PCP on Mercedes 14 July 2022 at 10:03PM in Motoring 10 replies 504 views

Bolt1234

Husband is coming to end of his 4 year PCP in 9 months.  For all sorts of reasons he is considering buying it.  How can I find out whether the price quoted over 3 years ago is a good one (for him!).

Grumpy_chap

Bolt1234 said:

Husband is coming to end of his 4 year PCP in 9 months.  For all sorts of reasons he is considering buying it.  How can I find out whether the price quoted over 3 years ago is a good one (for him!).

The easiest way to get an initial guide is the car-buying services such as WBAC, Motorway and such like.

MX5huggy

The way used car prices have firmed up over the last last 2 years, it is very unlikely that handing the car back is the best thing to do. 

jefaz07

MX5huggy said:

The way used car prices have firmed up over the last last 2 years, it is very unlikely that handing the car back is the best thing to do. 

Agree with this. My Merc was worth £3700 more so definitely have a think about keeping it. Or you may get a great deal on a new one with incentives and extra money for a deposit. 

iwb100

MX5huggy said:

The way used car prices have firmed up over the last last 2 years, it is very unlikely that handing the car back is the best thing to do. 

They are dropping now though.

Flight3287462

In the past the price to buy the car was usually extortionate but we live in interesting times.  Also check Autotrader and with webuyanycar you have an idea of a spread in the price.

Nearlyold

Flight3287462 said:

In the past the price to buy the car was usually extortionate but we live in interesting times.  Also check Autotrader and with webuyanycar you have an idea of a spread in the price.

Not sure why the price to buy would have been "extortionate" in the past - it's simply the balance to pay after the deposit and monthly payments have been deducted and accrued interest added to the original purchase price.

I agree though we're in interesting times - we just sold our 6 year old Hyundai i10 for more than we paid for it 3 years ago.

shiraz99

Flight3287462 said:

In the past the price to buy the car was usually extortionate but we live in interesting times.  Also check Autotrader and with webuyanycar you have an idea of a spread in the price.

Not really, the price to buy the car, the balloon payment, was usually pretty much on the money of how much the car would've been worth at the time. The finance providers have been in the business long enough to know how to value a car.

iwb100

shiraz99 said:

Flight3287462 said:

In the past the price to buy the car was usually extortionate but we live in interesting times.  Also check Autotrader and with webuyanycar you have an idea of a spread in the price.

Not really, the price to buy the car, the balloon payment, was usually pretty much on the money of how much the car would've been worth at the time. The finance providers have been in the business long enough to know how to value a car.

Yeah this, no idea why anyone would think a finance company would want to settle the debt with an overvalued car….that wouldn’t make any sense given they’d be out of pocket. 

Flight3287462

My bad , I thought he was talking about a lease....oops

motorguy

MX5huggy said:

The way used car prices have firmed up over the last last 2 years, it is very unlikely that handing the car back is the best thing to do. 

Where did they say they were thinking of doing that?