Upgrading a PCP deal midway through?

[Mark-95y1j]

Hi,

My partner got a brand new Abarth 595 on PCP 18 months ago under a 3 year agreement, I should add that both of us have never taken out PCP before this. In the last 18 months expectantly she has been working in London so she gets the train to work every day. I had an RS4 and sold this about 6 months ago because it was not getting used as I drove the Abarth to work instead. Well now I am starting to miss the performance, size and comfort of the RS so I would like to potentially swap the Abarth early. I have read many conflicting stories and a lot are based on more of your run of the mill cars. I would like to swap the Abarth for something a bit bigger (not too big because the missus will still drive it on occasions) like an RS3 or A45 amg but not sure if it will cost me shed loads of money (£4k+) to exchange or not. I'm happy to wait it out but if there was potential for doing this then I would look into it more seriously.

Has anyone else been in the same situation or can shed some light?

Thanks

[Butter Face]

Call the finance company, get a settlement figure.

Get a valuation on the car.

See how far apart you are = what it would cost to get out of it.

Or, call the finance company and ask how much it would be to do a Voluntary Termination and pay that and hand it back.

Sorted.

[phil4]

Yes.

I went to a car dealer and asked for a value on my car, and checked with the PCP finance for the outstanding/settlement figure.

This told me whether I was underwater or not, and by how much. As I was in a pretty good position, I went ahead and changed.

I'd also look into Voluntary Termination, as if you've paid off half, I think that's an option, especially if you're under water.

In short, it can be done.

[Mark-95y1j]

Nice one, thanks for your replies

[MaisiesDad]

I’ve done this on a Kia Sorento of all things, yes I know I know! I was a few years ago. To be fair it didn’t lose a great deal but I did get a massive discount off new. Had it 10 / 12 months approx, hated every second of it so got a settlement from Kia finance dept, can’t remember exactly but I think £19000 was around the settlement. Kia main agents offered £17000 ish. We buy any car came in at £22000 ish! With nothing to lose I booked an appointment, took the settlement letter from Kia along with all docs and came away with a bank transfer for £3000 ish and they paid off the rest of the pcp. It was my first and only dealing with we buy any car and I have to say I was impressed. It was also my first dealing with Kia and I am so glad it was my last!

[Tim bo]

Yes have swapped in PCPs before their maturity on a few occasions. Most recently trading in a Porsche 718CS 12 months into a 36 month PCP for a C63 AMG Coupé currently on order.

Get settlement figure on outstanding finance plus any early settlement fees, get valuation on the car, and the difference is what you have in equity or (more likely) owe to settle the finance.

It's usually worth having a chat with the dealership from where you are buying the next car, ask what they can do in terms of the trade in to settle the PCP. Then compare that figure with WeBuyAnyCar, Parkers etc and consider where you will get the most for the trade-in.

[Mark-95y1j]

Thanks again guys.

Silly question but when you say "speak to the dealer" do you mean the dealer where I may get a new car from (Audi/Merc) or do you mean speak to an Abarth dealer?

[eybic]

Mark-95y1j said:

Thanks again guys.

Silly question but when you say "speak to the dealer" do you mean the dealer where I may get a new car from (Audi/Merc) or do you mean speak to an Abarth dealer?

You would be best off speaking to the dealer for the new car, ask them for a trade in price then compare that to your settlement figure with the finance company, hopefully you won't be in negative equity, it's unlikely that the original Abarth dealer would be interested in helping you unless the car is special or you're looking to buy something else from them.