UK - Ending finance contract early?

[Malcolm Feth]

or... sell it privately, which is always the best option

Sponsored

 

[SCZ4]

or... sell it privately, which is always the best option

ALWAYS!

I've had 28 cars in my life and only ever bent over once and traded in. Always sell privately. Higher value cars do take longer, but will sell once priced right. I'd say at least 10% if not 20% more than trade-in values. You have to remember the extra money in your pocket is tax free, so if getting £3k more, it's like earning £6k. Better you take the money than a car dealer.

I actually enjoy the process of selling a car privately, but can understand those who don't want the hassle and a trade-in is an easy route, just have to accept the hit. Unless of course you're my brother who claims to always get "Amazing" deal when trading in

 

[BrettMRC]

Glad it all worked out for you.

There's a nice LC500 V8 up for sale on the L-OC at the moment...

 

[cowboyjon]

I'm very much in the market - in the last 6 months I've been watching 3.0 Supras on Autotrader there has usually been between 45-55 on sale at a given time.

Unfortunately private sales are as rare as hen's teeth, (which is proper shit for guys like me who are looking to buy without finance).

For example, there are currently 50 for sale at the moment with just 4 for sale privately. I'd say a lot of those cars in dealerships were traded in or sold to the garage with outstanding finance. I think it's a more common occurrence than people think.

 

[Supra_UK_]

For reference, my (ex) yellow MT Supra sold in just 7 days on the market (via a dealership) - although, if I can brag, it was very low mileage, and immaculate, so a bit if a steal I suppose.
When I had asked Toyota they said it would take them 2/3 months to sell it... goes to show, really need to do your research.

 

[Supra_UK_]

I'm very much in the market - in the last 6 months I've been watching 3.0 Supras on Autotrader there has usually been between 45-55 on sale at a given time.

Unfortunately private sales are as rare as hen's teeth, (which is proper shit for guys like me who are looking to buy without finance).

For example, there are currently 50 for sale at the moment with just 4 for sale privately. I'd say a lot of those cars in dealerships were traded in or sold to the garage with outstanding finance. I think it's a more common occurrence than people think.

My yellow MT was sold this week for 45 K, with 3,600 miles, immaculate - therefore if I were you, anyone asking over 50k can go F. themselves, and even then, it would need to be (in my opinion)
-Less than 3,000 miles
-Pro trim
-Manual transmission
- Be the "special edition" with Cognac interior and frozen matte paint.

I can't comment on the 45th anniversary edition's value, no idea what that one goes for.

 

[cowboyjon]

My yellow MT was sold this week for 45 K, with 3,600 miles, immaculate - therefore if I were you, anyone asking over 50k can go F. themselves, and even then, it would need to be (in my opinion)
-Less than 3,000 miles
-Pro trim
-Manual transmission
- Be the "special edition" with Cognac interior and frozen matte paint.

I can't comment on the 45th anniversary edition's value, no idea what that one goes for.

I wouldn't pay anything like that

£42-£43k should be enough to get you in a two year old, mint condition car with less than 10k miles on the clock, even from a dealership - I really, really, really can't see why anyone would pay a single penny more than that.

If you can find one private in the same condition you are actually talking just £40k.

For the life of me I have no idea why people would pay more than that in the UK for a Supra - it's not like newer cars got more power or anything and even the oldest cars will still have five years left of the Toyota warranty.

 

[Chappers]

On the flip side of ending contract early, what about extending the PCP agreement?

I'm 18months away from the end of my deal, my APR is 1.9% so I don't particularly want to get a new car on toyotas current 7% APR figure equally i love my supra and don't want to trade it in.

Financing the balloon payment would be similar to the 7% APR figure.

And im definitely not handing the keys back lol.

Is there a 4th option where I can just extend my current agreement and keep paying what I'm paying now? I guess I'd need to contact toyota finance to find out. Just want to know if anyone got any experience of this scenario.

 

[SCZ4]

Why not get a personal bank loan to cover the final balance?

 

[Chappers]

Why not get a personal bank loan to cover the final balance?

That's probably what I'll end up doing but the APR is the issue, it'll be a lot more than what my current deal is.

It would be in toyotas best interest for me to continue paying them interest on the final balance rather than pay the lump sum and they walk away without the interest...

Again it's one that I'll have to ask them nearer the time...

 

[SCZ4]

That's probably what I'll end up doing but the APR is the issue, it'll be a lot more than what my current deal is.

Very true, but the big difference is you'll have an asset to show at the end of it. So perhaps it'll cost more per month, but you're not throwing the money away like you are with a traditional PCP where you're effectively just paying the depreciation and "renting" the car in reality.

 

[Supra_UK_]

On the flip side of ending contract early, what about extending the PCP agreement?

I'm 18months away from the end of my deal, my APR is 1.9% so I don't particularly want to get a new car on toyotas current 7% APR figure equally i love my supra and don't want to trade it in.

Financing the balloon payment would be similar to the 7% APR figure.

And im definitely not handing the keys back lol.

Is there a 4th option where I can just extend my current agreement and keep paying what I'm paying now? I guess I'd need to contact toyota finance to find out. Just want to know if anyone got any experience of this scenario.

I also had 1.9% before I sold it, amazing isn't it, we'll never see those numbers again!!!

Good question anyway, I have a feeling if you re-finance the baloon with them the rate might go up to run-rate today, but, worth asking!

I am able check personal loan rates in my mobile banking digitally, maybe give it a go and see if there'a anything less than 7% which might still make it a softer blow...

For what it's worth toyota F.S. were fairly reasonable customer service when I spoke to them.

Good luck!

Sponsored