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How did PCP work out in the end?

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  • Closed Accounts Posts: 1,544 ✭✭✭EndaHonesty


    Pretty much what happened me when I switched from a VRS to a 190 Sportline as well. Didn't even keep it a year despite by most measurable things it was a much better car.

    What did you change the Superb for?


  • Registered Users Posts: 3,528 ✭✭✭carsfan2


    @endahonesty , you were 76k over your mileage allowance and dealer didn’t penalize you at all?


  • Registered Users Posts: 7,423 ✭✭✭JoeA3


    What did you change the Superb for?

    He bought a 330d Touring.


  • Banned (with Prison Access) Posts: 150 ✭✭rovertom


    Synode wrote: »
    What's sneaky about them charging interest on the amount you owe? It's pretty straight forward

    Ya it's not sneaky but it catches a lot of people. 5.9 percent on a pcp will work out more expensive than 5.9 on hp due to leaving a large lump of the capital sitting aside unpaid on pcp.
    zero per cent pcp is a no brainer though and if a zero per cent deal can be done with similar discounts to a cash buyer, it is the best deal out out there.


  • Registered Users Posts: 656 ✭✭✭christy02


    The PCP annual mileage limit on my car was 12,000 kms and my car had 110,000 kms on it.

    Funny they will sell you a diesel and then cap mileage at 12000km a year, which in reality should not be anywhere near diesel territory.


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  • Banned (with Prison Access) Posts: 150 ✭✭rovertom


    I'm hearing reports of vw trade ins still working out very well for equity at end of term. That's impressive considering UK imports etc. Vw must be heavily discounting behind the scenes to allow this.


  • Registered Users Posts: 310 ✭✭photosmart


    Indeed - thats partially why I started the thread - if people can see the real cost it will give them useful info in deciding
    the likely outcome. VW know this also and if there are reports of people going off three year deals and getting stung
    re less equity than they expected then its going to impact new car sales going forward.


  • Registered Users Posts: 981 ✭✭✭Decoda


    Was in VW this afternoon with my 161 vw passatt 1.6tdi comfortline with 80k kilometres on the clock. Trading against a 191 vw Tiguan highline with technology pack and R line exterior.

    List Price of Tiguan €43,080 and a Part Exchange of €18,500 for my car
    Settlement figure on my Passatt €12,750
    Equity €5,750

    New Deal

    0% PCP
    Deposit of 30% €13,250
    GMFV €15,000
    €410 monthly
    Cash approx €7,500 needed

    Said I'd come back later this week after having a think about it. Was hoping for higher equity (who doesnt?) so will have to look at reducing the deposit and increasing the monthly payment.

    Thoughts?


  • Banned (with Prison Access) Posts: 150 ✭✭rovertom


    Decoda wrote: »
    Was in VW this afternoon with my 161 vw passatt 1.6tdi comfortline with 80k kilometres on the clock. Trading against a 191 vw Tiguan highline with technology pack and R line exterior.

    List Price of Tiguan €43,080 and a Part Exchange of €18,500 for my car
    Settlement figure on my Passatt €12,750
    Equity €5,750

    New Deal

    0% PCP
    Deposit of 30% €13,250
    GMFV €15,000
    €410 monthly
    Cash approx €7,500 needed

    Said I'd come back later this week after having a think about it. Was hoping for higher equity (who doesnt?) so will have to look at reducing the deposit and increasing the monthly payment.

    Thoughts?

    Is this for an 18 or 19 tiguan


  • Registered Users Posts: 981 ✭✭✭Decoda


    Trading against a 191 vw Tiguan


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  • Banned (with Prison Access) Posts: 150 ✭✭rovertom


    Decoda wrote: »
    Trading against a 191 vw Tiguan

    The figures are to be expected however considering the straight sale discount that would be available without trade in, you are only getting about 16500 for your passat.
    Anyway, you are ending up with about 18 percent equity compared to the price of passat when new so it might be wise to run the deposit at around 20 percent max on this car.
    That would be 530 per month with 20 percent deposit and only needing to put in 3200 cash now.


