Talk to me about obtaining a new car

Caporegime
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Godalming
I currently have a car which I've had a £9k (WBAC) and £10k (Motorway) quote for.

A few questions - the wheels are all kerbed to buggery, do I get these done prior to sale, or sell as-is as they'll likely have mates rates?

At the end of a lease deal I will have zero equity right? So would PCH or PCP be a better option if I wanted to roll over in to something else at the end of the term?

Additional mileage - how hard are these companies on this? We only moved to our new place last month so still figuring out the most cost effective way of commuting, is it better to pay upfront for additional mileage or add extra on when the term is nearing its end?

Cheers!
 
Alloys: the dealership can get these done cheaper than you can but they'll still knock you down about £80-100 per corner, perhaps more if they're diamond cut. I'd just take it on the chin and not bother getting them refurbished.

PCH or PCP: There's no hard & fast rule. Sometimes one is better financially, sometimes the other is better. Just got to get quotes and compare. Longer term isn't always cheaper per month by the way, but a shorter term always means your decision comes around quicker.

Additional mileage: On a PCH its a big deal if you've gone way over because you've devalued the car more that the lease company were planning to get x amount for, and you'll get stung accordingly. If its a PCP it doesn't affect anything apart from the PX value (& therefore your equity/deposit on your next agreement). The only time you get stung on a PCP with excess mileage is if you choose to hand the car back at the end of the term and walk away. Most people will never exercise this right and its normally not worth doing financially anyway.
 
A few questions - the wheels are all kerbed to buggery, do I get these done prior to sale, or sell as-is as they'll likely have mates rates?

They’ll be able to do it cheaper most likely, and even if they knock off the same price, it saves you the hassle of doing it.

At the end of a lease deal I will have zero equity right? So would PCH or PCP be a better option if I wanted to roll over in to something else at the end of the term?

Usually, yes. Hence why a lease is generally cheaper.

Additional mileage - how hard are these companies on this? We only moved to our new place last month so still figuring out the most cost effective way of commuting, is it better to pay upfront for additional mileage or add extra on when the term is nearing its end?

Estimate as best as possible and then factor in additional cost if you go over. Deals have to quote an additional milage cost.
 
At the end of a lease deal I will have zero equity right? So would PCH or PCP be a better option if I wanted to roll over in to something else at the end of the term?

A lease (PCH) is a long term rental, you pay your monthlies and give the car park at the end of the term. 'Deposits' can vary in size. Some companies may entertain selling you the car if you wanted it after but not all. Often low monthly payments compared to other purchase methods but as you're not building up any equity etc. may be relatively higher overall cost. Mileage limits etc. need to be paid attention.

PCP will get you lower monthly payments more akin to leasing but likely to need a decent chunk of deposit and a chunk of the finance is deferred as a final balloon payment. At the end of the term you can simply return the car like a lease (but lose your 'equity') or complete the purchase for the agreed balloon price or if you have 'equity' (car worth more than agreed balloon) use that as the deposit (or part of) for another PCP. Also need to pay attention to mileage unless absolutely sure you'll buy.

PCH HP has higher monthlies but no deferred balloon, once the term is up you then own the car and your equity is whatever the car is worth. No worries on mileage limits or things like that.

Personal loan, probably the highest monthly cost due to not necessarily structuring in a 'deposit' but potentially lowest total cost of ownership. Very flexible because the loan isn't tied to the car, so you own the car yourself directly and can chop and change as much as you fancy, modify it, whatever.

Edit - I'd confused PCH with HP above
 
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Gonna look in to salary sacrifice tomorrow, might sweeten this even more.

I'm still very much on the fence, not sure more debt is the right thing to do atm!
 
PCH has higher monthlies but no deferred balloon, once the term is up you then own the car and your equity is whatever the car is worth. No worries on mileage limits or things like that

You're thinking of hire purchase, personal contract hire is just leasing really?
 
You're thinking of hire purchase, personal contract hire is just leasing really?

Yes, you're right, I'd assumed he was asking about PCP and HP as leasing alternatives but I probably read it wrong when he asked if PCH or PCP would be a better option (I read it as 'better option than leasing' but that's probably not what was asked :p)
 
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