What Shall I DO?

[Zaco95]

All,

So I'm in a bit of a predicament.

My current PCP plan comes to an end October 2020, I estimate between Nov 2019 - Sept 2020 I will need to spend the following on general maintenance:

£220ish - Service
£360 - 4 new tyres
£199 - DSG oil change
£588 - Cambelt with water pump
£49 - Brake Fluid
Total = £1416

I got a part ex value of my car which was £2000 less than my current settlement figure.

Just seems crazy to me spending all that money on the car when I might just get rid of it Oct 2020 and tbh I would like a different car but I just can't come to the fact of loosing £2000 on my finance atm

Would this negative equity sort itself out by Oct 2020 or do I just keep it after Oct 2020 and hope the negative equity sorts itself out and I'd gain the £1416 I gotta spend on maintenance?

Just want your opinions and tell me what you'd do in a situation like this please.

The car is a SEAT Leon 65 plate 2.0 diesel DSG 184 with 61000 miles.

I look forward to hearing your opinions.

 

[bgb]

If your car is due to end in Oct’ 2020, can you not early hand back now? Have you reached the half way point? Call your finance provider such as VWFS etc and find out!

Secondly, is the part ex value from a dealer? They will always low ball you. Try the likes of Arnold Clark for a more realistic value. When I took them my GTD they offered £500~ less then private sale, so to me was an easy job!

 

[BoomerBoom]

You can tell when a dealer is lying to you about part ex values, their lips will be moving. Part ex is all about making extra profit - as the customer you are expected to throw it all away to get the shiny new car.

Go to autotrader and put your reg & mileage in, that will tell you how much the car is realistically worth. It might be cheaper to settle and sell privately now.

A five year PCP or lease means you get hit with all the big maintenance bills, just as you hand it back, so this shouldn't be a massive surprise. If you were intending to make the final payment & keep it, then it's worth it. But if you intend to upgrade then you've chosen the most expensive option.

 

[Zaco95]

If your car is due to end in Oct’ 2020, can you not early hand back now? Have you reached the half way point? Call your finance provider such as VWFS etc and find out!

Secondly, is the part ex value from a dealer? They will always low ball you. Try the likes of Arnold Clark for a more realistic value. When I took them my GTD they offered £500~ less then private sale, so to me was an easy job!

Can voluntary terminating affect your credit score though? don't want this as my mortgage is up for renewal at the end of this year :/

I check Arnold Clarke and they quoted £8057, but Evans Halshaw would give me £8103, but I guess any of these figures would probably get knocked down for any silly little thing they would pick up on...I mean the worst I have are general paint chips.

You can tell when a dealer is lying to you about part ex values, their lips will be moving. Part ex is all about making extra profit - as the customer you are expected to throw it all away to get the shiny new car.

Go to autotrader and put your reg & mileage in, that will tell you how much the car is realistically worth. It might be cheaper to settle and sell privately now.

A five year PCP or lease means you get hit with all the big maintenance bills, just as you hand it back, so this shouldn't be a massive surprise. If you were intending to make the final payment & keep it, then it's worth it. But if you intend to upgrade then you've chosen the most expensive option.

Yeah that's why they quoted me £7200....so low...apparently I had scrapes on 3 of 4 alloys........LIAR....I said to him "Really I'm certain there's none" and he was like "there is its funny how you don't remember them even my girlfriend doesn't", I mean this really gives me faith in this sales guy.

AutoTrader thinks I should sell my car for £9383 based on their valuation of £8530. I mean my settlement figure is £9350 who's saying I'd even get the full amount AutoTrader thinks.

Iv'e defo screwed up getting this car at 1 years old on a 4 year deal

 

[Kibby]

Can voluntary terminating affect your credit score though? don't want this as my mortgage is up for renewal at the end of this year :/

I check Arnold Clarke and they quoted £8057, but Evans Halshaw would give me £8103, but I guess any of these figures would probably get knocked down for any silly little thing they would pick up on...I mean the worst I have are general paint chips.




Yeah that's why they quoted me £7200....so low...apparently I had scrapes on 3 of 4 alloys........LIAR....I said to him "Really I'm certain there's none" and he was like "there is its funny how you don't remember them even my girlfriend doesn't", I mean this really gives me faith in this sales guy.

AutoTrader thinks I should sell my car for £9383 based on their valuation of £8530. I mean my settlement figure is £9350 who's saying I'd even get the full amount AutoTrader thinks.

Iv'e defo screwed up getting this car at 1 years old on a 4 year deal

You have not screwed up at all. You bought the car that was within budget and ticked your boxes at the time.

Part exchange is very similar to insurance renewal, the figure is picked from the air and always changes when challenged.

If you know your settlement is 8k (for example) and the sales guy asks your settlement, tell him it is 10k watch how they get closer to your cars true value.

I traded in a Fiesta ST against an Audi A3 S Line diesel a few years ago due to more miles for work, had to pay out 3k to cover negative equity and that still ticks me off to this day.

Be patient and shop around, look for genuine service parts three to four months before your service and buy them bit by bit. You could even have a garage check over your car and advise what would be required for the service to give you an accurate shooping list.