  • Registered Users Posts: 981 ✭✭✭Decoda


    Yeah, spent a good bit of time pushing and pushing but couldn't get them to budge from €18,500 knowing that in effect it was closer to 16,500 / 17,000. I agree that I need to get the monthly payments up and the deposit down to be better prepared if I go PCP again. Bought the Passatt with 30% deposit and monthly payment of €340. If I was back again I would have gone with a smaller deposit and greater monthly payments so that the transition this time would have been less of an increase per month.


  • Banned (with Prison Access) Posts: 302 ✭✭Muscles Schultz


    Decoda wrote: »
    Yeah, spent a good bit of time pushing and pushing but couldn't get them to budge from €18,500 knowing that in effect it was closer to 16,500 / 17,000. I agree that I need to get the monthly payments up and the deposit down to be better prepared if I go PCP again. Bought the Passatt with 30% deposit and monthly payment of €340. If I was back again I would have gone with a smaller deposit and greater monthly payments so that the transition this time would have been less of an increase per month.

    If the monthly payments are such an issue for you then maybe it’s too much car for you lad


  • Registered Users Posts: 981 ✭✭✭Decoda


    Thanks......your concerns are noted.....


  • Registered Users Posts: 13,039 ✭✭✭✭Interested Observer


    Sorry what's the advantage of the lower deposit?

    Edit, or is it not really an advantage but more a reality of the trade in?


  • Registered Users Posts: 3,047 ✭✭✭GustavoFring


    Sorry what's the advantage of the lower deposit?

    Edit, or is it not really an advantage but more a reality of the trade in?

    If it's 0% APR theres no penalty for taking the higher payments and keeping the cash in your own account should you need to get out for any reason.


  • Registered Users Posts: 2,891 ✭✭✭Kersh


    photosmart wrote: »
    Anyone else finishing up - starting new pcp deal? How did you make out?

    We are coming to the end of our PCP on a Peugeot 2008 1.6HDi.

    We dont want to go PCP route again, so are thinking of paying the balloon payment €7300, and keeping the car.

    She has a Jaguar S-Type 2.7 sitting there doing nothing, so may sell the Peugeot on in the new year, and put the S-Type back on the road.
    We also have an XC90 for shuttling the 3 kids around, and find the 2008 Peugeot just a bit small!! We only had 2 kids when we got it.

    Am I thinking straight??


  • Banned (with Prison Access) Posts: 150 ✭✭rovertom


    Kersh wrote: »
    We are coming to the end of our PCP on a Peugeot 2008 1.6HDi.

    We dont want to go PCP route again, so are thinking of paying the balloon payment €7300, and keeping the car.

    She has a Jaguar S-Type 2.7 sitting there doing nothing, so may sell the Peugeot on in the new year, and put the S-Type back on the road.
    We also have an XC90 for shuttling the 3 kids around, and find the 2008 Peugeot just a bit small!! We only had 2 kids when we got it.

    Am I thinking straight??

    Well yes if you are not buying something else, you have little option but to buy out the Peugeot or else you will be throwing away any money built up in it. It's surely worth more than the settlement figure even for a quick private sale.
    With the jag sitting there and the xc90, taking the pcp day one was probably the crazy bit.


  • Registered Users Posts: 2,891 ✭✭✭Kersh


    rovertom wrote: »
    With the jag sitting there and the xc90, taking the pcp day one was probably the crazy bit.


    Jag needed a turbo fitted at the time, and she wanted a new hassle free car with warranty, so we had a look around, and went with the Pug 2008.
    The XC90 only came halfway through the PCP deal, so that 3rd child changed the scenery!!

    The Peugeot has served us well, and we seem to like the bigger cars, so not keen on going again. Pay the balloon, and sell is my thinking.


  • Banned (with Prison Access) Posts: 150 ✭✭rovertom


    Kersh wrote: »
    Jag needed a turbo fitted at the time, and she wanted a new hassle free car with warranty, so we had a look around, and went with the Pug 2008.
    The XC90 only came halfway through the PCP deal, so that 3rd child changed the scenery!!

    The Peugeot has served us well, and we seem to like the bigger cars, so not keen on going again. Pay the balloon, and sell is my thinking.

    Ya. Pay it and sell it on or sell on the jag but that's worth little I assume.


