Martin
My current one is on PCP - first time I've done this.
Just got a settlement figure on the car (due to run until August 2013) and they want £13k saving me around £1200 in interest payments.
The GFV of the car is £9,500 in 12 months. The car will be worth more than that so don't see a risk in paying it off and as the money in the bank is earning somehting like 0.5% interest, I think I'll 'earn' more by paying off than I would in interest in the bank.
When I got the car I went PCP as my cash was tied up but over the ownership of the car it still isn't a great deal in comparison to a loan etc. all you are paying is the deprecaiation and a little extra in terms of their interest charges and set up fees.
Been quoted some figures on today on a BMW 1 Series 125i M Sport, 5 door, fully loaded and the PCP monthly is coming out about £500 over 48 months. This was with a 2k deposit. Price of car circa £ 32,500 with the options I want.
£500 is stretching it monthly so now looking at an HP deal with BMW using the equity from the GTI.
If I can beat them down on the overall price and get the monthly down to circa £350-375 max then it will be hard to say no.
The 135M Sport although a hell of a car as we all agree will be unaffordable for me with the bells and whistle extra’s I want. I will therefore be not going down this route.
The 125i M is equivalent to the GTI in terms of refinement and sportiness and will more than meet my needs. It’s not to every ones taste I know however, I fancy a change a wee change of direction from VW although I’ve been more than happy with the Mk5 and Mk6.