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The BMW dealer told me I can quite happily swap my car mid term with adjusted payment according to mileage, condition and the price of the new one.
I'm just wondering if anyone has done this and what the experience has been like, and if you have to do it with the same dealership?
Not done it, but expect to do it with a Mini.
You need to understand how much of the finance you have paid off, and how much is still remaining. There's a great spreadsheet someone on Pistonheads has created (find it on their PCP deals thread), which will show you how much interest and capital have been paid off/remain.
Mileage will be adjusted in line with the excess mileage charge you signed up to at the start.
You don't need to do it with the dealership as the finance will (most likely) be with BMW.
My experience is that the dealer will ring you up after 18 months - 2 years to get you to come in and trade up early.
Especially at a quiet time of year.
We signed up for a 4yr pcp on a 1 series. The salesman basically said that no-one ever see's out the full term as they will usually get called by a BMW salesman halfway through to tempt them onto a fresh deal. They use the PCP deals to feed their approved used network so are always looking for 2yr old-ish cars at decent spec's, that the reason why they chuck in loads of optional extra's in the first place - we got £8k's worth chucked in.
So I've not gone through that process yet, but in 6 months or so when we're halfway through our current term, I'm waiting to see what they'll offer us.
I've done it - but you do pay for it, don't let kid you otherwise.
If you look at coast to coast cars, it will give you an idea of the cost of a fully discounted beemer, they will likely add what you owe on to that. But will still be a RRP discount.
We've got a 1 Series on a 4 year deal but were told that we could change at 3 years at no extra cost. Change before that and you'll have to add the difference between the cars px value and what you owe. The longer you leave it the less it'll be.
We changed our old Focus after 18 months of a 2 year deal as the dealer was offering money off. Bit different with Ford though as they factor in paying past the value of the vehicle so you've got a deposit for the next.
I forgot to mention in my last post the experiences of A mate of mine. He's has just changed his 3 series for a 5 series. He initially approached them to come off his current deal and they were very luke-warm and the deals they offered him were not attractive at all, so he parked it. But low and behold they came knocking at his door about 3 months later asking if he was still interested and "Have they got a deal for him". Well by his account it wasn't a particularly good deal but obviously now they were keen to do something, maybe to hit some monthly target and he eventually thrashed out a deal that was acceptable to him. Obviously it is costing him more as he's effectively upgraded his car, but he seemed happy with the overall deal of swapping over early. So I think the best approach is to maybe put the feelers out and express an interest initially, then withdraw and sit back and wait for them to come back to you.
So I think the best approach is to maybe put the feelers out and express an interest initially, then withdraw and sit back and wait for them to come back to you.
This and the above sounds perfect. I'm happy with my 120D but am considering a move to a 3 series touring Xdrive next September - when I'll be 2 years in to a 3 year deal and our Nursery payments go away. Sounds like I should be calling them July'17, test drive a couple and leave them alone from August onwards and see what transpires before Christmas 2017.
They will generally start to get in touch two thirds of the way through a deal. That's normally the point where the amount left to pay and the value of the vehicle become close to each other and they don't want you running away to another brand so get you back in to look at shiny cars again.
VW finance aim theirs at 2.5 years on a 4 year deal so they can get the cars back in before 3 years while there is still some warranty value in them. BMW I believe aim at about 18-24 months so they can push them through their dealer network as good quality warrantied used cars.
[I]I've done it - but you do pay for it, don't let kid you otherwise. [/I]
This. Any dealer (of any manufacturer) will do you a deal and 'buy' out your current finance, they always have.
It all boils down to how much the car is worth, and what outstanding Finance you have on it, nothing more complicated.
You could sell your existing car to frog, and as long as you clear the outstanding finance it doesn't matter.
Edit: The chances of you having equity in the car will be next to zero thought I imagine. See how much they are going for on Autotrader, and compare that to how much outstanding Finance you have
BMW I believe aim at about 18-24 months so they can push them through their dealer network as good quality warrantied used cars.
Ah but what if your car is already one of those cars? Mines a 63 plate, so is currentkty 3 years old, will be 4 years next Srptember
They'll still want the deal. I just got a nearly new (57miles on it) 125D. The salesman said he's no longer incentivised to sell the finance(not sure if true), and gets the same credit to his bonus whether new used, £100k or £10k. If that's true, they'll still want the deal.
Audi did when I had a leaking TT and a lightly rallied A4 to trade in - with the A4 still on finance
Ah but what if your car is already one of those cars? Mines a 63 plate, so is currentkty 3 years old, will be 4 years next Srptember
My BMW was one of the used ones as well, they base the PCP on the final value so there will still be a point where the value and money remaining cross and they will have you back in for a deal. Just means it won't go on to their used cars and out to auction instead.