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PCP Early Payment via cheaper personal loan
Comments
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You can always sell it after the 3 years or use as a deposit for a new car.
To be honest though getting rid of a 3 year old car to save money on servicing and tyres is unlikely to add up when depreciation is factored in on a new replacement.0 -
Hi all
So I think I!!!8217;m going to just cancel the PCP within my 14 day cool off and buy it out right using a personal loan at 2.9%.
I did the numbers and it works out at follow:
PCP 48 months
MRC - £455
Bubble - £8999
Total MRC - £21840
Total if keeping (inc interest) - £30839
Personal loan 48 months
Total cost of car - £23450
MRC Loan repayment - £517
Total if keeping (inc interest) - £25,340
Risidual value (dealer value) - £8999
Realistic risidual value - circa 11/12
£11,000 - £25340 = £14340
Total cost of keeping and selling after years - £14340
What do you guys think?0
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