End of PCP. What did you do?

This won’t happen. Generally any car will have lost 50% of it’s value in its first 3 years. So 45K is more likely to be the predicted future value.

So in each instance you’re clearing circa a €60k loan in less than 18 months? You must be spending in the region of €3.5k per month on repayments? Everyone to their own, and I appreciate some can easily afford such outgoings but that really is eye watering stuff.

From memory the original e tron loan was about €30k over 5 years the same with the current A6. So i have a monthly repayment of €592.

Interest on the loan is €5k over the 5 years so once i clear the loan the monthly repayments will be directed back into one of my savings account.

So probably won't look at cars for a while and concentrate on doing the house up new windows doors etc.

From memory 30k loan 20k cash deposit plus trade in.

job done, car was bought in by the dealer at gfmv amount, no equity. They offered me a small discount off the sticker price of a new car but that was mainly because I was then a cash buyer. I expect to see my car on sale soon for about 3k more than the gfmv.

What I didn’t realise is that the finance company buys the car from the dealer day 1, the dealer is buying the car back from you and paying the finance company at the end of the pcp, if you are walking away or taking another car. Finance guy said to me you need to make sure they make that final payment or it’ll go down as you missing a payment. He got a strong wtf answer as in how can that be my problem if I’ve adhered to every step of the contract. Dunno if he was just being a clown or what.

Anyway, never pcping again, the clauses about handing back and the state of the car are way too tilted towards the dealer if you read them. Some phantom damage to get more money out of you would at a minimum, even if not upheld, would cost you the price of an assessor (that they chose, you don’t get a say) and the stress that goes with it.

The best financial decision would have been to buy the car, but purely from a vanity/i like nice things perspective I’d prefer if I’m forking out the guts of 30k for my next car want something newer.

This whole experience was skewed by timing however, I bought a premium EV at the top of the market just before the Tesla price drops and everyone else followed suit. Not a Tesla btw, wouldn’t even if it was free. So the experience might be ok financially starting again but I dunno if there will ever be equity in high end new cars again on pcp with the mad price of them.

When did that get so expensive?

I dropped off and walked away. Paid max deposit.

Handed it back about 4 months early and fairly soon after the half way rule was reached. It was decided very early on that it wouldn't be kept long term. It's currently for sale at a franchised dealer for €5k less than the GMFV which is also what it would have cost to buy it outright

Replaced it with a Model 3 rwd on 0.99% and a cash deposit.

Will never buy a six figure or even a high five figure car again unless it was definitely being kept for 10+ years.

what car was it?

BMW iX

will you tell us what car you came out off and what you have now bought?

PCP has worked for some people and still does. I think it can be model specific and timing too.

Handed back 2023 facelift id3 with the mileage limit demolished being offered 15k tradeins or about 22k against a new gtx with me putting in 5k for a new pcp.

And a 23 e-up also 9k tradin values

Both under 50% rule

Near a month later they still haven't closed off the contracts but can whistle as D.Debits cancelled

Replaced with a 16k 2020 m3 lr

And a 19 sve leaf for 7k

Bank of irelad green loan @6.5£

Not me personally but I know somebody who blew through the mileage limit so refinanced the balloon payment for 5 years. Had a few bob ready to go at the start of the deal that he was going to buy a 2nd hand ICE with but instead used for the deposit

Rough figures are as follows

Deposit: €18k

Monthly payment: €380

Balloon payment: €18k

Financing of €18k at 3.88% with a credit union loan - €331

It will take 8 years to finally pay off the car but very very manageable loan repayments

Edit: Should have included that the cars cash value was 48k