Is it worth it?

[Guest]

So in a years time I hand my car back as its a lease job. I have the option of paying 6200 to keep it or just handing back and cutting ties. 

 

I was looking online and my car seems to have a decent resell rate, 3 years old with only around 30k miles selling for 8k ish? Would it be worth taking out a loan/using savings buying the car outright and selling for 8k+ and getting some "profit"/ money ive put into the car over the years?

Opinions? 

[alexp999]

If you have the option of a balloon figure it's PCP not a lease.

The balloon figure is the Guaranteed MINIMUM Final Value. It's best value will be sold privately like any used car, otherwise if you part-ex it, there is usually about another 1k to be had off the price of the new one (in addition to the usual negotiable discounts).

[Guest]

Just now, alexp999 said:

If you have the option of a balloon figure it's PCP not a lease.

The balloon figure is the Guaranteed MINIMUM Final Value. It's best value will be sold privately like any used car, otherwise if you part-ex it, there is usually about another 1k to be had off the price of the new one (in addition to the usual negotiable discounts).

PCP yep sorry. 

I don't know if I fancy another ford just now. Will be my second car so feel like a change but can't decide if its worth the hassle of selling privately.. Thanks for input.

[alexp999]

You don't have to stick with Ford if you want another car, a different manufacturer dealer can still do the same thing of giving you more than the GMFV. They just settle the finance, and put the difference towards your new car. Every manufacturer has the same type of PCP deals, so they all know how it works.

My Dad settled his Peugeot PCP at a Ford dealer for example.

[Jonro2009]

You don't have to stick with Ford if you want another car, a different manufacturer dealer can still do the same thing of giving you more than the GMFV. They just settle the finance, and put the difference towards your new car. Every manufacturer has the same type of PCP deals, so they all know how it works.
My Dad settled his Peugeot PCP at a Ford dealer for example.

The amount of people who aren't aware of all their options at the end of a PCP deal is quite scary. I don't think I've stuck with one manufacturer until I came to Ford. I never ever plan to hand my car back and walk away so I always lower the mileage allowance as it's never going to matter, this can bring the monthly payments down quite a bit. The only time mileage can be a problem is if you have a service plan. People should really be more aware of what they are entering into and what their options are. For instance my last car was a Fabia Monte Carlo on a 3 yr PCP with a 6K/annum agreement. I chopped it in after 26 months for Mondeo, the Fabia had 22K miles on it which is more than it should have had on it after 3 yrs. I got a settlement figure and a an offer from Ford, the offer exceeded the settlement by £800. Ford dealt with the Fabia finance and put the £800 into the Mondeo.


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