How did PCP work out in the end?

comanche_cor · 23-01-2018 1:15pm

Car Type: VW Golf HL 1.6 DSG DSG7
Price: 32000 (list price IRRC excl interest)
Deposit: 30%
Trade in offered after three years: 14500 - 20000
Equity ~6K (depending on trade in)
Mileage: 66k km

Been around a few VW & Skoda dealers yesterday. Very jealous of the VW GOLF 1.2 TSI owner!

Almost spat at the Skoda dealer who offered 14.5k! - esp when another had offered 19k an hour earlier!!

mickdw · 23-01-2018 1:19pm

comanche_cor wrote: »

Car Type: VW Golf HL 1.6 DSG DSG7
Price: 32000 ( excl interest)
Deposit: 30%
Trade in offered after three years: 14500 - 20000
Equity ~6K (depending on trade in)
Mileage: 66k km

Been around a few VW & Skoda dealers yesterday. Very jealous of the VW GOLF 1.2 TSI owner!

More info please if you can. What is owed on the car and what we're the offers received and against what new car?

comanche_cor · 23-01-2018 1:28pm

mickdw wrote: »

More info please if you can. What is owed on the car and what we're the offers received and against what new car?

Owed at the moment is 12.5K. End of PCP is April so this would drop to just below 12k at end of PCP.

All the offers are on websites and are dependent on make & model.

Dealers will play around with these figures ad-will i.e. say in this case the trade-in is 20K when all figures are included. Personally I don't care as the bottom line figure I am looking at the cost to change. They can dress these figures up any way they want

mickdw · 23-01-2018 1:33pm

But did you get trade in figures from a garage to change to another golf for example.

comanche_cor · 23-01-2018 1:37pm

mickdw wrote: »

But did you get trade in figures from a garage to change to another golf for example.

Yes but sorry, don't want to get into exact details yet as I haven't hammered out a deal yet.

In general VW will give a generous trade in allowance - its all about 'vw's hold their value'.

mickdw · 23-01-2018 1:49pm

No problem. From what I can grasp, you are doing okay anyway and would have up on 25 percent deposit on new golf again.
As you say,it doesnt really matter how the figures are arrived at whether it be contributions,trade in value or whatever.
VW have it fairly right to be fair in terms of people being able to swap easily after 3 years.
Try going back with a BMW!

comanche_cor · 23-01-2018 3:27pm

mickdw wrote: »

Try going back with a BMW!

Sounds bad alright. IMO I think that 2nd time PCPer will be caught out next time around with VM if they don't contribute to the deposit.

Higher value cars take a larger hit with depreciation that's probably why you are hitting this issue now. I think that VW drivers will see the same issue if they don't top up their deposit when the re-finance their next new car.

TBH we need the cash on hand at the moment but would hope to get out of PCP next time around.

CaptivePortal · 24-01-2018 12:23am

can i just ask what your monthly payments are?

mickdw · 24-01-2018 1:45am

comanche_cor wrote: »

mickdw wrote: »

Try going back with a BMW!

Sounds bad alright. IMO I think that 2nd time PCPer will be caught out next time around with VM if they don't contribute to the deposit.

Higher value cars take a larger hit with depreciation that's probably why you are hitting this issue now. I think that VW drivers will see the same issue if they don't top up their deposit when the re-finance their next new car.

TBH we need the cash on hand at the moment but would hope to get out of PCP next time around.

I don't have a BMW on pop just talking about numerous examples I've heard.

DaveyDave · 24-01-2018 10:57am

Seems VW are giving consistently good prices, I wonder how they'll fare in the next 2-3 years on the Golf with the MK8.

Any other manufacturers offering solid trade ins? Hearing these prices is interesting, it definitely sounds like if you have a VW and you're going back to VW it will work well for you. I'd be curious to see if any others are like that.

JoeA3 · 24-01-2018 11:13am

VW want to sell new cars above all else. It's all about market share. They're very aggressive these days with their finance packages, etc. They've got good margins to play with on the new cars so the trade in offered when you come back with your 3 year old VW to buy another brand new VW will seem attractive. If you try to trade to a used (even only slightly used) VW, the trade in won't look so good.

Fann Linn · 24-01-2018 11:17am

Papers are reporting that plus 100,000 imports are expected from the UK this year. Those figures alone are surely going to impact GMFV for cars exiting PCPs this year.

sowdublin · 24-01-2018 11:23am

Have a VW Passat bought Jan 17 by a PCP deal.

Deposit: 11K
36 x 330 Monthly payments
GMFV: 20K

I think it's a good deal.

comanche_cor · 24-01-2018 11:38am

DaveyDave wrote: »

Seems VW are giving consistently good prices, I wonder how they'll fare in the next 2-3 years on the Golf with the MK8.

