End of PCP plan

Manbatius

Manbatius

Manbatius

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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.
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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.
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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.
 
Being worth 'a bit more' than the balloon is exactly what they want, most people then go in and use that equity as a deposit for their next PCP car and thats it, they are in the constant trap of shelling out monthly with interest for a car.
 
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Mr_Sukebe said:
If the only issue is not having a light in the back, go have a look on Amazon to see if they have some battery powered LEDs that could hang behind your front seat head restraints.

Then keep what you have. Massively more cost effective
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This is what I did when I realised my 2024 Ibiza was like a cave in the back once I started picking the little one up in the dark, whoever decided on that bit of cost saving was a proper knob.
 
tom_e said:
This is what I did when I realised my 2024 Ibiza was like a cave in the back once I started picking the little one up in the dark, whoever decided on that bit of cost saving was a proper knob.
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always worth checking if other models in the range maybe with higher trim have the option, sometimes if they do a little investigating turns up the wires already there just waiting to be plugged in:)
 
Mr_Sukebe said:
If the only issue is not having a light in the back, go have a look on Amazon to see if they have some battery powered LEDs that could hang behind your front seat head restraints.

Then keep what you have. Massively more cost effective
Click to expand...
I've been wearing a head torch most mornings, the kids thought this funny at first, but now it just annoys them. I am going to look into something better in the summer!
The mrs does love the car, so currently still 80% just going to buy it, which was the initial intention. (all our relatives think we are mental for this, hence the check, they all do as someone said above, the cycle of PCP, to PCP, as "new")
 
gc123 said:
always worth checking if other models in the range maybe with higher trim have the option, sometimes if they do a little investigating turns up the wires already there just waiting to be plugged in:)
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I've got the top trim level already unfortunately.

I did have a look and you can basically plug and play the rear light cluster from some VW cars straight in but then involves pulling out and cutting the headlining and while I'm happy to get my hands dirty in general anything that involves needing to look pretty once I'm done is out of my remit :D
 
I'm in a similar ish situation.

So you pay £225 per month now, correct?
When you get to the end of the PCP and get a loan to pay it off, what will be the monthly cost on that? and for how long? around £225 a month i'm guessing? crunch these numbers now as the interest rates are rubbish.
When you get to the end of that loan period, and you've reached the holy grail of owning outright, will you then keep it for some years? or will you likely be looking to replace it?

So assuming its a 3 year PCP and your loan would be about 3 years also, You in 2028 would either have a car worth about 6 or 7k, that you could use as a deposit for something new, but then your continuing to pay monthly, or just keep it. Come 2028, even a proper shed will cost five grand so it might be worth more than predicted. Or you would have been driving a new Tucson for the last three years.

If you'll replace it when your loan is paid off, you'll always be paying monthly, so you may as well have just gone for the Tucson on a lease. (though the kia sportage is possibly the better car?)

In your case, your car is still under warranty, so youd have minimal risk of any significant outlay, so its probably worth buying it.
If the car was out of warranty at the end of the PCP, and impossibly complicated, as modern cars tend to be, and might throw some big bills in the three years youd be paying off the loan, then maybe not.

If there is always a monthly payment being made, then you may as well have a newer car if the monthlies are similar for minimal deposit values... which it most likely wont be. Whats the initial payment on the £250 tucson lease?
 
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champ222 said:
I'm in a similar ish situation.

So you pay £225 per month now, correct?
When you get to the end of the PCP and get a loan to pay it off, what will be the monthly cost on that? and for how long? around £225 a month i'm guessing? crunch these numbers now as the interest rates are rubbish.
When you get to the end of that loan period, and you've reached the holy grail of owning outright, will you then keep it for some years? or will you likely be looking to replace it?

So assuming its a 3 year PCP and your loan would be about 3 years also, You in 2028 would either have a car worth about 6 or 7k, that you could use as a deposit for something new, but then your continuing to pay monthly, or just keep it. Come 2028, even a proper shed will cost five grand so it might be worth more than predicted. Or you would have been driving a new Tucson for the last three years.

If you'll replace it when your loan is paid off, you'll always be paying monthly, so you may as well have just gone for the Tucson on a lease. (though the kia sportage is possibly the better car?)

In your case, your car is still under warranty, so youd have minimal risk of any significant outlay, so its probably worth buying it.
If the car was out of warranty at the end of the PCP, and impossibly complicated, as modern cars tend to be, and might throw some big bills in the three years youd be paying off the loan, then maybe not.

If there is always a monthly payment being made, then you may as well have a newer car if the monthlies are similar for minimal deposit values... which it most likely wont be. Whats the initial payment on the £250 tucson lease?
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This is why I am not totally mind made up, had it just been us, no brainer, keep until own, run into the ground. But in 4 years time one of the boys will be approaching teenage years and the little one is quite tall, so I feel we may be pushed into a bigger car. Either at the end of 4 years or before.

Looked at putting a bit of money towards it to lower the loan 4 years at £234 was the plan. Its one of those, could spend more, but need a kitchen.... a new driveway, the fence is dodgy, possibly a flat roof hah,so though we could spend more not logical.

The Tucson was £2880, then £240 a month, only 1.5 years would want something a bit longer, anyway I would hunt about.

Still leaning toward buying and pushing the change problem along a few years, just put £260 of Goodyears on it.

Cheers to who above linked the light btw and the detailed responses :)
 
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