Pay remainder owing on PCP or get another PCP

Nharrison02

I got a Hyundai Tucson in 2016 on 3 year PCP and the term is just up. I have an option to return it and walk away or pay the remaining €13k owed. The dealer offered me €25k trade In towards a new one and another PCP deal (minus the 13k owed). Not sure what to do?
I was thinking of paying the 13k and keeping the car another year. I have been paying €479 per month on the PCP. But not sure what my car will be worth then. I heard non Hyundai dealers are offering much less for Tucson trade ins.
Has anyone had a similar decision to make?

carsfan2

Nharrison02 wrote: »

I got a Hyundai Tucson in 2016 on 3 year PCP and the term is just up. I have an option to return it and walk away or pay the remaining €13k owed. The dealer offered me €25k trade In towards a new one and another PCP deal (minus the 13k owed). Not sure what to do?
I was thinking of paying the 13k and keeping the car another year. I have been paying €479 per month on the PCP. But not sure what my car will be worth then. I heard non Hyundai dealers are offering much less for Tucson trade ins.
Has anyone had a similar decision to make?

The dealer is valuing your three year old Tucson at 25k? What did it retail for when new?
Seems a really high value to me.
Do you have to put any cash into new deal and are the repayments changing?
If you’re happy with the deal and want a new car then take it. If you are happy with current car then pay it off and keep it.
Dealers want to keep customers on the pcp treadmill but ultimately it is up to you.

dubrov

The car is worth more than 13k so don't return it and walk away.

The other options depend on if you want a new car or not. Obviously a new one will cost you a good bit more in the long run

alentejo

carsfan2 wrote:

The dealer is valuing your three year old Tucson at 25k? What did it retail for when new? Seems a really high value to me. Do you have to put any cash into new deal and are the repayments changing? If you’re happy with the deal and want a new car then take it. If you are happy with current car then pay it off and keep it. Dealers want to keep customers on the pcp treadmill but ultimately it is up to you.

carsfan2 wrote:

The dealer is valuing your three year old Tucson at 25k? What did it retail for when new? Seems a really high value to me. Do you have to put any cash into new deal and are the repayments changing? If you’re happy with the deal and want a new car then take it. If you are happy with current car then pay it off and keep it. Dealers want to keep customers on the pcp treadmill but ultimately it is up to you.

I suspect high valuation includes a dealer discount on any prospective new car.

tedpan

How much deposit did you give originally? The trade in value sounds good in my opinion.

uncle_sam_ie

The great thing with PCP is you're not locked into the same dealer or manufacturer. We went from a 162 Ford focus PCP to the new Toyota Corolla saloon on PCP. It's costing us only 60 euro extra a month because we went with the Luna sport.

JoeA3

uncle_sam_ie wrote: »

The great thing with PCP is you're not locked into the same dealer or manufacturer. We went from a 162 Ford focus PCP to the new Toyota Corolla saloon on PCP. It's costing us only 60 euro extra a month because we went with the Luna sport.

That is true, but generally speaking the franchise dealer (Hyundai in this case) will offer a better trade in valuation on your current car than a dealer for another marque. Can vary wildly of course, depending on the car and the dealers.

Lantus

What was the original car cost and deposit? New car cost and equity.

13k for the gmfv would be representative of a car that cost 28 to 32k ish given that gmfv runs at about 45 pc of the original car value. 3 to 4k deposit would be good so 17k trade in.

Just needs clarifying...