On PCP's at then we. the BMW garage wanted toic harge me 12 % APR -- jesus i thought new car sales were slow- i'm not suprised if this is the rate !!

whats best -
PCP
HP

obviolsu wanna keep payments down as much as possible - but have recently done a PCP with BMW on another car and the part ex they have offered is a joke compared to what i still owe so not sure if its the best way currently ............

they tried to tel me my 18 month old car was loosing £1700 a month - so i said - pls can i order a 2nd hand one now for 10 months time for £5 then !!! Grrrrrrrrr !!

 

Look around you. The economy is going to the wall and you are looking for a loan.

If you want a fancy car, save hard and buy one once you have enough money of your own to afford it. If you can't save then you won't be able to repay the loan, surely?

Sorry for the lecture, it's an age thing you see

 

as i have put on here before pcp is the only way to buy at the moment, purely because you can only be in negative equity if you want out of the agreement early.

on pcp as long as you go to the end of the contract, the only risk is to the finance company.

if the residual (balloon) is say 20k and the car is worth 25k, you can p/x it in and get 5k deposit next time, if its worth 10k, give the keys back and the finance co has to find the difference or loose money. this is the way to go even more so at the minute with car values dropping massively every month.

with regard s to your p/x we have had peope miles out where they have bought on hp with a balloon, and the car is worth no where near the baloon (9/10 will find at least a few thousand neg eq) for example we have had a cayenne s, 12 k the wrong way, audi tt 3.2 9k out, even minis 5k out.

in the new glasses guide for oct, most cars still droped 5-10% from september.

 

A question.

Our BMW is 34 months old now, on 36 month PCP.

Already had a letter from BMW asking us if we want to trade it in, buy it or hand it back (yes please).

So, we look at the final payment and its 17k. BMW offered us 13k as a trade in a couple of months ago, so at best its worth 11-12k now I would say.

WTF are BMW going to do with all these cars?

Ok, so our interest part of the deal covered a lot of the depreciation, but from my maths I think it still leaves them a good 5 grand down. On one car..

 

The finance company will have to take the hit. The market is flooded with BMW 1 series ATM that are in mega neg-equity. What model is yours?

I spoke to a guy TODAY who has a Touareg V10 (53 plate) that he owes 15K and it's worth 10k PX and he took it on 5 years personal loan (Got 2 years left!)

 

So I guess there are some good deals to be had in the second hand market.

 

My mate recently done a swap with his 54 plate V10 for an M5. They owner of the M5 realised that he was losing £2500 a month & decided enough was enough