Advice for PCP or HP on a used car

iMacMart

iMacMart

iMacMart

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Joined
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Hi Guys

I`m looking for advice and hope you guys can help, I have a budget of £260 pcm with a deposit of 1k looking to see if I can get a used Mondeo or Nissan qashqai (Maybe new) for that budget. I'd like some bells and whistles and have seen some good deals but over a 3 year period. Am I doing the right thing or should I be looking for a loan with a lower APR% (I have a good credit rating) and pay that back over a 3 year agreement....

I normally buy outright in the lower price range (6k range) but a promo at work has meant a car allowance , I do 16K a year milage to and from Watford and I live in Letchworth ...

Mart
 
3 years at 260cpm puts you at just over 9k in, minus interest, given a new qashqai is what, 20k? PCP would be the only way you get in a new one realistically.
 
pcp is viable on a new car as the apr is usually ~3-4%, but on used cars the pcp apr suddenly becomes 10-11%. So, surely it's better to get a bank loan at a lower % and buy the car at day 1 instead of just "lease" it with the pcp scheme, or sue a dealer HP scheme - then the issues with 16k miles/year aren't so much of a problem. Not to mention, you can sell the car far easier (if something happens and you need to get rid/change) if bought with a bank loan than any HP or pcp scheme.

Looking at an online bank loan calculator, £260/month for 3 years gets 9k loan, plus your 1k deposit means you have a budget of 10k for a used car - not too bad. And should last longer than the 3 years, meaning you're in credit ;)

Personally would only consider pcp for new, otherwise it would be a bank loan.
 
iMacMart said:
So should I up the cost and get a car via a loan repayment?
Click to expand...

Having had PCP on two used cars previously....I would look into a personal bank loan. Though it depends entirely on what you can afford, £15k over 4 or 5 years might be better/lower monthly payments.
 
Now looking at a Skoda Octavia 2.0 TDI CR vRS Blackline DSG 5dr around the 14k price, get a good loan and go that way?

Not a badge snob and get a lot of car for the money....
 
Hi Gents

I've been looking at Audi A4 but told they are old in the sense that they were released in 2004, so started looking at A6 (2011 onwards) but multironic gearbox are flaky so I've been told on here and 2014 seem to be out of my budget, Was also looking at Mondeo titanium x as I had a 2005 a few years back and loved it..

What I'm looking for is
  • 4 door
  • Auto gearbox (I do from Letchworth to Watford and back every day for my job)
  • Bit of luxury with optional extras
  • nothing over a 2.4 really..
Been look at BMW 5 series but I'm getting myself confused with everything, looking for some good advice from you guys :)
 
Surely to god an A4 at £260/month would be a B8 platform (2008>2016) model, not the older B6/B7 platform? Regardless though, the problem you'll have is that the multitronic (CVT) gearbox is a known weak point.
 
paradigm said:
Surely to god an A4 at £260/month would be a B8 platform (2008>2016) model, not the older B6/B7 platform? Regardless though, the problem you'll have is that the multitronic (CVT) gearbox is a known weak point.
Click to expand...

So the Audi is out then? What about BMW's
 
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