Lease/PCP
16 September 2014, 06:25 AM
#4
Surly you could just about buy it with a loan for that much.
I had a bit of a look at it about 3 months as a comparison against running the rover and the numbers didn't add up, I think you'd be better off buying a 3yr old one at circa £3/4k cash or a much smaller loan.
I'll see if I can dig the thread up, here you go have a read, some good links in here.
https://www.scoobynet.com/other-marq...-thoughts.html
I had a bit of a look at it about 3 months as a comparison against running the rover and the numbers didn't add up, I think you'd be better off buying a 3yr old one at circa £3/4k cash or a much smaller loan.
I'll see if I can dig the thread up, here you go have a read, some good links in here.
https://www.scoobynet.com/other-marq...-thoughts.html
Last edited by ditchmyster; 16 September 2014 at 06:29 AM.
16 September 2014, 08:41 AM
#5
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There is a big thread on Pistonheads which might be worth a look/post. One company was knocking out Citroen C1's for about ~£50 a month on 8k PA recently. Can't remember if that was business use only, but even if you add on VAT, that makes for a cheap monthly car to run about in.
16 September 2014, 08:26 PM
#6
Surly you could just about buy it with a loan for that much.
I had a bit of a look at it about 3 months as a comparison against running the rover and the numbers didn't add up, I think you'd be better off buying a 3yr old one at circa £3/4k cash or a much smaller loan.
I'll see if I can dig the thread up, here you go have a read, some good links in here.
https://www.scoobynet.com/other-marq...-thoughts.html
I had a bit of a look at it about 3 months as a comparison against running the rover and the numbers didn't add up, I think you'd be better off buying a 3yr old one at circa £3/4k cash or a much smaller loan.
I'll see if I can dig the thread up, here you go have a read, some good links in here.
https://www.scoobynet.com/other-marq...-thoughts.html
There is a big thread on Pistonheads which might be worth a look/post. One company was knocking out Citroen C1's for about ~£50 a month on 8k PA recently. Can't remember if that was business use only, but even if you add on VAT, that makes for a cheap monthly car to run about in.
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16 September 2014, 09:14 PM
#8
Just skimming the comments on the other thread I can see where people are coming from. However, piece of mind is difficult to calculate into a monthly figure.
18 Months ago we bought the mrs a 1.9 Diesel Scenic with 110k on the clock for £450. Tax is £99 per 6 months, so £200 a year. It also gets about 30-35 mpg, about £20 per week, £1000 in Diesel per year. Most new cars, especially when you get down to a 1.0 ecoboost thingy, should get around double the MPG. So effectively only £500 worth of fuel per year. And most are either £0 tax, or £30 per year. A saving of £170 - £200 pr year, and of course no MOT to worry about. New tyres, new brakes, new everything that, without something catastrophic going wrong I shouldn't have to put my hand in my pocket again unless I'm at the petrol station.
Kia for example, will give a 3 years servicing, 7 year warranty on their new cars, so I don't even have to worry about oil and filter lol.
And what sweetens the deal is seeing 2/3 year old cars out on the forecourt, because they have APR attached to them work out to be a similar amount per month than a brand spanker.
And as I said, what price can i put on having the wife in a far safer, far more reliable car?
18 Months ago we bought the mrs a 1.9 Diesel Scenic with 110k on the clock for £450. Tax is £99 per 6 months, so £200 a year. It also gets about 30-35 mpg, about £20 per week, £1000 in Diesel per year. Most new cars, especially when you get down to a 1.0 ecoboost thingy, should get around double the MPG. So effectively only £500 worth of fuel per year. And most are either £0 tax, or £30 per year. A saving of £170 - £200 pr year, and of course no MOT to worry about. New tyres, new brakes, new everything that, without something catastrophic going wrong I shouldn't have to put my hand in my pocket again unless I'm at the petrol station.
Kia for example, will give a 3 years servicing, 7 year warranty on their new cars, so I don't even have to worry about oil and filter lol.
And what sweetens the deal is seeing 2/3 year old cars out on the forecourt, because they have APR attached to them work out to be a similar amount per month than a brand spanker.
