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Original poster

Has anyone ever taken a car back to a dealership for a cheaper car?

15 replies

OneDayIWillFly · 25/02/2023 09:04

Hello,

I got a car (£235 per month for 4 years with a £6000 final payment at the end) in December 2021 but I need to see about getting rid of it for a number of reasons and wondered what my options were as this is the first car I have ever purchased on HP.

(1) the car is a bit too big for my needs and it high on running costs compared to my
previous diesel Skoda Octavia (which would drive from the north east to London on £20 of fuel).
(2) I am going through a divorce which is costing me a fortune and I am covering all costs for the children and the house. I need to reduce my outgoings.
(3) I am awaiting confirmation on a new job which I will be able to get a company car with in 6 months. I’d still like to keep my own car though even if just a small run around. Current job is a mix
of WFH and work based but it’s only 8 miles down a country lane.
(4) Eldest child now has a job and his own car. Youngest starts driving lessons next year. I’m going to stop paying for the school bus after this year and get her a monthly pass for the local buses (saving 2/3 of current costs there). It will also help with the constant messages asking me to take her to and from town to meet friends on a weekend.

Ideally, I would like to change the car to a smaller car with smaller monthly payments (50% less if possible).

Is this possible if I went back to the same dealer? I’ve seem suitable cars on their website.

OP posts:
Patchouli6 · 25/02/2023 09:06

Is it on HP or PCP? Have you looked on we buy any car to see if the value is more than the outstanding finance? They may buy it from you which will allow you to buy The different car.

Original poster
OneDayIWillFly · 25/02/2023 09:33

Not sure. Think it’s HP.

OP posts:
Original poster
OneDayIWillFly · 25/02/2023 09:36

It’s PCP. Just looked. Does that make a difference?

OP posts:
Keeptrying2 · 25/02/2023 09:56

We had a car on PCP which got too expensive. We sold it on webuyanycar and what they paid just about covered what we still had left to pay on the car. You will need to check what they value it at on their website, but obviously bare in mind that they will knock some of that price off for any scratches, wear and tear etc

WhyDoesItAlways · 25/02/2023 10:41

Have a look at the T&C's of your PCP. There is usually an option to return to dealer when you are a certain amount of time into the agreement (think it might be halfway).

If it's a new vehicle I would imagine you would have outstanding finance to pay if you sold it now as brand new loose a lot of value when you drive them off the forecourt although I'm hearing second hand prices are high at the moment so it might not be too bad.

A we buy any car online valuation will give you an idea how much your car is worth which you will be able to compare with your outstanding finance amount.

JustGotToKeepOnKeepingOn · 25/02/2023 12:30

As PP said - check your T&Cs. Ones I've had I could return the vehicle at any time.

BarbaraofSeville · 25/02/2023 13:33

With the current demand on cars your dealer might be willing to help you out with taking the old car off your hands but I don't know what would be the best to do until you get your company car. Wouldn't you just be able to use this for private use? That's likely to be cheaper than running a separate car.

Original poster
OneDayIWillFly · 25/02/2023 14:13

Keeptrying2 · 25/02/2023 09:56

We had a car on PCP which got too expensive. We sold it on webuyanycar and what they paid just about covered what we still had left to pay on the car. You will need to check what they value it at on their website, but obviously bare in mind that they will knock some of that price off for any scratches, wear and tear etc

I’ve had a look at webuyanycar and the figure they’ve given just about covers what I owe so it is doable.

OP posts:
Original poster
OneDayIWillFly · 25/02/2023 14:14

I’ll see what happens with this job and sort something out.

OP posts:
Beneficialchampion2 · 25/02/2023 19:23

I doubt you'd be of any benefit swapping into a smaller car. The dealer will want to make a profit on the car you're buying and the one you're looking to swap, so in essence you lose twice.

That is unless it is a sought after model.

Get a settlement figure from your finance company, I PCP my cars but go for higher end trim levels, my latest I have just part ex'd I was in £5k positive equity, in essence the car is worth what I paid for it when brand new despite being two years old, but is desirable as the engine type is discontinued and the trim level is desirable and dealer cannot get brand new stock at the moment.

Hence I swapped it for a newer car if equal spec for same monthly payments at no extra cost to me. Has happened now on the last three occasions for me and just shows how strong the used car market is, though I don't expect this to last for long.

If the car is in good nick ask the dealer who sold it to you for a part ex figure, and get a settlement figure from finance company, the settlement will be lower than the outstanding balance as you won't pay as much interest. Bear in mind that interest rates have risen so it is unlikely you will get I to a smaller car for half the monthly payments

JustGotToKeepOnKeepingOn · 26/02/2023 15:40

Just googled it... if you've paid 50% or more of the loan you can terminate the contract.

So even if you haven't paid that yet you can work out a date when you can get rid of the car.

Having said that, car dealers are desperate for second hand cars so it's ways worth having a chat with the dealer you bought the car from.

JustGotToKeepOnKeepingOn · 26/02/2023 15:41

Here's the info...

Has anyone ever taken a car back to a dealership for a cheaper car?
JustGotToKeepOnKeepingOn · 26/02/2023 15:42

And this is for PCP

Has anyone ever taken a car back to a dealership for a cheaper car?
alwayscheery · 26/02/2023 16:30

Beneficialchampion2 · 25/02/2023 19:23

I doubt you'd be of any benefit swapping into a smaller car. The dealer will want to make a profit on the car you're buying and the one you're looking to swap, so in essence you lose twice.

That is unless it is a sought after model.

Get a settlement figure from your finance company, I PCP my cars but go for higher end trim levels, my latest I have just part ex'd I was in £5k positive equity, in essence the car is worth what I paid for it when brand new despite being two years old, but is desirable as the engine type is discontinued and the trim level is desirable and dealer cannot get brand new stock at the moment.

Hence I swapped it for a newer car if equal spec for same monthly payments at no extra cost to me. Has happened now on the last three occasions for me and just shows how strong the used car market is, though I don't expect this to last for long.

If the car is in good nick ask the dealer who sold it to you for a part ex figure, and get a settlement figure from finance company, the settlement will be lower than the outstanding balance as you won't pay as much interest. Bear in mind that interest rates have risen so it is unlikely you will get I to a smaller car for half the monthly payments

Which make of car do you favour @Beneficialchampion2
I am guessing maybe Mercedes?

Beneficialchampion2 · 27/02/2023 23:28

No, VW.

Have had 5 in the space of 8 years. Excellent customer service from Parkway Franchise.

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