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Issues with resale and tradein

  • 29-06-2024 9:45am
    #1
    Registered Users, Registered Users 2 Posts: 155 ✭✭


    Hi all,

    I have driven an EV for 2 years, I love the car but I will be looking to go to a petrol hybrid of some sort in the near future as its better for me personally.

    Last year I got a new 231 Fiat 500e on PCP. It was the top model (La Prima by Bocelli) Dealers were selling them for around 38k early last year, currently the same model and year is being sold by dealers for around 24k which is a huge drop. I have around 26-27k left on the PCP agreement and I am foreseeing that I am going to struggle to trade it in even 6 months from now based on the above. I made a few calls to various dealers to get a feel for how things are right now and they all either said they aren't taking any as they cant sell the ones they have and they wouldn't be able to offer me anything close to 26k anyway. One said to give it to closer to the end of the year but I cant see much changing between now and then. Its crazy really that there can be so much of a shift in pricing and leaves people in a financial negative realistically.

    What advice would you give to someone in this situation?



Comments

  • Registered Users, Registered Users 2 Posts: 7,030 ✭✭✭zg3409


    Wait until the end of pcp and hand in back. Then it's their problem.

    You could try sell direct on done deal but you would need to pay off debt owed on it. Typically you get more on done deal than traders will pay on trade in.

    Buying a brand new car and signing a 3 year (?) finance deal then changing your mind is an expensive hobby. Top models typically depreciate more.

    Typically leas depreciation is buying a 3 year old from a non dealer at a low price and handing on to it until warranty is nearly out. Some brands offer offer much better warranty which helps cars keep their value for longer.



  • Registered Users, Registered Users 2 Posts: 7,674 ✭✭✭User1998


    I’m no PCP expert but if the same car brand new can be bought for €24k and you have €27k left on the PCP agreement that would be you in negative equity if you tried to sell now. So even if you managed to sell it for €17k or so you’d still need to pay another €10k yourself to get out of the finance agreement.

    So in this instance isn’t the best idea to just continue paying the finance and hand the car back when the PCP agreement is up?



  • Registered Users, Registered Users 2 Posts: 2,944 ✭✭✭Bogwoppit


    Hand it back at the end of the deal is your best option financially.



  • Registered Users, Registered Users 2 Posts: 3,021 ✭✭✭joe1303l


    Keep driving it until whatever PCP agreement you signed up to has expired. It’s going to cost you big money to go any other direction. Pretty much anyone that bought a new EV in late 2022/early 2023 has got burned but it doesn’t affect owners until you need to change.



  • Registered Users, Registered Users 2 Posts: 155 ✭✭Evelynmc


    Thanks for the advice guys, much appreciated. I was also wondering about the half rule or whatever its called. Im not sure if it in my agreement but one part I have taken a screenshot of the terms where the hirer can end the agreement and I am wondering about the part that mentions if I have paid under 20k odd I can end the agreement early, Is my understanding of that correct?



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  • Registered Users, Registered Users 2 Posts: 12,878 ✭✭✭✭Calahonda52


    27 residual payment on a 38k PCP seems high.

    I did 38 PCP in 211: 4 down, 560/ month for 3 years 17 residual

    “I can’t pay my staff or mortgage with instagram likes”.



  • Registered Users, Registered Users 2 Posts: 155 ✭✭Evelynmc


    Are you saying 27k residual? Do you mean 20k as thats what it says on that snippet. It was just over 38k total cost, then 5.8k ish down and payments of 570 for the 3 years



  • Registered Users, Registered Users 2 Posts: 22,635 ✭✭✭✭ELM327


    Just wait till the end of the PCP and hand it back. That's what I'm doing in the same bucket with a model 3.



  • Registered Users, Registered Users 2 Posts: 13,771 ✭✭✭✭fits


    that’s the half rule section. There should also be a piece about a third of price. Ccpc website is very helpful here.



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