Yaris Hybrid Resale Values

[sammoj]

Hi

I am getting close to the end of my PCP deal, August 2016, and am currently considering what to do next. Two garages, 1 Toyota and 1 Nissan, now have quoted me less than the Guaranteed Future Value at the end of the PCP for a part ex-price than the final payment due in August 2016. I am puzzled as to why my car has depreciated so quickly and to below the GFV 6 months before that date is reached. 

Do any other people on here have experience of a Yaris Hybrid T4 Nav on PCP and if it has any capital left at the end of the PCP or was I expecting too much to have at least a small deposit on my next vehicle? This car was sold at around £16k new and seems to now be worth in the region of £6.5k with 20k miles on at 2.5 years old and has full service history at toyota dealership. 

Has anybody else got to the end of a PCP and just handed the car back to start again? Anybody got views on if I should buy this car and run it for another year then try trading it in or is it a lost cause and just one to write off to experience?

This is my first time on a PCP deal so getting to the end of one is all a bit new to me.

Thanks for your views in advance

 

John

[FROSTYBALLS]

This is why we have never gone down the PCP route, despite being given the hard sell on PCP's a few times.

To my mind the success or failure of a PCP is dependent on whether the GFV has been set correctly. Set high and you don't have anything to put towards the next PCP. Set low can provide some capital for you.

You can get an idea of the value by looking at sites such as

www.parkers.co.uk

www.glass.co.uk

www.cap.co.UK

One can either get a general value or pay a small fee and get a more detailed value.

Really only you can decide whether paying the balloon payment and keeping the car is right for you.

[Duffryn]

So the word "guaranteed" means precisely zilch then? How would that stand up in a court of law?

[FROSTYBALLS]

The GFV is usually subject to mileage and condition.

[sammoj]

Condition is A1, few very minor nicks to alloys but nothing major and mileage is 5k less than it should be for this point in the PCP deal.

Of course I can just hand it back at the end of the term and the GFV will pay off the finance remaining leaving me owing nothing but having lost £2.5k depost over the term. 

There is nothing wrong with the car, will have 2 years warranty left in September and 5 years of hybrid warranty. The logical thing is to pay the GFV and keep it a couple of years which should build some equity back up, after all the payments will not be much more to pay off the balloon GFV than i am paying and it does the job.

My heart says get rid of it though as i fancy a change and I have never really liked this car as it has never delivered decent mileage compared to that advertised. Yes I know all the arguments about lab conditions, EU rules etc but I have felt cheated from day one with less than 50mpg average compared to the sticker 85mpg on the windscreen.

Either way I have time to make a decision and always have the hand it back thanks Mr Toyota I am starting again elsewhere. And looking at the depreciation on the Nissan Leaf a year old Leaf would be an absolute bargain to buy!

J

 

[FROSTYBALLS]

The prices of one year old used cars have supposedly suffered quite badly due to the effect of 12 month PCP's, which is why the prices of one year old Leaf's and other cars appear so attractive.

Prices of three year old cars have also been adversely affected (but not as much), due to numbers of people finishing three year PCP's. A classic case of supply and demand - the more cars available on the market at three years, will deflate values and this will happen across all marques.

The one thing to be wary of with used cars up to one year old, is whether they are ex-hire or ex-driving school cars. For example Ford and PSA have contracts with national driving schools (Ford with the AA and PSA with BSM) where they supply cars to the driving schools, the cars are returned to the manufacturer at between 6 months and 12 months old, refurbished and sold through the manufacturer's used car schemes. Vauxhall had the contract with BSM before PSA. So cars around 1 year old sold through Ford Direct, Network Q, Peugeot Approved Plus could be ex-driving school, etc.

[sammoj]

Thats a good point about the 1 year old car history....i have a local dealer who has ex demonstrators on the leaf so i would know they are not ex driving school/hire etc. But yes good advice.

Interesting the BBC are saying today that with fuel costs so low the prices on 2nd hand alternative fuel vehicles has fallen so maybe its just bad timing and if petrol was still £1.39 a litre my car could be worth more? Who knows.

I have time though.....and it does the job, has a set of winter/summer tyres so no new tyres needed in the next 3months and servicing all paid up for 3 years inc first MOT. Will sit back and watch what happens for now.

J

[johalareewi]

14 hours ago, sammoj said:

... but I have felt cheated from day one with less than 50mpg average compared to the sticker 85mpg on the windscreen.

Sounds like there may be other factors at work with an average mpg below 50.  You can see real data over at fuelly.com

http://www.fuelly.com/car/toyota/yaris/2013?engineconfig_id=&bodytype_id=&submodel_id=62

There may be only 13 from 2013 but they all get over 50mpg and if you check all years (for Hybrid yaris) there are only 3 getting below 50mpg.

http://www.fuelly.com/car/toyota/yaris?engineconfig_id=&bodytype_id=&submodel_id=62

 

[sammoj]

Yes I have thought there are issues with the car since day one but the dealership have kept shrugging their shoulders and ignoring me. I can get in the low 60s in summer with very careful driving but this time of year its 48-51mpg. I was told to turn off Eco mode the other day by the dealer which would improve fuel economy as 'people over compensate' on Eco. Done that this last week and managed to get down to 46mpg....great advice mr dealer! ;-)

Anyway it is what it is and WeBuyAnyCar have offered just under £8k so that pays off the finance...will look at the Leaf and see what I think of it then can take my time, probably sell the car to WeBuy and start afresh...there seem to be some very good deals on the leaf as it gets close to being replaced in 12-18 months time and even found a new 30Kwh Acenta for less tha £16k so not too bothered about the sharp depreciation on that. 

Thanks for the comments, I will be careful on PCP in future.

[FROSTYBALLS]

Bear in mind that the Yaris may also be due for replacement in a similar timescale to the Leaf.

[Ethanedwards]

When I p/ex'd my (and I mean my) three year old  62 plate Yaris HSD Tspirit with 51K miles on it I got about 53.2% of purchase price.

I too was disappointed as to me I felt it was worth more.  But it's only worth what someone is willing to pay for it.  And it was competitive.

I didn't mention the new wing /front that had just been nailed on. It was a good repair and I didn't see the join so all was ok.  Incidentally I was stationary at the time of low speed impact on my Yaris.  Which I miss... a lot.

 

[sammoj]

Interesting to see that high a value on a 62, my car is already getting below 50% trade in despite being a very similar spec. Anyway decision made as today I part-ex'd for a new Leaf Tekna 30Kw, local dealer paid off the finance in full so I am at break even and got a cracking deal on the Leaf which has worked out only marginally more than I was paying for the Yaris. Combine that with free to cheap electricity depending on where I charge I think I will be better off.

I managed to get a loan car over the weekend and was very impressed with this all electric car and the range on the 30Kwh is about 120 miles real world which is absolutely fine for me and I have loads of rapid chargers nearby.

So bye bye Toyota for me...

J 

[FROSTYBALLS]

Just hope that the Nissan salesperson has set the GFV at a reasonable level if the Leaf is on a PCP.

[sammoj]

4 minutes ago, FROSTYBALLS said:

Just hope that the Nissan salesperson has set the GFV at a reasonable level if the Leaf is on a PCP.

They were very honest and told me it would have no value left in the vehicle beyond GFV at the end of the deal. I factored that into the deposit payment amount and overall running/PCP costs. The reality is the Yaris had no value left either so no difference really. 

In future I will assume zero deposit in vehicle at end of PCP deal and plan accordingly. With an estimated £2500 savings in fuel costs I am happy with that.