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PCP finance.

[Deleted User]

Ok so after a while of my brother and I trying to figure out the benefits of PCP we can't find any.

He's looking at getting a new Audi and we've been looking into pcp, he changes every 2 years or so and might have 15 k miles maximum on the clock so we thought pcp might suit him better.

You got to come up with a large deposit if you don't have a trade in and while your monthly payments appear low when you add in the fact you need a new deposit for the new pcp after 3 years your 300 a month pcp suddenly turns into 600+ pm.

So what's the benefit over hp or bank loan ?

The only hing with hp or loan is you pay the full interest where as pcp yup don't ?

Either way I see little benefit on a normal loan and trade in and re finance after 3 years or so. Only thing is VW bank has much lower interest than any other bank or finance.

For me doing 20-25 k miles a year pcp would leave me with not much on the gfv.

It seems to me that people could get caught out at the end because you can be damn sure you won't have much over the gfv to use as a deposit.

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Needles73

mickdw wrote: »

Its my opinion and I perhaps dislike them more as this is a massive push towards higher cars. I don't like being in high cars and I certainly don't like having to overtake lines of them given the reduced visibility they allow for the following driver.
If the majority are forced to swap over to these things, then the mammys will want even higher cars. We are on a slippery slope. What is next, a walk in car where moms can stride straight in, seat the kids and drive the whole home down the road.

What a load of horse manure...For some reason you think you have more of an entitlement to be on the road and your car is "better". If they want SUV's let them off, their money, their choice. And no I don't have an SUV or PCP. Plus I don't find it feck all hard to pass them amazingly high vehicles with mommy driving.

mickdw

They do obstruct visibility from a normal car. I believe they have a place for older people where ease of entry is a god send. Apart from that, it's mostly a misplaced snobbery where alot of the buyers think they are driving a range rover or something.
Even from a pricing view point, they are completely over priced. I always have the opinion that you get golf spec for passat money when going for these type of vehicles.
It is not that I have more right to use the road but I don't like the slide towards these.

jca

mickdw wrote: »

They do obstruct visibility from a normal car. I believe they have a place for older people where ease of entry is a god send. Apart from that, it's mostly a misplaced snobbery where alot of the buyers think they are driving a range rover or something.
Even from a pricing view point, they are completely over priced. I always have the opinion that you get golf spec for passat money when going for these type of vehicles.
It is not that I have more right to use the road but I don't like the slide towards these.

Got it in one!! 162 on the driveway, not a drop of milk in the fridge for a cup of tae

Nonoperational

Lads this is stunning. We have no idea how these cars were bought or if people can afford them. It's their money good luck to them if they like them. I wouldn't buy one, but I couldn't care less if my neighbour did.

Needles73

jca wrote: »

Got it in one!! 162 on the driveway, not a drop of milk in the fridge for a cup of tae

How do you know this and what different does it actually make ?

ShadowHearth

I honestly and blatantly hate those yolks. 2 different type of cars mashed together and is **** of both worlds. They cost more too. Watched 5th gear where they tested new clio and that crossover yolk, can't even remember it's name. Tldr version was that clio which was a very liked car got a lot worse. The biggest issue was body roll too.
Saying all this: I still respect people's choices and what they do with their money is their own business.
I have my own share of cars I bought and got a lot of **** from others( even my current one) . In the end: it's my ****ing money.

scottishsteveo

I occasionally look at the HotUKDeals website and see some cracking leasing deals on cars through nationwide leasing companies. Do any of these exist in Ireland, or am I only looking at dealers?

Thanks!

conzy

The leasing deals on super-ish cars in the UK are amazing.

You can have an RS6 for 2 years for considerably cheaper than the depreciation an RS6 incurs over that timeframe.

e.g several grand upfront + 600 a month for 24 months is ~20 grand.

Its ~90 grand new. And I doubt you would get ~70 grand for your 2 year old RS6

air

conzy wrote: »

The leasing deals on super-ish cars in the UK are amazing.

You can have an RS6 for 2 years for considerably cheaper than the depreciation an RS6 incurs over that timeframe.

e.g several grand upfront + 600 a month for 24 months is ~20 grand.

Its ~90 grand new. And I doubt you would get ~70 grand for your 2 year old RS6

There are apparently similar deals on many other cars which raises the question of how sustainable the practice is?
There is a lot of speculation about a PCP bubble in the UK and impending issues around used values due to the rise in new car sales there, apparently they are growing while sales in the rest of Europe are very flat.

http://www.uhy-uk.com/wp-content/uploads/Used-car-value-bubble-to-burst.pdf

sheff the ref

PCP is grand for cars around €20,000 as you dont have a massive debt on your hands after 3 years. However I wouldnt like to be on PCP for a high value car. The bigger the price, the harder the fall.

mickdw

conzy wrote: »

The leasing deals on super-ish cars in the UK are amazing.

You can have an RS6 for 2 years for considerably cheaper than the depreciation an RS6 incurs over that timeframe.

e.g several grand upfront + 600 a month for 24 months is ~20 grand.

