PCP - Advice needed

Crunx

Hi All,

I'm looking for some PCP advice.
A couple of years ago I got into a PCP deal that wasn't great and in hindsight should not have been taken.

My circumstances have now changed and I am in a much better financial position.
I am therefore looking to upgrade my car to a new brand and end my current PCP deal early.

The PCP deal is currently with VW and I have just under two years left on the deal.
My settlement fee is currently over £11,000 and is almost identical to the value of the car.

I figure my options are to pay the settlement fee and try to sell the car privately, or offer voluntary termination of the PCP deal which will cost me around £2700.

I could also wait until the voluntary termination fee reduces to £0 in around 11 months, however this feels like money down the drain.

Any thoughts would be greatly welcome.

DrEskimo

Or you could pay the £11,000 settlement fee and just keep the car?

Crunx

That is another option, however I am in need of a bigger car ideally.
(Sorry, I did forget to mention this)

foxy-stoat

Are you 100% sure that you will get all of your £11,000 back by selling privately?

I would wait it out until your 50% way through then hand it back - buy a cheaper bigger secondhand car outright with the £11,000 you already have, don't get yourself into another PCP deal as that IS money down the drain.

DrEskimo

What have you been offered trade value (WBAC, Tootle, Evans Halshaw, local dealers using sale or return, etc.)?

If this is less than £2,700, then do that, use part of the £11k to repay the difference to clear the finance, then use the remaining amount to buy a used car outright.