Routes to a new car?
06 March 2017, 06:17 PM
#1
Routes to a new car?
Following on from my thread about how awful diesels now are and in particular, vauxhall diesels, we are looking at a new car sometime in the nearish future.
Leasing, PCP and buying as normal have all been mentioned.
But I'm unsure about what the first two actually are, and any pros and cons?
Anyone have experience of either?
Also, do all dealers do all methods, as I don't fancy having to buy from a town 30 miles away....
Leasing, PCP and buying as normal have all been mentioned.
But I'm unsure about what the first two actually are, and any pros and cons?
Anyone have experience of either?
Also, do all dealers do all methods, as I don't fancy having to buy from a town 30 miles away....
06 March 2017, 07:04 PM
#2
Leasing is basically long term hire... it comes with it's limitations... one being that you may be required to ask permission to leave the country in the car.
PCP (personal car plan) which means the car is yours essentially and you're paying finance on it, it comes with a guaranteed future value should you wish to trade it in and take another new car or you can pay the remainder of the finance... there is also a sum of money they will give you should you decide to get another car with them... kind of a loyalty bonus... forget what it's called, but it's basically the difference between the predicted future value and the final/balloon payment.
Ther are other variables like if you decide to put money down usually a multiple of your monthly payments ie 6 months worth or maybe £2k (just for a number) this can be done in the form of a car traded in or cash.
Our car was worth bugger all and on it's last legs so Mrs chucked it at the deal... more for convenience than anything else.
There are some very good deals to be had if you're not too fussy what car it is, personally all I care about is the numbers and that it gets me from A to B as cheaply as possible.
You really just need to take a look, you may have to do business with someone 30-50 or 150 miles away... shouldn't really matter these days, same as travelling for the right car when buying 2nd hand... goes with the territory... we're in Notts and the mrs got the car from Melton, so not bad.
PCP (personal car plan) which means the car is yours essentially and you're paying finance on it, it comes with a guaranteed future value should you wish to trade it in and take another new car or you can pay the remainder of the finance... there is also a sum of money they will give you should you decide to get another car with them... kind of a loyalty bonus... forget what it's called, but it's basically the difference between the predicted future value and the final/balloon payment.
Ther are other variables like if you decide to put money down usually a multiple of your monthly payments ie 6 months worth or maybe £2k (just for a number) this can be done in the form of a car traded in or cash.
Our car was worth bugger all and on it's last legs so Mrs chucked it at the deal... more for convenience than anything else.
There are some very good deals to be had if you're not too fussy what car it is, personally all I care about is the numbers and that it gets me from A to B as cheaply as possible.
You really just need to take a look, you may have to do business with someone 30-50 or 150 miles away... shouldn't really matter these days, same as travelling for the right car when buying 2nd hand... goes with the territory... we're in Notts and the mrs got the car from Melton, so not bad.
07 March 2017, 07:17 AM
#4
What I would say about distance buying is make sure you have a dealership that is willing to use one of it's other branches. Driving 300 miles to get a small issue resolved is a ball ache and they wont pay your fuel.
I Liver near Liverpool and purchased from Bristol. When my headlight went they sent me a cheque to save me the effort. Excellent customer care.
I Liver near Liverpool and purchased from Bristol. When my headlight went they sent me a cheque to save me the effort. Excellent customer care.
07 March 2017, 12:11 PM
#7
Scooby Regular
I have a question about PCP - sort of relevant for the understanding of how PCP's work....
Wife bought a new Renault Captur about 6 months ago on PCP - she hates it - can we chop it in at another Marque dealer or does it have to go back to Renault?
Wife bought a new Renault Captur about 6 months ago on PCP - she hates it - can we chop it in at another Marque dealer or does it have to go back to Renault?
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07 March 2017, 12:21 PM
#8
Scooby Regular
Start trawling a few of the lease websites (there was a thread on PH when cracking deals were spotted). The Golf R's were been given away last year, not quite sure now. Also some good ones on Merc's.
07 March 2017, 12:58 PM
#9
Scooby Regular
Always check what bank loan you can get, often cheaper rate than pcp or hp and you don't end up wither either nothing for your money, or a big payment at the end.
07 March 2017, 01:45 PM
#10
Once you know the settlement figure you can go anywhere. If you buy from a dealer they'll take the car, you pay any difference between the finance and the cars value and get yourself a new motor.
I did the above recently. In January 2016 I bought a new RCZ on PCP. Unfortunately the driving position gave me terrible leg and backache (something I only found when driving for over an hour in it). I kept it until January this year when I chopped it in for a new Focus ST. The settlement figure on the RCZ (PSA Finance) was £1000 short of the cars value. With a bit of bartering I managed to pick up the ST for a lower monthly payment than the RCZ and also managed to pay only £250 to cover the finance/valuation shortfall.
