Trading my car in for a personal contract hire

bamblolo

Hi i wondered if anyone would be able to advise me. I have a 57 plate corsa design, 10,300 miles in very good condition. I own my car outright .I am considering taking out a personal contract hire/purchase plan and wondered if my car would be taken in as part ex on one of these schemes? I know you would be credit checked for these plans but what is the criteria you would have to meet to get one? Is there anything that would automatically bar you from taking one out? I would love to hear any advice or suggestions for any good PCP schemes.

plane_boy2000

Yes, dealers will take it in part ex if they want a deal, but I am not sure why you would want to? If you use is as a huge deposit on a PCP you could end up in 2 or three years with a car to hand back and nothing else.

Are you tryin to raise cash out of the deal?

bamblolo

hi no i am just looking to upgrade my car but dont have the cash to upgrade. Do you think i would be better to try and sell my car privately and then get a car. Im worried if i sell my car and go to get a new one if i couldnt get credit for the new one. Sorry dont really know whats the best thing for me to do.

jaks111

is that the one where you pay a lump sum at the end of 3 years or swap it for another new car as a friend has that to me ite just the same as finance or is that better

out of interest how much is your corsa worth and what engine size is it thanks

bamblolo

my corsa is a 1.2 and im not sure how much its worth on looking at some sites it says its trade in value should be about £6,500 .

plane_boy2000

If you own your existing car outright then I would use the part ex value as a deposit and buy the rest on finance - no point in a PCP type product if you are going to stick all that money in up front

motorguy

bamblolo wrote: »

my corsa is a 1.2 and im not sure how much its worth on looking at some sites it says its trade in value should be about £6,500 .

Dont believe everything you read on the internet.

Heres a 57 plate Corsa 1.2 Design with just a little more miles for £6499 from a large dealership that have already added their profit margin on.

http://www.autotrader.co.uk/classified/advert/201008353286892/sort/priceasc/usedcars/maximum-mileage/up_to_20000_miles/fuel-type/petrol/engine-size-cars/1l_to_1-3l/maximum-age/up_to_3_years_old/model/corsa/make/vauxhall/page/1/postcode/bt667gu/radius/1500/keywords/design?logcode=p

I'd say based on that the trade price will be around £4500.

missile

These deals are aimed at business users who can offset against profit / tax.

IMHO, it is an expensive way for a private motorist to fund his car, better off with a bank loan.

Jay_Tee

missile wrote: »

These deals are aimed at business users who can offset against profit / tax.

IMHO, it is an expensive way for a private motorist to fund his car, better off with a bank loan.

Surely that depends on the interest rate offered, my experience is that many of these deals offer interest rates 2%-4% below what a bank would offer.

bamblolo

pgilc1 wrote: »

Dont believe everything you read on the internet.

Heres a 57 plate Corsa 1.2 Design with just a little more miles for £6499 from a large dealership that have already added their profit margin on.

http://www.autotrader.co.uk/classified/advert/201008353286892/sort/priceasc/usedcars/maximum-mileage/up_to_20000_miles/fuel-type/petrol/engine-size-cars/1l_to_1-3l/maximum-age/up_to_3_years_old/model/corsa/make/vauxhall/page/1/postcode/bt667gu/radius/1500/keywords/design?logcode=p

I'd say based on that the trade price will be around £4500.

just to let you know really pleased arnold clark offered me £6,100 for my car.

motorguy

bamblolo wrote: »

just to let you know really pleased arnold clark offered me £6,100 for my car.

excellent, sounds like a great deal.

Well done!