Selling a Car on pcp

[davidstarkey11]

You're probably looking at getting a loan to cover the negative equity and then hopefully the savings made on the Merc can help you towards paying the loan off quicker. Just make sure you know whether or not the loan has a higher interest for any early repayments.

Either that or you'll need to strike lucky with a private buyer who won't mind working WITH you on ridding the car of finance after agreeing to a deal.

Good luck!

 

[superdon]

I've sold a few cars with outstanding finance on (Inc PCPs) over the years, without problem. Not sure what all the fuss is really.

Just need to be honest, find a buyer that understands and knows what they are doing and it's actually quite a safe way to buy/sell in some ways. And also quite common.

Agree a deal and then the buyer can settle the finance over the phone directly with the finance company, there and then. No need for large amounts of cash being passed around.

 

[Dudders07]

Keep the Cupar and the money you would loose in selling or part exchanging it use to buy an old diesel.

 

[adamsupergeek]

I've sold a car on finance privately before, no issues at all. Just write up and sign an agreement with the buyer that the finance will be paid off, then everyone is covered! Finance companies don't care as long as they get their money! lol

 

[DEAN0]

So - very quick calc
Cupra - 35mpg - 1.21 ltr ( Momentum ) - 50k miles per year ( 192miles x 260 working days ) = £7852 in fuel
Diesel - 60mpg - 1.27 ltr ( Tesco Diesel ) - 50k miles per year ( 192 miles x 260 working days ) = £4807 in fuel
Difference of £3045 per year in fuel costs.

Is it worth paying the extra 3k a year to run the Cupra OR taking the hit on the Cupra and getting the diesel.

 

[bgb]

So - very quick calc
Cupra - 35mpg - 1.21 ltr ( Momentum ) - 50k miles per year ( 192miles x 260 working days ) = £7852 in fuel
Diesel - 60mpg - 1.27 ltr ( Tesco Diesel ) - 50k miles per year ( 192 miles x 260 working days ) = £4807 in fuel
Difference of £3045 per year in fuel costs.

Is it worth paying the extra 3k a year to run the Cupra OR taking the hit on the Cupra and getting the diesel.

It may also be worth considering the 60mpg is a manufacturer number, possibly not real world.

My GTD that I've moved out of for an incoming Cupra had a long life mpg of 38.. bit poor. Granted i could see higher mpg on motorway chugs but even then rarely above 50, and below NSL. Part of my jump to a petrol was i saw no benefit in oil burners any more.

I would save on dumping the Cupra, you'll loose too much to gain anything from swapping to the Merc in my eyes, plus always be wanting that hot hatch.

On a positive, selling on PCP/HP etc is relatively easy. The worry comes from people stating that you should be careful. I've sold 2 cars with finance on them, recently the GTD to Arnold Clark who gave me £900 under a private sale but still netted me a £2k in pocket profit.

Just be aware when its a large figure, best to settle finance there and then over phone, as moving money around that large may be an issue, plus a big no no for paper money!

Good luck!

 

[Jack1694]

Hi All,

Many thanks for all your messages!

As things stand the Cupra owes me 19600 and the offer on the table is 17k trade value, so in theory after 12 months the merc will have cleared the negative equity on fuel costs alone.

I used to have an FR diesel and that used to get 60+mpg on a run and had a lifetime average of 53, the 330 had a lifetime average of high 40’s but could get mid 50’s on a run, in all fairness the Cupra is the only car I can’t get near the claimed 40+ combined figure, even nursing it !

You’re right I’ll always want for a hot hatch but you’ve got to grow up at some point right?

 

[martin j.]

Hi All,

Many thanks for all your messages.

You’re right I’ll always want for a hot hatch but you’ve got to grow up at some point right?

At 61 I have no intentions of “growing up”, yesterday was dry and warm-ish, so out with the Honda S2k, roof down and vtec, buy a diesel dog for commuting and still enjoy the cupra.
Life is real, this is NOT a rehearsal.

 

[AndrewJB]

I sold a car on pcp once. I got a settlement quote sent through on a letter then had the buyer do a bankers draft to the finance company for the amount of pcp outstanding then he gave me the difference in cash

This is the way to do it.

 

[Hag]

This is the way to do it.

I’ve done it like this before and the guy transferred the money into Santander’s bank in front of me and the rest into my account and off he went. He got his own settlement letter from them with my permission and I had one too


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[LouG]

Hi All,

Many thanks for all your messages!

As things stand the Cupra owes me 19600 and the offer on the table is 17k trade value, so in theory after 12 months the merc will have cleared the negative equity on fuel costs alone.

I used to have an FR diesel and that used to get 60+mpg on a run and had a lifetime average of 53, the 330 had a lifetime average of high 40’s but could get mid 50’s on a run, in all fairness the Cupra is the only car I can’t get near the claimed 40+ combined figure, even nursing it !

You’re right I’ll always want for a hot hatch but you’ve got to grow up at some point right?

But you're taking on another big depreciation hit. But, if you're happy do it.

 

[DElliot12]

£2600 worth of neg is not to bad so surely that can be added to the price of the Merc and get your new finance?

 

[Jack1694]

£2600 worth of neg is not to bad so surely that can be added to the price of the Merc and get your new finance?

It’s not a massive amount, but if I could even half it I’d feel a lot better !

 

[Kieran Lewer]

Just a thought, if you’re going to be doing big miles, isn’t a PCP on anything going to cost you a packet?

I’d pick up something like a Ibiza/Polo diesel, sub-£3k, load the miles on that during the week (worrying less about depreciation as it’s worth less to begin with) and enjoy your Cupra at weekends

 

[Jack1694]

Just a thought, if you’re going to be doing big miles, isn’t a PCP on anything going to cost you a packet?

I’d pick up something like a Ibiza/Polo diesel, sub-£3k, load the miles on that during the week (worrying less about depreciation as it’s worth less to begin with) and enjoy your Cupra at weekends

I wouldn’t want the Cupra just as a weekend toy if I’m honest, I’d sooner have 18-20k sat in a Cayman S as a weekend machine, as it would be more rewarding to drive than the Cupra and hold its money better, the merc I would look to HP or personal loan, dependant on rates so I’m not restricted by mileage

 

[Hag]

I wouldn’t want the Cupra just as a weekend toy if I’m honest, I’d sooner have 18-20k sat in a Cayman S as a weekend machine, as it would be more rewarding to drive than the Cupra and hold its money better, the merc I would look to HP or personal loan, dependant on rates so I’m not restricted by mileage

What’s the half way point of your pcp? It will say in your contract around half’s/thirds?


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