PCP Question - Negative Equity

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  • Herzlos
    Herzlos Posts: 14,694 Forumite
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    Yeah, you'll be financially much better off trying to endure with the current car even if you need to go and buy super compact buggies and what not.


    Are you a single car household? Might also be a lot cheaper upsizing the one that's not 7 months into a PCP.
  • Car_54
    Car_54 Posts: 8,233 Forumite
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    motorguy wrote: »
    3 would be fine in the back of a 1 series. We have one.

    I think the O/P should work with what they have currently rather than flush literally thousands down the toilet getting out of this deal nad changing now, to then flush literally thousands again down the toilet with immediate depreciation again on the next car.
    Or in fact the precise opposite of "literally".
  • motorguy
    motorguy Posts: 22,479 Forumite
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    edited 14 June 2019 at 11:21AM
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    Car_54 wrote: »
    Or in fact the precise opposite of "literally".

    The literally referred to the amount not to "down the toilet". I didnt say literally flush.

    But thanks for your input. I'm sure its helped the O/P a lot.
  • Car_54
    Car_54 Posts: 8,233 Forumite
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    motorguy wrote: »
    The literally referred to the amount not to "down the toilet". I didnt say literally flush.
    You're right. Obviously too subtle for a Friday! Apologies:o
  • Mercdriver
    Mercdriver Posts: 3,898 Forumite
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    foxy-stoat wrote: »
    Yes, 3 would be a squeeze in a 1 series.

    Have you crunched the numbers on the best way forward?
    motorguy wrote: »
    TBH I wouldnt be rushing to change it then. Three kids will fit in the back of a 1 series no problem for the forseeable future. Certainly at least until you get yourself out of this negative equity position.

    I wouldnt be knee jerking in to changing a car.

    And here we have (sorry OP) a paradigm...
  • paradigm_2
    paradigm_2 Posts: 22 Forumite
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    Thanks everyone. TBH I've always known the least financial impact longterm would be to keep the car, that was never really the question.
  • Herzlos
    Herzlos Posts: 14,694 Forumite
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    If you're consigned to changing the car, then the best time to sell it is now and then clear the finance. You're going to get just as badly hosed as if you'd bought a new 1-series and sold it 7 months later, but there's likely a lot of demand for a tidy <1 year old car.


    The bigger concern is the financing - few private buyers will be able to give you cash for it, so you may need to see about selling it back to BMW, in which case you may be able to just roll the (significant) negative equity into the next car.


    Do you have any family you could get to 'take over' the PCP?
  • motorguy
    motorguy Posts: 22,479 Forumite
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    Car_54 wrote: »
    You're right. Obviously too subtle for a Friday! Apologies:o

    Accepted :)

    :beer:
  • motorguy
    motorguy Posts: 22,479 Forumite
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    paradigm wrote: »
    Thanks everyone. TBH I've always known the least financial impact longterm would be to keep the car, that was never really the question.

    Of course.

    However its maybe thinking outside the box in terms of getting the three and their gear in to a 1 series for a while or "making do" [STRIKE]could [/STRIKE]will save you £,£££s.
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