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Selling privately worth considering?

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  • 04-02-2019 8:47pm
    #1
    micks_address
    Registered Users Posts: 8,529 ✭✭✭


    Hi folks,

    I'll be two years into a PCP ona Skoda Octavia dsg 2 litre diesel in July. As it happens im going to be spending the summer in the US working so I won't need the car from May till Mid August. I've been thinking of a change anyway but would I be mad to try and sell the car privately and settle the PCP and buy again in August?

    Skoda are telling me to come back in year 3 as residuals will be better. The car was 35.5k new and has about 42k km on it. It's sportline with LED lights upgraded speakers and I guess pretty much specced out for an Octavia. What would be likely sale price be?

    Cheers,
    Mick


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    #2
    Squidgy Black
    Registered Users Posts: 21,629 ✭✭✭✭Squidgy Black


    You can't sell a car on PCP without settling the finance outstanding on it first. You technically don't own the car until the finance is cleared, it's like a lease until the final payment is made. So the buyer would be paying the finance company.

    Any buyer who does a check on the car first (most will at that sort of money) wouldn't touch it with a barge pole either Inc they see there's finance outstanding on it too. It's generally not worth the hassle.


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    #3
    JoeA3
    Registered Users Posts: 7,424 ✭✭✭JoeA3


    Squidgy Black wrote: »
    You can't sell a car on PCP without settling the finance outstanding on it first. You technically don't own the car until the finance is cleared, it's like a lease until the final payment is made. So the buyer would be paying the finance company.

    Any buyer who does a check on the car first (most will at that sort of money) wouldn't touch it with a barge pole either Inc they see there's finance outstanding on it too. It's generally not worth the hassle.

    Really that's a load of nonsense.

    The seller (Mick) can be totally upfront with a potential buyer and make it crystal clear that the finance outstanding will be cleared immediately upon the sale. This can be formalised easily. It is done all the time. The finance company don't care how they're paid, so long as they are paid.

    Might be hard enough to sell privately in any event, finance issue aside. There's a sea of Octavia's out there and you'd need to price it aggressively. Obviously you want at least enough to clear the remaining finance.


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    #4
    micks_address
    Registered Users Posts: 8,529 ✭✭✭micks_address


    Squidgy Black wrote: »
    You can't sell a car on PCP without settling the finance outstanding on it first. You technically don't own the car until the finance is cleared, it's like a lease until the final payment is made. So the buyer would be paying the finance company.

    Any buyer who does a check on the car first (most will at that sort of money) wouldn't touch it with a barge pole either Inc they see there's finance outstanding on it too. It's generally not worth the hassle.
    Yeah I would have thought that's not an issue. I traded my last car to a skoda dealer who then cleared my Honda PCP. Getting a decent price might be the biggest stumbling block. Honda garage offered me 23.5k in a trade in. If I could get 24 privately I'd be very happy. More than likely I'll just hold on for another year. It's taxed till December.


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    #5
    bazz26
    Registered Users Posts: 51,179 ✭✭✭✭bazz26


    There is a brand new Octavia model out later this year so that might be something to think about regarding resale values of your model. In saying that getting someone to spend 24k on a private sale will be challenging.


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    #6
    micks_address
    Registered Users Posts: 8,529 ✭✭✭micks_address


    bazz26 wrote: »
    There is a brand new Octavia model out later this year so that might be something to think about regarding resale values of your model. In saying that getting someone to spend 24k on a private sale will be challenging.
    Yep thats what I figure to. It's a lot for a 2 year old Octavia. I suppose that's the downside of specing up a car.. probably would have been better with a lower spec ambition superb with few extras. Probably would have been an easier resale. I've had a quick look online and see a few dealers offering manual 2 litres with similar age for 25.5. the auto should in theory be worth a bit more


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    #7
    road_high
    Registered Users Posts: 19,402 ✭✭✭✭road_high


    May to August is a very short term. Just park it up until you come back and save yourself the hassle of selling it and buying when you come back.


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    #8
    Gonad
    Registered Users Posts: 654 ✭✭✭Gonad


    micks_address wrote: »
    Yep thats what I figure to. It's a lot for a 2 year old Octavia. I suppose that's the downside of specing up a car.. probably would have been better with a lower spec ambition superb with few extras. Probably would have been an easier resale. I've had a quick look online and see a few dealers offering manual 2 litres with similar age for 25.5. the auto should in theory be worth a bit more

    If dealers are selling for 25.5 you will need to knock a good few gs of your own price . Sold a car recently myself . Dealers were selling the same car anywhere from 17 to up over 20 grand.

    I ended up selling for 13.5 . People just didn’t want to hand over big money privately


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    #9
    micks_address
    Registered Users Posts: 8,529 ✭✭✭micks_address


    Gonad wrote: »
    micks_address wrote: »
    Yep thats what I figure to. It's a lot for a 2 year old Octavia. I suppose that's the downside of specing up a car.. probably would have been better with a lower spec ambition superb with few extras. Probably would have been an easier resale. I've had a quick look online and see a few dealers offering manual 2 litres with similar age for 25.5. the auto should in theory be worth a bit more

    If dealers are selling for 25.5 you will need to knock a good few gs of your own price . Sold a car recently myself . Dealers were selling the same car anywhere from 17 to up over 20 grand.

    I ended up selling for 13.5 . People just didn’t want to hand over big money privately
    Yep that's my thought if a dealer could sell it for 26 I'd do well to get 24 or maybe even close to that.. i suppose even if i got 23 I'd be doing ok out of it


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    #10
    bazz26
    Registered Users Posts: 51,179 ✭✭✭✭bazz26


    The problem is that you will rarely get money back on options. They make a car easier to sell as they are nice to have but people rarely pay much extra for them on a second hand car. You might get some money back on it being DSG but realistically unless you can get a buyer specifically looking for a 2.0 TDi Octavia (that isn't a vRS) then your looking at slightly more than the sea of 1.6 TDi models out there.

    I'd be in the same boat as yourself, paid a nice premium for a 3.0 last year with lots of optional extras but realistically I will probably just get similar money for it as the other 95% 2.0 models out there if I were to sell it tomorrow.


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