A vague 'Spec me a PCP deal' thread.......

Draeger · 10 Jun 2016 at 21:37

The time has come for us to replace our second car which has been a little Pug 107. It's been cheap to run, leaked like a sieve and boring (for me) to drive, but it was purchased purely for the missus to bimble back and forth to work in so essentially, it's done it's job. We are now looking to pick something up on a PCP as it seems to (in my head at least?) make sense to buy a second car in such a manner. But here's the rub....I've no idea what we are looking to buy, hence the 'Vague' part of the thread post. Looking for something small to medium sized, reasonable economy, nice to drive and not too bland in looks. Doesn't have to set the earth on fire performance wise, and at my budget, that's not gonna happen anyway.

Budget is circa £200 per month. So far I've looked at the usual stuff like Fiesta's, Clio's and Pug 208's. Curveball stuff we've looked at includes the Fiat 500L, Mini's and poverty spec Merc A class.

Would be useful if anyone could point me in the direction of some good websites to check PCP deals. I've looked at Lings which has a fair selection and some reasonable looking deals but I'm wondering if there are any more that you kind Motor's folks know about and would like to share?

Thanks in advance for any replies.

rodenal · 10 Jun 2016 at 22:12

Thought about a Zoe (usage dependent)? Usually some decent deals savailabl

Skeeter · 11 Jun 2016 at 00:41

Lings is for leases, not PCP.

Which are you looking for?

Akagi · 11 Jun 2016 at 00:43

PCP = Buy on finance plan, Lease = Borrow over fixed term.

Draeger · 11 Jun 2016 at 01:22

PCP or Lease, either or. Not bothered,

Akagi · 11 Jun 2016 at 01:26

Eh? Its essentially the difference between buying with a mortgage or renting, and you're not bothered?

Scotteh · 11 Jun 2016 at 01:38

PCP is essentially a lease with the option to pay at the end for the car.

Isn't it something like 70%+ of people who buy on PCP hand the car back in after the 3/4 year term?

xs2man · 11 Jun 2016 at 07:24

Acme said:
Eh? Its essentially the difference between buying with a mortgage or renting, and you're not bothered?

Kind of, but also not really. They are both just ways of paying the depreciation for your use. The only significant differences are flexibility and who has the v5, when all said and done.

Skeeter · 11 Jun 2016 at 09:13

Depends entirely on if you plan to own the car at the end. If your not going to and will move to another deal then they are similar in their payment format. They are quite significantly different tchnically though, but that's probably not a concern to the OP.

PCPs are generally better than leases if you can find good deals and ways to lower the price of the car to bring the payments down. However theres always the odd lease deal out there that's great value.

Adam · 11 Jun 2016 at 09:51

Acme said:
Eh? Its essentially the difference between buying with a mortgage or renting, and you're not bothered?

No it's not. It comes down to whether you want to buy the car at the end or have any equity in it. A lease you simply hand back similar to how you rent a car for the weekend.

Draeger · 11 Jun 2016 at 10:34

Basically looking for the lowest monthly payment for any particular vehicle and will be handing it back at the end of the lease/PCP term and starting afresh with another car. The option to purchase the vehicle and keep it at the end of the term doesn't concern me at this point. :cool:

iaind · 11 Jun 2016 at 10:46

Scotteh said:
PCP is essentially a lease with the option to pay at the end for the car.

Isn't it something like 70%+ of people who buy on PCP hand the car back in after the 3/4 year term?

This man gets it

Acme said:
Eh? Its essentially the difference between buying with a mortgage or renting, and you're not bothered?

This one doesn't.

A PCH (normally referred to as a lease) is a long term rental

Hire Purchase (or a bank loan) is borrowing to own the car outright

PCP is a loan for the expected depreciation of the car over the term, in the strictest sense of the word it is a type of lease as you do not own the car. You can buy the car at the end for the agreed value or hand it back which does often end up with some equity if you opt to buy/part ex it. You can also do on used cars, which you can't with a PCH

Houses rarely depreciate so a PCP on a house would result in them paying you followed by a colossal balloon payment at the end. Kind of nonsensical trying to equate it to such.

If you don't own the car yourself and are paying someone else for the right to use it, you're technically leasing it. PCP, PCH and Hire Purchase all fit this criteria - so let's not get too OcUk Anal on the OP for not being sure of terms

iaind · 11 Jun 2016 at 10:49

Draeger said:
Basically looking for the lowest monthly payment for any particular vehicle and will be handing it back at the end of the lease/PCP term and starting afresh with another car. The option to purchase the vehicle and keep it at the end of the term doesn't concern me at this point.

Youre probably better with a PCH then. Handing back on a PCP isn't the best idea of the car is in good nick, as the final value which you could buy the car for is normally less than its actual market value. This is where the equity comes from so buying it and selling it on is the best way if you don't want it. Of course you can do this by part ex which hopefully gives you a deposit for the next one.

Lease is simpler and cheaper monthly but you will have to find another deposit for the next one

Skeeter · 11 Jun 2016 at 11:33

iaind said:
Lease is simpler and cheaper monthly but you will have to find another deposit for the next one

This. Leases are incredibly simple, but you need to be prepared for when they end. You also cant be picky on car, as you will only have a choice of what is available and theres no point adding options.

It is as easy and quick and simple as taking out a mobile phone contract though.

iaind · 11 Jun 2016 at 11:37

Its worth reiterating the deposit thing though. I've spoken to a few people who assume that the deposit gets returned at the end, even one guy at work who had a car on PCH and was adamant it would come back to him, less any damage... It's an advanced rental, you don't get it back!

Draeger · 11 Jun 2016 at 23:40

Thanks guys, appreciate the info and clarification.

Now, does anyone have any good links to lease sites with good deals? I've Goggled and found a few so far but any info appreciated. Looking at some half decent deals on the new shape Kia Sportage KX range, trying to steer the missus away from the Citroen Cactus.....lol.

skaif · 12 Jun 2016 at 00:34

Try the pistonheads thread on leases here

I have it bookmarked and there are often good deals to be had.

Failing that, central vehicle leasing, yes car lease, what car lease, national vehicle leasing and select car lease are the main ones which keep cropping up. And if you can stand the site, lings...