Changing car mid-way through PCP

[chocolatesaltyballs22]

Hi,

Not sure where to put this, hope it's the right place. I took out a 4 year PCP on 1st March 2020 for a fairly big car which I now hardly drive. Hindsight would have been a wonderful thing! So I'm 14 months into a 4 year deal. I'd like to swap it for a smaller and cheaper car but I've never swapped this early in a car deal. Does anyone know if this is possible and whether I'd lose a lot of money? Think I put in a £1000 deposit at the time. Ideally would just like to do a straight swap and drop my monthly payment with no additional expense but this might be wishful thinking.

I believe you can do this yes. Worth going into the dealership (I think this may be on an appointment basis) and explaining your situation? At the end of the day they want to shift new cars so they will find a way.

Thanks for the response. Think I will give them a call first as I don't really want to waste half a day in the dealership if they can't do what I need.

Hi
You can ask for a final settlement figure and sell it privately
I was in same position as you and hardly drove it
I sold it privately just after 2 years of pcp.
It was v low mileage so I actually made money on it !

It is possible but I've only ever done it when trading up for a more expensive vehicle. You will have to cover the outstanding balance of the car you have in order to trade it for another, and it may be worth less than what you have left to pay. Trading up is easy because they are selling you a more expensive vehicle.

Check your PCP details because once you have paid half the agreed amount you can hand the car back, the figure will be listed on the docs and you can get a settlement figure from the finance company.

Another alternative is to sell it to a company like webuyanycar, who settle the outstanding finance on the car up to the agreed price. Anything above that will have to be paid off by you though or they won't buy it.