PCP finance.

26000 Elephants

blingrhino wrote: »

Advice please !

i would like to keep my monthly payments around the €500 mark.

You are off to a very bad start. You are looking to finance €35,000 in depreciation over 3 years with €500 a month....

Even if you drop in your current car to reduce the outstanding, that payment is not sustainable long term to keep you in a €70K car.

If you are looking long term, then just borrow the difference (€40k?) over 5 years. But that will still be more than €500. (*edit* Just as dil999 said above)

If I were you I'd be budgeting between €900 - 1100 a month to ensure I am properly covering the costs of such a car.

Lantus

I think if you can trade in 38 with car and cash and borrow 30k over 5 years will put you in and around 550 a month subject to interest.

blingrhino

Thanks lads,seems the dream is over !

Nedser101

So here is the position I'm in .152 skoda Octavia style 5,000 deposit 300 per month . Change for new one in Jan 342 per month.not a bad deal 0% finance makes sense .

jca

Nedser101 wrote: »

So here is the position I'm in .152 skoda Octavia style 5,000 deposit 300 per month . Change for new one in Jan 342 per month.not a bad deal 0% finance makes sense .

Besides the increased monthly payments are you putting in any extra cash? Will your original 300 pm deal be finished before starting the new 342 deal?

Lantus

Nedser101 wrote:

So here is the position I'm in .152 skoda Octavia style 5,000 deposit 300 per month . Change for new one in Jan 342 per month.not a bad deal 0% finance makes sense .

Sounds like a good roll over. Some increase for car inflation and without calculating your deposit was a touch over 15pc??

System not quite broken yet!

ECO_Mental

ECO_Mental wrote: »

Right I just rolled over and I think I got a good deal, I posted here a week or two ago saying that I was a bit disappointed that my monthly had gone from €445 to €526 for my Highline Passat but I have just sealed the deal for €480 boom

My background is 151 Highline Passat estate 2.0l TDI 150bhp one of the first in the new shape, paid around the €38,000 and I came in with a deposit of €8000 (well they gave me that for an 8 year old smax with 190k km and a clutch and pressure plate that was about to blow) so it was around 20% deposit with an interest rate if 1.9%.

So I do around 2000km a month but at the time the VW lads said that if you are going again it shouldn't be a problem the difference between 60k priced car and some thing coming in at 70 shoulnt be that much and sure we can always talk.

So 2.5 very happy motoring years later (its a great car that highline passat) I was coming up to 56k so I said I may as well pop in and have a chat to see since I was coming near the limit. So he priced it all up for me and the settlement was around 18500 and he was going to give me 25K so keep at the same payment I would have to put €3000 towards the new one or else pay €526... which is a big increase and the misuses blew a fuse.

Reason was he said the new Passat estate is just over €40k nearly 2k+ increase with my spec. Anyway to cut a long story short since I expressed my interest VW began bombarding me with letters and emails etc with offers

So between the gig and the reals i get

€1000 deposit bonus
€500 equipment bonus
Free road tax for one year
and 0% finance

Also they have a tech offer for €499 that give you loads of stuff. so added features my old highline doesn't have are

LED headlights with auto dim and high beam
LED running lights
SAT NAV
Keyless entry
Full digital speedo and rev counter (active display)
Lane warning and assist (actively stops you from drifting into the next lane)
Traffic sign recognition
rear cameras
Android and apple app connection thing
and a few other things

So I have just come out now and have my new car on order for with no deposit just straight swap...I dropped the metallic paint for solid not for cost reasons but it was differnt and looked good. all the rest were boring shades of grey (although this is grey urano grey)I have Black Oak Brown that is by far the nicest colour and you dont see many around.

Anyway excuse the rant but I think I got a good offer, considering I now dont have to worry about the mileage for the next couple of months

Update on this, just picked up the Car this morning and I don't know how this happened but they reduced my payment again... down to €434pm so now I'm paying less than my first deal....

They said they adjusted my settlement and the few months of payments I made came off it as well (I dont know I just signed and ran out of there)

So after 2.5 years and putting up 65K km on the car I rolled it over and Im paying less and without handing over any additional money. Boom! that's a result.

