Goodbye to my MG4, a cautionary tale

[Joningy]

I will likely voluntarily terminate my pcp deal once I've hit the 50% point and lease. Long gone are the days when you had equity at year 3 of a 4 year pcp deal. Don't fancy keeping the mg4 for 4 years, even 2 years will be enough.

Was there a particular reason you opted for 4 years, apart from the (hopefully) lower payments!

Had my MG4 trophy PCP 0% on a 2 year deal, paying £230 per month, which I think I've actually done well on, it ends next week and will be returned to Santander, the balloon payment is more than the cars value!.

 

[N80SSM]

Was there a particular reason you opted for 4 years, apart from the (hopefully) lower payments!

Had my MG4 trophy PCP 0% on a 2 year deal, paying £230 per month, which I think I've actually done well on, it ends next week and will be returned to Santander, the balloon payment is more than the cars value!.

No I've just always done 4 year deals and have always managed to trade out of them around year 3 if not before. I was likely a little naive around ev depreciation and had I known the car would depreciate so badly I would have leased for sure. The car has been a good all round saving, I have solar and cheap overnight charging so it was the sensible choice, its just a pity I get bored quick. Im hoping that by the time im ready for the next one semi solid state battery's are established and range is much improved.

 

[siteguru]

Bear in mind that ... depending on what deposit you put down and the value of the MGFV, the 50% point probably won't be reached until about 3.5 years into the 4 year term. (But if you've done PCP for a number of years I'm sure you're probably already aware of this).

 

[N80SSM]

Bear in mind that ... depending on what deposit you put down and the value of the MGFV, the 50% point probably won't be reached until about 3.5 years into the 4 year term. (But if you've done PCP for a number of years I'm sure you're probably already aware of this).

Yes thanks have considered this so 3 years for me

 

[N80SSM]

Unless of course mg wish to buy it back quicker

 

[Chrisdriving]

I will likely voluntarily terminate my pcp deal once I've hit the 50% point and lease. Long gone are the days when you had equity at year 3 of a 4 year pcp deal. Don't fancy keeping the mg4 for 4 years, even 2 years will be enough.

You cannot hand it back at 2 years of a 4 year PCP.

 

[N80SSM]

You cannot hand it back at 2 years of a 4 year PCP.

Never said you could for a VT read above, you can if equity in the car, I have done that many times even after a year on the last occasion.

 

[Chrisdriving]

Was there a particular reason you opted for 4 years, apart from the (hopefully) lower payments!

Had my MG4 trophy PCP 0% on a 2 year deal, paying £230 per month, which I think I've actually done well on, it ends next week and will be returned to Santander, the balloon payment is more than the cars value!.

Depends on what deposit was.

 

[Chrisdriving]

Never said you could for a VT read above, you can if equity in the car, I have done that many times even after a year on the last occasion.

Yes sold mid term also when it is worth more than balance.