Tyres will always be required but no sales guy is going to give you more money for your PS4s so no need to go premium.

Are you guessing the cambelt and water pump or do you know for sure? if you know for sure start putting a little away each month for this element alone.

Sorry if im late to the game here but dont panic! Negative equity will go down, your circumstances might change and the most likely there will be better deals on cars meaning your trade in can be better.

Hope this helps

 

[Kibby]

For context i bought a 2014 Cupra 280 in 2019 on a five year deal, i know the value wont match what i pay but i dont care because im enjoying the car more than ever i have ever had with my other cars;

Ibiza
Ibiza FR
Fiesta ST
Audi A3 S Line
BMW 1 Series remapped (240bhp)
now the 280

I have been driving since january 2013, as long as the deal is what you need it to be a month dont focus on the equity.

 

[KXL]

Not my experience personally, but had a work colleague who used webuyanycar, and was surprised (in a good way)at the quote they gave to take the car...

 

[Kirky]

Not my experience personally, but had a work colleague who used webuyanycar, and was surprised (in a good way)at the quote they gave to take the car...

Is have sold 1 car to those guys as they offered me more than any other part ex. The car had no damage though so I got what they quoted. Evans Halshaw, where I was purchasing the new car, couldn't match it. So I can 2nd your colleagues experience.

 

[martin j.]

Have you priced the work at Seat or an indie using Seat parts? That could make a difference to cost, nothing you can do yourself, BF change? DIY could save a chunk of change.

 

[Zaco95]

You have not screwed up at all. You bought the car that was within budget and ticked your boxes at the time.

Part exchange is very similar to insurance renewal, the figure is picked from the air and always changes when challenged.

If you know your settlement is 8k (for example) and the sales guy asks your settlement, tell him it is 10k watch how they get closer to your cars true value.

I traded in a Fiesta ST against an Audi A3 S Line diesel a few years ago due to more miles for work, had to pay out 3k to cover negative equity and that still ticks me off to this day.

Be patient and shop around, look for genuine service parts three to four months before your service and buy them bit by bit. You could even have a garage check over your car and advise what would be required for the service to give you an accurate shooping list.

Tyres will always be required but no sales guy is going to give you more money for your PS4s so no need to go premium.

Are you guessing the cambelt and water pump or do you know for sure? if you know for sure start putting a little away each month for this element alone.

Sorry if im late to the game here but dont panic! Negative equity will go down, your circumstances might change and the most likely there will be better deals on cars meaning your trade in can be better.

Hope this helps

For context i bought a 2014 Cupra 280 in 2019 on a five year deal, i know the value wont match what i pay but i dont care because im enjoying the car more than ever i have ever had with my other cars;

Ibiza
Ibiza FR
Fiesta ST
Audi A3 S Line
BMW 1 Series remapped (240bhp)
now the 280

I have been driving since january 2013, as long as the deal is what you need it to be a month dont focus on the equity.

Thanks Kibby,

Guess if I can try and change before everything is due I will just keep on teasing the dealer and see what they offer me.

The cambelt and waterpump will be due when the car is 5 years old in Sept 2020.

There again I might just keep it, spend the money and wait for the negative equity to come down so I don't loose any money as I can't afford to do that and I do really enjoy driving this car, I mean it's quick with the DTUK chip 0-60 in under 6 seconds and it handles great!

 

[Zaco95]

Not my experience personally, but had a work colleague who used webuyanycar, and was surprised (in a good way)at the quote they gave to take the car...

Is have sold 1 car to those guys as they offered me more than any other part ex. The car had no damage though so I got what they quoted. Evans Halshaw, where I was purchasing the new car, couldn't match it. So I can 2nd your colleagues experience.

Thanks, I did a WeBuyAnyCar quote and they quoted £8000 so a little less than the others but I guess it comes down to what damage they decide to deduct for if they dont like stone chips.

 

[Zaco95]

Have you priced the work at Seat or an indie using Seat parts? That could make a difference to cost, nothing you can do yourself, BF change? DIY could save a chunk of change.

Iv'e just taken the prices from the fixed price list on seats website and tyre prices I paid in the past.

 

[Kibby]

Thanks Kibby,

Guess if I can try and change before everything is due I will just keep on teasing the dealer and see what they offer me.

The cambelt and waterpump will be due when the car is 5 years old in Sept 2020.

There again I might just keep it, spend the money and wait for the negative equity to come down so I don't loose any money as I can't afford to do that and I do really enjoy driving this car, I mean it's quick with the DTUK chip 0-60 in under 6 seconds and it handles great!

I think this is the best option.

Ride out the equity and just enjoy what you have

 

[Action Man]

Please ignore any rant...but apparently I have to do something or I can't put a wanted add up..
But my opinion is cars cost money to keep them safe efficient and mechanically sound..... if you want to save money buy a cheaper car...and if you want to save even more money pay cash.... then there is no credit interest.
My Mk 1 had 200000 miles on it when I sold it to my mate and it was 15 yrs old....all I did was service it at a local garage..... I've now bought a used 280 Sub 8.... Should last me a while....hence I want to find the alcantara bucket seats.

But best of luck coming up with an option