Loan to pay off pcp

DrEskimo

Budster1 wrote: »

Really appreciate the replies guys....

I’d like to try and avoid WBAC as their initial valuation was 23k, and I reckon they’ll take the !!!! once I get there with the car. Even though it’s in mint condition, I’ve read the horror stories haha

I’ll try the main dealers first

Can you recommend any online buyers other than WBAC at all?

If WBAC are offering £23k, then that's a good plan B! Could try Evans Halshaw.

There was a website called Tootle that advertised your car to dealers who would make offers. I used that to sell my first (and only) PCP car I wanted to get rid of. Ended up selling to a dealer in Essex called Mantis Cars. After a bit of negotiating I got a price that was near private sale and was above the settlement. Picked up the car from my house, sent the money and I cleared the finance the next day at the bank. Easiest sale i've ever done!

Try to get a good idea of the cars worth, and don't be guided by the finance you happen to owe on it. They are separate things.

Budster1

Thanks again.

Same car as mine are listed for between 26-28k on the likes of Ebay and AT

I’m realistic though, I know the dealers need a lot of room for profit!

I would genuinely be happy if I could break even. I wouldn’t be having to add more than £800 to settle the finance if I’m honest

I will try that website you used, thank you

Budster1

That above should say “happy” not having

Budster1

Scrap that!

Tootle have gone into administration!!!

DrEskimo

Budster1 wrote: »

Thanks again.

Same car as mine are listed for between 26-28k on the likes of Ebay and AT

I’m realistic though, I know the dealers need a lot of room for profit!

I would genuinely be happy if I could break even. I wouldn’t be having to add more than £800 to settle the finance if I’m honest

I will try that website you used, thank you

Well yes, but they don't need that much profit! Don't end up giving the car away and paying higher depreciation costs based on some arbitrary figure of what you happen to owe on the car!

With those figures, I would be aiming for around £24k as a good trade value. Try indie garages as well as main dealers. I rarely get anything decent from a main dealer....

Budster1 wrote: »

Scrap that!

Tootle have gone into administration!!!

Yes sorry, I knew that but wasn't very clear in my post about why I was referring to them in the past tense...!

lopsyfa

Try we want any car, they usually offer better price than we buy any car. Also, I have sold a car on finance to the sytner group before and the price offered was ok. They settled the finance and you pay or get a cheque for the balance.

fiisch

I did exactly this. Perfectly valid strategy - if the loan isn't against the car, it'll make it much easier to sell.

Car came up to the end of PCP, £16k settlement figure, took out a loan for £16k and sold the car for £20k. £4k profit.

It helped the car was semi-rare (FK2 Civic Type R) so a Facebook ad was enough to sell it. Amazed someone would pay that much for a private sale on Facebook, but car was a low-mileage immaculate example.

M1CH43L

My experience of selling a car on We buy any car.com. They quote an initial price. You don’t respond and a week or two later they come back with a slightly higher price. You ignore that too and they come back yet again with a still higher price. You go along to the depot and after a lot of old flannel and flattery, you get very close to the most recent price they offered, provided the car is in good condition - which mine was. The car was nothing special, a Seat Ibiza, but it was low mileage and in near mint condition. Their initial offer was £4,500 and I eventually accepted £4912. Quite satisfied with that.

Budster1

Update!

Sold the car to Arnold Clark for £23,800

£1,300 ish being credited to me, happy with that

DCFC79

Budster1 wrote: »

Thanks @Nearlyold


I was not aware I could do that. I thought it was illegal to try and sell a car with existing finance

I wasn’t looking at selling private to be fair, too much hassle, I was actually getting quotes from carwow buying service etc.

Perfectly fine to sell a car with finance, the finance has to be cleared either by the buyer or the seller and don't leave it for the other person to pay off, easier to do it with the other person present.