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Best way to buy an EV - pcp/hp/car loan

  • 06-11-2021 7:53pm
    Registered Users Posts: 2,337 ✭✭✭

    I'm sure there are plenty of threads on the general pluses and negatives, but what's the opinion on EVs?

    Seems to me that EV value will be much higher in future years than petrol/diesel so that'll affect future value?

    Opinions please!


  • Registered Users Posts: 382 ✭✭DaveByDavid

    Looking forward to seeing the results as considering same.

    Hyundai PCP finance is 5.9% for PCP so not sure if benefits of lower payments are as good really as costs more overall.

    Still considering it myself as I wonder how EVs might change over the next 3 years.

  • Registered Users Posts: 2,337 ✭✭✭Dr. Nick

    double post

  • Registered Users Posts: 2,337 ✭✭✭Dr. Nick

    Sorry this new Boards is killing me! Can't delete repeat post without deleting both?!

    Anyway what I said in the post that I seemed to have posted twice but deleted twice(!) was:

    • VW salesman pushing me for PCP even tho I do 40k annually - are they incentivised to sell PCP?
    • I'm new to buying a car as company car most of my life
    • Plan to retire (early!) in 4/5 years - work generous in opt-out so basically they'd pay for my car
    • personal loan is my best option I think - thoughts? HP?

  • Registered Users Posts: 10,230 ✭✭✭✭the_amazing_raisin

    Well anyone giving a 0% finance deal is probably best since that's basically just the list price of the car paid out over a longer time

    I looked at personal loans and the interest rates were way higher than anything the car companies were charging, so they were out

    HP has the advantage that you don't need to worry about the balloon payment at the end, but the deposit is usually pretty high around 30% and the repayments can be quite a lot unless you go for 5 years

    PCP is the famous one that everyone hates. Whatever anyone tells you it's basically a system to get you back to buy a new car every few years. However it does have the lowest deposit and monthly payments and given the prices of new cars these days is probably the only affordable option for some

    Personally I went for PCP because the repayments were the best and I'm planning on trading in for an ID.Buzz in a few years anyway. Ask me in 3 years whether it was a good idea or not 😅

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost (Escapist magazine)

  • Registered Users Posts: 2,337 ✭✭✭Dr. Nick

    I think it's everyone to their own circumstances. PCP seems to be good for younger people than a 55 y-old maybe with less disposable monthly income? Not sure

    Anyway, in my circumstances, I can get my employers to basically buy me a car before retirement so loan looks best.

    Just a bit annoyed that the salesman wasn't listening to me - I'll def be going to another dealer during the week (btw I'm IN sales so I sorta know what's acceptable/unacceptable - ok he knows more about the product than me, but really these days not much and I can smell bullsht)

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  • Registered Users Posts: 382 ✭✭DaveByDavid

    The key thing is to look at total cost.

    For Ioniq 5 for example I'm looking at its 5.9% on PCP and on HP.

    But in terms of cost of credit based on deposits I was happy with it would cost around 5000 on PCP and 3000 on HP.

    Obviously need a bigger deposit with HP but it costs less overall.

    So companies do have interest in selling PCP as they earn more and they hope you trade in 3 years to a new car which is a new sale.

    Some people I know still prefer PCP because it means you keep more money in the bank, or to use in investing etc.

    Worth noting if you were borrowing more than 20k then AnPost do 5.9% APR which may match some HP offers and you'd own car outright.

    But for PCP often the APR is less.

  • Registered Users Posts: 382 ✭✭DaveByDavid

    I don't have a huge amount of time for sales stories. It's why I prefer doing research ahead of time, like on boards 😀

    I got told I need GAP insurance today and was told a story about the floods 4 years ago. Then I had to speak to the finance person in the dealership and she told me same story...

    GAP insurance may be important (need to research) but hate being sold a story to get it.

    Had similar to PCP. I said "it costs more though" and they just said "yeah but it's less per month".

    True, but still ignoring my point.

  • Registered Users Posts: 2,337 ✭✭✭Dr. Nick

    Actually applied for an An post loan today. Just so I have it.

    Unconnected - I'm with Ulster Bank and HAVE to move banks shortly, to be fair An Post banking option has everything UB has, plus the fact that you're with a genuinely Govt secured institution.

    Connected - if/when i get the An Post loan - what discount should i expect from the dealership as a cash buyer?

  • Registered Users Posts: 382 ✭✭DaveByDavid

    Someone else might answer that better but I assume nothing?

    They make money from finance so I assume it's worse to get cash.

    If you're buying new EVs are pretty hard to come by in general as well so if you don't buy someone else will.

    Good to know about AnPost considering we are with UB as well 😀

  • Registered Users Posts: 2,337 ✭✭✭Dr. Nick

    Google says 3-5% 🙂

    But i see your point.

    I just didn't connect with the salesman. Sure he knew what he was talking about ('selling cars 28 years') but he didn't LISTEN - the most important thing in sales. Plus he rang me at 9.15am this morning (Saturday!) as a 'courtesy call'. Fuk that

    I'll be trying elsewhere

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  • Registered Users Posts: 13,060 ✭✭✭✭fits

    9:15 is a very reasonable time for a lot of people and not at all for others.

    I didn’t feel at all pushed towards any finance model and was indeed given good flexibility on the gfmv and deposit. Got 0% finance too which is pretty sweet a lot depends on the person you are dealing with.