Shame but after a 4K deposit and 25 months of paying I'm 2k in neg equity I find this totally upsetting

I went to skoda dealer who said it might correct it self at end of term I said I don't really want to find out lol

So I'm off to Honda a Crv yes totally different but 6.6 k saving and buying me out of the skoda pcp

Never had a problem with car and service been great but lost so much got to go

Don't really think the "dieselgate" is to blame, massive sales drive, lease deals and being over priced in the first place, is more likely the reason.

Fair enough but hopefully not another diesel or you are just swapping for something in the same boat?

 

http://www.telegraph.co.uk/cars/advice/diesel-recall-which-cars-are-affected-will-my-mpg-decrease-and-s/

 

I think this VW scandal has only just lifted the pandoras box on diesels, there is more to come judging by the above.

 

If it was me though unless to be honest there is any special reason to shift to petrol on purpose, I'd just be sticking with diesel car purchase, though I didn't I've got my very old diesel now (10yr old Fabia) and my more recent vrs petrol purchase.

What's the maths on the deal? Cars lose value as soon as you drive it out of the showroom.

Skoda have told me price no other dealers are willing to pay what I owe so have found Honda helpful they have said it's tough atm as the prices are very "under pressure " don't know what that means but I feel the Octi is underpriced now

2142 pounds in neg equity with a 4K deposit I'm not silly i know cars loose money but what they think its worth is crap

24000 miles fsh 12k REALLY I mean yes I could sell private but it's scary for others that's why I have posted

I recently traded my Jun 13 O3, got £500 more for it against a used BMW than Skoda were offering against a discounted new O3 or S3 so I jumped ship too. I got £8.5k for the O3 with 72k on the clock. I bought it new for £20.5k discounted from a £24k list price including options so £12k of depreciation in less than 3 years, high miles admittedly, but my previous Superb II was worth £300 more at 4 yrs old with 88k on the clock and the list price of SII was also just less than £24k so comparable to O3.

I recently traded my Jun 13 O3, got £500 more for it against a used BMW than Skoda were offering against a discounted new O3 or S3 so I jumped ship too. I got £8.5k for the O3 with 72k on the clock. I bought it new for £20.5k discounted from a £24k list price including options so £12k of depreciation in less than 3 years, high miles admittedly, but my previous Superb II was worth £300 more at 4 yrs old with 88k on the clock and the list price of SII was also just less than £24k so comparable to O3.

 

compared to some of the recent p/x values, yours didn't do too badly. Still proves it's always best to shop about.......brand/customer loyality means nout now days.

With 4k deposit and 25 payments have you not hit the magic 50% mark and can therefore VT and then go buy anything you want with maximum discount as you will have no p/ex?

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Or you could stop whining and sell it privately.

 

Enjoy the Civic!

Shame but after a 4K deposit and 25 months of paying I'm 2k in neg equity I find this totally upsetting

I went to skoda dealer who said it might correct it self at end of term I said I don't really want to find out lol

So I'm off to Honda a Crv yes totally different but 6.6 k saving and buying me out of the skoda pcp

 

from what I understand of PCP deals that is exactly how they work out and you will be in negative equity until close to the final payment.  It's one reason why I wouldn't go near one...   I don't think your situation is anything to do with dieselgate...

Someone else thinking that pcp is a way of making money by not buying a car. If you'd bought the car in the first place instead of pcp then I would understand being twined at the situation. But you didn't buy it, you just paid for it for three years.

compared to some of the recent p/x values, yours didn't do too badly. Still proves it's always best to shop about.......brand/customer loyality means nout now days.

Interestingly WBAC were offering £1200 less than I traded it for and I did have to haggle hard to get £8500, Sytners started at £7800 but a local Indy had offered me £8400 the week before against an older BMW and the free Ford Cap Valuation service was useful as it lets you add in your options and valued mine at £8500 so that's what I used to haggle with. I know the BMW was probably top book, but it was by far the cheapest on their Approved Used programme for its spec and year as it had covered just over 30k miles whereas most others with really low mileage would have been up for another £5k so mine would not have hung around on the forecourt for long. They also threw gap insurance in for free by discounting the car by the sales cost of the gap, they will have recovered a kick back from the insurance company but I didn't pay any more. Also they had fitted a full set of Michelin's, worth over £800 so I couldn't sign quick enough!

Edited 26 April, 201610 yr by Matt Pez

Oh ok my last 3 cars I came out with 40% of my deposit back

Low mileage and very good spec car here if you want it ?

So I take it from comments its normal,sorry but I don't think it is not in my experience

No difference in BMW land either. That's what you get when buying new.

It raises the point that buying a new car is now best on PCP with minimal deposit unless you are looking to keep the car after the end of the PCP period

It also raises the point that if you are unprepared to lose significant amounts of money, then don't buy new (regardless of how you choose to finance the purchase).

No matter what PCP you choose they all work the same way.

Bombing out of a PCP at the wrong time (too early) can be very costly.

I lost nearly 45% on my mk03 Leon FR 1.4 TSI. Trade in values were less than 12k after 18 months, down from about 21k new. With only 12k miles on it too. These things happen. As it happened the Skoda place gave me more than book value and described it as 'one of the cleanest cars they've seen traded in'

I'm expecting the same. My car was ~£28k including options, discounts etc. £6k deposit and 41 payments leaves me with a Skoda GFV of about £10k

I might change my mind but I plan to keep the car at the end leaving me with £10k to pay for a 3.5 year old fully specced VRS that I know has been looked after.

 

As others have said, if you buy a new car you've got to expect it's value to drop like a stone. These PCP 'deals' are engineered to get you to buy a new car from the same dealer every x years.

The GFV figure they give you will be one that another manufacturer is less likely to match whereas Skoda will be able to cut you a deal if you but another new one.

eg. For mine I'm quite expecting that BMW for example would only offer me £9k trade-in whereas Skoda will say "Good News!!! we can offer you £11.5k if you trade it in. We'll clear the finance and leave you with £1500 deposit on your new car"

First two years on all volume makes sees vertical depreciation, especially first 15 months. Always has, always will. Doesn't start to level out until after year 3 onwards. Nothing to do with dieselgate, price of fuel, rubbish colour choice, whatever.

 

Been buying cars new and used since 1970 - never seen any difference in the depreciation graph.

The only time I've really heard of anything close to appreciation was when the CR170 MkII was introduced and Skoda used up all of their engine allocation.  With 6 month + build times the prices of used MKii's shot up and most cars kept some equity for a year or 2 afterwards or after the Japanese tsunami when the purple paint that was very much in for ford ka's stopped being available after the paint factory which made that shade was severely damaged. Otherwise every car will depreciate.

 

Manufacturers don't care about the used car market.  They want to sell new cars, why else would BMW be able to offer a 335xd M-Sport on lease hire for £300 a month with a £1000 deposit for a year?  Its to ensure that certain cars keep getting ordered through the factory. As long as the market is flooded with nearly new second hand vehicles the second hand market will remain very much devalued

I went to my local Skoda dealer last week and he offered me exactly the same PCP deal and payments as i had 18 months ago when i bought my existing car so the negative equity is irrelevant to them.

All PCPs are in negative equity until the end. So either keep it until the end of the agreement and hand back or VT it when you have paid over 50%.

 

All you're doing by changing now is moving the negative equity to the car you are buying, you may say 6.6K saving but that will be less your £2142 negative equity.