PCP finance question

PCP finance question

Postby wakey1512 » Sat Jun 20, 2015 9:43 am

For all PCP gurus out there!

I Have been paying PCP finance for a 2011 scirocco 1.4 for 2 years now with the final year coming up. The final monthly payment on the plan is £5000. Is this the balloon payment I need to pay to own the car?

What would be my best option at the end of the finance? As I imagine the car will be worth significantly more than £5000 by next year.

I wasn't made aware of any mileage limits but I have covered covered about 25k in 2 years.
wakey1512
 
Posts: 41
Joined: Wed Jun 19, 2013 6:15 am
I drive a: 1.4 TSI 122/125
In: Rising Blue
With a: Manual box

Re: PCP finance question

Postby Ericshaun1986 » Wed Jun 24, 2015 5:13 pm

My PCP is similar but over four years and the final repayment was 9k and the car would 100% be worth more if stuck to below their miles limit which is 56k. Currently at 6k for a year. Cars at 22k miles.

I believe the final repayment is what it would take for you to own the car, however I'm not sure if you can then get a finance deal again on the remaining sum or it has to be a lump payment. I liked the guys idea at the dealership, He basically said trade in after the pcp is at an end.. Pay off the 5k and whatever the cars value after that use for a substantial deposit for a newer one.


Sent from my iPhone using Tapatalk
User avatar
Ericshaun1986
 
Posts: 43
Joined: Sat Jun 20, 2015 10:44 pm
I drive a: R-Line
In: Flash Red
With a: Manual box
Options: Tornado Red, 19 inch lugano alloys , Metal pedals, satnav , DAB , leather , heated seats, heated mirrors, parking sensors.


Return to Cars and Motoring

Who is online

Users browsing this forum: No registered users and 6 guests