Any other manufacturers offering solid trade ins? Hearing these prices is interesting, it definitely sounds like if you have a VW and you're going back to VW it will work well for you. I'd be curious to see if any others are like that.

I would not just say VW I would say it applies to VAG ... mostly getting good offers from Skoda (apart from one Skoda dealership, who already had a lot of second hand vw on their for forecourt).

nice_guy80 · 24-01-2018 11:42am

I worked out that with the large mileage I'm doing annually PCP just isn't for me

interesting reading here though

jca · 24-01-2018 1:21pm

nice_guy80 wrote: »

I worked out that with the large mileage I'm doing annually PCP just isn't for me

interesting reading here though

You could always pay off the balloon and keep the car.

jca · 24-01-2018 1:24pm

sowdublin wrote: »

Have a VW Passat bought Jan 17 by a PCP deal.

Deposit: 11K
36 x 330 Monthly payments
GMFV: 20K

I think it's a good deal.

42,880 for a Passat? That has to be a mistake.

SteelyDanJalapeno · 24-01-2018 6:03pm

GMFV looks a bit high?

youngblood · 25-01-2018 11:43am

VW seem to be more generous with their PCP it's seems?

jca · 25-01-2018 1:31pm

youngblood wrote: »

VW seem to be more generous with their PCP it's seems?

Realistic balloon and good residuals are helping their cause.

adunis · 27-01-2018 3:32pm

C4 cactus,
6.5k down 0% PCP
25500 new
Final payment 9400
Offered 13500
Gonna buy car out as have just started another PCP on a new Octavia

photosmart · 29-01-2018 7:01pm

Thanks Adunus

Thats exactly the type of info people need to see real cost over three years
and particularly realistic depreciation figures

Cheers

P

micks_address · 29-01-2018 7:38pm

adunis wrote: »

C4 cactus,
6.5k down 0% PCP
25500 new
Final payment 9400
Offered 13500
Gonna buy car out as have just started another PCP on a new Octavia

When you say buy out you mean the dealer looking after it for you? When I bought my octavia on pcp dealer settled my Honda finance balance (bank of Ireland)

_Brian · 29-01-2018 10:50pm

lawred2 wrote: »

I expect diesel sales to fall hugely in the next five or so years.

I expect there will be a return to normal levels of diesel ownership, those doing larger milage, long commutes and rural based people. No matter what there will be people for whom owning a petrol car just would never be economically viable. I drive 30-35k km's a year and pull a trailer for work regularly, a petrol car would just cripple me financially. My wife does similar milage, petrol cars just don't stack up for people doing milage..

Now, my worry with PCP deals is getting stung for excess milage.. If say they are charging €0.08c a KM, and I'm over by 40k km's its a huge cost.

mickdw · 29-01-2018 10:55pm

If you trade in as normal or buy out the car,the mileage will only effect value as it would with any trade in.
If you hand it back,you are getting stung for far more than the mileage.

jca · 30-01-2018 8:32am

_Brian wrote: »

I expect there will be a return to normal levels of diesel ownership, those doing larger milage, long commutes and rural based people. No matter what there will be people for whom owning a petrol car just would never be economically viable. I drive 30-35k km's a year and pull a trailer for work regularly, a petrol car would just cripple me financially. My wife does similar milage, petrol cars just don't stack up for people doing milage..

Now, my worry with PCP deals is getting stung for excess milage.. If say they are charging €0.08c a KM, and I'm over by 40k km's its a huge cost.

People need to forget this big brother's watching attitude when it comes to mileage. The 15c per km penalty only applies if you hand the car back after 3 years and walk away, which I can't see anyone doing.

Danbo! · 30-01-2018 8:34am

jca wrote: »

People need to forget this big brother's watching attitude when it comes to mileage. The 15c per km penalty only applies if you hand the car back after 3 years and walk away, which I can't see anyone doing.

I think people worry that the garage will use the mileage as a factor when they're trading up, which, uh, they always do, PCP or not

Peatys · 30-01-2018 8:35am

jca wrote: »

You'll struggle to get finance for a 10 year old car from any institution.

My wife got a credit union loan for a 9yr old car.

_Brian · 30-01-2018 8:35am

jca wrote: »

People need to forget this big brother's watching attitude when it comes to mileage. The 15c per km penalty only applies if you hand the car back after 3 years and walk away, which I can't see anyone doing.

Surely it matters if I’m trading up to a new motor as it will eliminate any equity which would be the deposit for the next motor.

MarkN · 30-01-2018 8:54am

_Brian wrote: »

Surely it matters if I’m trading up to a new motor as it will eliminate any equity which would be the deposit for the next motor.

15c per km seems very very high, for BMW it’s .07c

How did PCP work out in the end?

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