VT or keep going with PCP?

ftd83

Does anyone have any experience of VT with BMW finance?

I am 1 month away from 3 years into a 4yr pcp on a 320 m-sport touring. Am a bit over the mileage but not by too much. The VT point is in 2 weeks time so I could hand it back then.

I thought to check what my position is at this point out of interest and it is not pleasant. Currently have 19k left to settle the agreement and own the car. The GMFV is 13k. The most I can get any dealer to offer me is 15.5k for the car now. I seriously doubt it will be worth the same in 1 yrs time when the pcp ends. Apparently bmw and Audi have been giving high GMFV figures to drive new sales...

Any advice here? Should I just VT the bmw now and not throw any more good money after bad? I can afford the on going payments and could overpay a bit to cover the mileage but I can't see me making any equity at the end. Tried the sale route already and can't get anywhere near the 19k left to settle. Guess I could keep going for a few months then see but might just be putting money into a car then vt anyway.

Thanks for any experience/advice out there.

wgl2014

Whilst you could VT and hand the car back a year early what will you then do for a car? If the first payment was greater than the normal monthly you are effectively making the deal worse by ending early.
I would consider keeping the car for the 4 years and then deciding what option is best.

sheslookinhot

I would keep the car for the 4 years, trying to reduce the mileage to that contracted. If you like the car and the GMV is competitive then you could buy, otherwise, hand it back. In the meantime you could try and save for another car.