The Car is also WAY better speced than my old model GPS, all LED headlights, motorized tail gate, lane departure, etc etc

For all you number crunchers here is the data

Retail Price 39,461
extras 998
Total 40,459
Less discount -4,423
Invoice Price 36,035

Less used vehicle
Purchased 22,499

Less Finance
Settlement 17,334

Sub Total 30,870

Total Payable 30,869

Trade IN value Allowed 26,924
Less discount -4,423
Purchase Price of Used 22,499
Vehicle


Work that one out....

dil999

ECO_Mental wrote: »

Update on this, just picked up the Car this morning and I don't know how this happened but they reduced my payment again... down to €434pm so now I'm paying less than my first deal....

They said they adjusted my settlement and the few months of payments I made came off it as well (I dont know I just signed and ran out of there)

So after 2.5 years and putting up 65K km on the car I rolled it over and Im paying less and without handing over any additional money. Boom! that's a result.

The Car is also WAY better speced than my old model GPS, all LED headlights, motorized tail gate, lane departure, etc etc

For all you number crunchers here is the data

Retail Price 39,461
extras 998
Total 40,459
Less discount -4,423
Invoice Price 36,035

Less used vehicle
Purchased 22,499

Less Finance
Settlement 17,334

Sub Total 30,870

Total Payable 30,869

Trade IN value Allowed 26,924
Less discount -4,423
Purchase Price of Used 22,499
Vehicle


Work that one out....

So you have just entered into loan for 31K for a car and you have no idea of the details. The dealers love people like you.

ECO_Mental

dil999 wrote: »

So you have just entered into loan for 31K for a car and you have no idea of the details. The dealers love people like you.

I know enough that I just walked out with a another brand new car after two and half years with a lot higher spec and after going a lot over my agreed mileage and I'm paying less!

mickdw

You got out of the last deal with 5k equity. Thats ok i guess. So 5k deposit goes into the new car and im guessing the car with have a gfv of 15k or so meaning you need to pay 16k over 3 years.
Seems ok.

mickdw

You got out of the last deal with 5k equity. Thats ok i guess. So 5k deposit goes into the new car and im guessing the car with have a gfv of 15k or so meaning you need to pay 16k over 3 years.
Seems ok.

mickdw

You got out of the last deal with 5k equity. Thats ok i guess. So 5k deposit goes into the new car and im guessing the car with have a gfv of 15k or so meaning you need to pay 16k over 3 years.
Seems ok.

dil999

ECO_Mental wrote: »

I know enough that I just walked out with a another brand new car after two and half years with a lot higher spec and after going a lot over my agreed mileage and I'm paying less!

Well done you.

VW are doing 0% Finance on the highline models, thats probably where you are making the savings.

They are a great car, just bought the Saloon version and got the same updgrade/offers. I made the dealer work much harder for his money though . Best of luck

Two things I learned, that might be useful, I eventually turned off the lane assist because if you are driving country roads it sometimes initially resists you turning the steering wheel, which can be a little disconcerting. Also the boot opening button on the key fob is slightly raised. If you keep your keys in your pocket it will accidentally press and you will almost certainly come out some morning, and your boot/tailgate will be wide open.

R.O.R

Did you see a youranus grey before ordering it, or just a colour swatch or picture?
Looks fine in pictures but I'm not at all a fan of it in the flesh - looks like someone forget to send it for the top coat.

Toyotafanboi

R.O.R wrote: »

Did you see a youranus grey before ordering it, or just a colour swatch or picture?
Looks fine in pictures but I'm not at all a fan of it in the flesh - looks like someone forget to send it for the top coat.

Have to agree. I wouldn't be looking to put the new car down, it sounds nice but that grey is a disaster of a colour.

air

Toyotafanboi wrote: »

Have to agree. I wouldn't be looking to put the new car down, it sounds nice but that grey is a disaster of a colour.

Surely there's a clue in the name? YourAnus

dil999

R.O.R wrote: »

Did you see a youranus grey before ordering it, or just a colour swatch or picture?
Looks fine in pictures but I'm not at all a fan of it in the flesh - looks like someone forget to send it for the top coat.

Toyotafanboi wrote: »

Have to agree. I wouldn't be looking to put the new car down, it sounds nice but that grey is a disaster of a colour.

There are some characters on this forum :rolleyes:

While I am not personally a huge fan of grey, I have seen the urano grey and it's fine as a colour. Its quite dark, and the chrome trim will offset it well on the estate. Best of luck with it.

Casati

dil999 wrote: »

There are some characters on this forum :rolleyes:

While I am not personally a huge fan of grey, I have seen the urano grey and it's fine as a colour. Its quite dark, and the chrome trim will offset it well on the estate. Best of luck with it.

