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PCP ends in a month keep or exchange


fellside17

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I have now had my 60 PS green tech for almost three years and love it. 

When I took on the PCP with zero finance cheap servicing etc I intended keeping at the end of the finance deal.

It appears I must be one of the few who take this path as most seem to exchange or hand back. My local dealer keep pestering me to think about a new one. 

 

I wonder how many others keep the car and why they do. 

 

My reasons for keeping are

Zero road tax - if I get a new car it is £140 a year.

I know who has driven it ( 13.5 k on the clock)

I don't have to buy a satnav as my pid works perfectly.

I don't fancy another debt especially as the finance is no longer free.

 

Yes I know it will incur bills like servicing tyres etc,but still a lot less than new car depreciation. 

 

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25 minutes ago, fellside17 said:

My reasons for keeping are

Zero road tax - if I get a new car it is £140 a year.

I know who has driven it ( 13.5 k on the clock)

I don't have to buy a satnav as my pid works perfectly.

I don't fancy another debt especially as the finance is no longer free.

 

 

 

Why are you asking what others would do?

 

i looks like you have made your mind up already. 

 

Good luck

Edited by Tim1631
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I've never had a PCP...but do know that dealers love them- for exactly the reason you're experiencing  ie you become a sort of "captive" customer.

In your position, I'd keep your present car.

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8 minutes ago, fellside17 said:

My general question was about why I was in a minority and most people trade them in . 

This may be the impression on here but I wonder if, in the real world, that is the case.

  

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1 hour ago, fellside17 said:

I had made up my mind to keep it. My general question was about why I was in a minority and most people trade them in . 

If others are like me, I want the newest thing out, it’s the way I am - I love new technology. So if that’s the cheapest way to get the newest of new cars then I can see why people do it. 

 

I don’t do it that way at the moment, I wouldn’t be able to but maybe in future I will (but only on a 0% APR, anything more and it isn’t worth it!!) 

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5 hours ago, fellside17 said:

I had made up my mind to keep it. My general question was about why I was in a minority and most people trade them in . 

We are a minority of at least 2!!

I paid off the 3yr PCP 18 months early on my 2013 Roomster.  Reasons for keeping it were exactly the same as yours plus I looked at 3-8yr old cars owned by family and friends and realised that buying a brand new car every 3 years is a mugs' game and if I was going to replace with a used car then I may as well keep mine.

Your 3yr old car with 13.6k on the clock is still new!  It would FLY off the forecourt if it was sold used, making a handsome profit for the dealer - no wonder he is pestering you to change - double profit for him! 

I think the main reason that few people do keep the car at the end of the PCP is because they have got used to paying their £150 per month (or whatever) and another 20 quid or so is not much more.  People tend to look just at "how much per month" not at overall cost - I know I did when I took out my 2nd PCP.  Dealers have also got very canny by including servicing in the package.  You know that if you keep the car then very soon after you need to fork out a few hundred for a service and if I get a new one it will be "free"...  It all adds to the view that "I may as well just keep paying out my £150 per month, I know where I am with that".

One more thought...

Beware of reading forums like this one where you worry yourself sick about all the problems other folk have with cars like yours.  By their very nature these forums are heavily weighted towards the "Please help, I have a problem" type of post.  It's a bit like trying to judge the state of health of the nation by visiting hospitals.  OK, I have a big bill coming up this service time - definitely will change the cam belt and water pump, will change a couple of tyres and I am guessing that the original brake pads/disks will need some attention.  But even if it costs me £1000 (which hopefully it won't!!!!) I am still quids in vs buying a new car.

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I had that dilemma last year and decided to get small loan out and keep it. Skoda said when I got it, that it would be worth a deposit on new car at end of pcp but got figures so wrong it was worth nothing. It's now got 50000 miles and is getting a bit worn but did we buy any car thing other night at its worth £4000 according to them. I only owe £3000 on loan so have £1000 profit in car! I'm looking at getting new up gti but part of me is saying just sort dampers and keep it.

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I expect we will keep ours when it is out of PCP. It was always the intention as it is a second car for when needed and has very low miles as a result. So far we have done 4000 miles in 18 months, so is basically still a new car. All the reasons you give for keeping it make sense to me too.

 

The thing that might persuade us out of this car is if a big advance in electric cars comes along.

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  • 2 weeks later...

We bought ours at the end of the pcp, we owed £3900 on it (14plate elegance 21000 miles). I looked around at what else we could buy and at new pcp deals but our car has never once let us down and the wife loves the heated seats, we'll keep it now till we either win some money or the mortgage is finished (5 years) then give it to our daughter.

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