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When you say paid off the finance, does that mean you had to pay 11k at the end so 31k over 4 years and you kept the car afterwards?
Belagerent-
does that mean you had to pay 11k at the end so 31k over 4 years and you kept the car afterwards?
Yes, exactly so.
At the end of the PCP deal, you have the option to hand the car back (potentially having an argument over cuts and scratches and the residual value of the car in the process), or pay off the "balloon payment" of the outstanding finance and keep your car - in which case the dealer doesn't care about what condition it is in.
The way PCP is structured is that you buy the whole car at the start with a loan for the whole cost minus deposit, and pay off a certain amount of the loan over the course of the contract term. If you give the car back, the dealer settles the outstanding finance on your behalf.
ChasnotRobert
also have a look at PCP. The Superb cost me roughly £20k over the 4 years, and then paid off the finance for just under £11k at the end.
The car was still worth more than the finance and it spreads out the pain a bit. Equivalent deal now would be a bit more as the list price has gone up a chunk.