Prius Part X Value

[WarrenB]

As my Prius is coming up for 3 years and the PCP is due to end, I thought I would take it to my local dealer for a valuation to see how much equity I had in the car as a deposit for a new one. Always been told you would be able to do this.

You can imagine my dismay when I was told the Part X value is less than what is owed on it and it would be best just to hand the vehicle back at the end of the three years. So no equity and in fact Toyota will be missing out when I hand it back as well.

Talk about being miss-old a finance scheme. I now have to save like made for the couple of months before the 3 years is up to have any hope of having a deposit for a new car.

[hertsnminds]

I have had this discussion with various dealers especially when the wording on the policies used to be "guaranteed future value" the dealers would tell you when pushed that this was not in fact a guaranteed value so you could not trade it in for that amount nor would they pay that amount for it at the end of the payment period.

The only upside is that the dealer has to take the hit on any negative equity in the value of the car even if it leaves you with zero deposit for something else. Might be worth doing the sums to see how much you have actually paid for the car already and just pay off the balance, or buy it from the dealer at the low trade in price they are offering you.