, and it was the exact spec he wanted. He'd been after one for a while. In some ways I regret selling it, but it was time to move on. I still miss it, awesome car.fronty said:
Nope, it shifted within a couple days of advertising it. The phone was ringing off the hook, one chap put a deposit down even before he saw it and turned up with cash in hand for the asking price. Turns out he had set up an alert on ebay so when I listed it he got pinged, and it was the exact spec he wanted. He'd been after one for a while. In some ways I regret selling it, but it was time to move on. I still miss it, awesome car.
I always keep my eye out for a nice one. Few and far between now. Yep, rarer than hens teeth. They are holding their value well. Soon to reach "appreciating classic" status I would have thought.
https://www.howmanyleft.co.uk/vehicle/volkswagen_p...
https://www.howmanyleft.co.uk/vehicle/volkswagen_p...
Reffro said:
OP - how can you have paid 50% back if you have £30k balloon payment outstanding?
Are you not aware that VT having paid back 50% is calculated against the entire amount borrowed, not just the monthly payments?
Yep I'm aware, car's price was 70K OTR.Are you not aware that VT having paid back 50% is calculated against the entire amount borrowed, not just the monthly payments?
Edited by Reffro on Friday 17th January 14:53
Have been offered 30K by two dealers in p/x, but that leaves me with a 6K shortfall as settlement figure is 36. This car is depreciating faster than a brick. It will be worth less than the balloon payment due at the end of the agreement.
Have sent off my VT to VWFS. I'm getting out whilst I can and will put the cash I save into something else.
fronty said:
Reffro said:
OP - how can you have paid 50% back if you have £30k balloon payment outstanding?
Are you not aware that VT having paid back 50% is calculated against the entire amount borrowed, not just the monthly payments?
Yep I'm aware, car's price was 70K OTR.Are you not aware that VT having paid back 50% is calculated against the entire amount borrowed, not just the monthly payments?
Edited by Reffro on Friday 17th January 14:53
Have been offered 30K by two dealers in p/x, but that leaves me with a 6K shortfall as settlement figure is 36. This car is depreciating faster than a brick. It will be worth less than the balloon payment due at the end of the agreement.
Have sent off my VT to VWFS. I'm getting out whilst I can and will put the cash I save into something else.
R.Sole said:
fronty said:
Reffro said:
OP - how can you have paid 50% back if you have £30k balloon payment outstanding?
Are you not aware that VT having paid back 50% is calculated against the entire amount borrowed, not just the monthly payments?
Yep I'm aware, car's price was 70K OTR.Are you not aware that VT having paid back 50% is calculated against the entire amount borrowed, not just the monthly payments?
Edited by Reffro on Friday 17th January 14:53
Have been offered 30K by two dealers in p/x, but that leaves me with a 6K shortfall as settlement figure is 36. This car is depreciating faster than a brick. It will be worth less than the balloon payment due at the end of the agreement.
Have sent off my VT to VWFS. I'm getting out whilst I can and will put the cash I save into something else.
The total amount will include any interest and fees.
How much interest is on the agreement?
I agree, highly doubt you are 50% through the total amount repayable, but happy to be corrected.
VT has been accepted by VWFS, nothing to owe, inspection and collection by BCA due on 3rd Feb.
Not quite sure why I was able to VT so early on, my PCP was not due to end until 5th December, I did put down a big deposit but that would have just reduced the amount borrowed not necessarily changed when the 50% threshold was crossed.
So it's cost me an absolute fortune to have this car but I came into some cash had an opportunity to do it. But rather than pump more into (only to walk away at the end) it's time to be sensible and pay down the mortgage. Boo!
Not quite sure why I was able to VT so early on, my PCP was not due to end until 5th December, I did put down a big deposit but that would have just reduced the amount borrowed not necessarily changed when the 50% threshold was crossed.
So it's cost me an absolute fortune to have this car but I came into some cash had an opportunity to do it. But rather than pump more into (only to walk away at the end) it's time to be sensible and pay down the mortgage. Boo!
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