And as I said, what price can i put on having the wife in a far safer, far more reliable car?
16 September 2014, 09:35 PM
#11
The mrs favourite today was the Seat Ibiza, £179 deposit, £179 a month. It was the Toca so comes with all added extras.
Last edited by Kwik; 16 September 2014 at 09:40 PM.
16 September 2014, 09:43 PM
#12
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We're undecided. The main reason is for some trouble free motoring (on paper anyway). I looked at the GFV or Guarenteed Future Value as a bad thing, IE £2500 but thats all we'd have to pay to keep the car. My suspicion is after 3 years, they'd actually offer us more if we entered into another agreement.
Running an older car nowadays is so expensive. The tax is ridiculous, although the new direct debit option will help. New cars are so much more fuel efficient so you do end up recouping some back through lesser visits to the pump.
Also the insurance works out cheaper.
I'm really looking for reasons to be talked out of it. £160 isn't a set amount, you can offset the payments with a larger deposit.
Running an older car nowadays is so expensive. The tax is ridiculous, although the new direct debit option will help. New cars are so much more fuel efficient so you do end up recouping some back through lesser visits to the pump.
Also the insurance works out cheaper.
I'm really looking for reasons to be talked out of it. £160 isn't a set amount, you can offset the payments with a larger deposit.
16 September 2014, 09:55 PM
#14
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What I'm getting at is, for a car of that value I would say a small loan would be better. A quick search and a loan of £7k with Tesco is £213 a month for three years, now the interest payable with them is £686. You would lose more than that with what the dealer would offer you then if you owned it outright and would IMO have more to either P/ex or sell on.
that is 5.7%. If you borrow £7500 the interest goes down to 4.1% and you pay back only £500 interest but you pay £223 a month. I know you need to stop somewhere and you could be at £300 before you know it. The above is just a quick search and the first one I came to.
that is 5.7%. If you borrow £7500 the interest goes down to 4.1% and you pay back only £500 interest but you pay £223 a month. I know you need to stop somewhere and you could be at £300 before you know it. The above is just a quick search and the first one I came to.
16 September 2014, 10:03 PM
#15
What I'm getting at is, for a car of that value I would say a small loan would be better. A quick search and a loan of £7k with Tesco is £213 a month for three years, now the interest payable with them is £686. You would lose more than that with what the dealer would offer you then if you owned it outright and would IMO have more to either P/ex or sell on. that is 5.7%. If you borrow £7500 the interest goes down to 4.1% and you pay back only £500 interest but you pay £223 a month. I know you need to stop somewhere and you could be at £300 before you know it. The above is just a quick search and the first one I came to.
16 September 2014, 10:16 PM
#16
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I know what you are saying, possibly another option. My worry with buying effectively for cash would be losing the dealers interest once the sale is made. I know I get the same warranty but I'm told that with PCP I can hand the car back at any time so the dealer would want to keep me on side.
If you hand it back 'early' then you are liable for the difference between when you hand it back and the break even point as such (all explained in the contract usually) should you have passed that point then you can surrender the car without penalty or refund. Basically you end up with nothing.
Not as 'clear cut' as you would hope as one way or another you are in it to the end if you want to end up with something to trade.
16 September 2014, 10:28 PM
#17
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Like HP, a PCP is now a Regulated Agreement so you can hand the car back with nothing more to pay when half of the total amount payable has been paid - this includes any deposit.
You can hand the car back anytime you like within your agreement term, but it'll be in negative equity until at least half - 3/4 of the way through and you'll have to make up the equity.
At the end of a PCP you can just return the car and walk away if it's in negative equity or if there's any equity in it over and above the balloon payment, you can use that to fund another car.
With a lease, you're in it for the full term - no handing back allowed!
You can hand the car back anytime you like within your agreement term, but it'll be in negative equity until at least half - 3/4 of the way through and you'll have to make up the equity.
At the end of a PCP you can just return the car and walk away if it's in negative equity or if there's any equity in it over and above the balloon payment, you can use that to fund another car.
With a lease, you're in it for the full term - no handing back allowed!
