I have a car on PCP at the moment and have paid 50% of the value. I'd like to upgrade to something bigger but not with the same brand. As I understand, my car is at an even keel in terms of value, with a very small amount of equity (£100) and no loss in equity.
I could just keep the car for another couple of years, and hope that the value at the end is higher so I have some equity at the end, but I'd really like a slightly bigger car now as my circumstances have changed.
Should I:
- Hand the car back (given there is very little equity in it anyway!) and just take out another PCP
- Pay off the settlement figure, and sell privately (Autotrader thinks this is worth 1.5k over the settlement, however this may be a risk if it doesn't sell)
- Sell to Motorway/We buy any car (as they'll give around £300 equity)
I should add that I also paid for a 3 year servicing so if I handed it back, I'll effectively lose out on 1 years servicing (can't transfer to another car brand)
Any advice gratefully welcomed!