Clio 200 Cup via finance

Adam

Adam

Adam

Soldato
Joined
18 Oct 2002
Posts
9,271
So I currently own a Focus which was designed as a run around due to a house purchase. I have therefore been looking at buying a Clio 182 for around £5k (or possibly a Clio Trophy for circa £6k).

However, when browsing the Clio forum I noticed a number of deals on a brand new Clio 200 Cup. I have never once even considered a new car before so have very little experience of these types of deal but on paper, if I understand correctly, this is a pretty competitive deal.

So the deal is as follows:

Deposit: £999
Monthly payment: £205
Final payment after 24 months: £8,575

More details: http://www.lookers.co.uk/special-offers-car-sales/renault-clio/5487/

Realistically it would be slightly more than £205 per month as I'd consider a couple of options (recaros and speedline alloys perhaps)

So over the course of 24 months, I am effectively paying £6k for the privilege of driving a new car. New cars obviously depreciate, but so would a 182 although not at the same rate. It is also entirely possible that I could sell the car privately for more than the final payment to bring this down further but it's certainly not guaranteed.

There is a £6k PA limit on mileage and I don't expect to do this many miles per year. I walk to the station and get the train to work, I drive the car only at weekends.

So, what are the potential downfalls of such a deal? Like I said, I have little experience of this arrangements but this seems like a decent deal. Please educate me :)
 
Do not buy a car on finance, I don't have time to explain why now. I'm sure the rest of motors will be on shortly. :)
 
Theres nothing wrong with buying on finance if you can afford it, can you afford the £205 a month and can you afford to save up and pay for the final payment

If you can afford it then fair enough, if there is any doubt in your mind then you will regret the car, personally i'd rather get smashed in town once a week than have a new car and not be able to go out and if you cant afford that final payment when it looms its ugly head I wouldnt want to know what the penaltys are

And 15k, approved used would be where I would be looking, you can still get finance on approved used cars
 
Relentless81 said:
Theres nothing wrong with buying on finance if you can afford it, can you afford the £205 a month and can you afford to save up and pay for the final payment

If you can afford it then fair enough, if there is any doubt in your mind then you will regret the car, personally i'd rather get smashed in town once a week than have a new car and not be able to go out and if you cant afford that final payment when it looms its ugly head I wouldnt want to know what the penaltys are

And 15k, approved used would be where I would be looking, you can still get finance on approved used cars
Click to expand...

If you can't afford the final payment you simply sell the car and hope its worth more than that.
 
Chives said:
Do not buy a car on finance, I don't have time to explain why now. I'm sure the rest of motors will be on shortly. :)
Click to expand...

When you get a job, grow a tash and are old enough to drive.

Come back with a realistic opinion which might be credible in one way or another, until then stick with your PS3.
 
Sounds like a desperate situation to me having to sell it to pay it off and hoping it sells and still having the funds to pay off the remainder

Not a situation i'd like to be in
 
Relentless81 said:
Sounds like a desperate situation to me having to sell it to pay it off and hoping it sells and still having the funds to pay off the remainder

Not a situation i'd like to be in
Click to expand...

Its a bog standard PCP deal which is extremely common. I'm not suggesting he should do it, but nothing "desperate" about it. Personally I'd steer clear, simply because its a Clio.
 
jamief said:
Its a bog standard PCP deal which is extremely common. I'm not suggesting he should do it, but nothing "desperate" about it. Personally I'd steer clear, simply because its a Clio.
Click to expand...

No, the "desperate situation" is hoping to god that the car is still worth more than the final payment in order to pay it off.
 
PCP's work well for some people and not for others, if you change your car every 2-3 years and generally go for a new car then this will work well.

It's breaking the depreciation down into monthly payments, and for the benefit you are obviously charged a premium to do so.

Great if you have a decent income, but not initial capital or prefer to keep your capital for whatever reason.

Not so good if you're always skint.
 
paradigm said:
No, the "desperate situation" is hoping to god that the car is still worth more than the final payment in order to pay it off.
Click to expand...

Generally the GFV is set so that the car is worth roughly that amount after the initial payments are complete. Sometimes you'll find the car is worth more, and in rare cases it'll be worth less. YMMV.
 
Maz said:
When you get a job, grow a tash and are old enough to drive.

Come back with a realistic opinion which might be credible in one way or another, until then stick with your PS3.
Click to expand...
Was there really any need for this?
I don't see what the problem is with expressing my opinion.
 
You must log in or register to reply here.
Back
Top Bottom