16 September 2014, 10:36 PM
#18
Like HP, a PCP is now a Regulated Agreement so you can hand the car back with nothing more to pay when half of the total amount payable has been paid - this includes any deposit. You can hand the car back anytime you like within your agreement term, but it'll be in negative equity until at least half - 3/4 of the way through and you'll have to make up the equity. At the end of a PCP you can just return the car and walk away if it's in negative equity or if there's any equity in it over and above the balloon payment, you can use that to fund another car. With a lease, you're in it for the full term - no handing back allowed!
17 September 2014, 01:32 PM
#19
At the start of this year we (wife and I) had a decision to make regarding her car. She had a 54reg C4 which she'd had since it was 2yrs old. It had developed a number of expensive faults and needed some general maintenance items doing for it's MOT. The bill was likely to be more than the cars worth.
At the time Suzuki were selling their cars VAT free. We popped along and she test drove a Swift. We decided we'd chop the C4 in for a new Swift. Up until then I'd not considered PCP. I sat down with the sales bloke and he went through figures for buying it outright or owning it via PCP.
To be honest, getting it on a 3yr PCP was a no brainer. We used her C4 as deposit and drove the Swift away a week later.
She pays £119 a month based on 9k miles a year. It's currently doing 57mpg (around town), no tax in the first year and £30 after that. No MOT to worry about and the garage has thrown in the 1st service at 9k miles for free.
The sales chappy advised her to bring it back just prior to it's 2nd service and they'll do a deal on a new one without her paying a deposit or upping her monthly payment. Once they have you on PCP they want to keep you.
To put it in perspective, they had a 11 plate Swift on their forecourt, it was 3 grand cheaper than her new car and buying it on HP would've have cost her £25 more per month! Ok she'd have owned it in 4 years time but it would have been 7 years old and worth jack****.
At the time Suzuki were selling their cars VAT free. We popped along and she test drove a Swift. We decided we'd chop the C4 in for a new Swift. Up until then I'd not considered PCP. I sat down with the sales bloke and he went through figures for buying it outright or owning it via PCP.
To be honest, getting it on a 3yr PCP was a no brainer. We used her C4 as deposit and drove the Swift away a week later.
She pays £119 a month based on 9k miles a year. It's currently doing 57mpg (around town), no tax in the first year and £30 after that. No MOT to worry about and the garage has thrown in the 1st service at 9k miles for free.
The sales chappy advised her to bring it back just prior to it's 2nd service and they'll do a deal on a new one without her paying a deposit or upping her monthly payment. Once they have you on PCP they want to keep you.
To put it in perspective, they had a 11 plate Swift on their forecourt, it was 3 grand cheaper than her new car and buying it on HP would've have cost her £25 more per month! Ok she'd have owned it in 4 years time but it would have been 7 years old and worth jack****.
17 September 2014, 04:10 PM
#20
At the start of this year we (wife and I) had a decision to make regarding her car. She had a 54reg C4 which she'd had since it was 2yrs old. It had developed a number of expensive faults and needed some general maintenance items doing for it's MOT. The bill was likely to be more than the cars worth. At the time Suzuki were selling their cars VAT free. We popped along and she test drove a Swift. We decided we'd chop the C4 in for a new Swift. Up until then I'd not considered PCP. I sat down with the sales bloke and he went through figures for buying it outright or owning it via PCP. To be honest, getting it on a 3yr PCP was a no brainer. We used her C4 as deposit and drove the Swift away a week later. She pays £119 a month based on 9k miles a year. It's currently doing 57mpg (around town), no tax in the first year and £30 after that. No MOT to worry about and the garage has thrown in the 1st service at 9k miles for free. The sales chappy advised her to bring it back just prior to it's 2nd service and they'll do a deal on a new one without her paying a deposit or upping her monthly payment. Once they have you on PCP they want to keep you. To put it in perspective, they had a 11 plate Swift on their forecourt, it was 3 grand cheaper than her new car and buying it on HP would've have cost her £25 more per month! Ok she'd have owned it in 4 years time but it would have been 7 years old and worth jack****.
Last edited by Kwik; 17 September 2014 at 04:14 PM.
