End of PCP plan

Manbatius

Manbatius

Manbatius

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Joined
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North East
Hi all, our first ever PCP ends in about 6 months on the Mrs' Toyota Yaris Cross.

Plan A has pretty much always been to buy it, likely with part loan. About 80% just going to do this, one of the reasons we went with toyota is 10 year warranty.
Plan B Leasing however looks appealing, (Qashqai, Tucson under £250)
Plan C another PCP, this is the option all family are pushing on / suggesting, I think this is crazy, we pay £225 a month, a new yaris cross is a lot more and the terms are worse, so it would be £100 more for same car....

Car good points:
MPG fantastic, chuck £30 in occasionally, at lowest 58mpg, much higher in warmer weather, (mileage is 8k)
Mrs loves it, her first auto car

Bad
No rear interior light, this is a real bug bear
Long term potentially too small for two growing kids, its this last bit that is making me wonder of switching, I keep looking at buying a Rav 4 as most larger vehicles are poor on fuel, but in the spec / age etc they are just a bit pricey.

Oh I have suggested a Rover 75 estate, or a MG ZT estate, but she says if I put that on the drive, she's taking my car......

TLDR: We just pay the balloon payment right?
 
Personally I would prefer to buy a used car with preferably no finance, and would not want PCP, but each to their own.

In your case, I guess it depends on the finances, but I would rather buy the Yaris Cross if the numbers worked and avoid having another PCP.
 
radderfire said:
Personally I would prefer to buy a used car with preferably no finance, and would not want PCP, but each to their own.

In your case, I guess it depends on the finances, but I would rather buy the Yaris Cross if the numbers worked and avoid having another PCP.
Click to expand...
Yep, hah I hate owing anyone anything, hence the Rover comment, if I had it my way, we would have a row of questionable cars outside for different uses! likely in various states of repair
We got this post covid when prices were crazy, everything we looked at during the time was around 15k and banged up with questionable history. Our owned outright Qashqai decided to gain a a oil drinking habit, that got rapidly worse. It was a 2012 but rusted to oblivion as well.

In response to Sirrel Squirell, I expect worth more than the baloon payment, its guesswork a bit as six months away, but at least £4k. But yeah buying it then when the need or something bigger it more apparent, then selling it, is the way I am leaning.
 
3 year old Yaris cross with 8K mileage for £4K balloon ? that sounds like a bargain -
( Yaris's are nice cars especially around town regularly drive a 64 1.3vvti )

e: OK you meants it's worth 4k more than undisclosed balloon
 
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If cost to buy exceeds market value on Motorway.com then it's a no brainer. Definitely don't PCP another car like this though.
 
Manbatius said:
In response to Sirrel Squirell, I expect worth more than the baloon payment, its guesswork a bit as six months away, but at least £4k. But yeah buying it then when the need or something bigger it more apparent, then selling it, is the way I am leaning.
Click to expand...

Worth more at dealer rate, or worth more private seller rate? Looks like the oldest possible car is '21 and with under 10k miles they are selling at £19-20k dealer price. If you take a part loan out to pay for it then you need to look at the APR on the loan, likely to be 6.9% minimum in the current climate.

You've not said what the GFV is on the car, which is pretty critical if you are asking for advice on how to proceed.
 
When we did this ages ago it was a question of whether the final payment was more or less than the value of the car. For the Fiat 500 (which we still have a thousand years later), the car was worth far more than the final payment. The car was kept.
 
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