Hello all,

I have a well specified 17MY HSE Dynamic SDV6 which I have leased via PCP since new. The PCP term ended at the end of March and the lease company have very kindly allowed me to keep the car for free until the end of July due to COVID.

The car is going to be collected by BCA which is the company the lease company always uses. If I want to keep the car at the end of the PCP deal (which I do), my final payment is set at £37.5k. My research suggests the car is probably worth £32k at auction.

Therefore, I am tempted to return the car to BCA and buy at auction. Does anyone have experience of doing this or any advice they could offer?

Thanks in advance,

Jaggers

Last edited by jaggers on Fri Jul 24 2020 11:58am. Edited 1 time in total

Bought several cars over the years from BCA always one owner with full history & never failed in buying a good one, you have a distinct advantage having owned the vehicle from new , go for it you could bag yourself a very good deal.

Thanks Boxers.

The issue I am having is that BCA don't appear to be running in person auctions due to COVID. All sales are electronic, either via an online auction or "buy it now" price. These purchase methods are only available for registered trade buyers.

I'm concerned that I am not going to be able to buy it as a private buyer.

Jaggers, I’ll be in the same position next year, my 67plate well specked AB, only 18k miles, has a gfv of £43k at the end of the 4 year pcp, was thinking about a new p400e hybrid AB, went & checked out last weekend, found a stock new car with a local dealer, good discount, however mine is supposedly only booking at £39k trade now! Major shock, I dread to think what trade money will be next year, I’ll be VT ing mine in around 10 payments time, seriously thinking about a hybrid cayenne next! Like you I thought about buying it at auction aswell but with the purchase margin etc at BCA don’t think I’ll bother, at least you’ve had 3 months free running from yours! Can’t believe these are all as far behind the pcp gfv, black horse will be getting loads back at the end or VT’d

I think the BCA auctions for PCP cars are dealer only. I was told this when my S class Mercedes went back, by both dealer & the guy who came to check it over. Also you cannot find out what auction site its going to. Dealers pick the best then the unsold one's go to general auction sites

Is it not worth paying the extra £5000 for peace of mind knowing the history and the problems of finding a replacement.

Hi,

this is going back 4-5 years when my last co car was going back but one of the guys wanted to keep his car (not pcp funded)
he got a price but like you did his homework and it was way too much, he put an Offer in for a realistic auction price mentioning no transportation needed, which they rejected, he was dealing by email and just replied leaving the offer on the table if they changed their mind

2 days before end date they accepted the offer, deal done he bought the car

May be worth asking, they will know what they can expect at auction. Porsche Cayenne 2022
gone Porsche Cayenne 2020
gone Corris Grey HSE Dynamic 2016
gone Ipanema HSE lux 2010
gone Rimini HSE 2005
!!

Have you tried offering them less than £37.5k but more than £32k?

I’ll have a similar dilemma when I come to the end of my PCP at the end of the year. I’ll have £46k to pay to keep it. I really like the car, but am not prepared to take a bath on the value. RRS MY17 SDV6 AB
Evoque MY17 TD4 AB

Syl you should consider VT ing yours, my local dealer told me as long as you have paid at least 50% of the total cost of the pcp then black horse do not hold it against you & It does not affect your credit file. In my case it will save me around £5k next year as I can VT mine at the end of May which will save me paying at least another 5 Payments just to hand the car back anyway.

Personally I’d rather put these payments into my new car & get it earlier, it seems JLR/black horse have over exaggerated the Gfv of these cars as they now all seem to be worth well under them in the trade, the latest insult I got was they bought a similar spec, age & mileage to mine at auction for £36k so they think giving me £39k is doing me a favour! I’m like no sorry my gfv in around 16 months time is £43k, they seemed shocked at that, so bye bye!

The high gfv has kept your payments down though, in your example by paying interest on the £7k difference rather than paying the full £7k.

Tim Tim
RRS sold and replaced with a Skoda Kodiaq after appalling RR Dealer experience and LR inability to supply new cars in any sort of reasonable time frame..

I have just voluntarily returned my 5.0 S RRS... I do high mileage and had an arrangement to last 3 yrs and 76,000 miles...

Just had it serviced and was concerned that I was going to overshoot my mileage allowance.. I was at the dealers talking with them re trade in values.. they were not keen given its high mileage...it currently owed £39k but when I did an online valuation it was trading at £31k
So even if I kept it to end of term I would have gained nothing...the dealer recommended that I voluntarily return it ....

Which I did! Bought another RRS, this time an SVR with incredibly low mileage and got a deal whereas it is actually costing me less per month than the 5.0S!

Black Horse were excellent and collected the car from my house! No grief whatsoever!

I won’t have got anywhere near 50% by the end of the deal. RRS MY17 SDV6 AB
Evoque MY17 TD4 AB

Surely one of the main points of PCP is that the finance company takes all the risk of depreciation. A high gfv reduces the cost of the monthly payments. At the end of the term just hand the car back and start again. I think a problem may be that some people believe they will have some equity in the car at contract end and are sadly disappointed. Tim
RRS sold and replaced with a Skoda Kodiaq after appalling RR Dealer experience and LR inability to supply new cars in any sort of reasonable time frame..

Agreed but there is also a sweet spot sometimes mid term....the issue for me is high mileage which is why I do pcp...for me it’s business use so it suits me to be able to drive a decent car around the country and hand it back at the end of the term...in this case I went early purely as I was going to overshoot the mileage limit.... I thought I was stuffed and tied in for the duration but was pleasantly surprised by the voluntary handback arrangement...

timhum wrote:

I think a problem may be that some people believe they will have some equity in the car at contract end and are sadly disappointed.

ISTR when we have asked about PCP deals in the past the Dealer makes a point of saying that the Value left in the car helps to lower your deposit on the next car not when the Value is negative  Porsche Cayenne 2022
gone Porsche Cayenne 2020
gone Corris Grey HSE Dynamic 2016
gone Ipanema HSE lux 2010
gone Rimini HSE 2005
!!