Its ~90 grand new. And I doubt you would get ~70 grand for your 2 year old RS6

They are basically discounting the car without discounting the rrp. It's makes the finance deal look excellent and it preserves values etc

[Deleted User]

If I buy a new car at this time of the year should I be getting a decent discount due to dealers trying to get rid of 162 stock ?

rob316

Deleted User wrote: »

If I buy a new car at this time of the year should I be getting a decent discount due to dealers trying to get rid of 162 stock ?

Ya but the value of the car will depreciate heavily come the 1st of January. With PCP if you plan on trading in after 3 years, the value is everything. I see good deals on 171

grogi

Deleted User wrote: »

If I buy a new car at this time of the year should I be getting a decent discount due to dealers trying to get rid of 162 stock ?

You don't want to buy it unless there is an extraordinary good deal on the table. Like additional €3-4k off the price you would pay for 171 with all the incentives.

mickdw

Deleted User wrote: »

If I buy a new car at this time of the year should I be getting a decent discount due to dealers trying to get rid of 162 stock ?

Yes.
Come to sell on in a few years, your late 162 will be worth the same as a 161 so you are basically giving a year away.
In your situation, I'd look for a good deal on a tiny mile 161 or wait for 171.

colm_mcm

With is time of year a pre reg or demo is the way to go. They just don't have 3-4K extra above regular discounts to give away though.

162 stock is only 162 if it's registered, otherwise it becomes 171 next year when it's registered

If doing pcp then resale is very important.

vintagevrs

The importance of resale value is not changed by the method the car is paid for.

colm_mcm

Not necessarily. If the buyer was buying with savings and keeping 10 years, the resale wouldn't be as important as doing a rental agreement which will end near the end of the year, where the difference of 2 months and a year in the reg plate could be the difference between having equity to go again or getting the minimum agreed value.

vintagevrs

You're changing the length of ownership there, not just the method of payment.

Atlantic Dawn

Deleted User wrote: »

If I buy a new car at this time of the year should I be getting a decent discount due to dealers trying to get rid of 162 stock ?

There will be cars on the forecourt now unregistered that will end up being 171 reg cars, there will only be 162 stock in the case of the cars being pre registered to the dealer or where they need to get rid of this years model where there's a new model in Jan 2017.

sheff the ref

Has anyone upgraded on PCP after 1 year or after 2 years?

26000 Elephants

Atlantic Dawn wrote: »

There will be cars on the forecourt now unregistered that will end up being 171 reg cars, there will only be 162 stock in the case of the cars being pre registered to the dealer or where they need to get rid of this years model where there's a new model in Jan 2017.

I've noticed a pile of 162 reg Hyundai Tucson at a dealer the other day. Either lots of people buying late in the year, or these are pre-regs.

grogi

26000 Elephants wrote: »

I've noticed a pile of 162 reg Hyundai Tucson at a dealer the other day. Either lots of people buying late in the year, or these are pre-regs.

Often the dealer needs to fulfil a quota to get the bonus... So they just buy those cars themselves. They will try to shift them asap now...

bazz26

26000 Elephants wrote: »

I've noticed a pile of 162 reg Hyundai Tucson at a dealer the other day. Either lots of people buying late in the year, or these are pre-regs.

Could be a combination of pre-regs and short term ex-hire cars after the end of the tourist season.

techdiver

Thinking of going down the PCP route on a new car worth €37,000 including extras. I'll have the maximum 30% deposit. What if any discount from the dealer could I realistically hope to get if i haggle?

bazz26

The discount will totally depend on the margin percentage that the dealer has on the car in question. How you pay for the car should not change that unless there are specific conditions attached to the PCP deal.

techdiver

bazz26 wrote: »

The discount will totally depend on the margin percentage that the dealer has on the car in question. How you pay for the car should not change that unless there are specific conditions attached to the PCP deal.

Cheers, it's a Skoda. It's just my first time buying a brand new car as opposed to used so I'm just trying to get a feel for it.

I assume I should get "something" off? As in definitely not settle for invoice price?? Just wondering if anyone has any ball park percentage to aim for.

Cheers again.

vintagevrs

I would say ball park 2 to 2.5k would be normal discount on that price car. That's for a 171 by the way.

rob316

techdiver wrote: »

Cheers, it's a Skoda. It's just my first time buying a brand new car as opposed to used so I'm just trying to get a feel for it.

I assume I should get "something" off? As in definitely not settle for invoice price?? Just wondering if anyone has any ball park percentage to aim for.

Cheers again.

Get a cash price, then say I want to finance it. Don't go straight in and say I want PCP.

grogi

techdiver wrote: »

Cheers, it's a Skoda. It's just my first time buying a brand new car as opposed to used so I'm just trying to get a feel for it.

I assume I should get "something" off? As in definitely not settle for invoice price?? Just wondering if anyone has any ball park percentage to aim for.

Cheers again.

You need to play it right...

Negotiate the price first, like it was cash deal... And once you're happy, bring the PCP to the table.

Skoda is doing 0% PCP on many models, so they might not be able to keep that price and 0% interest, but the salesman will be more cautious to increase the price once you agreed on it...