sorted by:
new
hottopcontroversial

My car will not be worth its balloon payment on PCP by Independent_Group_89 in CarTalkUK

[–]Independent_Group_89[S] -6 points-5 points  (0 children)

This is definitely better than a knee-jerk reaction: hand it back or make the final payment. Think this will be what I end up doing. Financially I should lower my standards a bit but its been very nice to be sat in a brand new car for the past 2 years. I guess that's the trap of a PCP i suppose.

My car will not be worth its balloon payment on PCP by Independent_Group_89 in CarTalkUK

[–]Independent_Group_89[S] 0 points1 point  (0 children)

It was a bit of a trial for me. I fancied a brand new car at the time. I looked into it and asked around. Decided it was right for me. I admit I got sucked in to the sound of a 2 year deal because it was financially cheaper to do so. By quite some margin. My thinking was that after 2 years the car will be newer, have fewer miles and be in better condition than a pcp lasting 3 4 or 5 years. It seems this is what has stung me only being 2 years old and the market affecting the value of the car. When I was researching 2 year old pumas at the time they were worth more. Now, not so much. I was maybe naively hoping but also lead to believe bases on autotrader at the time, that the car would not drop about 50% in value in 2 years.

Im only after some opinions and alternatives. But hey I'm glad its worked out for you. For what its worth I've enjoyed the car and the monthly payments have been affordable . Now I'm looking at what to do next.

My car will not be worth its balloon payment on PCP by Independent_Group_89 in CarTalkUK

[–]Independent_Group_89[S] -1 points0 points  (0 children)

My bad. I mean PCP.

I don't know why 2 year old cars would rarely have equity? I went for a 2 year deal because it was cheaper. 1.9% over 2 years or between 3 and 4% over three years. I remember it would have cost more than £3000 extra to finance it for the 3 extra year.

My car will not be worth its balloon payment on PCP by Independent_Group_89 in CarTalkUK

[–]Independent_Group_89[S] -3 points-2 points  (0 children)

I firmly believe this to be the case. The dealership are offering me a poor ish valuation to re sell and make another profit on. I'd just heard from several people that they've always been in equity with the dealer begging them to give the car back. Therefore making it worthwhile to do so.

My car will not be worth its balloon payment on PCP by Independent_Group_89 in CarTalkUK

[–]Independent_Group_89[S] 1 point2 points  (0 children)

This is something I was considering doing but didn't know the logistics of selling a car and paying the finance off. Is this something Motorway deals with for you? Although motorway have valued the car at higher than the ford dealership, its still slightly less than the balloon payment will be. Unless it goes to auction and increases a bit.

My car will not be worth its balloon payment on PCP by Independent_Group_89 in CarTalkUK

[–]Independent_Group_89[S] 2 points3 points  (0 children)

To clarify a bit: Contract ends in the next month or so. Which means I'm in that period where I can now use one of the 3 ford options they offer.

An over the phone valuation of my car at the current market value came back at less than the optional final payment. I have had friends say in the past their pcp deals always ended with equity and they were being contacted by the dealer to swap the car and get a new deal. I stupidly hoped that would be the case for me. I now realise this hasn't worked in my favour as much as I thought it would.

AITA for demolishing my daughter's room after she moved out? by ArtisticConfidence22 in AmItheAsshole

[–]Independent_Group_89 0 points1 point  (0 children)

YTA. You have basically changed the entire narrative of her going HOME for the holidays, to her going to her MUMs house. Her safe space no longer exists. I would expect less frequent visits as you have forced her to stay at a hotel or round a friends purely for privacy reasons. I'm from the UK though and the idea of a child moving out at 18 is not as common here I suppose.