Author Topic: So then, what car are you buying next? (Read 372059 times)

Buck · « **Reply #940 on:** 18 July 2012, 09:29 »

I'm wondering whether to change mine in the next six months as it'll be 3yo in December.

VW are offering 0% APR at the dealers near me on used cars - wonder if they'll have anything to tempt me?

If not, might see what Audi have (BMW's are not for me) as I've always fancied an A5 but could never justify the cost. Some good deals out there at the moment if you choose wisely.

dubber36 · « **Reply #941 on:** 18 July 2012, 10:18 »

0% may sound all well and good, but if you are borrowing money, someone is going to have to pay interest to the lenders somewhere along the line. As the dealers won't be earning any finance commission from the deal, any discount you may manage to negotiate won't be as good as if you were paying a bit of interest.

Do your sums, and add up the total amount you'll be paying back. 0% isn't always as good as it seems.

MAW73 · « **Reply #942 on:** 18 July 2012, 11:23 »

I'm a serial car changer every 3-4 years. Have done this pretty much for the last 40 years. The depreciation on cars these days is crazy, especially when manufacturers bring out new models every few years. I've alway gone the HP finance deal and now I'm seriously thinking of going down the PCP route and just handing the keys back at the end of the term. I planning on keeping the equity of mine in the bank and just putting down a minimum depoisit of say £1,500 - £ 2000 on a PCP deal. I'm in no rush to buy therefore I really am going to try and find the best possible deals this time.

Buck · « **Reply #943 on:** 18 July 2012, 13:00 »

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.

MAW73 · « **Reply #944 on:** 18 July 2012, 13:56 »

Quote from: Buck on 18 July 2012, 13:00

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.

ScottA · « **Reply #945 on:** 18 July 2012, 14:01 »

Quote from: MAW73 on 18 July 2012, 13:56

Quote from: Buck on 18 July 2012, 13:00
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 monthly, 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, however I fancy a change a wee change of direction from VW although I’ve been more than happy with the Mk5 and Mk6.

I was looking at £370 a month for a M135i with £5,000 deposit over 36 months.........

MAW73 · « **Reply #946 on:** 18 July 2012, 14:10 »

Quote from: ScottA on 18 July 2012, 14:01

Quote from: MAW73 on 18 July 2012, 13:56
Quote from: Buck on 18 July 2012, 13:00
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 monthly, 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, however I fancy a change a wee change of direction from VW although I’ve been more than happy with the Mk5 and Mk6.

I was looking at £370 a month for a M135i with £5,000 deposit over 36 months.........

Thanks for the heads up on this buddy. Was this an HP or PCP finance deal. I’d be interested in seeing the figures on the deal. Feel free to PM if you prefer.