Expensive Mistake
Discussion
So in July 2020 I got a new Audi Q3 on PCP. Nil cash deposit. First 3 months free. £477 pcm x 45. 15k miles pa.
Only made two payments so far. 7k miles on clock.
The 15k figure used to be justified as I drove a lot in my old job. As of January, I’ve changed career and am likely to be WFH permanently. Annual mileage could be as low as 5k. Car likely to sit on the drive all week unused, save for a few short journeys when lockdown lifts (luckily I got the petrol model).
Now considering having 3rd baby (already have two kids aged 1 and 2). Wife has a Mini Countryman; PCP runs out in May 2022 and costs £250 pcm.
Wife has suggested we now only need one car, a bigger car (think Q7) to accommodate a 3rd kid.
Any thoughts/advice?
Only made two payments so far. 7k miles on clock.
The 15k figure used to be justified as I drove a lot in my old job. As of January, I’ve changed career and am likely to be WFH permanently. Annual mileage could be as low as 5k. Car likely to sit on the drive all week unused, save for a few short journeys when lockdown lifts (luckily I got the petrol model).
Now considering having 3rd baby (already have two kids aged 1 and 2). Wife has a Mini Countryman; PCP runs out in May 2022 and costs £250 pcm.
Wife has suggested we now only need one car, a bigger car (think Q7) to accommodate a 3rd kid.
Any thoughts/advice?
An insurance job....
Only joking. The quickest way out of a PCP is to hand the car back when you have paid 50% of the total amount of the finance. Your contract should detail the total amount payable, and from this you can determine your halfway mark.
Aside from this, speak to the finance company and see if there’s anything they can do regards mileage adjustment. This is sometimes possible on PCH after a certain amount of elapsed time, but I can’t say for certain if it’s an option on PCP.
Only joking. The quickest way out of a PCP is to hand the car back when you have paid 50% of the total amount of the finance. Your contract should detail the total amount payable, and from this you can determine your halfway mark.
Aside from this, speak to the finance company and see if there’s anything they can do regards mileage adjustment. This is sometimes possible on PCH after a certain amount of elapsed time, but I can’t say for certain if it’s an option on PCP.
I should say my wife doesn’t work but needs a car most days to go shopping/take kids out etc.
I’m thinking it probably makes sense to hand her car back in May 2022, put her in my insurance, and by say July 2023, look to trade the Q3 for a Q7 or Ford Galaxy.
All depends on if/when the 3rd baby is born.
Do we agree it makes more sense to get rid of the Countryman first given we’ve had that on PCP since May 2018? It might have broke even by this May if it hasn’t already?
I’m thinking it probably makes sense to hand her car back in May 2022, put her in my insurance, and by say July 2023, look to trade the Q3 for a Q7 or Ford Galaxy.
All depends on if/when the 3rd baby is born.
Do we agree it makes more sense to get rid of the Countryman first given we’ve had that on PCP since May 2018? It might have broke even by this May if it hasn’t already?
£750 per month for two cars you don't own and will have to hand back? That makes me feel very old but I guess its the way of things.
I don't think there's much to be done other than talk to the Audi finance company so see if you can adjust the monthly payment due to the lower mileage.
I don't think there's much to be done other than talk to the Audi finance company so see if you can adjust the monthly payment due to the lower mileage.
Jag_NE said:
Don’t look on it as an expensive mistake. You are saving stacks on fuel.
Indeed. And maybe I’ll enjoy positive equity having paid x per month but done substantially less mileage/depreciation?After 3 years it was supposed to have 45k on the clock. It’ll probably have 20k on.
AudiMan9000 said:
Indeed. And maybe I’ll enjoy positive equity having paid x per month but done substantially less mileage/depreciation?
After 3 years it was supposed to have 45k on the clock. It’ll probably have 20k on.
After 3 years it was supposed to have 45k on the clock. It’ll probably have 20k on.
Hand the Mini back now you should be able to walk away without any penalties, let the wife drive the Q3 (& download a Galaxy
brochure) & when child three comes along chop it in against a Galaxy.
it depends on how much they want the child!ZX10R NIN said:
AudiMan9000 said:
Indeed. And maybe I’ll enjoy positive equity having paid x per month but done substantially less mileage/depreciation?
After 3 years it was supposed to have 45k on the clock. It’ll probably have 20k on.
After 3 years it was supposed to have 45k on the clock. It’ll probably have 20k on.
Hand the Mini back now you should be able to walk away without any penalties, let the wife drive the Q3 (& download a Galaxy
brochure) & when child three comes along chop it in against a Galaxy.
Piginapoke said:
£750 per month for two cars you don't own and will have to hand back? That makes me feel very old but I guess its the way of things.
I don't think there's much to be done other than talk to the Audi finance company so see if you can adjust the monthly payment due to the lower mileage.
This, I don't get it. I don't think there's much to be done other than talk to the Audi finance company so see if you can adjust the monthly payment due to the lower mileage.
Gassing Station | Car Buying | Top of Page | What's New | My Stuff