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Audi PCP

  • 04-06-2012 5:32pm
    #1
    wclarke20
    Registered Users, Registered Users 2 Posts: 204 ✭✭


    Does anybody know much about the Audi PCP plan I'm seeing advertised a bit lately.

    You pay a fixed amount for 36 months and then you have the option of
    1. Pay the final instalment and take ownership of the car, or re-finance it subject to lending criteria.
    2. Part exchange your car for another
    3. Return your car to Audi North Dublin with no further payment, terms and conditions apply.

    Without ringing for more info, I can't find much more info on it. I was wondering what the final payment would be and if this is actually a good deal?

    Any thoughts anyone?


    Link - http://www.audi.ie/ie_partner/p_00124/en_home/finance_offers/Personal_Contract_Plan.html


Comments

  • #2
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    The final payment would probably be the residual value that Audi set on that particular vehicle.

    Really depends on the car and the mileage.


  • #3
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    The idea of the deal is ok as I believe the interest rate is not too bad - considering what the main banks are now charging. The headline figures that audi and bmw are advertising are a bit unrealistic imo. Sure, the deal as advertised is available but as far as I can see, the monthly payment is a bit on the low side meaning initial deposit (trade in) in on the big side and the final payment figure figure is on the high side too.
    The problem as I see it with this deal is that it is not a sustainable solution for your average new car buyer. For example, you may have some value build up in your current car which will take care of the deposit to buy the new audi now. In 3 years, if the final payment is too near the actual car value, you will have little or no deposit to put forward. These deals previously used to be arranged so that at 3 years, the car would have a value significantly more than the final payment thereby making it easy to jump into new car again. With the very low monthly payment, its not quite so good but im sure you can arrange different figures depending on how much you can afford monthly.
    Personally, I feel if you are just managing the 300 per month for an A4, you cannot really afford the car for all the reasons mentioned. I would look into what the figures are like with a monthly payment that leaves a good deposit to go forward to your next car and then make a judgement.
    Another issue with some of these deals is the mileage limit. These limits can be quite small so again, needs looking at.
    There is no doubt though, that the headline figures are very tempting and for some, it might be a great way of keeping the new car they became used too in the good times throughout this rough patch in the hope that in 3 years time, things might be on the up. There is no doubt that audi are promoting this low monthly figure to push sales for now but many buyers might not be able to go again in 3 years.

    For example, I bought a new audi in 08. The residual value of the car is now all mine. I could trade it against a new A6 as the value of my car would surely cover required deposit. I could handle the monthly payment too but in 3 years, I would be left with Zero or close to it. Not a good situation.


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