Is it wise for me to move my Zopa PCP to a Tesco Loan?

IAMIAM

Zopa PCP

Currently £74 a month and a balance of GMFV £9750 in August 2029 9.9%

I overpaid to get it to £74 (The monthly interest on 9750)

I also pay £25 a month for a service plan.

Tesco Loan

Offered 5.8% for 12500 £240 for 60 months.

Going to use the 2000 to pay off my 4 year service plan which is also running alongside it.

Car is probably going to be worth £12-15k I would say in Aug 29 based on current values out there. I probably will keep it a year or two longer.

born_again

Why not keep paying the PCP & see exactly what the Balloon is compared to real value is going to be in 2029.

retiredbanker1

Exactly what born_again said.

Pay off the PCP now and you are stuck with the car come what may.

At least with the PCP you may have the option to return the car.

Is it an ICE or EV? If EV it will be worth next to nothing after the third year.