Pcp pch lease buy

lunty_2005 · 13 January 2018 at 8:49AM

Hi all. I'm after a bit of advice.
We currently have, on finance, a 2013 Renault Megane 1.5dci TomTom Dynamique S which we 'bought' at £9688. We've had it 2 years and it's a brilliant car... Or at least has been.
We pay £175 a month on it and currently have £6500 left on the finance deal but the car is only worth £4k despite it being in a brilliant condition and 54k miles.
I've become self employed and I'm doing between 2000 & 3000 miles a month. The car previously was doing less than 5k a year.
My question is, I'd like to eradicate the negative equity and get more car for the money as with the mileage I'm doing, I need something that I can do mega miles in, without worrying about reaching up mileage.

What do people recommend I do?
I'm in the motor trade and have many contacts for Leasing deals etc but due to there being outstanding finance on this car and me potentially being able to have something new, at a similar cost, wanted to know what people in my position would do/have done.

Many thanks,
Ant

tonyh66 · 13 January 2018 at 8:54AM

you can't eradicate the negative equity until you owe less on the car than it is worth there's no magic solution. Keep the car another 3 years and pay off the finance. BTW buying 2nd hand cars on 5 years finance is not wise.

neilmcl · 13 January 2018 at 10:37AM

tonyh66 wrote: »

you can't eradicate the negative equity until you owe less on the car than it is worth there's no magic solution. Keep the car another 3 years and pay off the finance. BTW buying 2nd hand cars on 5 years finance is not wise.

Buying any used car on a PCP/HP agreement is never a good idea.

System · 13 January 2018 at 5:08PM

3000-5000 miles a month excludes you from any PCP or Lease deals. You'd be lucky to find one with a mileage allowance that would give you enough to cover 2-3 months a year at that monthly mileage. For example the Mercedes I've seen on TV currently being advertised on PCP has an ANNUAL mileage limit of 6000 miles.

Your Megane is perfectly capable of doing the mileage you're doing if you service it and maintain it properly and fuel economy wise you're not going to do much better. Keeping it and running it until it dies would be the cheapest option. Whatever you replace it with will see its value depreciate beyond belief due to 30,000-50,000 miles a year so you're just going to be throwing good money after bad replacing it with something else.

doningtonphil · 13 January 2018 at 6:25PM

Tarambor wrote: »

3000-5000 miles a month excludes you from any PCP or Lease deals. You'd be lucky to find one with a mileage allowance that would give you enough to cover 2-3 months a year at that monthly mileage. For example the Mercedes I've seen on TV currently being advertised on PCP has an ANNUAL mileage limit of 6000 miles.

The 6000 mile 'limit' in any lease price advertised is to achieve the quoted monthly price. You can get a lease based on virtually any annual 'limit' but the monthly price will get higher, the higher he annual mileage limit.

Pcp pch lease buy

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free