BMW PCP Downgrade to save money

dodski69

Hi looking for some advice please. 

I am currently looking to save money on the amount I pay to BMFS on my PCP.

Currently I have a monthly payment of £495 and 3 years left (out of 4) the settlement figure is £30,500 car is worth and I have been offered by BMW £36k BM 330D Convertible one year old 

Looking to try and reduce my payment by £100 if not more, But will it be a false economy as I will be buying an older car say by a year and a lower model M sport 135 approx about £28k would be about £380 a month over four years. 

Will this be a rubbish decision ?

Any advice would be appreciated.

cw8825

by my logic
495*36 = 17820
380*48= 18240

You will end up paying more for an asset that will be worth les then the current car because of its age.

Are you able to take a loan for the settlement figure? That could work out cheaper 

Grumpy_chap

dodski69 said:

Hi looking for some advice please. 

I am currently looking to save money on the amount I pay to BMFS on my PCP.

Currently I have a monthly payment of £495 and 3 years left (out of 4) the settlement figure is £30,500 car is worth and I have been offered by BMW £36k BM 330D Convertible one year old 

Looking to try and reduce my payment by £100 if not more, But will it be a false economy as I will be buying an older car say by a year and a lower model M sport 135 approx about £28k would be about £380 a month over four years. 

Will this be a rubbish decision ?

Any advice would be appreciated.

Sell the current car for the best possible price - try various buying services - clear the settlement figure.
Buy a cheaper car for cash.