How did PCP work out in the end?

CoBo55

caddy16 wrote: »

Is it possible some will be coming down? From what I can see online it falls in to the below bracket.



141 - 150g/km: €270 per annum

I'm on the phone so I can't check, but definitely some of the fancier 7 seater versions were in a high tax bracket.

CoBo55

caddy16 wrote: »

Is it possible some will be coming down? From what I can see online it falls in to the below bracket.



141 - 150g/km: €270 per annum

Lowest I could find was Ambition 2L 150bhp diesel 143g/Km €390

Highest was sportline 2 litre 200bhp diesel 4x4 177g/Km €750

I'm getting the rates from here https://www.gov.ie/en/publication/41c9cc-motor-tax-rates/#motor-tax-rates-2021

Be careful when signing the dotted line for that new car.

All the Karoq's are €390.

caddy16

CoBo55 wrote: »

Lowest I could find was Ambition 2L 150bhp diesel 143g/Km €390

Highest was sportline 2 litre 200bhp diesel 4x4 177g/Km €750

I'm getting the rates from here https://www.gov.ie/en/publication/41c9cc-motor-tax-rates/#motor-tax-rates-2021

Be careful when signing the dotted line for that new car.

All the Karoq's are €390.

From my reading of it they are the rates up to 31-12-2020. Buying in January the rate on the Kodiaq you mention above drops to €270. Could be reading it wrong.


Appreciate your comments - going to talk to a couple of dealers over the next few days but I'm leaning towards the Ambition 2L 150 BHP.

CoBo55

caddy16 wrote: »

From my reading of it they are the rates up to 31-12-2020. Buying in January the rate on the Kodiaq you mention above drops to €270. Could be reading it wrong.


Appreciate your comments - going to talk to a couple of dealers over the next few days but I'm leaning towards the Ambition 2L 150 BHP.

You're spot on I didn't realise I was reading the wrong table.

caddy16

CoBo55 wrote: »

You're spot on I didn't realise I was reading the wrong table.

You've put me on the right track and made me look into it in the 1st place so I'm better prepared to talk to dealers now. Thanks.

L-M

If you’re buying PCP try and stretch for the Style is well worth it especially for resale

CoBo55

L-M wrote: »

If you’re buying PCP try and stretch for the Style is well worth it especially for resale

Fine bus alright. I really like the look of the Enyaq I'll give it serious consideration when my PCP ends in 22 (says he and he talking thousands on the pandemic bobs:D)

caddy16

L-M wrote: »

If you’re buying PCP try and stretch for the Style is well worth it especially for resale

I was half hoping someone would give me a good reason not to buy one......not recommend I get a higher spec

I hear you though - only thing I see is a lot of the extras I was looking to add on the ambition aren't standard on the style either so it really begins to add up then. Too much choice maybe!!!

adam88

CoBo55 wrote: »

Looks like most are paying off the balloon and keeping the car. I'll have the 12k to pay off the loan when my PCP ends in June 2022 I won't need to refinance, I think just pay it off and maybe wait until 23 and change then.

If your in the habit of saving keep it up.

Wildly Boaring

To give a different answer to the OP now that the dust has stettled.
Wife wrote off the car over the summer


Approx figures (Seat Ateca 1.0 SE)
Deposit 8000
GFMV 12000
Monthlys 270 (*36 = 9720)
Total 30000 more or less.

By 18 months = D-day
Deposit 8000
Paid = 18*270= 4860
Outstanding = 12000+4860= 16860

Insurance valuation 25750.


So car cost €4000 for the 18 months.....
Which was very similar to the 18 months of repayments.
Obviously 4250 plus things like the 200 excess and our towing being 250 dearer than the allowable and all other insurer messing.

Heres Johnny

Wildly Boaring wrote: »

To give a different answer to the OP now that the dust has stettled.
Wife wrote off the car over the summer


Approx figures (Seat Ateca 1.0 SE)
Deposit 8000
GFMV 12000
Monthlys 270 (*36 = 9720)
Total 30000 more or less.

By 18 months = D-day
Deposit 8000
Paid = 18*270= 4860
Outstanding = 12000+4860= 16860

Insurance valuation 25750.


So car cost €4000 for the 18 months.....
Which was very similar to the 18 months of repayments.
Obviously 4250 plus things like the 200 excess and our towing being 2500 dearer than the allowable and all other insurer messing.