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  • Registered Users Posts: 13,039 ✭✭✭✭Interested Observer


    I have a Skoda Fabia on PCP. Paid the 30% deposit and got 0.0% APR. I'm not sure if this was sensible or not, the car might not hold its value, but there's a lot to be said for fixing your motoring costs. Has a warranty obviously and I don't pay extra for the services. Car was about 18k new, anyone be able to estimate what it might be worth after year 3? It's still in perfect condition and I don't think we'll go over 45k kms.


  • Registered Users Posts: 23,308 ✭✭✭✭mickdw


    I have a Skoda Fabia on PCP. Paid the 30% deposit and got 0.0% APR. I'm not sure if this was sensible or not, the car might not hold its value, but there's a lot to be said for fixing your motoring costs. Has a warranty obviously and I don't pay extra for the services. Car was about 18k new, anyone be able to estimate what it might be worth after year 3? It's still in perfect condition and I don't think we'll go over 45k kms.

    You cant go too far wrong with 0%.
    The deposit figures are small enough so it should be easy enough to get into another new car.
    Id say you would have to come up with max €2000 additional funds to get same deal on new car.


  • Closed Accounts Posts: 1,544 ✭✭✭EndaHonesty


    carsfan2 wrote: »
    @endahonesty , you were 76k over your mileage allowance and dealer didn’t penalize you at all?

    No penalty.

    Mileage only comes into it if you are handing back the car and walking away.


  • Banned (with Prison Access) Posts: 150 ✭✭rovertom


    No penalty.

    Mileage only comes into it if you are handing back the car and walking away.

    It comes into it via trade in value too but you did good anyway.


  • Banned (with Prison Access) Posts: 302 ✭✭Muscles Schultz


    No penalty.

    Mileage only comes into it if you are handing back the car and walking away.

    Incorrect.


  • Registered Users Posts: 6,217 ✭✭✭DaveyDave


    I've seen a few posts now where people have done big mileage and traded in after 2 years and came out with decent figures. Is this common, could it still be feasible to do PCP at high mileage?


  • Registered Users Posts: 3,027 ✭✭✭Lantus


    I have a Skoda Fabia on PCP. Paid the 30% deposit and got 0.0% APR. I'm not sure if this was sensible or not, the car might not hold its value, but there's a lot to be said for fixing your motoring costs. Has a warranty obviously and I don't pay extra for the services. Car was about 18k new, anyone be able to estimate what it might be worth after year 3? It's still in perfect condition and I don't think we'll go over 45k kms.


    I have same car and paid 11% deposit.

    Hopefully you used the very low payments to save! Either way I might have some feedback in a few weeks. I'm planning to keep but am getting quotes to trade like for like.


  • Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    Anyone any experience with PCP on a used car? I like the idea of PCP but I would prefer to buy a car 1-2 years old and pay a smaller deposit and less back per month.


  • Banned (with Prison Access) Posts: 150 ✭✭rovertom


    Anyone any experience with PCP on a used car? I like the idea of PCP but I would prefer to buy a car 1-2 years old and pay a smaller deposit and less back per month.

    It doesn't work great in practice. You won't get a good interest rate and therefore works out quite expensive. Hp is a better option really.
    You will find that the gfv will be set very low as condition / value of a 6 year old car can be more unpredictable than a car coming back in at 3 years.
    In short, a 5 year HP deal should work out similar in terms of repayments as a 3 year PCP. The Hp gives you far more freedom. You can just keep paying for the 5 years and keep it at end or you can walk into a dealer at 3 years, 4 years or whenever and they will happily trade it in, clear any outstanding finance and set you up on a new one.


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  • Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    rovertom wrote:
    It doesn't work great in practice. You won't get a good interest rate and therefore works out quite expensive. Hp is a better option really. You will find that the gfv will be set very low as condition / value of a 6 year old car can be more unpredictable than a car coming back in at 3 years. In short, a 5 year HP deal should work out similar in terms of repayments as a 3 year PCP. The Hp gives you far more freedom. You can just keep paying for the 5 years and keep it at end or you can walk into a dealer at 3 years, 4 years or whenever and they will happily trade it in, clear any outstanding finance and set you up on a new one.


    I was thinking it might have been worth while exploring in my circumstances as my annual driving is approx 8000km per year so the GMFV should be decent enough.

    Are there any used car PCP calculators around I could do some comparisons with?


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