Prior to the RCZ I had a Swift Sport on PCP. It was on a 36 month plan. Within 24 months Suzuki were offering me a new brand Sport with no deposit and only a small increase in my monthly payment. I kept if for the full 36 months and the GFV was well below what Peugeot offered me when I purchased the RCZ, so it paid a good chunk of the deposit.
@Alcazar I'm happy with PCP, it lets me have a brand new car every 3 years. You just have to get used to paying a set amount every month. It may seem a lot but the cars under warranty, no MOT and you can usually wangle 1 free service.
@Tidgy My ST is through Ford Finance. It's 0% APR. I doubt any High Street bank will get anywhere near it.
08 March 2017, 12:16 AM
#12
Scooby Regular
The only feasible option you have, apart from keeping it, is to get a settlement figure from your finance company.
Once you know the settlement figure you can go anywhere. If you buy from a dealer they'll take the car, you pay any difference between the finance and the cars value and get yourself a new motor.
I did the above recently. In January 2016 I bought a new RCZ on PCP. Unfortunately the driving position gave me terrible leg and backache (something I only found when driving for over an hour in it). I kept it until January this year when I chopped it in for a new Focus ST. The settlement figure on the RCZ (PSA Finance) was £1000 short of the cars value. With a bit of bartering I managed to pick up the ST for a lower monthly payment than the RCZ and also managed to pay only £250 to cover the finance/valuation shortfall.
Prior to the RCZ I had a Swift Sport on PCP. It was on a 36 month plan. Within 24 months Suzuki were offering me a new brand Sport with no deposit and only a small increase in my monthly payment. I kept if for the full 36 months and the GFV was well below what Peugeot offered me when I purchased the RCZ, so it paid a good chunk of the deposit.
@Alcazar I'm happy with PCP, it lets me have a brand new car every 3 years. You just have to get used to paying a set amount every month. It may seem a lot but the cars under warranty, no MOT and you can usually wangle 1 free service.
@Tidgy My ST is through Ford Finance. It's 0% APR. I doubt any High Street bank will get anywhere near it.
Once you know the settlement figure you can go anywhere. If you buy from a dealer they'll take the car, you pay any difference between the finance and the cars value and get yourself a new motor.
I did the above recently. In January 2016 I bought a new RCZ on PCP. Unfortunately the driving position gave me terrible leg and backache (something I only found when driving for over an hour in it). I kept it until January this year when I chopped it in for a new Focus ST. The settlement figure on the RCZ (PSA Finance) was £1000 short of the cars value. With a bit of bartering I managed to pick up the ST for a lower monthly payment than the RCZ and also managed to pay only £250 to cover the finance/valuation shortfall.
Prior to the RCZ I had a Swift Sport on PCP. It was on a 36 month plan. Within 24 months Suzuki were offering me a new brand Sport with no deposit and only a small increase in my monthly payment. I kept if for the full 36 months and the GFV was well below what Peugeot offered me when I purchased the RCZ, so it paid a good chunk of the deposit.
@Alcazar I'm happy with PCP, it lets me have a brand new car every 3 years. You just have to get used to paying a set amount every month. It may seem a lot but the cars under warranty, no MOT and you can usually wangle 1 free service.
@Tidgy My ST is through Ford Finance. It's 0% APR. I doubt any High Street bank will get anywhere near it.
08 March 2017, 10:50 AM
#14
The "chateau" is looking a bit the worse for wear if that's what it is......
As for service, My Ars stra has had two problems in France, and local garages, including an Opel dealership, seem unable to cope.
The first one was the EGR valve complete failure, and ended up costing me almost £400, with the valve itself setting me back over £200 of that...yet, had I been in the UK, or had I KNOWN what the problem was, I could have had a genuine Vauxhall part in a sealed bag in my hand for £68 off ebay.
The local garage, who is quite good, had to take it 30 miles on a recovery truck to an Opel dealer to get it diagnosed properly.
He didn't charge me for that.Last summer was when it kept going into limp mode, but the dealer couldn't find the problem, only that it wanted a new fuel pump, (it doesn't), and that little episode cost £80 for diagnosis. The fuel pump, plus fitting was costed at €2500.....it didn't get done.
Another Vauxhall? I think not.....
08 March 2017, 12:11 PM
#15
@Alcazar, I'm going for personal lease again.
There are some cracking lease deals out there if you want to land new metal.
I'm in the last month of a Golf R 6+23 months, 10k miles pa deal at £204 pm.
Including the £395 broker fee that's £3,156 a year for 2 years for a £30,800 car.
I think that's significantly less than the depreciation I'd have lost over the same period (about 25%) on an outright purchase.
Road tax was included so my extra costs totalled £350 for a 15k service and £410 for a full set of decent premium tyres.
Even my normal staid and straight laced accountant was impressed.
VAG are always doing some unbelievable deal on one or other of their models.
