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Advice needed! New car/current PCP
Evening all, first post so bear with me...
I’m after some advice on my current situation regarding an existing PCP and buying a new car...
It’s a bit of a long story but here goes...
My wife and I initially had a car each (both on pcp) but as we worked for the same company it seemed silly, so traded in both for 1 new, nicer car to share, and this worked well.
A year later, circumstances have changed, we have a baby and I have changed jobs meaning I need the car to get to work and she is stuck at home without transport.
She has come into some money and has a max of £10k to buy herself a car. We’ve seen a 17 plate Honda Jazz in budget which would be great for her.
However, there’s the underlying question of our existing PCP car.
It’s an expensive small SUV which is only a year deep into PCP and in negative equity. Its a great family car for the 3 of us plus a pram + shopping but It’s pointless for just me keeping it to go to work and back in on my own.
I’m more than happy to have a cheap, older little run around to go to work and back in if the wife gets the Jazz or keeps the current car.
My question to you guys is what do you think is best to do?
Do we buy the Jazz outright and keep paying the PCP until we get to VT?
Does the wife have the current car (expensive monthly payments) and I use some of the £10k to buy something cheap for commuting?
Would the dealership somehow pay off the finance on our current car in a kind of swap agreement and we could take the Jazz + another cheap 2nd hand car off of them for myself?
Are there other options? Feeling a bit stuck!
Thanks for reading and any advice you guys have. Pleas ask if there’s any other info you’d like to know
I’m after some advice on my current situation regarding an existing PCP and buying a new car...
It’s a bit of a long story but here goes...
My wife and I initially had a car each (both on pcp) but as we worked for the same company it seemed silly, so traded in both for 1 new, nicer car to share, and this worked well.
A year later, circumstances have changed, we have a baby and I have changed jobs meaning I need the car to get to work and she is stuck at home without transport.
She has come into some money and has a max of £10k to buy herself a car. We’ve seen a 17 plate Honda Jazz in budget which would be great for her.
However, there’s the underlying question of our existing PCP car.
It’s an expensive small SUV which is only a year deep into PCP and in negative equity. Its a great family car for the 3 of us plus a pram + shopping but It’s pointless for just me keeping it to go to work and back in on my own.
I’m more than happy to have a cheap, older little run around to go to work and back in if the wife gets the Jazz or keeps the current car.
My question to you guys is what do you think is best to do?
Do we buy the Jazz outright and keep paying the PCP until we get to VT?
Does the wife have the current car (expensive monthly payments) and I use some of the £10k to buy something cheap for commuting?
Would the dealership somehow pay off the finance on our current car in a kind of swap agreement and we could take the Jazz + another cheap 2nd hand car off of them for myself?
Are there other options? Feeling a bit stuck!
Thanks for reading and any advice you guys have. Pleas ask if there’s any other info you’d like to know
0
Comments
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Cars on PCP will have negative equity for almost the full term. Forget about that. You have the answer above. Keep paying for the SUV and buy a cheap commuter, but buy wisely.Mortgage free
Vocational freedom has arrived0
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