What is/will my car be worth in July/August

[HoofHearted]

2015 Lexus IS300h F Sport

by time of sale it’d maybe be into the 60k mileage range.

Full Lexus Dealership Service history 

had a major service in August last year and would have its required intermediate service before any sale. Meaning a one year full Lexus dealership warranty covers the car upon sale.

flawless interior, exterior has a scattering of stone chips but otherwise in very good condition. No dents or dings.

alloys are in remarkable condition for a near ten year old car.

likely be selling come July/August just looking for opinions on here of what people think I should ask for it.

alternatively if there is anybody that would be interested or is interested now please get in touch. 

[DamianLEX]

£10-£12k 

[HoofHearted]

18 minutes ago, DamianLEX said:

£10-£12k 

Thanks mate. Would hope for the higher end of that figure, finance settlement is a bit higher than that.

[rayaans]

1 hour ago, HoofHearted said:

Thanks mate. Would hope for the higher end of that figure, finance settlement is a bit higher than that.

I think if we're being realistic, it would fetch about 10-11k as a part exchange. If you sell it privately it may get up to £13k. 

But that all depends on how the market is doing and at the moment its not doing massively well so there could be an increase drop

[CypressPhil]

Mine is pretty much identical. 65 plate with 59k. Same model, spec, colour, dealer history etc. According to auto trader, it’s worth £10,210 part ex and £12,390 private sale. Prices have taken a tumble recently. 

[Malc1]

UK now officially in recession .  for maybe at least 6 months ............. prices certainly won't be " firming " any time soon sadly for you 

A private sale could be the best way to go if possible 

Malc

[Cotswold Pete]

14 hours ago, CypressPhil said:

 Prices have taken a tumble recently. 

Heard the other day second hand values coming down a lot as the new car market recovers ability to supply, so less people chasing a decent second hand car.  Recession may change that a little, but I would think most people looking at spending north of 15K might just go for financing deals on a new car.

Car looks great, and hopefully you get price that makes it worhtwhile

[Mr_Groundhog]

Just in case it helps you, there is a dedicated section of the Forum for users selling and buying 🙂

[HoofHearted]

The UK is in a recession as someone else has posted so I’m not going to get anywhere near to the settlement figure.

 

had phoned Lexus finance last year and they told me I could hand the car back penalty free after the halfway point (time) of the agreement, realise now he meant halfway through the value. 
 

got a visa to emigrate that’ll expire in August of this year, won’t reach the halfway point of paying the car off until June 2025. 
 

with the private sale option only going to get worse I’ve got the two options of giving Lexus around 5k which I sorely need or abandoning the long held desire to go and live abroad and stay in the UK for life.

yes read the small print etc but this is the first car I’ve bought on PCP so wasn’t familiar with how it all worked but being misadvised by that halfwit made me think I was in the clear so I applied for the visa.
 

Absolutely gutted.

 

sob story aside appreciate the comments and kind words about the car lol.

[Malc1]

Defer your migration plans ? 

Malc 

[Tickedon]

16 minutes ago, HoofHearted said:

The UK is in a recession as someone else has posted so I’m not going to get anywhere near to the settlement figure.

16 minutes ago, HoofHearted said:

had phoned Lexus finance last year and they told me I could hand the car back penalty free after the halfway point (time) of the agreement, realise now he meant halfway through the value. 

got a visa to emigrate that’ll expire in August of this year, won’t reach the halfway point of paying the car off until June 2025. 
 

with the private sale option only going to get worse I’ve got the two options of giving Lexus around 5k which I sorely need or abandoning the long held desire to go and live abroad and stay in the UK for life.

 

Assuming your monthly payments aren’t tiny, you should close that gap between the value of the car and your finance settlement as you’ll still be making monthly payments between now and July/August. 

Although it sounds like you may have overpaid and/or have a really high interest rate - in which case refinancing to save interest between now and then may be worthwhile (depending on your circumstances & exact loan situation).

[HoofHearted]

7 minutes ago, Tickedon said:

Assuming your monthly payments aren’t tiny, you should close that gap between the value of the car and your finance settlement as you’ll still be making monthly payments between now and July/August. 

Although it sounds like you may have overpaid and/or have a really high interest rate - in which case refinancing to save interest between now and then may be worthwhile (depending on your circumstances & exact loan situation).

I’m going to phone them again tomorrow and see what they say. I’ll look into that as an option, cheers mate 

[Phil xxkr]

6 hours ago, HoofHearted said:

The UK is in a recession as someone else has posted so I’m not going to get anywhere near to the settlement figure.

 

had phoned Lexus finance last year and they told me I could hand the car back penalty free after the halfway point (time) of the agreement, realise now he meant halfway through the value. 
 

got a visa to emigrate that’ll expire in August of this year, won’t reach the halfway point of paying the car off until June 2025. 
 

with the private sale option only going to get worse I’ve got the two options of giving Lexus around 5k which I sorely need or abandoning the long held desire to go and live abroad and stay in the UK for life.

yes read the small print etc but this is the first car I’ve bought on PCP so wasn’t familiar with how it all worked but being misadvised by that halfwit made me think I was in the clear so I applied for the visa.
 

Absolutely gutted.

 

sob story aside appreciate the comments and kind words about the car lol.

You may also look at martyn lewia and current chat about car interest payments being bigger than PPI! 

