ive been offered a deal on a my15 AB the car is up for 55k,,they are offering me 20k cash & their car for my14 AB & I pay them £177 a month over 3 years =£6372 & after 3 years I hand the car back or use the equity in the car against another car.Does this sound good or not.?

Andy Andy.
21 Ford Ranger
Gone but not forgotten
Focus RS Red Edition
2015 RRS AB Fuji.
2014 RRS SC Santorini
2016 VW Amarok
2014 RRS AB Fuji
2012 RRS Red Edition Fuji
2015 Nissan Navara
2012 RRS SE Santorini
2008 RRS White
2007 RRS Santorino

forgot to mention,,they are valuing the my15 AB at 30k in 3 years.

Andy Andy.
21 Ford Ranger
Gone but not forgotten
Focus RS Red Edition
2015 RRS AB Fuji.
2014 RRS SC Santorini
2016 VW Amarok
2014 RRS AB Fuji
2012 RRS Red Edition Fuji
2015 Nissan Navara
2012 RRS SE Santorini
2008 RRS White
2007 RRS Santorino

Are they giving you the £20k or are you giving it them? Assuming they're giving it you otherwise it's an awful deal.

Seems like they think the my15 will be worth more than £14k in three years. That seems a reasonable bet for them. The question is what equity they'll allow you to take from it in to your next vehicle.

Edit: just read your second post. If they'll let you use it as £30k against your next one, that seems like a good deal. If you're paying them the £20k at the start then it's still a bad deal. 2012 SDV6 - it's missing a couple of cylinders
2008 TDV8 - it was a labour of love and is much missed

They are giving me 20k & the my15 for my14 both cars are AB's then they are saying in 3 years I either give them 30k for the car,,hand it back & walk away or use the difference in what the car is worth,,so if its worth 35k which it probably will then that 5k goes towards deposit for next car.

Andy Andy.
21 Ford Ranger
Gone but not forgotten
Focus RS Red Edition
2015 RRS AB Fuji.
2014 RRS SC Santorini
2016 VW Amarok
2014 RRS AB Fuji
2012 RRS Red Edition Fuji
2015 Nissan Navara
2012 RRS SE Santorini
2008 RRS White
2007 RRS Santorino

Hi Andy,
I think I have my head around the pcp type funding, can you use their calculator to see how the deposit left from your car gives a monthly cost against the value of the My15AB ?

£28.5k deposit and see what the monthly cost comes to.

If you did walk away after 3 years it would have cost £28.5k + £6372 understand they always give a lower figure to ensure there will be some value left to use as next deposit so £5k ?
(to keep your business for the next car)

Sadly not sure if good or bad

I cannot find how you do a check on pcp on used,,ive only found how to do it on new.

Andy Andy.
21 Ford Ranger
Gone but not forgotten
Focus RS Red Edition
2015 RRS AB Fuji.
2014 RRS SC Santorini
2016 VW Amarok
2014 RRS AB Fuji
2012 RRS Red Edition Fuji
2015 Nissan Navara
2012 RRS SE Santorini
2008 RRS White
2007 RRS Santorino

Tyrefitter wrote:

They are giving me 20k & the my15 for my14 both cars are AB's then they are saying in 3 years I either give them 30k for the car,,hand it back & walk away or use the difference in what the car is worth,,so if its worth 35k which it probably will then that 5k goes towards deposit for next car.

Andy

Ah, right, that makes sense. The question, then, is will a 5 year old AB be worth noticeably more than £30k in three years? If you think it will, then it's a deal. If not, not.

The other question - which no one likes to think about - is do you need to change in the first place?
Is it "need" or "want"? If it's "want" then the maths always works!  2012 SDV6 - it's missing a couple of cylinders
2008 TDV8 - it was a labour of love and is much missed

It doesn't work in my eyes. They are saying that your car is worth 20k. You get to drive the other car for 3 years (at a monthly cost of £177). Then you are left with no car or deposit, 30k bill or possibly 5k towards another. In 3 years would your current car have lost 15k in value.

I might be reading that wrong but you have a 2014 car but for £177 a month you can have a 2015 car ? So if they give you £20k cash plus take your car but at the end of 3 years you need to give them £30k to keep the car it's costing you £16732 to go 12 moths newer assuming you don't have money owing on your car.

Is the My15 that much better than your car in spec ? To me it sounds like a big expense for a 12 month newer gain 2017 SVR. SVO Scafell grey Ebony interior
2012 3.0 SDV6 Autobiography santorini black with ebony/cirrus interior. Gone

Ive done the maths & decided to keep mine..i only do about4-5000 miles a year in mine.& yes Squizzel I'm guessing mine will lose i5k in next 3 years its lost about 12-14 in the last 12 months .Plus mine is paid for & is probably going to be worth about 30k ish in 3 years so I'm going to save myself £177 a month.

Andy Andy.
21 Ford Ranger
Gone but not forgotten
Focus RS Red Edition
2015 RRS AB Fuji.
2014 RRS SC Santorini
2016 VW Amarok
2014 RRS AB Fuji
2012 RRS Red Edition Fuji
2015 Nissan Navara
2012 RRS SE Santorini
2008 RRS White
2007 RRS Santorino

I think you have made the right decision. I am not a fan of PCP's.

Hi,
glad you have made the decision

I thought you could use the calculator with just figures and not against an actual car, but had a go and yes only against a new car, did try to do it with a new one at £60,000 but £28K deposit and 3 years =
Computer says "No, contact dealer"

I bank with Halifax, and you can use their car finance to get PCP figures, and actually put in registration of 2nd hand vehicles and it will work it out exactly on what that vehicle will be worth in the period of time you choose on the slider bar. 2012 RRS SDV6
2014 BMW 320d X-Drive Touring
1999 VW Polo stage rally car

Well I may have sold my RRS,,had it on eBay & hopefully the guy is picking it up on thurs when I get logbook back from dvla as Ive just taken private plate off it.I don't think I'll buy another too soon I will probably wait till the RRS2 come down in price,,Ive lost 13k on mine in 12 month & I cannot keep doing this.

Andy Andy.
21 Ford Ranger
Gone but not forgotten
Focus RS Red Edition
2015 RRS AB Fuji.
2014 RRS SC Santorini
2016 VW Amarok
2014 RRS AB Fuji
2012 RRS Red Edition Fuji
2015 Nissan Navara
2012 RRS SE Santorini
2008 RRS White
2007 RRS Santorino