So on 31st March I'm replacing the Golf R with a run-out model Touareg 3.0TDi 262 R-Line Plus (we've two 85yo mothers so we need a 'granny carriage') on the same basis but with 12k miles a year. That deal was a base £414pm but we loaded it up with some driver-focused options to a bit over £500pm which is still pretty good for £50k+ list price car.
If you're interested then google 'Louise Quinn JCB' and contact her to see what deals she's got on atm.
There are some cracking lease deals out there if you want to land new metal.
I'm in the last month of a Golf R 6+23 months, 10k miles pa deal at £204 pm.
Including the £395 broker fee that's £3,156 a year for 2 years for a £30,800 car.
I think that's significantly less than the depreciation I'd have lost over the same period (about 25%) on an outright purchase.
Road tax was included so my extra costs totalled £350 for a 15k service and £410 for a full set of decent premium tyres.
Even my normal staid and straight laced accountant was impressed.
VAG are always doing some unbelievable deal on one or other of their models.
So on 31st March I'm replacing the Golf R with a run-out model Touareg 3.0TDi 262 R-Line Plus (we've two 85yo mothers so we need a 'granny carriage') on the same basis but with 12k miles a year. That deal was a base £414pm but we loaded it up with some driver-focused options to a bit over £500pm which is still pretty good for £50k+ list price car.
If you're interested then google 'Louise Quinn JCB' and contact her to see what deals she's got on atm.
08 March 2017, 12:28 PM
#16
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Was there a deposit with those deals Sam?
I've always bought my cars outright. I'd normally buy a 2 or 3 year old car. Current car is a BMW that I've had for 9 years now. I worked out it's cost me about £1.3k per year just looking at depreciation. Servicing costs are actually very low and it's been really reliable.
I want to replace it before it breaks and still has some value and the family is getting bigger now so I need a bit more room.
I can see the sense it not shelling out a bundle of cash to buy a car outright and just paying per month but it seems to be vastly more expensive when you work it out per month. I'm not bothered about driving a new car or having a new car every 3 years.
The sensible thing to do might be to lease a larger car for 2-3 years, keep the money in the bank and then buy something normal sized again in 2-3 years when I don't need to be transporting a massive buggy around that takes up the whole boot.
I've always bought my cars outright. I'd normally buy a 2 or 3 year old car. Current car is a BMW that I've had for 9 years now. I worked out it's cost me about £1.3k per year just looking at depreciation. Servicing costs are actually very low and it's been really reliable.
I want to replace it before it breaks and still has some value and the family is getting bigger now so I need a bit more room.
I can see the sense it not shelling out a bundle of cash to buy a car outright and just paying per month but it seems to be vastly more expensive when you work it out per month. I'm not bothered about driving a new car or having a new car every 3 years.
The sensible thing to do might be to lease a larger car for 2-3 years, keep the money in the bank and then buy something normal sized again in 2-3 years when I don't need to be transporting a massive buggy around that takes up the whole boot.
08 March 2017, 12:45 PM
#17
True, not everyone wants a new car but it has it's attractions when we do 35,000 miles a year between us and don't want to have worry about reliability.
Also, the op is asking after routes to a new car.
08 March 2017, 01:01 PM
#18
Scooby Regular
That was a great deal for the Golf R, no wonder there are so many about with deals like that!
08 March 2017, 03:51 PM
#20
Yes, both the Golf R and Louise Quinn's Touareg deals were pretty good.
Louise usually does some pretty cut-throat deals. I've been in touch with her today at JCB Group and unfortunately all the VAG deals have stopped now as it's quarter end.
The new deals will be out again from 1st April 2017 so Google her and get in touch after that if you're interested.
Louise usually does some pretty cut-throat deals. I've been in touch with her today at JCB Group and unfortunately all the VAG deals have stopped now as it's quarter end.
The new deals will be out again from 1st April 2017 so Google her and get in touch after that if you're interested.
08 March 2017, 05:03 PM
#23
Yes. Totally.
Some low CO2 cars that were VED exempt will now be taxed.
Also for cars costing over £40k list, the new rates will add a £310 a year surcharge on top of the CO2 band charge from the second year of ownership.
That cost will have to be passed on in any leasing deal. Not nice.
Some low CO2 cars that were VED exempt will now be taxed.
Also for cars costing over £40k list, the new rates will add a £310 a year surcharge on top of the CO2 band charge from the second year of ownership.
That cost will have to be passed on in any leasing deal. Not nice.
12 March 2017, 11:08 PM
#28
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Yes. Totally.
Some low CO2 cars that were VED exempt will now be taxed.
Also for cars costing over £40k list, the new rates will add a £310 a year surcharge on top of the CO2 band charge from the second year of ownership.
That cost will have to be passed on in any leasing deal. Not nice.
Some low CO2 cars that were VED exempt will now be taxed.
Also for cars costing over £40k list, the new rates will add a £310 a year surcharge on top of the CO2 band charge from the second year of ownership.
That cost will have to be passed on in any leasing deal. Not nice.
13 March 2017, 12:05 AM
#29
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