So, youve got in the region of your initial 8k deposit to go again plus maybe 1000 in equity, which would have maybe doubled if you had seen out the 36 months.....meaning you could have gone again with about 10k to put into next car had you kept it 36 months? Would have worked out Ok in that case.

Wildly Boaring

Heres Johnny wrote: »

So, youve got in the region of your initial 8k deposit to go again plus maybe 1000 in equity, which would have maybe doubled if you had seen out the 36 months.....meaning you could have gone again with about 10k to put into next car had you kept it 36 months? Would have worked out Ok in that case.

Yeah I was happy enough with how it went.
We went secondhand this time. Purely as had no trade in to deal with

mickdw

Wildly Boaring wrote: »

Yeah I was happy enough with how it went.
We went secondhand this time. Purely as had no trade in to deal with

Ya 4k for 18 months is pretty good.
If the car was circa 30k retail new, the insurers seem to have been very fair with the offer.

DaveyDave

DaveyDave wrote: »

Email from VW today for the remaining €11,100 on my Golf, currently paying €322.19. I'll probably go with 24 months.

12 months:
1 payment of 1,016.97
10 payments of 941.97
1 payment of 1,016.97
APR 6.1%

24 months:
1 payment of 559.63
22 payments of 484.63
1 payment of 559.63
APR 6%

36 months:
1 payment of 407.35
34 payments of 332.35
1 payment of 407.35
APR 6%

Feck sake, went to sign the contract and it has the original address from when I bought the car. In January I updated my address to get a statement as proof of payments for my mortgage application and last week I submitted another updated address since I bought a house in April!

Hopefully they sort it quickly, to be fair they've been quick enough responding once I submitted a request through their website.

Cmacc4

Hi guys, I'm pretty new to the PCP idea, been talking to a dealer about the following deal, just wondering if I could get a second opinion on some of this:


PCP 3 year
181 Renault Megane, 1.5 Diesel 33,000KM, car price €18,000
Deposit €4,700
Monthly repayments €200.10
GMFV 7,900


Currently driving a 2007 focus thats EATING petrol so I need to come up a good bit and cut down on costs there while not worrying if my car will spontaneously cease.....
I'm aware of the equity situation and the movements in price in 3 years and having to put an additional deposit if I want to enter a new PCP
There's no mileage restriction on the car, as long as its not "taxi man" miles. I average about 15-18,00 a year KM anyway.


Thanks guys, I'm a noob in the new car market

shanec1928

i personally wouldnt be going pcp on a soon to be three year old car. also left out the rate, assume the deposit is what the dealer has offered you for the focus.

CoBo55

Cmacc4 wrote: »

Hi guys, I'm pretty new to the PCP idea, been talking to a dealer about the following deal, just wondering if I could get a second opinion on some of this:


PCP 3 year
181 Renault Megane, 1.5 Diesel 33,000KM, car price €18,000
Deposit €4,700
Monthly repayments €200.10
GMFV 7,900


Currently driving a 2007 focus thats EATING petrol so I need to come up a good bit and cut down on costs there while not worrying if my car will spontaneously cease.....
I'm aware of the equity situation and the movements in price in 3 years and having to put an additional deposit if I want to enter a new PCP
There's no mileage restriction on the car, as long as its not "taxi man" miles. I average about 15-18,00 a year KM anyway.


Thanks guys, I'm a noob in the new car market

1800 in interest, not too bad, depreciation would be my biggest worry being a Renault.

Blowheads

Costing you about 1800 in interest there
Need to have 7900 to buy it out in 3 years or roll it again.
I wouldn't be too concerned about the 3 year thing

Cmacc4

It does seem almost too good to be true, I've looked at PCP on a 211, the near 300 a month repayments just dont work out for me personally so I am preferring the 200 a month.
Is it common place to continually roll into new PCP contracts?

I just have to get away from the car I'm in at the minute, its just unreliable and I want to be worry free, 50 euro a week for a car like that seems too good to be true.

Cmacc4

shanec1928 wrote: »

i personally wouldnt be going pcp on a soon to be three year old car. also left out the rate, assume the deposit is what the dealer has offered you for the focus.

The 4,700 is cash, I have a buyer organised for my own Focus, private sale of €1,200

Brusna

CoBo55 wrote: »

1800 in interest, not too bad, depreciation would be my biggest worry being a Renault.

