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Should I buy my financed car and sell it on considering used car values are increasing?
I have an Audi A1 which comes to the end of it's PCP agreement on 27 May. We don't want to upgrade and we were going to hand it back. It's in good condition with 24,000 miles on the clock. The settlement figure is £9011. Having done a little research, equivalent cars are selling for about £12,000. So now I'm unsure whether to pay the settlement figure and sell for £12,000. Would I get that? I'd probably get another PCP on my next car. Any advice? Also, any idea when showrooms may open again? I've been told if its a handback then not to drive it until it can be picked up.
Asked on 12 May 2020 by Ruth Willis
Answered by
Dan Powell
I wouldn't recommend doing this. No one knows exactly how the used car market will fluctuate in the coming months and you may end up losing money in the long run or being stuck with a car you don't want. Car showrooms will start opening in the next few weeks, but there will probably be a delay on new stock due to the fact car plants have been closed for several weeks.
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