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How PCP works when it finishes

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Comments

  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Stu6781 wrote: »
    Awesome. So I would get the same result by throwing £200 down a drain each month? This is an absolute joke. I genuinely thought I was building equity and way of saving. Why would anyone in their right mind do this.

    Not quite, you are driving a brand new car for 3 years for your £200 a month.
  • Stu6781
    Stu6781 Posts: 119 Forumite
    Fourth Anniversary 10 Posts
    Ok. So what would be the best thing to do financially now?
  • Stu6781
    Stu6781 Posts: 119 Forumite
    Fourth Anniversary 10 Posts
    Sorry guys, another question: is it possible to swap a car to another one (of similar value) and continue the payments (have them altered slightly) I’m only 9 months into a 3 year agreement.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Stu6781 wrote: »
    Ok. So what would be the best thing to do financially now?

    Keep paying until the end of the agreement, at that point give the car back and buy something outright with a personal loan or save £260 a month now and either pay the balloon payment at the end or buy a car for £7000.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Stu6781 wrote: »
    Sorry guys, another question: is it possible to swap a car to another one (of similar value) and continue the payments (have them altered slightly) I’m only 9 months into a 3 year agreement.

    No - the dealer will not let you do this. Why would you though as your in a contract to drive this car for 3 years.
  • Cornucopia
    Cornucopia Posts: 16,514 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    £200pm is not a particularly high payment value (we've seen much, much higher, here). Is there a particular reason why you want to get out of the deal so soon after it started?
  • Scrapit
    Scrapit Posts: 2,304 Forumite
    1,000 Posts Second Anniversary Name Dropper Combo Breaker
    Stu6781 wrote: »
    Ok. So what would be the best thing to do financially now?
    Er, pay it and complete your contract that you willingly entered into?
    What are you after here? Did you read the deal before signing it?
  • Lucky_Duck_2
    Lucky_Duck_2 Posts: 292 Forumite
    Tenth Anniversary 100 Posts Photogenic Combo Breaker
    foxy-stoat wrote: »
    No - the dealer will not let you do this. Why would you though as your in a contract to drive this car for 3 years.

    Provided he/the dealer settles the outstanding finance then he is perfectly entitled to trade the car in to buy another one at any point in time.

    Whether or not the 'monthlies' stay the same is a different question!
This discussion has been closed.
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