PCP-advice please!

[tonimcconnell123]

Hi, I took out my new Hyundai i20 on pcp last year at £260 pcm. I’m only just over 1 year in out of the 4 year contract. Still £12,000 left to pay and currently the car is worth around £10,000. I’m looking to trade in for a bigger car. How does trading in pcp work? I know nothing about this. Can I trade this car into a different garage from where I got it? Is there a time limit on when I can trade in? Does the money left of the loan that the car doesn’t cover get added on to my new car finance? Or are you just made to pay it? Would appreciate any help as I’m literally clueless

[DuraAce]

Trade in wherever you like. Potentially they'll roll your debt into the new car deal, or they might ask you for the 2k upfront to clear your existing finance.... Depends on the dealers policy and/or what the finance company will accept depending on your credit rating.

Changing cars every year on pcp is a cracking way to stay in debt forever!

[tonimcconnell123]

Thanks. I was thinking of taking the new car on h.p instead of pcp. Depending on amount repayable and options. I think I’ll wait u TIL I’ve had the car another year or two before doing this. I just wanted to know my options.

[Bumblebee7]

Depends how much bigger you need, Hyundai are making some cracking cars atm so see what they offer you if you stay with the brand?

[tonimcc123]

I’d actually like to stay with Hyundai. It’s a really good car, it’s worth the extra money I pay for it. It’s just a bigger boot I need for my dogs. I’d be happy to take a Hyundai x35 or Santa Fe. I’ll defintely wait until there’s no negative equity before trading in. I’m happy for now. I just wanted to know how trading in pcp worked and if I could trade in pcp for h.p

[Deep Thought]

tonimcc123 said:

I’d actually like to stay with Hyundai. It’s a really good car, it’s worth the extra money I pay for it. It’s just a bigger boot I need for my dogs. I’d be happy to take a Hyundai x35 or Santa Fe. I’ll defintely wait until there’s no negative equity before trading in. I’m happy for now. I just wanted to know how trading in pcp worked and if I could trade in pcp for h.p

Get a towbar and a dog trailer

I've had them in the past. Very handy. Can be quite plush too.