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PCP question- Trade in

  • 16-08-2016 3:38pm
    #1
    Golfgorfield
    Registered Users, Registered Users 2 Posts: 669 ✭✭✭


    So im trying to decide what to do re my wife's car.

    She currently has a 141 Seat Leon 1.6tdi 110bhp estate DSG with 30,000km.
    We paid 16,250 for it in Jan, 4k deposit and financed the rest. Shes repaying €349pm over 4 years.
    Seat dealer has offered us the below.

    162 brand new Leon Fr 2.0tdi 150bhp estate, with some excellent spec, alcantara, panoramic sunroof etc...
    list price in the new one is €31,000 - €2000 discount so €29000.

    Dealer has offered us €17500 for her car and leaves us with a PCP deposit of €6,500, and PCP repayment of €360.


    Would it be a good move or a bad move to go to PCP??


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,761 ✭✭✭✭Atlantic Dawn
    M


    I don't really follow, are you sure it's a PCP deal that the dealer is offering you or are you taking the full cash from your car and just putting the deposit on PCP and then going ahead with monthy payments?

    Your old car, the PCP deposit and 36 monthly payments comes to €28320?


  • #3
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    The figures you are quoting don't make much sense to me regarding PCP.

    €360 x 36 months = €12960 + €6500 deposit = €19460. So if the car's discount price is €29000 that leaves a balance of €9,540 at the end of the term. Seems a very low balloon payment at the end of year 3.

    Also where does the €17500 for your existing car come into it? Normally the maximum deposit you can put down using PCP is 30% of the list price of the new car afaik. Even if they allowed you the maximum 30% on your trade in then why would they require an additional deposit? Also with a trade-in they would most likely be quoting the list price of €31000 rather than the straight deal discount price of €29000.

    I think you may have mixed up your figures a bit.


  • #4
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    There is finance involved on the current car too, so the deposit going forward is the equity once the settlement is taken into account.

    GFV is probably about right to be honest.

    Would you be mad? It's your money, only you can decide that one.


  • #5
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    Drummerboy08 wrote: »
    There is finance involved on the current car too, so the deposit going forward is the equity once the settlement is taken into account.

    GFV is probably about right to be honest.

    Would you be mad? It's your money, only you can decide that one.

    Ah yes forgot about carrying over the existing finance into the new deal.


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