Photo by Benjamin Klaver on Unsplash
PCP (personal contract purchase) remains one of the best ways to buy a car today. You pay a deposit for the car, and the rest of the price is financed through a PCP agreement. Basically, you’re making monthly payments for a pre-determined period – this can be anywhere between 1-4 years. It makes it easier to afford new cars without the stress of buying used.
But what happens at the end of a PCP contract? Well, you have three choices:
- Make the final payment to own the car outright
- Return the car to the dealer and be on your way
- Trade the car in for a new one
Most people opt for the final choice, which brings us to today’s topic: maintaining the value of your PCP vehicle. The more value it retains, the better things will be when you trade the car in. If it’s in prime condition, the dealer will usually pay a good amount of money for it, meaning you cover the remaining payment on your PCP deal and have some cash left over to put a deposit down on your next car!
In other words, it can save you a lot of money because you won’t need to use your own funds for the deposit. With that in mind, here’s what you should do:
Protect The Paintwork & Glass
Rock chips and scratches are some of the main culprits for cars losing value. A PCP vehicle is unlikely to deteriorate mechanically in just four years, so it’s mainly losing value through the aesthetics. If your windscreen has a massive chip in it – or the paint on the sides is scratched – the dealer will dock money from your car.
Start with PPF for the body – experts like Jules Sturgess Automotive swear by the stuff because it repels impacts from dirt, rocks, etc. You’ll protect the paintwork and make your car look as if it just rolled out of the showroom.
Follow a similar approach with your windscreen and install a protective film. This can stop you from needing to replace the entire windscreen after it gets chipped.
Look After The Interior
Stop eating in your car. Also, make an effort to clean and vacuum inside at least every month. Car interiors age much faster than you think, so a dealer can very easily reduce their buying price because the inside of your car looks more worn than it should be. Take extra care with leather or synthetic leather materials, as you can easily wear them down in just a few years.
Don’t Drive Like A Maniac
While most PCP cars are brand-new, they can still suffer from mechanical failures – but normally at the driver’s fault. No new car should experience engine, suspension or gearbox issues after four years. However, if you drive erratically and push your car too far, then these problems can arise. The chances are you’re already a safe driver, but try your best to drive your car gently.
If you manage all of these things, you should have a car that still looks and feels as new as it did a few years ago. The dealer will have no choice but to buy it from you for a very reasonable price, meaning you can pocket the extra cash and use it to purchase your next new car.