PCP

blondie1985

I am looking to get PCP on a Toyota . I have 40k a year and after tax I get 2400. How hard is it to get pcp ?

mickdw

Not hard at all but will depend on outgoings and credit history and deposit.

bazz26

Almost anyone can get PCP unless you have a chronic poor credit rating.

The more important thing is getting it at good value. However with current high interest rates showing no signs of abating and new car prices at an all time high, I really couldn't think of a worse time to be borrowing for a new car.

Henry Ford III

https://www.boards.ie/discussion/comment/121063087#Comment_121063087

Whilst interest rates are higher than they were, they are still far from high in absolute terms.

Buddy Bubs

https://www.boards.ie/discussion/comment/121063509#Comment_121063509

But the high principal you're borrowing makes the interest rates as they are quite punitive. Mainstream cars as costly as what would have been seen as a luxury car a decade ago.

mickdw

Pcp rates need to a couple of points below normal loan rates to make sense as you are pushing out a large part of the balance to end of term and paying interest on all that all the way through.

blondie1985

Thanks everyone applying on Monday so we will see . I’m selling my 10 year old car for 20k and I bought it for 14k. So I am making money off it and I figured it’s better to buy new then a second hand again .

Buddy Bubs

What 2013 car are you getting 20k for ?

djan

Most higher end Germans or SUVs would fetch that easily if in good condition.

memisemoi

We have used PCP a number of times, and it has proven to be an excellent option for us. However, we account for the final lump sum from day one, and saved that over the term of the PCP. So I would suggest you make sure you also start a monthly saving for the final lump sum at the end of the PCP term, regardless of what you think you might do at that stage. That way, you've got your options at the end of the PCP term, and you're not going to find yourself caught out.

blondie1985

https://www.boards.ie/discussion/comment/121065320#Comment_121065320

I have 530d bmw , msport trim . And I’m 2nd owner on it with 120 000 kms with full service history from the main dealer

bazz26

If someone is giving you 20k for a 10 year old 530d then snap their hand off before they come to their senses.

https://www.boards.ie/discussion/comment/121063087#Comment_121063087

A lot of manufacturers (not just VAG) are doing 0% at the moment - even Tesla on certain models apparently.

Buddy Bubs

https://www.boards.ie/discussion/comment/121067186#Comment_121067186

Suppose a low miler could go for that. But it still sounds high. I got 17.5k for an 8 year old A6 S Line last year private sale. Similar mileage but only a 2 litre. But yes bite that hand quickly.

blondie1985

https://www.boards.ie/discussion/comment/121067297#Comment_121067297

You would get the same for a 2l bmw just 3l have more bhp and are generally better built . If you look at 2008/09 bmw 3l it goes for 11/12k but a 2l is like 2500 massive difference. Also second hand cars gone up so much it’s insane , that’s why I want to buy a new one now .