Author Topic: 0% finance coming on more new cars  (Read 1476 times)

Offline DrivenToDistraction

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0% finance coming on more new cars
« on: 29 March 2022, 11:42 »
Before I opted for a 7.5 GTI about 6 weeks ago, I was looking seriously at a new Hyundai i20N. The very few stock cars available were all a very long way away (the nearest was 80 miles) so in the end, I did not follow-up. Anyway, I got a call from the dealer today asking if had got sorted, as Hyundai is offering 0% finance on all new cars from 1 April. JLR are too, apparently. And they have more new i20N's available now due to several cancelled orders. Probably a reflection of people 'tightening their belts' in view of the rapidly increasing cost of living than anything specific about the car. You have always been able to get 0% finance on cars like Vauxhalls, but never on 'premium brand' cars like VW, Audi and BMW. Maybe Hyundai isn't recognised as a premium brand just yet (JLR certainly is!), but all these 'new boys' are catching up fast in terms of quality. A wake-up call for VW? So, in summary, there is no point in ordering a new car (12-month wait), some stock cars in dealerships aren't selling, and used prices remain sky-high.

A couple of signs locally that things might be starting to change with used prices. For example, a friend is picking up a nearly new Golf plug-in hybrid (ex-demonstrator, £2k miles) this week from a local main dealer. He was originally told that the price would be £2,500 above list (!), to which my mate rapidly put the phone down. The dealer rang back a few days later. Long story short, the price eventually agreed was £1000 under list, so maybe the demand isn't quite as strong as it was.

Offline Exonian

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Re: 0% finance coming on more new cars
« Reply #1 on: 29 March 2022, 21:35 »
An interesting thread DtoD and good to see some real life angles on purchasing in the current market.
Having been on forums for far too many years, they can be full of more self promoting bullsh!t than rap music or Instagram accounts. It’s amazing how many forum people have 50 grand plus tucked down the back of their underpants and have had special deals in every top of the range product they fill their threads with.
Real life for most just isn’t like that, it’s a slog, and you’re definitely right, people are tightening their belts all round. Fuel, utilities, food and cars have gone up an awful lot recently and are continuing to do so rapidly. Uncertainty abounds and even skirting around global politics, the ‘special military operation’ hasn’t just had a direct economic effect which will worsen and worsen, but also people feel uncomfortable making luxury purchases knowing innocent people are being bombed to oblivion and/or migrating by the millions on our continental doorstep. People around the world are scared and angry as well as financially stretched.
I work in transport logistics and am aware of the drop in mail order volumes plus I detect a bit of a boycott on Chinese products even ahead of any possible economic sanctions.

People are aware of the long delays on car orders (as well as lots of personal tech stuff) and a few people have mentioned to me car dealers they’ve visited don’t seem that bothered about following up enquiry calls lately.
Many ordinary car buyers (not just company car tax dodgers) seem to be in a quandary as to whether to go electric or stick with ICE with fossil fuel and electricity cost worries as well as the electric charger infrastructure that doesn’t seem to keep up with demand. Maybe that’s slowing people up ordering too, when added to the long likely wait times pushing the average new buyer’s lease/PCP towards the 2030 line in the sand by the time their newly ordered car has possibly arrived and completed its 36/48 month term.

What was especially good to read there was your mention of the i20N as it’s an affordable GTI alternative that offers frills and styling VW just isn’t brave enough to provide, in an unapologetic package (with a pretty full spec). A breath of fresh air in these turbulent times. I’m probably a bit old for an i20N but boy would I like a go in one!
The 0% interest is good marketing too. Acutely aware of unavoidable base price rises means the 0% brings monthlies down to affordable levels which should bring in the custom.
The roads I drive on would suit an i20N perfectly but I’d imagine the ride and raucousness would rule it out as a daily driver for most err… “mature” drivers.

Anyway, good on you for getting a Golf, it’s by far the best option… probably  :laugh:
And 80 miles isn’t *that* far  :whistle:
‘23 8R
Serial white Golf owner


Offline DrivenToDistraction

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Re: 0% finance coming on more new cars
« Reply #2 on: 30 March 2022, 09:50 »
You make some good points. Just sticking the pros and cons of the i20N, it maybe has 'one frill too many' (the rear wing) for anyone over 50, but the reported firm ride wouldn't necessarily put me off. It can't be any worse than the Civic Type R (ep3) I used to own, which proved that 200 bhp is more than enough for a nimble hot hatch. I might have a quick look on Autotrader. If one of the i20N cancelled orders turns up within a 50-mile radius I might still be tempted to arrange a test drive. £25k with 0% finance is a bit of a bargain for what's on offer. For now, I'm happy to be back in a manual GTI.

Offline Exonian

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Re: 0% finance coming on more new cars
« Reply #3 on: 30 March 2022, 10:51 »
It’s definitely a bargain at todays prices and with 0% interest coupled with likely good residuals it’s a mighty tempting package. The performance is at real world speeds and the configurability should make it ultra responsive when you’re in the mood - and a car like that would probably put you in the mood constantly!

I note it can be had in slightly more restrained colours for the more mature prospective buyers who like their cars to behave immaturely when nobody is looking.
‘23 8R
Serial white Golf owner


Offline Exonian

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Re: 0% finance coming on more new cars
« Reply #4 on: 31 March 2022, 20:21 »
I did have a quick nose at Hyundai’s website earlier - the 0% excluded the i20N which was 5.5% APR.
The nearest dealer to me with one in stock was 100 miles away (Poole) but £1000 off list quoted.
Rates due to change on 1st April.
Yep, too much time on my hands being off work with plague and having a thaw out break from jet washing the patio in the freezing cold!
‘23 8R
Serial white Golf owner