PCP ending - what’s the best way to swap for new?

[Spinynorman]

Hello folks
I have a Mk 1 ZS EV exclusive with a very low mileage - about 1,400, bought new 3 years ago on PCP.

I now have the option to return it and owe nothing - start again in other words, or pay the outstanding £12000 odd and buy it outright.

I’ve been considering a renewal for a new Mk 2 but buying it outright - as PCP interest is just silly right now.
what do peeps think is the best way to go :-

1. Go back to the dealer and haggle with the outstanding cost plus some sort of extra for the trade-in price. With this, they pay off the PCP and we haggle over the trade in price difference being deducted from a new car possibly £6K off if the car is worth 18K?

2. Pay the outstanding, so I own the car then trade it in and haggle that way.

I’m in favour of paying off the PCP, then trading it in as fully owned and haggle the price, as I think I’ll get a better deal. This’ll cost me £12K plus whatever the new car cost is after trade-in
if I just returned it to the dealer, they get a car worth about £18K for the payoff (12K) and laugh all the way to the bank - plus I have to start from scratch.

Just worried there’s something I’ve overlooked
BTW I’m using savings to buy outright and keep forever….

 

[Edoc16]

For someonne who does on average 10mls a week ! is worth keeping a car ?
....unless there are extenuating circumstances !

 

[Lovemyev]

I know this is a very contentious point, but I have never been a big lover of PCP deals to be honest.
My daughter had a new Fiat 500 Abarth on a PCP scheme.
The lowest deal they did at the time was covering a mileage of no more than 7000 miles per year.
Six months later she changed her job which was closer to home, then we went into C19 and the car was just sitting there gathering dust !.
Paying a PCP based on a usage case of 7,000 per year and struggling to do 2,000 miles per year !.
Complete waste of money in my option.
She bought out the car rather than let the dealer line their pocket with a car that had a very low milage on the clock to sell on at a huge profit !.
You find yourself in a similar situation I think.
The facelift model is a great upgrade, but I am unsure if I could justly the cost if I was in your situation, if I am being totally truthful.
It’s a shame this did not happen about six months ago, as you could have cleaned up on a huge price on your present car.
If you intend to upgrade, I would still seriously consider offering your car for sale and not trading in !.
The low milage alone will sell the car for you !.
If you were in the market for a Gen1 ZS EV, you would struggle to find one that had covered SO few miles.
Food for thought my friend .

 

[daverobbo]

For someonne who does on average 10mls a week ! is worth keeping a car ?
....unless there are extenuating circumstances !

I agree.
Might as well get a taxi for each journey

 

[Bodgerx]

Agree, it's a massive sunk cost for a tiny mileage.

 

[Spinynorman]

For someonne who does on average 10mls a week ! is worth keeping a car ?
....unless there are extenuating circumstances !

It’s a good question. I have disabilities that now prevent me from using public transport, walking for distances over 100m and standing for more than 20 mins. Things have gotten worse since the pandemic, when I had to ‘Shield’ and was confined to my home (alone) for almost 2 years.
I used to commute about 6 miles/day - not a lot but I managed to get to and from my office. But my organisation sold off my office and I now work from home. The car is just a lifeline for me to get out occasionally.

I agree.
Might as well get a taxi for each journey

Yeah I had to do that for an assessment at a centre 3 miles away a couple of months ago. Problem was a normally £20 Uber cost me £80 as the day of my appointment was a train strike….
fortunately I could claim it back but the organisation are dragging their feet with that…

Agree, it's a massive sunk cost for a tiny mileage.

You’re right but I’m an old codger with no family support etc., and I feel having a car is a lifeline if ever I need to get somewhere.
I have disabilities that make public travel difficult.
Even so, in future I will probably need to modify the car for hands-only use if I want to stay mobile by any definition of the word.
I agree it’s an expensive thing but I have no alternative really.

I think I will pay off the PCP, as I had this put by 3 years ago, then think about selling.
I know private sale would get me a better return, even though I’ve missed the recent second-hand ‘bonanza’ but it’s a hassle and as I say, I don’t have anyone to turn to for advice if it goes titsup…
This is only my second car - I bought my first - a RAV4 - from new and had it for 28 years…