shoe_man

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  • in reply to: Car Finance explained : how the PCP works #4696

    shoe_man
    Participant

    Thanks for that.

    Now given the above, is there any advantage in putting in a big(ger) deposit or does that only reduce the monthly payments ie. over the piece you will pay more or less the same and you will not have a deposit for the next one? I have a block in my head of what happens to the £4000 deposit I put down on this car if I go for another one after this PCP runs it’s 3 year duration. Will that still be residual in the car that is handed back or is it gone an I would have to find another £4k for the next one from elsewhere? If it is not residual, as I see it that would make it more difficult to replace like with like the next time?

  • in reply to: Car Finance explained : how the PCP works #4658

    shoe_man
    Participant

    I have followed this thread with interest as I am in the position that I have kept a car too long (2005 Volvo XC70 SElux) and am being stung with crazy repair bills, hence looking to replace it. I find myself in the situation of not being able to afford what I would like on HP, but can use the existing car as a deposit – probably worth about 4.5-5K and was considering PCP against an Audi A4 Allroad, low mileage, 2013, £28K over 3 years. Is there likely to be enough equity in the car in 3 years to at least be standing still relative to the postion that I am in now ie. would I have 4.5-5K as a deposit to put down against the next one in 3 years time? Getting a rough costing on PCP to base calculations on from anyone is like pulling blood out of a stone!!

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