Hello everyone,

Just need a little advice,

I've got a MK2 Fabia VRS and I really enjoy it. Cracking little car.

I've got it on a PCP deal when I bought used at the start of the year. Now my circumstances have changed now and I'm starting to think that the £200 a month for the car and the £200-£250 on fuel a month is a little out of my affordability. Especially now that I'm a proper grown-up and all that :-p

My question is, would I be able to downgrade?

I'd really like to go back to a MK1 with the economy it provides for my now longer commute.

Really I'm just trying to reduce my monthly out goings and I'm just wondering if anyone has done this?

Any help or advice would be great.

Thanks for reading

I would assume the reminaing money would need to paid off. Or the part X against the outstanding finance and add to it if needed to get the new (old) car?

I spoke to my dealer at Preston about this, he mentioned something about when your half way through the finance and no longer want the car you can simply give it back and thats that, but it has to be half way through the finance.

I spoke to my dealer at Preston about this, he mentioned something about when your half way through the finance and no longer want the car you can simply give it back and thats that, but it has to be half way through the finance.

 

Does this in anyway affect your credit rating ?, just giving the car back mid turn

I honestly have no idea, sorry.

I wouldn't want to give it back, I can afford the car and running it. I just don't think the car is worth the outlay I pay each month if that makes sense?

I'd much rather keep it and enjoy it rather than walking away.

Was just wondering if there was an option to down grade and using the higher trade in of the mk2 compared with the price of a MK1 would enable me to pay less out each month?

I'm confused. You said the car & fuel costs were out of you're affordability so you wanted to get a MK1. Now you say you can afford it and you wouldnt want to get rid of it?   Or am I being simple? lol 

No I am making it sound complicated!

I can afford it, otherwise I wouldn't have signed my life away on the dotted line.

I'm just looking to save some money each month, for the future etc....

And when doing my spreadsheets and finances etc I actually saw how much my car was costing me each month.

I'm just looking to see whether it would be possible to try and 'downsize'

And thanks to everyone so far for taking a look and offering some advice :-)

The idea of a PCP is that it is a Contract and to be expected to run it's term.  Looking at the £200 per month, it does not seem a lot comparing it to Hire purchase/bank loan for a recent car. The expensive part for you is the fuel bill  which will be much the same whatever car you will drive.

I would go back to the dealer assuming you won't be able to change the contract and see if the dealer can come up with if anything, costs nothing to ask.

Edited 27 September, 201312 yr by Soot1e

Is that £1600 paid already, & was there a Deposit paid?

 

How long are you due to be paying £200 a month for,

and at the end of the time what value is the car expected to have?

 

What annual mileage is on the deal?

 

The cars current value is going to count for lots about getting out of the deal,

& if the Value at which you entered the deal was to high on the used vehicle.

So really, can a buyer be found for it, to cover whats its supposed to be worth.!

 

george

As far as I'm aware you can walk away from a PCP at any time. All you need to do is settle the finance.

I ended my PCP on my Yeti early, and used the equity I had in it to buy a Freelander 1 outright.

I did it only just in time, as work has for some unknown reason dropped off a cliff. (Hopefully a blip). Anyhow, I'm saving £4k a year, so the extra cost of running the Land Rover, is covered by the amount I am saving. The Freelander should not cost me £4,000 a year to run!!!!

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