PCP & Car values (Coronavirus)

Branchini1979

I am coming towards the end of my PCP and will have the option to buy the car, but trying to remember how this works as no matter what happens outside of the agreement, for that option, you pay what is agreed in the paperwork, but..... Do you think car values will go down due to CV19?
I don't mind the car, but am thinking now of handing it back and thinking that car values will go down and to get a better deal with a new car.
What are your thoughts guys on what I should do?

DrEskimo

Even if you get a 'better deal' on a new car, it will still cost you a fortune relative to your current car over the next few years due to depreciation costs.

Car values have been hit, but that's largely due to the fact that it is very difficult to physically buy one. What will happen to them when lockdown measures start to ease is anyone's guess.

molerat

The car is not worth the balloon payment so everyone goes and takes out another PCP deal - the car industry is saved !

silverwhistle

Or people (or companies) realise that working from home doesn't justify getting another newish car - the car industry is doomed!

RyanHello

silverwhistle said:

Or people (or companies) realise that working from home doesn't justify getting another newish car - the car industry is doomed!

The car sales people will be out of work... It couldn't happen to nicer people! 

Brock_and_Roll

Short term yes, long term far from clear.
I would expect that Covid will be forgotten sooner than people think - human instinct. Bit like post 911 no one wanted to fly...but soon forgotten to the fact that WFH is a bit cra*py for many and the social pressures to be with work colleagues, meet clients etc will will end up not far from normal.
Add in the fact that the fall in new car sales actually gives a boost to used car values and the current oil price, I would not want to predict prices in the medium term and will stick to my 24yo Toyota!

tommyedinburgh

RyanHello said:

silverwhistle said:

Or people (or companies) realise that working from home doesn't justify getting another newish car - the car industry is doomed!

The car sales people will be out of work... It couldn't happen to nicer people! 

A bit harsh, what do you do yourself?

MEM62

tommyedinburgh said:

RyanHello said:

silverwhistle said:

Or people (or companies) realise that working from home doesn't justify getting another newish car - the car industry is doomed!

The car sales people will be out of work... It couldn't happen to nicer people! 

A bit harsh, what do you do yourself?

Estate agent 

tommyedinburgh

MEM62 said:

tommyedinburgh said:

RyanHello said:

silverwhistle said:

Or people (or companies) realise that working from home doesn't justify getting another newish car - the car industry is doomed!

The car sales people will be out of work... It couldn't happen to nicer people! 

A bit harsh, what do you do yourself?

Estate agent 

Jesus!! If this was a football stadium you might hear "you're going down with the car sales guy, down with the car sales guy".

Joking apart, I wouldn't want to see anyone lose their job.