18 September 2014, 12:58 PM
#21
How's this for a deal.... http://www.smartlease.co.uk/car-leas...d-edition.html 1.0T 140PS Fiesta that gives 60mpg for as little as £116 per month.
Last edited by Kwik; 18 September 2014 at 02:39 PM.
18 September 2014, 01:15 PM
#22
How's this for a deal....
http://www.smartlease.co.uk/car-leas...d-edition.html
1.0T 140PS Fiesta that gives 60mpg for as little as £116 per week.
http://www.smartlease.co.uk/car-leas...d-edition.html
1.0T 140PS Fiesta that gives 60mpg for as little as £116 per week.
That looks a brilliant deal. If that'd been around 7 months ago, I think she'd have had one of those!
Mind you it's for 5k miles a year.
Last edited by coupe_20vt; 18 September 2014 at 01:18 PM.
22 September 2014, 04:55 PM
#24
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Have a look on www.contracthireandleasing.com
It's a comparison site for leasing.
Leasing always wins unless you are buying a cheap £2/3k car.
My wife's 63 plate VW Beetle 2.0 TDi 140 is £199+VAT per month with £600 down (£240 all in) and to be honest, she was gutted when deals came out after later for Audi A6 S-lines for the same money (although £2k deposit).
Previously, we had a 2011 (New at time) Mercedes C220 CDi AMG Sport Edition 125 Coupe (fully loaded) - £300+VAT (£2kish down).
It's a comparison site for leasing.
Leasing always wins unless you are buying a cheap £2/3k car.
My wife's 63 plate VW Beetle 2.0 TDi 140 is £199+VAT per month with £600 down (£240 all in) and to be honest, she was gutted when deals came out after later for Audi A6 S-lines for the same money (although £2k deposit).
Previously, we had a 2011 (New at time) Mercedes C220 CDi AMG Sport Edition 125 Coupe (fully loaded) - £300+VAT (£2kish down).
22 September 2014, 04:59 PM
#25
Have a look on www.contracthireandleasing.com It's a comparison site for leasing. Leasing always wins unless you are buying a cheap £2/3k car. My wife's 63 plate VW Beetle 2.0 TDi 140 is £199+VAT per month with £600 down (£240 all in) and to be honest, she was gutted when deals came out after later for Audi A6 S-lines for the same money (although £2k deposit). Previously, we had a 2011 (New at time) Mercedes C220 CDi AMG Sport Edition 125 Coupe (fully loaded) - £300+VAT (£2kish down).
You're also technically not the owner so I understand some insurance companies won't touch you.
23 September 2014, 07:21 PM
#27
Ive been looking into this, my existing loan is paid off end of this month, the Mrs is looking at having a kid etc, now I refuse to be a boring **** who sells all their stuff and gets a boring family estate etc.
I am looking at a Golf R etc, just seen 1,134 down and 188.99+VAT a month, which is no big deal as I have my own VAT Reg company anyway, so would claim that back.
Now how difficult isinsurance to get on this?
What is the deal with servicing etc on PCP, is it all included?
I am looking at a Golf R etc, just seen 1,134 down and 188.99+VAT a month, which is no big deal as I have my own VAT Reg company anyway, so would claim that back.
Now how difficult isinsurance to get on this?
What is the deal with servicing etc on PCP, is it all included?
23 September 2014, 08:43 PM
#28
You can pay additional monthly to get all this taken care of but they have to collect the car from you and bring it back, and I'd rather not find ourselves without a car whilst they muck about with it.
23 September 2014, 08:44 PM
#29
Ive been looking into this, my existing loan is paid off end of this month, the Mrs is looking at having a kid etc, now I refuse to be a boring **** who sells all their stuff and gets a boring family estate etc. I am looking at a Golf R etc, just seen 1,134 down and 188.99+VAT a month, which is no big deal as I have my own VAT Reg company anyway, so would claim that back. Now how difficult isinsurance to get on this? What is the deal with servicing etc on PCP, is it all included?
23 September 2014, 10:13 PM
#30
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I would sit back and work out the maintenance package with the PCP, for what the extra is a month X by the rental period you can often service it and change the tyres for less, especially if you're only on a <10k annual mileage. I've got a few and for some it works out great and others not so.