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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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lcstress2012

I currently have a 171D Ford Fiesta Titanium paying €300 per month with a GMFV of €7400. Went to ford dealer today about January car and getting Fiesta ST Line for €290 per month! Good deal if you ask me!

bazz26

That depends on the entire cost of the new car rather than just the headline monthly repayments. How much equity do you have in the 171 Fiesta, did you have to put a cash contribution up front, what is the interest rate and what is the GMFV on the new car?

CoBo55

bazz26 wrote: »

That depends on the entire cost of the new car rather than just the headline monthly repayments. How much equity do you have in the 171 Fiesta, did you have to put a cash contribution up front, what is the interest rate and what is the GMFV on the new car?

Most importantly it's a D... not one of those country letters..

DaveyDave

Hard to know as there's no pricing for the Fiesta on Ford's website. What's the price of the car? How much was offered for your car/how much equity did you get?

[Deleted User]

CoBo55 wrote: »

Most importantly it's a D... not one of those country letters..

Think I'd rather a country reg diesel that's been driven than a town/city car that hardly warms up.

L-M

CoBo55 wrote: »

Most importantly it's a D... not one of those country letters..

That’s the most Dublin thing I’ve ever heard anyway say. Considering half the “D” stuff is ex rental, you might get more than you bargained for, lol.

johnire

I’ve a PCP loan on my car which I’m planning to change in January.
If things work out I’m expecting a lump sum of money possibly as early as February. In an ideal situation I’d like just to continue on the PCP arrangement until I get that money and then clear in full the balance outstanding. Is it that simple though? Is it possible to clear a PCP early(and by early I’m talking about maybe a month into a 3 year plan!) and even if it is are there penalties for doing so?
Thanks

L-M

johnire wrote: »

I’ve a PCP loan on my car which I’m planning to change in January.
If things work out I’m expecting a lump sum of money possibly as early as February. In an ideal situation I’d like just to continue on the PCP arrangement until I get that money and then clear in full the balance outstanding. Is it that simple though? Is it possible to clear a PCP early(and by early I’m talking about maybe a month into a 3 year plan!) and even if it is are there penalties for doing so?
Thanks

Which bank?

There are fees for clearing, if there’s interest.

johnire

It’s Bank of Ireland.

Limerick man wrote: »

Which bank?

There are fees for clearing, if there’s interest.

L-M

johnire wrote: »

It’s Bank of Ireland.

Probably get screwed so. Depends on when you pick up your new car but you’ll end up paying completion fees on the current, starting fees on the new and the completion fees on the new plus a few months interest (which will be a lot, could end up paying back a good bit more than you borrowed)

CoBo55

johnire wrote: »

I’ve a PCP loan on my car which I’m planning to change in January.
If things work out I’m expecting a lump sum of money possibly as early as February. In an ideal situation I’d like just to continue on the PCP arrangement until I get that money and then clear in full the balance outstanding. Is it that simple though? Is it possible to clear a PCP early(and by early I’m talking about maybe a month into a 3 year plan!) and even if it is are there penalties for doing so?
Thanks

When you get the big haul ring them and ask for a settlement figure, if it's too high just stick with the PCP payments.

CoBo55

[Deleted User] wrote: »

Think I'd rather a country reg diesel that's been driven than a town/city car that hardly warms up.

Jesus, it was a joke...

CoBo55

Limerick man wrote: »

That’s the most Dublin thing I’ve ever heard anyway say. Considering half the “D” stuff is ex rental, you might get more than you bargained for, lol.

It was a joke... You know, something unheard of in boards so it seems..

[Deleted User]

CoBo55 wrote: »

Jesus, it was a joke...

Next time add a

hooch-85

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a bit and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

GavMan

hooch-85 wrote: »

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a but and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

Take the quote to other dealers and see can they beat it. Simple as that. Only way to know if its good or not. Shop a couple of other brands you like too in that price range.

Then decide

CoBo55

hooch-85 wrote: »

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a but and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

That looks ok, is the 1.5 manual or DSG? The manual version had kangaroo problems which they've been trying to sort with various software patches, some say it fixed it and others still have the issue. The DSG is faultless and supposed to be a beautiful drive with the mid to high 40's being the average consumption. I'd definitely shop around as the difference between dealers can be significant.

