I have a year to go with my current PCP and was wondering if anyone with same vehicle (Octy 1.6Tdi SE) has got to the end of their PCP recently and had any value in the car to use against their next one??

9 hours ago, roblatus said:

I have a year to go with my current PCP and was wondering if anyone with same vehicle (Octy 1.6Tdi SE) has got to the end of their PCP recently and had any value in the car to use against their next one??

 

In a word no! I was already at my GMFV (£8250) at 6 months to go!!! Managed to get a skoda dealer to buy it at no cost to me but the new car discount wasn't as good. Am on the sell privately or voluntary termination route, next car is private finance. The PCP thing seems to flood the market with similar 2nd hand cars so over supply pushing values down. It was Elegance spec though but I would have thought higher spec was more desirable second hand. 

 

Looking at 2nd hand prices it was clear I wasn't going to have any of this "equity" they spoke of when selling the car!

I was able to return my Polo on VAG Finance PCP after two years at no cost to me.  Now on a personal loan and car will be mine after 3 years. 

If you look at similar posts over the last year you will notice that even as the GFMV figures fall, yes they were higher on the first mk 3 cars sold! That even with a lower GFMV these cars don't seem to have any equity in them at all. My own mint, low mileage Elegance Estate 1.6TD would have cost me £9750 to buy when I handed it back a month early from a 3.5 year PCP deal. No way was it worth buying at that price, unless I was going to run it into the ground, trade in value would have been more than a £1000 less than the GFMV. Funnily enough the dealers who sold me the car with glowing promises of an easy £1000 to £2000 equity in it at the end of the deal were in complete denial. Lesson for today, don't buy an Octavia on a PCP deal, PCH is a much better option or look for a low mileage example a year or so old which has already suffered the biggest chunk of depreciation and buy it with a private loan.

 

Good mileage Threadbear! Mine averaged in the low 50's mpg for most of my driving, with 60 plus mpg on longer runs, with the occasional 70 plus showing if driven really carefully downhill on a motorway!

I have to say that that high mpg was on billiard table smooth motorways at 100kph in Holland driving from Utrecht down towards Antwerp in the spring. But easily achieving 60mpg. In fact the onboard computer is showing average 63mpg. Mine was bought in February at 6 months old, 11 miles on the clock and under £15000 on a personal loan. Paid off in 3 years. Plan to keep at least 5. 

I think this is part of the reason for all the scrappage schemes at the moment. It isn't about cleaner emissions or anything like that. It is to try and clear out the glut of cars in the second hand market that PCP is causing.

 

 

 

I have the same car as you "roblatus" and my pcp deal ends next September. Suspect there will be ....ugger all equity to use as a deposit so will have to hand back. Either start again or look at PCH.

Will depend on what offers Skoda has at the time.

 

36 minutes ago, fergiet said:

I have the same car as you "roblatus" and my pcp deal ends next September. Suspect there will be ....ugger all equity to use as a deposit so will have to hand back. Either start again or look at PCH.

Will depend on what offers Skoda has at the time.

 

Mine ends beginning of October next year. I was thinking the same as you as I seem to recall the GMFV is somewhere around the £9.5k mark. Yet when I was at my local dealers over the weekend for a service I noted they had some 3 year old SE spec diesels on the forecourt for £11.5k so maybe all is not lost and I was possibly thinking of buying the car and keeping it for a few more years as its zero roadtax and 70 mpg. But as you say, I will review the situation nearer the time

Actually mine is nearer to £8.5k. So maybe not as bad as i initially thought. Anyway, still another year to go, thanks for all the replies, its been good to get an insight into others experiences at the end of their PCP

I was in a similar situation to you (1.6 D elegance) and could see that there was no way there was going to be any money at the end of the deal, so couldn't see why I would pay extra £ just to get to the end of the term.

 

I spoke to the dealer and worked out the earliest date I could hand back with no penalty and worked around that - just handed the car back, paid a little for excess miles and no trouble at all, very simple transaction.

 

Ended up going from PCP to PCH and saving c. £70-80 per month, would never go to PCP again - very happy to rent the family car, no desire to own it!