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Cost of change clarification

  • 05-02-2017 3:13pm
    #1
    peposhi
    Registered Users, Registered Users 2 Posts: 1,404 ✭✭✭


    Hi, All

    Could you, please, help me understand what way the dealer has worked out the cost of change:

    Bought a new 151 car a go on PCP.
    Car was 25.5k delivered to my door
    - trade in
    - deposit
    +
    36 x 274 a month - 9.8k to pay over 3 years.
    GMFV 9.4k.
    Current settlement is 12k.

    A new deal came up and I wish to change to same brand 162 demo model that suits me better.
    Car costs 28k.
    The dealer gives me 14+ for my car.
    He knows the settlement is 12k.
    The bank is the same.

    The dealer says the cost of change is 4.2k which I am willing to pay, but not convinced this is the best deal I can get.
    Last March I was told by a different dealer that it would have costed me 7k to upgrade to the same spec car...
    So it is confusing for me.


    How did he work that out?
    Am I in a position to negotiate the price down?
    The newer car is a better spec and if I was to upgrade a my model as a new car to that spec, it would have costed the same - 4.2k.

    Any input is appreciated.


Comments

  • #2
    grogi
    Registered Users, Registered Users 2 Posts: 8,616 ✭✭✭grogi


    peposhi wrote: »
    The dealer says the cost of change is 4.2k which I am willing to pay, but not convinced this is the best deal I can get.
    Last March I was told by a different dealer that it would have costed me 7k to upgrade to the same spec car...
    So it is confusing for me.

    Are we seeing the result of PCP? Customers have no clue how much they are really paying?


    If the dealer is giving you €14000 for your car and the new one costs €28000, the cost to change is €14000.
    Top it up with additional cost of finance - let's say you would get 1.9% APR, with average outstanding balance of ~€10000 over three years = ~€600.

    You will probably say something between the lines "but I still owe €12k for that old car!" Yes, you correct. But don't forget that you will owe €26k for the new one.


  • #3
    peposhi
    Registered Users, Registered Users 2 Posts: 1,404 ✭✭✭peposhi


    Grogi... I do not wish to change for the sake of changing it. On Wed I am meeting the dealer and will find out what he was talking about...


  • #4
    grogi
    Registered Users, Registered Users 2 Posts: 8,616 ✭✭✭grogi


    peposhi wrote: »
    Grogi... I do not wish to change for the sake of changing it.

    Never suggested that.
    On Wed I am meeting the dealer and will find out what he was talking about...

    He was probably talking how much CASH you need to add to the deal at the beginning to keep the PCP rolling at similar monthly repayments for next 3 years.


  • #5
    peposhi
    Registered Users, Registered Users 2 Posts: 1,404 ✭✭✭peposhi


    grogi wrote: »
    Never suggested that.



    He was probably talking how much CASH you need to add to the deal at the beginning to keep the PCP rolling at similar monthly repayments for next 3 years.

    What they meant was the difference in cash between the specs in my car and the one I am lookinh to go for...

    I got the figures. I am more inclined to go for a HP now as I plan to keep the car for good.


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