PCP Ballon payment

[Golding78]

Hi I am in a bit of a dilemma, my Škoda karoq pcp is due to comes to end the balloon payment will be 10k for a 2020 car that will of done 34000 miles, should I pay balloon payment via a bank loan or use the £800- £1000 equity towards either a new car on pcp or looking at possible 2 year old focus estate. I only do about 4000 miles a year

I would think the cheapest way to go would be to keep the car and get a bank loan for the balloon. Given your low mileage it’ll still have done less than 50k miles in 3 years time.

Do you want to own a car?
Can you afford the monthly payments for the bank loan? Or would a new pop be cheaper?

@DancefloorAcrobatics i like the car as has everything I want keyless entry and heated seats, and heated windscreen, only the car will be nine years old by time paid loan off but I would also be out of the pcp loop. I could look to do another PCP which would be be very slightly more than car loan but a new car. I have about £600 equity in my car at moment