More EV purchases coming to the 3 year mark on PCP. I'd be very interested to hear how it went?
Trade in values?
Stick or change?
ID.4 forum is talking about move to Tiguan as well as renew EV. What's the market looking like?
Yea, as you say, exactly the same as me. I was told same thing by my dealer, in that some of the 252 offer were targeted at owners coming to end of their 3 year PCP deal and that they might do the same again next year.
I won hold y breath, but you neve know. Id be the same, if they give a reasonable contribution and I just have to add a few k at a low pcp %, I might stay with them. But have time yet, and I have ben saving some money on the side every month, so I have something to use come the time.
in this situation now, looking to hand back my car, I’m sure the attentive customer service I’ve been getting up to now might suddenly become less attentive
What car is it and what kind of offers were you getting to do a deal?
Hopefully its better in the future, some 22 and 23 buyers paid a high price.
I'll hit the end of a 0% PCP on an ID4 in July, I'm interested to hear about how 231 plate people faired out, feel free to PM if you don't want to discuss on thread?
I asked for a lower GFMV at the time but computer said no, I'm looking at it differently now because it minimized my exposure.
I’ll update in a few days, sensitive moment
I don't know anyone whose taking out a PCP loan, And the only thing I know about the PCP deals are that there is a balloon payment at the end of the term. And with certain T&C regarding mileage.
Last four cars I've had on are on HP Audi did try and get me to sign up to VWFS, AIB were actually cheaper and with the ability to pay extra off the loan without penalties.
Were as VWFS wanted the full loan payment in full.
We have VW, skoda and cupra cars in work on 0% with VWFS HP.
I've never actually seen Audi offer it
A lower GMFV would never have been buyer fri melt so good to see that it wasn’t accepted - that would have been misselling.
I only went PCP because of the 0% finance, I'd have been happier with a smaller residual but it's looking like handing it back might be a consideration
Audi is 3.9 pcp on new or demo cars only
you don’t know much about PCP
The ballon payment is only if you want to buy it outright. The price gov pay is often less than on HP. , but on HP you pay a larger deposit and more Monthly,
On HP you are exposed to depreciation and often dint get as good as a trade in deal as ok PCP.
The mikeage on PCP doesn’t apply if you to choose to pay the ballon payment. , when I started a new PCP. They ignored the mileage on the car. I had 90k klm on a 3 year old car
So is the PCP more or less some form of a lease agreement.
It's more like a rental agreement but with the option to buy the car at the end of the term, hand it back or trade it in and go again.
I could be wrong but I don't believe a lease agreement has any final balloon payment as you don't have the option to buy it at the end of the lease term. It's like a rental agreement where you hand the car back at the end of the lease term afaik.
It could be considered that.
see my example below. numbers are just a guide and not actually figures
With a lease if a car costs 40k, you pay 40k over 3 years
With PCP, you pay 20k over 3 years. at the end of year three. you can:
Last Audi I bought Jan 24, I asked for finance and they arranged through BOI, I’m fairly sure the previous Audis were with VW Finance.
Well that's kinda the point being made isn't it? Not a hope VW (or anyone) is offering 28k after 3 years for a car they sold for 40k.
they gave me 24k for a an ID4 I bought for 32k. ( 2022 ID4 city)
They want people in new cars and willing to offer deals to people on PCP
agreed.
I’ve never heard of a single person who ended up handing the keys back, and I’d love to see the real data on it; likewise the data on who chose to pay/finance the balloon and keep the car (which incidentally my elderly mother did last year - she decided she’s not buying any more cars :)
Also 24K today, is of much lower value than 24K in 2022 given the rise in car costs since then.
PCP on our 231 ev6 was up in January. The dealer wasn't even arsed making me an offer to trade up. I bought the car for the gmfv of just over 20k. The way I saw it is I took the hit on depreciation and wouldn't buy an equivalent car for the money....two months later it was on the back of recovery truck with a dead iccu.
I’m buying a car not currency speculation, I used PCP my last 12 payments were on the year I changed
Most EVs are cheaper now than in 2022. The id4 certainly is anyway
this is the best explanation I have found for explaining the options we have for when our pcp ends in June. This subject is definitely my “I don’t know what a tracker mortgage is” moment and the reason I’m following this thread.
Quick question on option 3 - when you start a new pcp , do you need another large deposit to do so? ID4 with 24k GFMV, paid a €10k deposit in 2023
For option 3 it will depend on the trade in offer. 30k will give you 6k deposit while 25k will leave you with 1k.
If the trade in value is lower than 24k, you will have no equity in the car so no deposit toward a new one.
Any amount you pay extra on top of the excess trade in will reduce the monthly payment.
You are going to have to stump something up as part of the new deposit, that is what the 2k figure in the example represents.
I have always thought of PCP in terms of 1/3 of the value needed for deposit, you pay 1/3 over the 3 years and the final 1/3 is the balloon payment or GFMV.
My own ID4 GTX PCP is up in August and I'll be handing it back. I paid 71K for it and off course a couple of months later the same car could be bought new for 57K. I can't remember the GFMV but there certainly won't be enough left to cover much of a deposit in a new car.
It's not all bad, I changed to the ID4 from an ID3 first (which I got a very good deal on) and the PCP finance on the ID4 was 0%. Payments were also covered through a car allowance.
Come August, I'm getting a company car. which will be electric also so I won't have to worry about any depreciation, just some BIK.
Sweet Jesus. 71k / 36mths….and you’re better off handing it back?😳
What is the GMFV? Surely it’s gotta be less than 25k and I’d have thought that yours would be worth nearer 30k, assuming well kept and not moon mileage ?
My last car and current car i got via AIB personnel loans over a 5 year period, The original E tron i bought around July 2023 and paid it off October 2024. My reasoning for doing a 5 over just say a 3 year loan is to keep the monthly repayments as low as possible. Also not to leave myself open to any unexpected bills house repairs etc it also lets me throw lumps of the loan and reduces the interest I'm paying.
I more than lkely would have held on to the E tron only for the scare i got last year with the electrical malfunction warnings. Luckily it was covered by Audi but in the back of my mind i was thinking it could go at any time so shifted it on.
Current A6 E tron has a warranty till 2028 so will probably keep it to then, Again have that on a 5 year loan and it be paid off during the summer.
One thing I've noticed with Audi they try and get you on HP rather than PCP, So I'm assuming the garage makes a better% if they sell you a VWFS loan compared to a PCP one.
When it is time to change cars i will have a look at the PCP and do the maths.
I suspect the reason Audi wanted you in HP is that it removes any risk from them. On pcp you might potentially hand back a car that is worth less than owed on it and their finance takes the hit. Also may be a model that in the past has been a hard to sell car. with Hp all the onus and financial hit is on you.
How do they calculate the future price of a car? I know the user is limited to a certain amount of mileage. Just say i buy a 90k car and in three years time the value is about 50k yet the garage had the future price of 60k.
What happens there ?
in this case you can walk away or get 60k off a new car