CoBo55

[Deleted User] wrote: »

Next time add a

Can't on my phone..

hooch-85

CoBo55 wrote: »

That looks ok, is the 1.5 manual or DSG? The manual version had kangaroo problems which they've been trying to sort with various software patches, some say it fixed it and others still have the issue. The DSG is faultless and supposed to be a beautiful drive with the mid to high 40's being the average consumption. I'd definitely shop around as the difference between dealers can be significant.

It's the 1.5 manual 130ps. What do you mean by kangaroo problems?
The DSG is 150 ps and about €2k more, that's what i'd really like to go for but i think it could be stretching things a bit.

L-M

You’ll get a 1.5 TSI (currently on offer) Golf Highline with leather interior for 31k and 0 percent PCP with a 1500 deposit contribution.

That’s where my money would be

hooch-85

L-M wrote: »

You’ll get a 1.5 TSI (currently on offer) Golf Highline with leather interior for 31k and 0 percent PCP with a 1500 deposit contribution.

That’s where my money would be

She wants the estate though as it will be our 'family' car and the Golf estates just don't look right to me. Plus I have a MK7 GTD, so we don't necessarily need two.

CoBo55

hooch-85 wrote: »

It's the 1.5 manual 130ps. What do you mean by kangaroo problems?
The DSG is 150 ps and about €2k more, that's what i'd really like to go for but i think it could be stretching things a bit.

It's like you're a leaner again, very difficult to get the clutch to bite and pull away smoothly without either a) revving the nuts out of it (sounding like a granny outside mass) or b) stalling (like granny outside mass..)

Casati

hooch-85 wrote: »

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a bit and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

Some super deals on pre reg 130 FR Leon’s - saw one at 20k in a dealer In Limerick. It was a hatch mind you. The full 29k does have a discount built in that they are using to up the equity in your own but be aware that resale in Leon’s for the first three years is generally v weak compared to its first cousins the Golf and Octavia. After three years they actually hold their value v well.

We’ve a 1.6 TDI and it’s a great car, aside from eating through remote batteries every year at least we’ve had no issues. The FR is nicely spec’d too and the estate has a massive a massive boot - we regret not getting one

jimbobmalones

hooch-85 wrote: »

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a bit and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

Hi OP

I've a 1.6tdi Seat Leon - in general its a great car but a couple of words of warning

I just got a trade in quote of 9000 (mine has higher than average mileage) for a 161! I know you are thinking of going for TSi but unless you are planning on keeping for the long haul the depreciation on these cars is horrific. There's no way I can afford to use mine as a trade in given the super low trade in quote.

The skoda octavias have much better resale value so thats where I'd be putting my money if buying new.

The other thing to consider is that all of these models (leon octavia golf) are now being replaced within the next couple of months so you should be looking for a massive discount if buying new.

cheers

J

hooch-85

I think the plan would be to keep it long term, I am aware the depreciation can be steep on the Leon's, it doesn't seem to be the case with the Ibiza, but they are a cheaper car to start with. We must price the Octavia too and see what kind of deal they would offer.

DaveyDave

I can't say enough good things about the DSG, it makes my Golf a dream to drive, it's so smooth and revs are kept low so very quiet driving experience.

You definitely have to test drive one. Worth every cent, especially if you're planning on keeping it long term.

L-M

CoBo55 wrote: »

It's like you're a leaner again, very difficult to get the clutch to bite and pull away smoothly without either a) revving the nuts out of it (sounding like a granny outside mass) or b) stalling (like granny outside mass..)

Is your one like that?

I’ve driven numerous 1.5s and never experienced that

[Deleted User]

CoBo55 wrote: »

Can't on my phone..

Any phone can add a :-) ;-)

CoBo55

L-M wrote: »

Is your one like that?

I’ve driven numerous 1.5s and never experienced that

Boards... Where an argument is never far away..

It's well documented I'm just advising to test drive one first.

CoBo55

[Deleted User] wrote: »

Any phone can add a :-) ;-)

If you're 14, on bebo...