PCP vs Cash when buying a car question.

[Mottie]

Anyone had a car on PCP? I’m not up on this but we're considering a new car and I’m getting some cracking prices through Carwow. One thing has struck me - if choosing PCP, the manufacturer puts £2k towards your deposit. Making the initial price (before interest) £2k cheaper than cash. I remember when I bought our Evoque, the dealer was offering 2 years servicing, 2 years roadside recovery and full guarantee if bought on finance. I tried to get £100 on finance but the minimum was £10k so I took that, got the free servicing etc. The catch with that was that you couldn’t pay it off IN FULL before 6 months was up so I paid it all up except for £100.

Does anyone know whether PCP is like HP and can be paid off early or is there some catch like an early reception charge?

 

[fillyboy]

Never mind about all that, what you getting?

 

[motorbiking]

I assume you understand you won’t own anything at the end?

You also need to look at the restrictions.

If it’s a highly depreciating vehicle and you are set on having it new and won’t do many miles then it’s ok. Alternatively find what you want a year or two old at half the price.

 

[Scally-Ho]

@Mottie with HP, ownership will only be transferred to you when all of the payments have been made.
PCP will usually come with mileage constraints and extra costs for wear and tear.

 

[motorbiking]

If I was buying a car now I’d be getting a used IPace. 15% of their new value approx.

 

[Mottie]

I assume you understand you won’t own anything at the end?

You also need to look at the restrictions.

If it’s a highly depreciating vehicle and you are set on having it new and won’t do many miles then it’s ok. Alternatively find what you want a year or two old at half the price.

I was talking about paying it off including any balloon payment and then it would be mine. This model has only been out just over a year, I don't want the older model. Most dealers are asking the same or more for a used current model (ex demo) than I can get a new one for!

 

[Mottie]

Never mind about all that, what you getting?

Hyundai Tucson Hybrid auto Ultimate model. Almost made our mind up. Never in a million years would I have considered buying a Korean car but they look such good value. Top of the range spec but slightly pìssed off by the 'luxury tax' but the discount will more than cover it.

 

[denso13]

Hyundai Tucson Hybrid auto Ultimate model.

I'm on my second new one.

 

[gas112]

Never mind about all that, what you getting?

hopefully something a lot more reliable than an evoke

 

[fillyboy]

Hyundai Tucson Hybrid auto Ultimate model. Almost made our mind up. Never in a million years would I have considered buying a Korean car but they look such good value. Top of the range spec but slightly put off by the 'luxury tax' but the discount will more than cover it.

Mrs filly had one some years back, good reliable car, that was probably 10 years ago. A bit large but I'm drawn toward the new Santa Fe, looks similar to a Defender I think.

 

[Mottie]

I'm on my second new one.

Do you have the new model? How are you finding it?

 

[Koolpc]

Blimey, i could never see myself spending more than £7k on a car! Never have.........i would never buy brand new either...

 

[MNW67]

Blimey, i could never see myself spending more than £7k on a car! Never have.........i would never buy brand new either...

Was it a Corgi

 

[Highway Man]

If I was buying a car now I’d be getting a used IPace. 15% of their new value approx.

we chopped an ipace in for our range rover, ipace lost a lot of value, now the bloody range rover looks the same. You just cant win.

 

[Koolpc]

Was it a Corgi

Exactly!!!!