Car pcp

Kirstymc89

Hi, just looking for a bit of advice my pcp car deal is due up March and now they have contacted me to upgrade! So my car is nearly 4 years old only done 5000 miles as I walk to work (but I do need my car) I look after it well and I do really like the car! ( it’s a Mini Cooper and I feel they hold some value in them)  with COVID right now I don’t want to go around lots of different car show rooms! 

Has anyone got any advice if I want to buy the car how do I go about it?  Or is buying a pcp car being silly and a total waste of money? I’m not really with things like this  Thanks in advance 

Flight3287462

Pay the settlement figure and keep the car, job done.  You know the car that's a plus.

Also calculate how much this car has cost you over those 5,000 miles, you are going to be horrified.

Grumpy_chap

Buying the car you already have with only 5k miles and therefore virtually brand new seems far more sensible than taking out a PCP on another new car.

You should know what you need to pay to keep the current car as the MGFV is given to you at the outset.

Given that your mileage is so low, I assume it is much lower than the agreed mileage so the equity in the car will be somewhat higher than the balloon payment.  If that is correct, you should certainly not just hand the car back without realising that equity value in your favour.

neilmcl

Kirstymc89 said:

Hi, just looking for a bit of advice my pcp car deal is due up March and now they have contacted me to upgrade! So my car is nearly 4 years old only done 5000 miles as I walk to work (but I do need my car) I look after it well and I do really like the car! ( it’s a Mini Cooper and I feel they hold some value in them)  with COVID right now I don’t want to go around lots of different car show rooms! 

Has anyone got any advice if I want to buy the car how do I go about it?  Or is buying a pcp car being silly and a total waste of money? I’m not really with things like this  Thanks in advance 

It's simple, you make the optional final payment (the balloon payment) and the car is yours.

NaughtiusMaximus

Just curious as to why you say you need a car when you average around 1250 miles per year.

The amount those same journeys would have cost by taxi or public transport would be a small fraction of what you've paid on your PCP deal over the same period.

born_again

What are the odds on not having the funds for the balloon payment?

[Deleted User]

NaughtiusMaximus said:

Just curious as to why you say you need a car when you average around 1250 miles per year.

The amount those same journeys would have cost by taxi or public transport would be a small fraction of what you've paid on your PCP deal over the same period.

I ride a bike to work, I don't need the car for that, but I do sport where I can do 150 mile round trip on a day, we have to be there an hour before the game starts, travelling from one city to another via public transport or taxi is stupidly expensive (particularly when appointments can be made a week in advance and changed on a Friday night) and usually impossible to co-ordinate to then get to whatever remote place. E.g. my house to Repton school - drive is 1 hour, easy run. Public transport takes 2 hours 44, a train and 2 buses; my house to Matlock, car is 1 hour 27. Public transport is 2 hours 21, 3 trains and a bus. I also do organised cycle rides, if I am going from my home to somewhere for say a 7am registration, do you really think it's possible to take a bike on public transport easily, if such transport is even running?

[Deleted User]

Hunyani_Flight_825 said:

Pay the settlement figure and keep the car, job done.  You know the car that's a plus.

Also calculate how much this car has cost you over those 5,000 miles, you are going to be horrified.

Horrified how? They took out PCP and know from that what the figures were. They had a car that they needed and enjoyed. It could well run for another 10 years fine. Horrified, wow.

AdrianC

Deleted_User said:

I ride a bike to work, I don't need the car for that, but I do sport where I can do 150 mile round trip on a day, we have to be there an hour before the game starts, travelling from one city to another via public transport or taxi is stupidly expensive (particularly when appointments can be made a week in advance and changed on a Friday night) and usually impossible to co-ordinate to then get to whatever remote place.

Hire a car.

Deleted_User said:

Hunyani_Flight_825 said:

Pay the settlement figure and keep the car, job done.  You know the car that's a plus.

Also calculate how much this car has cost you over those 5,000 miles, you are going to be horrified.

Horrified how? They took out PCP and know from that what the figures were. They had a car that they needed and enjoyed. It could well run for another 10 years fine. Horrified, wow.

Bet they've never worked out the cost per mile.

Let's take the headline illustration on the Mini website. https://offers.mini.co.uk/
3dr Mini Cooper Classic over 48mo, 8k/yr.
£17844 list (less £499 discount deposit contribution)
£2k + 47 x £220 = £12,340
5k total = £2.47/mile. The interest alone has cost 44p/mile.
(Plus, obvs, insurance/servicing/MOT/fuel/parking permit/whatever else...)

And now they'll be looking at a £6,704 balloon to keep the car.

facade

AdrianC said:

Let's take the headline illustration on the Mini website. https://offers.mini.co.uk/
3dr Mini Cooper Classic over 48mo, 8k/yr.
£17844 list (less £499 discount deposit contribution)
£2k + 47 x £220 = £12,340
5k total = £2.47/mile. The interest alone has cost 44p/mile.
(Plus, obvs, insurance/servicing/MOT/fuel/parking permit/whatever else...)

And now they'll be looking at a £6,704 balloon to keep the car.

So on those figures for £6704 the op gets a well looked after 5000 mile car with no faults-

seems a bargain to me!

Grumpy_chap

Some of the "offers" from Mini have been very good at reeling you in and keeping you hooked.

The best thing the OP can do is pay the £6,704 and keep the car, given that she likes it.