Dealer buy out of PCP deal

[GreyMack]

Hi

Like many of us i have been WFH for best part of 9 months and according to my work even when things do return to normal most of all us will only be required to go to the office once or twice a week.

That brings me to my car. I took out a PCP deal with Ford 18 months ago on a new Focus and i love the car however i have only done 700 miles in the last 9 months and this got me thinking.

When i took out the PCP deal i agreed to 12k per year so right now i should be around 18k on the clock but i'm actually sitting at 8k. With the prospect of not returning to the office at all until summer i spoke to the local dealer on what options i may have and he offered to buy the car of me if i pay £250 cash and handover the keys and i would have no more payments. Great i thought because even if I have to go back in say July (and no one really knows right now) i would have 5 or 6 months of no payments saving approx £1500 and then i could start again.

Now i have never been really sure on how PCP deals fully work but my understanding is at the end of your term and providing you stick to your agreed mileage and look after the car you should end up with small amount of equity, say £1000. But what if i keep the car and at the end of the 3 year term i have a car that's well looked after and has say 18k on the clock rather than the 36k it should be, would my equity be so much better than the money i would save by getting rid of it now and starting again?

I hope i have explained that clearly and i would really appreciate any advice you may offer.

Thanks

[GreyMack]

sorry i posted this in the wrong sections, if you re a moderate please delete.

Thanks