It's marmite colour. Personally I love it if the car has sporty trim and ideally black alloys, but on a trendine Golf with hubcaps no thanks

ShadowHearth

dil999 wrote: »

There are some characters on this forum :rolleyes:

While I am not personally a huge fan of grey, I have seen the urano grey and it's fine as a colour. Its quite dark, and the chrome trim will offset it well on the estate. Best of luck with it.

Neighbour got 172 Honda civic in that dark grey with black trim and it looks very nice. And I personally hate silver cars.
Cant really argue about the colour of the car, unless they buy new car and order colour that is easier to sell and not the one they actually like.

R.O.R

Colour is a very particular thing. There's colours I hate but others like and vice versa, but I will never order a Urano Grey for a customer unless they have seen it in the flesh as it looks a lot different in real life to how it looks in pictures.

ECO_Mental

R.O.R wrote: »

Colour is a very particular thing. There's colours I hate but others like and vice versa, but I will never order a Urano Grey for a customer unless they have seen it in the flesh as it looks a lot different in real life to how it looks in pictures.

Yeah I was unsure with the color also, I was going to go with that Navy Blue they have, but when I went into the garage they had only had a Golf Estate in that color and I didn't like it. The previous passat was black oak brown which I loved but I wasn't going to get the same color again. But they did have a high spec passat in the urano grey there and it looked unusual so I went with it. I didnt also like the other colors all very boring. I think you have to have a high enough spec car for it to work eg a good bit of chrome. I went in later and they had that new fancy artheon in there in Urano grey and it looked great.

JaCrispy

Wow, some people here spend more on a PCP payment in 1 month than I spend in 24 months on car maintenance :eek:

R.O.R

ECO_Mental wrote: »

Yeah I was unsure with the color also, I was going to go with that Navy Blue they have, but when I went into the garage they had only had a Golf Estate in that color and I didn't like it. The previous passat was black oak brown which I loved but I wasn't going to get the same color again. But they did have a high spec passat in the urano grey there and it looked unusual so I went with it. I didnt also like the other colors all very boring. I think you have to have a high enough spec car for it to work eg a good bit of chrome. I went in later and they had that new fancy artheon in there in Urano grey and it looked great.

Airside by any chance?

ECO_Mental

R.O.R wrote: »

Airside by any chance?

No Cork City Blackwater Motors

maidhc

JaCrispy wrote: »

Wow, some people here spend more on a PCP payment in 1 month than I spend in 24 months on car maintenance :eek:

People could buy a 18 Mth old Passat in the U.K. with tiny low miles, clear it and own 100% of it in 3 years for the same price as renting one on pcp!

jca

maidhc wrote: »

People could buy a 18 Mth old Passat in the U.K. with tiny low miles, clear it and own 100% of it in 3 years for the same price as renting one on pcp!

Yea dream on... Before I bought on PCP I trawled the net high and low all over the hallowed UK for one of these "miracle cars" Oh there are some there alright but you'll pay highly for them. You're still left beating away the tyre kickers and time wasters when you try shifting your Irish car.

ECO_Mental

maidhc wrote: »

People could buy a 18 Mth old Passat in the U.K. with tiny low miles, clear it and own 100% of it in 3 years for the same price as renting one on pcp!

Wow that's amazing!......do people know this

jca

maidhc wrote: »

People could buy a 18 Mth old Passat in the U.K. with tiny low miles, clear it and own 100% of it in 3 years for the same price as renting one on pcp!

You mean rent it for 3 years and own a 4.5 year old car at the end of the tenancy.

maidhc

jca wrote: »

You mean rent it for 3 years and own a 4.5 year old car at the end of the tenancy.

Owning a 4.5 year old Passat is considerably more valuable than an unquantifiable (allowance-gmfv)+Discount, probably 7-10k more, which is a high proportion of the cars value.

I think most cash buyers are doing this at the moment, people who are looking to finance are more restricted given the high Apr on personal lending.

dil999

maidhc wrote: »

Owning a 4.5 year old Passat is considerably more valuable than an unquantifiable (allowance-gmfv)+Discount, probably 7-10k more, which is a high proportion of the cars value.

I think most cash buyers are doing this at the moment, people who are looking to finance are more restricted given the high Apr on personal lending.

It's much more valuable to have 10k in the bank and having a car outside financed by pcp than it is to having your own car outside that has a nominal 10k price tag. It could take 6 months to access the cash in the car. 10 minutes to access the cash in the bank