Should I pay final payment of PCP agreement or take another option?

daisylou_466

Hi

I'm looking for some advice. I have an Alfa Romeo Mito on PCP which ends in June this year. The final payment is approx £4800. I have paid about £160 per month for 3 years, paid a £2000 deposit and had a px worth about £2500 (if I remember rightly).

I do really like the car but I'm now in the position where I don't have a car to px, nor do I have a deposit to put down for a new car.

I'm trying to decide if I should take out a loan and buy the Mito or maybe go for a year old car such as a corsa or fiesta.

I don't really know where to start when looking for advice so I thought I'd ask what peoples' opinions are on MSE.

Thanks

motorguy

daisylou_466 wrote: »

Hi

I'm looking for some advice. I have an Alfa Romeo Mito on PCP which ends in June this year. The final payment is approx £4800. I have paid about £160 per month for 3 years, paid a £2000 deposit and had a px worth about £2500 (if I remember rightly).

I do really like the car but I'm now in the position where I don't have a car to px, nor do I have a deposit to put down for a new car.

I'm trying to decide if I should take out a loan and buy the Mito or maybe go for a year old car such as a corsa or fiesta.

I don't really know where to start when looking for advice so I thought I'd ask what peoples' opinions are on MSE.

Thanks

Your Mito 'should' be worth more than the final payment, hence this could be your deposit on your next car if you go down that route. Check with your local stealer, sorry, dealer and find out.

Ransoman

The difference in the trade in value for your car and the final payment is the deposit for the next car. Example, If the trade in value is £6500 then you could roll £1700 into the next finance package as the full deposit. You could potentially even haggle the price up. Mito's have held their value quite well so you should get a reasonable trade in offer (unless it is the 78bhp junior model).

Do this and get another Mito. Great cars.