PCP help please

dave-g-o

Hello - first time poster

About 2 years ago I bought a car on PCP for the first time, the car value was £35k, I put down an £8k deposit to give a low monthly fee of £308 over 4years. This was pretty much the cheapest way I could get this particular car as used versions were priced about £32k but couldn't get the monthly payments to much less than £450.

Anyway I have just about reached the point where the value of the car (px value via we buy any car) is equal to the debt (told to me via Clear score) which are both about £22k.

I think the guaranteed final value is near £16k and i'm just trying to find the optimum time to move to a new PCP deal on a van, as I miss getting surfboards into my current mid-life crisis.

Does anyone have any experience of a similar arrangement?

forgotmyname

Either my calculator is broken or maybe yours is?

8k deposit + £308 x 4 years + the final payment to buy the vehicle?

So what is the final payment figure?

dave-g-o

So my OP was from memory and a bit out:D
Total price was £34, 635
My deposit was £8,500
WV deposit was £1,250
VW applied a further £500 Discount
So loan was £24,385
I pay £307.63pm
And final payment is £13, 552.30

What do you think?

neilmcl

Have you actually got a settlement figure from your finance co?

missile

I would suggest the "optimal point" is at the end of your 4 year term. Any dealer will be pleased to take your car and offer a new quote for another PCP deal.

System

dave-g-o wrote: »

So my OP was from memory and a bit out:D
Total price was £34, 635
My deposit was £8,500
WV deposit was £1,250
VW applied a further £500 Discount
So loan was £24,385
I pay £307.63pm
And final payment is £13, 552.30

What do you think?

You can't VT until 50% of the £34,635 has been paid. Some of that has been covered with the deposits and discount, you need to reach the remainder with the monthly repayments taking into account the interest. Usually these are designed so you only reach the 50% amount where you can VT within 6 months of the end of the finance deal.

parking_question_chap

Cant you just buy a trailer? How often do you need to move the surfboards around.

Mobeer

Tarambor wrote: »

You can't VT until 50% of the £34,635 has been paid. Some of that has been covered with the deposits and discount, you need to reach the remainder with the monthly repayments taking into account the interest. Usually these are designed so you only reach the 50% amount where you can VT within 6 months of the end of the finance deal.

It looks like £34,635 was the list price of the car, not the total amount payable.

Voluntary Termination at 50% is based upon the total amount payable rather than the list price. The total amount payable is stated in any of the numbers in this thread so far but should appear on the original poster's paperwork.

motorguy

missile wrote: »

I would suggest the "optimal point" is at the end of your 4 year term. Any dealer will be pleased to take your car and offer a new quote for another PCP deal.

Agreed.

The "problem" here is the big deposit. If you run it for the 48 payments, then the deposit is effectively spread over 48 payments.

dave-g-o

Ok thank you, I suppose by optimal I mean without having to raise another deposit and keeping monthly payments at a similar amount.

molerat

Get a settlement figure from the lender, the amount outstanding shown on Clearscore is irrelevant, and compare that to what the dealer will give you for the car.