I need some proper sensible advice

J

john-e89

Lifer
Whilst in Lapland last week the two main contracts that my wife has for PR and marketing have given notice as they hav'nt made any money, hence Claire is going to have to shut her office and make the 8 staff redundant, tragic as they're very good people. Claire and her business partner are going to forge ahead with a concept they've been designing for a while now and I'm sure they'll be ok but it means she'll have to work for a year with no money. Fortunately we have savings that will just about carry her for a year but any cutbacks will help massively so I think I'm going to sell the Zed, but here's my dilemma: I owe 31k on pcp as of now, the car is probably worth 30k in springtime, on 2700 miles and completely un-marked. I have money from selling my M in the bank that could carry on paying the PCP, but I'd quite like to keep that to one side but it's not essential so, my question is, should I sell in spring and accept the hit, or do I hang on for another year and in the hope that the depreciation slows down enough that the car will go into positive equity and by how much?

Any thoughts much appreciated.
 
Personally speaking i would offer the car up from springtime & enjoy it into the summer while it sells .
Its a luxury you could well do without if the outlook is rocky so far better to clear the decks imo with one less thing to fret about should things get tighter
 
1k is not to be sniffed at by any means, but as far as negative equity on PCP goes, that isn't bad at all

For the sake of the grand for a non-essential asset to be taken out of the equation, that would seem a good deal to me.
 
Paulwirral said:
Ask an accountant , not dickheads , me included , on the internet . Seriously .
Click to expand...

What insight will an accountant be able to offer on the depreciation of a Z4? (Unless they're a particularly big car nut)
 
Liam-O said:
Paulwirral said:
Ask an accountant , not dickheads , me included , on the internet . Seriously .
Click to expand...

What insight will an accountant be able to offer on the depreciation of a Z4? (Unless they're a particularly big car nut)
Click to expand...
Probably more than you or I , 8 staff and a partner I'm guessing ltd company ? I'd bail now and get on with it , but that's just the opinion of a daft builder :rofl:
 
If your seriously want to get rid of it, you can wait for the spring or you could contact your dealer and ask what they would offer for it at this moment in time. According to online valuations your car is worth around what you owe and you never know they may be able to take it off you without any hassle.

Unfortunately none of us know what the value will be come the spring. We are all hopeful the value gains as the weather gets better but just look at the VW Scandle. Something like that happening to BMW and we can be sure that the value of our vehicles could be effected. You just never know what's round the corner.

If your happy to continue on until the spring, then do so and try and sell up then either privately or back into the dealer network.

Whatever you choose, I'm sure it will be the right choice.
 
You should be able to work out the realistic depreciation over the next few years. If you have more cars than needed then its a no brainer sell as many as you can.
 
Check with the dealers and see what they offer and then you'll have a better idea for the spring.

Not certain the 3.0is will go into positive equity just yet - not quite the same as the ///M
 
Paulwirral said:
Liam-O said:
Paulwirral said:
Ask an accountant , not dickheads , me included , on the internet . Seriously .
Click to expand...

What insight will an accountant be able to offer on the depreciation of a Z4? (Unless they're a particularly big car nut)
Click to expand...
Probably more than you or I , 8 staff and a partner I'm guessing ltd company ? I'd bail now and get on with it , but that's just the opinion of a daft builder :rofl:
Click to expand...

I'm guessing an accountant would find a way to spend a big chunk of the 1k difference he's concerned about and still won't be qualified to confirm the fractional price changes of 30k car over a period of months. But that's just my opinion :rofl:
 
Not sure how far you are into the PCP John but when I traded the Z4 in at 25 months into a 48 month contract the Zed was in positive equity. Was your settlement figure from BMW Finance or what you think you owe on the PCP. You could always advertise the Zed privately and see if you can get more than what you owe on the PCP or look to see if BMW Finance are happy for the PCP to be transferred to a private buyer if they wanted to take the PCP on.

Tim.
 
:driving:
Liam-O said:
Paulwirral said:
Liam-O said:
What insight will an accountant be able to offer on the depreciation of a Z4? (Unless they're a particularly big car nut)
Click to expand...
Probably more than you or I , 8 staff and a partner I'm guessing ltd company ? I'd bail now and get on with it , but that's just the opinion of a daft builder :rofl:
Click to expand...

I'm guessing an accountant would find a way to spend a big chunk of the 1k difference he's concerned about and still won't be qualified to confirm the fractional price changes of 30k car over a period of months. But that's just my opinion :rofl:
Click to expand...

Without doubt she or he would , 1k is not much in the world of self employed cash flow , like I said , I'd bail now but I don't have the luxury of a wage at the end of every month , never have had and have always had to juggle money , but it goes with the territory .
 
TitanTim said:
see if BMW Finance are happy for the PCP to be transferred to a private buyer if they wanted to take the PCP on.

Tim.
Click to expand...

if this is possible it could be a good idea, somebody gets a good pcp deal and you can walk away
 
Thanks for the replies all.

Sytner offered 28k which is predictably low so no chance I'm going there. I think I'll wait until spring and have a go at a private sale or let Showcasesportscars in Wakefield sell it on a brokerage sale as I'm pretty pally with the owner. It's a shame as I was getting on better with the DCT lately as well. If it works out I'd like to wait a year for the depreciation to slow and the PCP to drop as Tim says but it might not be possible.

Taz, no I don't think you can just hand it back mid term, that's only at contract end, you have to sell it elsewhere mid term and pay it off but I may well be wrong on that. I don't think you can pass the PCP over to another person either, again i'think' you have to pay it off and the new owner take out their own contract.
 
Don't dismiss the car buying firms , we want any car gave me an unbelievable offer on a 5 year old audi a5 , they like premium cars , it wasn't worth my while trying to sell privately for what they gave me and the same car is on autotrader now for 2k more than they paid me !
 
Hello

hope you are well ... My 35is with only 800 miles on the clock, I would be lucky to get £27500 from a dealer
 
To hand back a car on PCP you must be half way into it or have paid half the value of the initial PCP it's . It's worth checking with BMW Finance as to the outstanding balance as interest is added monthly and not all up front as it used to be so you may owe less than you think.

I think you're going to have to ride it out until the spring and then check with BMW finance for a settlement figure, get a valuation and try and move the car on.

Unfortunately as the PCP contract is between John and BMW it can't be transferred and places like WBAC etc offer silly low money for the E89 especially the ones with the bigger engines. They are really interested in small city cars, family run around a and diesels. Things they can shift on easily.
 
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