PCP Early Payment via cheaper personal loan

wgl2014

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.

feralspecies

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?