We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

PCP on Mercedes

Bolt1234
Bolt1234 Posts: 326 Forumite
Sixth Anniversary 100 Posts
in Motoring
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!).

Comments

  • Grumpy_chap
    Grumpy_chap Posts: 20,258 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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
    MX5huggy Posts: 7,170 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    jefaz07 Posts: 650 Forumite
    Part of the Furniture 500 Posts Name Dropper
    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
    iwb100 Posts: 614 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    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
    Flight3287462 Posts: 1,195 Forumite
    1,000 Posts Second Anniversary Name Dropper Photogenic
    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
    Nearlyold Posts: 2,456 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 17 July 2022 at 9:43AM
    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
    shiraz99 Posts: 1,936 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    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
    iwb100 Posts: 614 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    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
    Flight3287462 Posts: 1,195 Forumite
    1,000 Posts Second Anniversary Name Dropper Photogenic
    My bad , I thought he was talking about a lease....oops

  • motorguy
    motorguy Posts: 22,626 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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?
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.8K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 246.9K Work, Benefits & Business
  • 603.4K Mortgages, Homes & Bills
  • 178.2K Life & Family
  • 260.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture