In August 2017, I got an Audi Q3 on PCP. I traded in my old car for £6300, and agreed to £250 x 48 months, with a balloon payment of £14k. Right now I’m 20 months in. Outstanding finance is £21k. Car has almost 19k miles on the clock. I want to upgrade to the new model, or possibly a Q5. When would it be best to do that? 4 years, 3 years or ASAP?
Any idea what the value is now? That could/would help decide. Sounds to me like you will still be in negative equity, and not too likely to change given Q3 has been replaced. You could hand back now if paid half, but then you put down a decent deposit you would lose. Or cut losses now, they could build in some negative equity into new car, but would cost more.
As I suspected. So depends how badly you want to upgrade, as it is going to cost. A colleague was talking to Audi about changing Q3 for new model. Had the car for 3 years and still in negative equity, so keeping the car for now
Do you think the fact that my Q3 is now old-gen will depreciate it more then it otherwise would have done if the new model had not come out? I fear it’s very unattractive to buyers given its horribly aged interior and ancient infotainment screen.
100% yes and the reason why I went for a Q2 and not a Q3 at the time. Sorry but its old gen and prob 2 generations old as the Q3 never really got an interior update to make it along the same lines of the Q2 or A3 interior which are already 1 gen behind. However, it is an Audi SUV so it should hold its value ok. Its defo gone down in value due to the new model, this happens with every car, but whether you are better off keeping it or trading in, only you can decide!
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The Q3’s do seem to suffer a little more depreciation than the gen1 Q5’s. Not that that really helps you, but is fairly accurate it seems.
I had a similar experience with an A6. Got it cheaper with big dealer contribution, and actually sold before new one came out, even still it had dropped more than the average Audi, so I took a bit of a hit and went for a new Q5 in Mar 18
I might have overstated the settlement figure as I worked out it myself by adding up the remaining payments. Surely the interest element would not be payable from the point of settlement, so the figure would be less?
Yes mate, a fair amount less.
Either ring up Audi Financial or do it via their website, you get instant settlement .
www.audifinance.co.uk
As an example:
My Q5 has outstanding amount of:
£33.5k
but settlement is £29.2k
so £4,335.00 interest rebate
Often a dealership can get a bit more shaved off settlement if you buy another Audi, loyalty discount or something like that.
So maybe it’s worth me enquiring! Annoyingly, their website doesn’t work, so I’ll have to ring them.
Works for me, as I just did it, but maybe you haven’t setup your account online.
Just ring, and worth getting latest settlement figure (which is always valid for a month). Ironically my current settlement is valid until tomorrow, as then they update figures, so one done tomorrow for me will be valid until 2nd June.
You will then know where you stand, and could take best discounted Q3 to your spec combined with best P/X on your Q3
It’s very difficult to know how best to approach speccing the new Q3. Would I get lower monthly payments on an S-Line as opposed to a Sport? All I REALLY need is blacked out rear windows for the babies in the back. And the sliding rear bench would possibly come in handy. And I think I’d struggle without the front parking sensors. Argh! I don’t want to drive the price of this vehicle up! It seems lots of things you’d take for granted on a vehicle like this are not standard.
On PCP it is often better to go higher spec like sline, or BE, as balloon payment will be higher so monthlies lower. I would get your carwow quotes, and then get it touch with respective dealers (can be done anonymously initially) and ask them for finance quotes etc
So you can get discounted PCP quotes via carwow without haggling? I always assumed it was just list price.
You get your cost of the car from carwow, which have a dealership discount included for finance. As the quotes are from a dealership you then arrange pcp on the quoted cost.
Having said that I have found either coast2coast or drivethedeal cheaper these days...
Having said that I have found either coast2coast or drivethedeal cheaper these days...
No, as I said discounted price on carwow or others, but once you have those you can then negotiate pcp with dealers
Thank you. Just got my settlement figure. It’s £19,342.67. Confused valued my car at £17,800 trade in. So I’m 1,542.67 negative equity. Roughly when do you think I’ll break even? At 36 months? Happy to keep it until the warranty runs out.
Really hard to predict, as car loses value all the time so could get to end of 3 years and still be in negative equity, but as said earlier in thread, as long as you have paid back half the money you can hand back without affecting credit rating, or hand back at end of PCP term
They could lose that amount of negative equity in the new car although obviously it then inflates the monthly price on the new one... or you could try to sell privately for more than that and get buyer to pay Audi finance the outstanding amount and you any difference....
Or you could keep it longer.
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