Purchase of contract hire vehicle

[mo1965]

Has anyone had any experience of purchasing their Skoda following the expiry of their personal contract hire agreement. Any tips or pitfalls to be aware of?

I am waiting on VWFS to provide a purchase price for a 2017 VRS  with 21.1k mileage. The vehicle is a petrol and manual. The agreement expires in January 2021 and I am looking to purchase the vehicle.

Thank you.

 

[DaveLees]

I don't think that you can buy the vehicle if you have had the pch in your name, however a family member can purchase it.

I'm not sure how strict VWFS are regarding this, as they did seem to imply that there are ways around this when my last pch agreement ended! 

[SC03OTT]

VWFS do allow you to purchase it. I did back in June. Painless process. They sent an invoice with bank details, I transferred the amount due. Car became mine. The end. 

[silver1011]

See here for my experience, I didn't buy in the end but between the price from VW Finance and the later quote from BCA, the price went up almost £400...

 

 

[mo1965]

VWFS have said that I will be able to purchase (mine is a PCH agreement). Thanks SCO3OTT, it appears to be a painless process from your experience. I guess the purchase price will determine my decision. I have not seen many examples of vehicles of my spec for sale to compare value vs quoted purchase price, but I am expecting a price of between £16k to £18k, but hope it will be lower.

[SC03OTT]

What was your contract? Mine was 3+35 at £300 with a 12,000 mile allowance. I bought it for £12,150.

[DaveLees]

It was nearly 3 years ago when I last changed my car under PCH so it does look like VWFS have changed their terms.

When looking at PCP Vs PCH, it's worth remembering that you do not pay vehicle excise licence with PCH, ......... every little helps.

[Swirly182]

I purchased my 245 at 2 years old. Completely painless as already said and a competitive price. 

 

Its a great way of buying a used car that you've driven since new! 

[AuroraF10]

My 20 plate Octavia hatch was purchased in June 2020 on a Solutions PCP.  Under the finance agreement, I asked in July for a complete settlement cash figure to buy it outright.  Paid the cash by bank transfer and its now all mine free from any obligations. 

[SC03OTT]

1 hour ago, AuroraF10 said:

My 20 plate Octavia hatch was purchased in June 2020 on a Solutions PCP.  Under the finance agreement, I asked in July for a complete settlement cash figure to buy it outright.  Paid the cash by bank transfer and its now all mine free from any obligations. 

Good info but PCP is different to PCH. 

[Scotty72]

My pch is up at the very start of Nov. I could buy the vehicle if I wished (mrs says no though), I had a letter from skoda telling me I could buy it and bca offering me to quote for it. Sadly it's going back as we don't need such a big car or one that quick/powerful any more. You can't use the power as it is on the public road and keep your license and I can't drive more than a little briskly with the family in the car anyway. Someone is gonna get a low mileage v good condition 68 plate vRS. Downsizing to a new 1 series 118i M Sport DCT :) But very happy with what we're going for and got a great deal over two years. The interior and leather seats are something else!

[Swirly182]

If you were talking about a 600bhp Audi RS6, or similar, I would agree on the 'can't use the power comment'. But it's a 2L family hatch / estate. It's not 'that' quick! 

 

Hope your Mrs enjoys the 118i 😉😁

[Scotty72]

4 hours ago, Swirly182 said:

If you were talking about a 600bhp Audi RS6, or similar, I would agree on the 'can't use the power comment'. But it's a 2L family hatch / estate. It's not 'that' quick! 

 

Hope your Mrs enjoys the 118i 😉😁

LOL I think the police might disagree if I drove the vRS like I used to do in my 20s back when i was young and stupid. In any case you're right it's not that quick when i compare it to my motorbike. But i ride that on my own

[mo1965]

On 09/10/2020 at 16:49, SC03OTT said:

What was your contract? Mine was 3+35 at £300 with a 12,000 mile allowance. I bought it for £12,150.

Mines a 40 month @ £285 with a 10k mileage allowance.  Contract Hire expires in January 2021. VWFS will provide a settlement figure to purchase after the 19th October. Struggling at the moment to find comparison vehicles on sale to get an idea of potential values. A WhatCar valuation puts the VRS with 21.1k mileage at £13.8k for a private sale and £15.5k for a dealer sale. I wait with baited breath as to what VWFS will ask for to purchase the vehicle.

[DaveLees]

On 11/10/2020 at 18:15, mo1965 said:

Mines a 40 month @ £285 with a 10k mileage allowance.  Contract Hire expires in January 2021. VWFS will provide a settlement figure to purchase after the 19th October. Struggling at the moment to find comparison vehicles on sale to get an idea of potential values. A WhatCar valuation puts the VRS with 21.1k mileage at £13.8k for a private sale and £15.5k for a dealer sale. I wait with baited breath as to what VWFS will ask for to purchase the vehicle.

I'm in a similar position with my PCH deal ending in January, so I might get a settlement figure, just for curiosity as I'm about to move house and the Octavia will be too big for the new garage. There are quite a few Octavia similar to mine for sale so I will be able to make a comparison.