[Notamech]

Just curious as to why people take out car loans / pcp isn't just getting a personal loan cheaper? 

When I bought mine before the crazy interest rate hikes i got a personal loan at 3.3% where as the cheapest car finance was 7.5% + the car is recorded as having finance on it. A personal loan sounded like a no brainier to me. So I always wondered other than people who don't get personal loans for whatever reason why would anyone take car finance? Are there any benefits I am missing? 

[Mr_Groundhog]

1 hour ago, Notamech said:

Just curious as to why people take out car loans / pcp isn't just getting a personal loan cheaper? 

When I bought mine before the crazy interest rate hikes i got a personal loan at 3.3% where as the cheapest car finance was 7.5% + the car is recorded as having finance on it. A personal loan sounded like a no brainier to me. So I always wondered other than people who don't get personal loans for whatever reason why would anyone take car finance? Are there any benefits I am missing? 

I agree!

[Malc1]

I’m not sure anyone can analyse the personal financial situation of another at any particular point in time …… it’s too complex …… so best leave it well alone …….. it’s intrusive on here 

Malc 

[Mossypossy]

£5k enough to kybosh migration plans! And you drive a Lexus.

As said above....

 

[Notamech]

1 hour ago, Malc1 said:

I’m not sure anyone can analyse the personal financial situation of another at any particular point in time …… it’s too complex …… so best leave it well alone …….. it’s intrusive on here 

Malc 

Totally understand but that wasnt the intention. Just generally wanted to understand if finance companies offer any benefits or advantages for the high interest rates. E.g with some credit cards you get some level of buyer protection against fraud, product not being fit for purpose etc.

[wharfhouse]

1 hour ago, Notamech said:

Totally understand but that wasnt the intention. Just generally wanted to understand if finance companies offer any benefits or advantages for the high interest rates. E.g with some credit cards you get some level of buyer protection against fraud, product not being fit for purpose etc.

PCP is about keeping monthly payments lower than a loan / HP and getting a new car with a very small deposit, which for many is the main priority especially if you like to change a new car every three years. On PCP  you are financing the depreciation rather than the whole cost of the car. If you intend to keep the car long term or have a decent deposit to put down then a loan over say 5 or 6 years will probably get close to the monthly PCP payments and you then have some decent equity left in the car to use against the next one when you are ready. I've bought cars on PCP in the past and on a couple of them I paid the final "balloon" to keep the car rather than trade it in. However those were on zero/very low PCP deals. I've also used personal loans and bought for cash. For me it all depends what works at that point in time and what makes the money work best for me. 

[ColinBarber]

3 hours ago, Notamech said:

Just curious as to why people take out car loans / pcp isn't just getting a personal loan cheaper? 

You get dealer/manufacturer finance contribution offers that offset higher interest rates, and at the moment some new car offers have interest rates much lower than banks offer. For PCP you are locking in a final valuation which protects you against higher than predicted depreciation.

Always worth comparing all the options available and selecting the one most appropriate for you at the time. Many times paying cash isn't the best option.

[Notamech]

Thanks @wharfhouse @ColinBarber just the info I was looking for. Helps me understand situations in which PCP might be a better option.

[Tickedon]

3 hours ago, wharfhouse said:

PCP is about keeping monthly payments lower than a loan / HP and getting a new car with a very small deposit, which for many is the main priority especially if you like to change a new car every three years. On PCP  you are financing the depreciation rather than the whole cost of the car. If you intend to keep the car long term or have a decent deposit to put down then a loan over say 5 or 6 years will probably get close to the monthly PCP payments and you then have some decent equity left in the car to use against the next one when you are ready. I've bought cars on PCP in the past and on a couple of them I paid the final "balloon" to keep the car rather than trade it in. However those were on zero/very low PCP deals. I've also used personal loans and bought for cash. For me it all depends what works at that point in time and what makes the money work best for me. 

To be clear - you are financing the whole cost of the car on PCP as well, and you will pay interest on the balloon payment for the entirety of the PCP agreement (2-4 years typically). While you are right that the aim is to pay the car’s depreciation for the period you have it, the interest costs on the balloon payment can be quite large - and you’ve no ability to pay that down during a PCP. Whereas with a traditional hire purchase, you’re financing and paying off the entire amount over the term. 

[wharfhouse]

20 minutes ago, Tickedon said:

To be clear - you are financing the whole cost of the car on PCP as well, and you will pay interest on the balloon payment for the entirety of the PCP agreement (2-4 years typically). While you are right that the aim is to pay the car’s depreciation for the period you have it, the interest costs on the balloon payment can be quite large - and you’ve no ability to pay that down during a PCP. Whereas with a traditional hire purchase, you’re financing and paying off the entire amount over the term. 

Agreed - PCP when the interest rates are high can prove expensive - I've generally done PCP at zero or very low rates only. 

[CypressPhil]

Agreed - the way I see it is if you change your car regularly and aren’t fussed about owning it, then a lease might be right for you. If you want the option of owning the car, but want a low monthly repayment, then a PCP might appeal. If you intend to keep the car longer term, then a personal loan will likely give you lower total interest costs, but a higher monthly repayment. If you’re wealthy or a criminal, then cash is probably the way to go! So it’s dependent on various factors and what matters most to the individual at any given point in time. Finally, if you’re a Baller, then “never buy a depreciating asset.  If it flies, floats, f***s or drives, lease it”.