5 July 2017 at 2:15 pm #116822
I have recently come past my first year of owning a brand new VW Polo and the car has been brilliant for me, however, the service received from VW has not been and this has resulted in me shopping elsewhere and also looking at getting rid of the vehicle without paying a termination fee. When I spoke to the finance company they advised I can actually sell or part ex the vehicle as long as they get £11,000 they aren’t bothered but the car itself is only worth £9500 which leaves me in a negative equity of £1500. I am also after a slightly bigger vehicle but I am 20 which means these will be limited due to insurance costs however I have been driving for almost 3 years with no claims or offences.
I went to test drive a Vauxhall Astra Ecoflex 1.0 Turbo 66 plate which I did like very much and the company have offered to buy the vehicle for £9500 and then also cover the negative equity by putting this into the monthly instalments for the car which total to £237 a month + insurance on top comes out around £60 more than I’m paying monthly at the moment and the Astra also requires a £500 deposit so it is dearer.
I’m still not 100% convinced that PCP’s are the best option around however as I am young I don’t really have much of an option but I do want to get rid of the VW Polo as I do want a bigger car and also after troubles with VW themselves but I don’t know whether moving onto the Astra is an improvement or is there better deals out there for them?
11 July 2017 at 9:53 pm #117004
Hi Daniel. Changing your car before the PCP is up will always be expensive. You are probably better off keeping the car but going to a different Volkswagen dealer for servicing if the current dealer is a bit rubbish.
Have a read of our article about the myth of the early upgrade for some advice.