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Just to be clear as I’m a bit dim. At the end of the term your car was valued higher than market value, so you paid the final amount to buy the car outright. Now, some time later, your car has depreciated to what is current market value.
Have I got that right?
Also, would you go for PCP again?
TGR-
When i got to the end of the deal, Skoda sent me a letter saying the agreed final value was £6.5k, they were selling on autotrader at £8.5k+ for the same car, similar mileage and history.
So i paid the remaining 6.5k, bought it outright and have run it for 2 years and it's now worth about 6.5k-7k.
I think PCP is really good if you need a car that's an affordable deposit with affordable monthly repayments - it suited my financial situation at the time, but i wouldn't use it again personally as i'm in a different situation compared to then. I'd probably try and buy something 3yrs old outright.
mcmyk
I originally bought my Fabia on PCP when i got my first "real" job out of university and needed a car having not owned a daily driver for years. PCP worked out great because the initial deposit was low (1%), the repayments were affordable, interest rate was reasonable (3.6% iirc) and it came with 3 years free servicing included.
At the end of the term i had positive equity over market value, decided to just pay the final value of the car outright and keep it. That was 2 years ago, it's just about at break even point now as far as i can tell, but i'll probably run it until something catastrophic breaks