The €1800 is the interest on €5400, that’s almost 20% APR or am I missing something?

shanec1928

Cmacc4 wrote: »

The 4,700 is cash, I have a buyer organised for my own Focus, private sale of €1,200

4,700 buys a lot of petrol...

Lantus

Cmacc4 wrote: »

It does seem almost too good to be true, I've looked at PCP on a 211, the near 300 a month repayments just dont work out for me personally so I am preferring the 200 a month.
Is it common place to continually roll into new PCP contracts?

I just have to get away from the car I'm in at the minute, its just unreliable and I want to be worry free, 50 euro a week for a car like that seems too good to be true.

Just be mindful that 200 a month is the absolute bottom end of pcp so your affordability is only being achieved by the maximum cash deposit.

If you pay off the the lump sum over another 3 years then you will have an 8 year old car which is fine as long as your happy.

I might consider dropping a year and getting say a 161 or 171 for 15 or 16k and paying off over 4 years at about 220 a month which seems a better option using same deposit.

A 2017 octavia diesel can be had for that money. Android auto and top fuel efficiency with very low running costs.

After 4 years you will be debt free and able to save again for a few years plus anything you save over the first few years.

Cmacc4

Cmacc4 wrote: »

It does seem almost too good to be true, I've looked at PCP on a 211, the near 300 a month repayments just dont work out for me personally so I am preferring the 200 a month.
Is it common place to continually roll into new PCP contracts?

I just have to get away from the car I'm in at the minute, its just unreliable and I want to be worry free, 50 euro a week for a car like that seems too good to be true.

Allow for servicing costs and check what you’re guaranteed for if things go wrong, including replacement car if your insurance doesn’t cover that

Cmacc4

I've never had anything above a 2007 Focus so this is a fair step up, I just want to get as much value for money.
I have the cash deposit saved up so I dont need to borrow for it
Also paying 107 quid every 3 months on tax which just kills my soul...
On top of 60 a week on petrol at the minute, I'll close to halve that with diesel.


I was told I can service the car anywhere as long as the mechanic uses official Renault parts

CoBo55

Cmacc4 wrote: »

I've never had anything above a 2007 Focus so this is a fair step up, I just want to get as much value for money.
I have the cash deposit saved up so I dont need to borrow for it
Also paying 107 quid every 3 months on tax which just kills my soul...
On top of 60 a week on petrol at the minute, I'll close to halve that with diesel.


I was told I can service the car anywhere as long as the mechanic uses official Renault parts

It certainly would be a lot cheaper to run, they're a lovely looking car especially in the metallic red. What are you planning on doing in 3 years time?

Cmacc4

CoBo55 wrote: »

It certainly would be a lot cheaper to run, they're a lovely looking car especially in the metallic red. What are you planning on doing in 3 years time?

Yeah I really like the Megane, lovely interior and its ideal for the driving I do.


Haven't exactly decided a plan for 3 years time, I'd consider rolling a new contract if there's equity left in the car (am prepared if there's not). Just qualified so I'm confident I'll be a lot better financially in 3 years time.

CoBo55

Cmacc4 wrote: »

Yeah I really like the Megane, lovely interior and its ideal for the driving I do.


Haven't exactly decided a plan for 3 years time, I'd consider rolling a new contract if there's equity left in the car (am prepared if there's not). Just qualified so I'm confident I'll be a lot better financially in 3 years time.

I'd go for it.

Brusna

Cmacc4 wrote: »

Yeah I really like the Megane, lovely interior and its ideal for the driving I do.


Haven't exactly decided a plan for 3 years time, I'd consider rolling a new contract if there's equity left in the car (am prepared if there's not). Just qualified so I'm confident I'll be a lot better financially in 3 years time.

The €1800 interest you will be paying is the interest on the €5400 (18000-4700-7900). That doesn’t seem like a good deal to me.

ForestFire

Brusna wrote: »

The €1800 interest you will be paying is the interest on the €5400 (18000-4700-7900). That doesn’t seem like a good deal to me.

Your paying interest on the €7900 also, as technically you have borrowed this money for the 3 years, your just not paying back the full loan in 3 the years.

The GMFV (Balloon payment) is not free or frozen, only to be activated after PCP ends.

This is maybe why they have said they don't care about the annual mileage, are they trying to keep the GMFV as high as possible to make the monthly payments more attractive? Obviously they need to be careful with this also as I presume you have the same options on second hand PCP to just hand the car back at the end?