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I'm coming to the end of my initial 3 year PCP deal on my 2016 Honda Civic Type R. The current market value of the same model with similar miles is between £20,000-£22,000. This value is £6,000 more than Honda's agreed "future market value" which was £16,000 at the time of the agreement.
I have absolutely NO intention of swapping to the FK8.
The options I've considered are taking out a personal loan and pay the agreed end balloon payment, and pocket the equity. Then I've got a few ideas.
Keep the car forever which I intended to do from the outset. It's everything I want and need in a motor.
Sell the FK2 for £16,000 minimum (would likely fetch a lot more) and then either:
Pile that money into a 2010 GTR (I've done plenty of research on these cars, I know what I'll be getting into compared to a FK2)
Buy a project car (looking at a Toyota JZX100) and then buy a boring car to daily in (Honda Jazz), and whatever money is left put into the house.
Sell the FK2, buy a shitbox, and stick whatever money is left into property.
I find myself in a unique position, one I certainly wasn't expecting to be in when I signed the PCP deal. I was honestly expecting the FK2 to be sat around £10,000- £13,000. The fact the FK2 has held its value pretty well has opened up some good options, but could do with some other opinions on what to do.
Any help and advice would be greatly appreciated.
I have absolutely NO intention of swapping to the FK8.
The options I've considered are taking out a personal loan and pay the agreed end balloon payment, and pocket the equity. Then I've got a few ideas.
Keep the car forever which I intended to do from the outset. It's everything I want and need in a motor.
Sell the FK2 for £16,000 minimum (would likely fetch a lot more) and then either:
Pile that money into a 2010 GTR (I've done plenty of research on these cars, I know what I'll be getting into compared to a FK2)
Buy a project car (looking at a Toyota JZX100) and then buy a boring car to daily in (Honda Jazz), and whatever money is left put into the house.
Sell the FK2, buy a shitbox, and stick whatever money is left into property.
I find myself in a unique position, one I certainly wasn't expecting to be in when I signed the PCP deal. I was honestly expecting the FK2 to be sat around £10,000- £13,000. The fact the FK2 has held its value pretty well has opened up some good options, but could do with some other opinions on what to do.
Any help and advice would be greatly appreciated.