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Hi all,

I understand the basics of the personal contract purchase process, but just need to clear a few things up...

If one of my choices is to return the car and take out a new PCP with a new car, how does the guaranteed value effect this? Does the excess value just go towards the deposit on the new car or is it a straight payout?

Also, this may sound like a stupid question (I'm young!) but once all my payments on my current car are paid, is that it?

I'm looking for a catch somewhere... it's actually a really good deal even though I won't actually own the car. I know a lot of people swear by PCP and I can see why.

Thanks.
 

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Hi there, from what I understand, if you have kept your current car in exceptional order, and the mileage limit has not been exceeded - then the minimum guaranteed future value MGFV is the least you can expect to go towards you new car.

You may have the option of carrying any extra funds over to your new car (lowering your monthly payments or upgrading the spec), or to receive a cash benefit. The terms will be listed definitively in your contract.

I'm sure so long as the mileage limit isn't exceeded, and the car is in good order (what would be reasonable for its age/mileage), then you have no more to pay.

It does carry benefits, but as you say - you never own the car (which some do view as a -ve).

All the best,

Paul:)
 
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