GolfGTIforum.co.uk
Model specific boards => Golf mk7 => Topic started by: trueblue_ips on 16 October 2018, 18:59
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Apologies if this has been done before on here but after spending a couple of hours with VW's PCP Finance calculator I thought I would write my first thoughts down while fresh in my mind for the benefit of other posters new to PCP like me. The below contains a number of assumptions which I'm more than happy to be challenged on and a couple of questions I still have. Hopefully others will find this summary helpful and correct any errors.
I have a decent deposit and another reasonable lump sum coming to me in 2 years time so PCP seemed perfect - breaking cost of the car down into chunks with lower monthly repayments than HP and the flexibility PCP brings at the end of term.
1) The deposit. Big or small? Which is cheaper overall?
It doesn't make any real difference to what you'll end up paying. If you make a bigger deposit, VW will shrink the monthly payment (even if you can afford to pay more), a lower deposit will increase monthly payments. Bottom line is they force you to borrow the same and pay the same amount of interest! Cunning. The only way I found to shrink the interest was to reduce the PCP term (obvious really). I would go for as high a deposit as you can afford unless you think your money can be better invested elsewhere than reducing the 5.5 (new) or 7.4 (used) APR interest otherwise due. Also, VW only let you put down up to the 30% including any deposit contribution again forcing you to borrow more than you might need.
**Question** Can you make overpayments or borrow from another source at a lower APR and pay early to reduce the interest?
You pay interest on the whole balance (including the balloon payment), not just the monthly payments as I had naively assumed.
2) The balloon payment.
So who calculates what your car is worth at the end of the term and whether you have any equity to put down on a new car? I believe the dealer maintains a book which lists their trade in price based on car's age, mileage and condition. This is what they value the car at. For VW, their balloon payment seemed low to me so I would expect to have equity of a few thousand even at trade in price.
**Question* Is this realistic? What are others experiences? Can the dealer try to hoodwink you by offering less than the car's true value or can they offer you more to entice you into rolling over into another PCP deal?
There is always the option to sell the car privately where you'll likely get more. You can still pay off the balloon payment and keep the equity.
My conclusion in all this is that for me, I can get 50% of the car's price as a deposit. Under these circumstances, I think HP may be the better option as I can get quite a bit lower APR with my bank, will actually be borrowing less with the bigger deposit (less interest) and don't have the balloon payment at the end to worry about. Then again, I lose their deposit contribution (assuming I buy new, not nearly new). I need to do my sums properly.
Car finance is more complicated than I had assumed! :whistle:
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A bigger deposit does reduce the overall cost as you will be paying less interest. Not a massive difference but yes it's cheaper. Also it changes the profile of your loan agreement in that with a small deposit you will likely be well into negative equity for the first part of your agreement. That matters should you want out early as the lack of negative equity by your larger deposit could leave you in a position where you can get out anytime. Technically of course you will have paid more upfront so might not actually be better off but psychologically it's easier.
Also the baloon is not set by the dealer. It is set by the finance company and thus will be the same no matter which dealer you use.
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My conclusion in all this is that for me, I can get 50% of the car's price as a deposit. Under these circumstances, I think HP may be the better option as I can get quite a bit lower APR with my bank, will actually be borrowing less with the bigger deposit (less interest) and don't have the balloon payment at the end to worry about. Then again, I lose their deposit contribution (assuming I buy new, not nearly new). I need to do my sums properly.
Car finance is more complicated than I had assumed! :whistle:
One option to consider;
You could arrange a loan with your bank at their lower (than VW’s) APR in advance of getting the car but buy the car on VW’s PCP. As soon as you’ve got the car, phone VW Finance and tell them you want to exercise your right to withdraw from the PCP. VW should tell you the settlement amount you need to pay to clear the PCP finance and you can use your bank loan to clear this amount.
When you withdraw from the PCP arrangement, you don’t have to return the VW deposit contribution, so you’ll have the benefit of keeping the deposit contribution, and monthly payments will be to your bank to clear the bank loan.
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A bigger deposit does reduce the overall cost as you will be paying less interest. Not a massive difference but yes it's cheaper. Also it changes the profile of your loan agreement in that with a small deposit you will likely be well into negative equity for the first part of your agreement. That matters should you want out early as the lack of negative equity by your larger deposit could leave you in a position where you can get out anytime. Technically of course you will have paid more upfront so might not actually be better off but psychologically it's easier.
Also the baloon is not set by the dealer. It is set by the finance company and thus will be the same no matter which dealer you use.
Ok, didn't realise that. But I guess the question still applies. What's to stop the finance company offering you less than it's real value and how do they decide what the real value is? Is this regulated? Can you appeal etc?
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One option to consider;
You could arrange a loan with your bank at their lower (than VW’s) APR in advance of getting the car but buy the car on VW’s PCP. As soon as you’ve got the car, phone VW Finance and tell them you want to exercise your right to withdraw from the PCP. VW should tell you the settlement amount you need to pay to clear the PCP finance and you can use your bank loan to clear this amount.
When you withdraw from the PCP arrangement, you don’t have to return the VW deposit contribution, so you’ll have the benefit of keeping the deposit contribution, and monthly payments will be to your bank to clear the bank loan.
Interesting. I guess most people just think of the monthly payments and don't worry too much. Tips like this take some of the pain of the instant depreciation hit when buying a new car.
I've never spent more than £5K on a car before and always paid cash and am not really a car person. I'm approaching 50 though and want to own something more decent before I'm too old to appreciate it without massive funds behind me. A new car just once would be great. My very first car was a Golf, Mk2 I think, so there is some meaning behind me getting another. It ticks the boxes. Just need to decide between a GTI and R.
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Ok, didn't realise that. But I guess the question still applies. What's to stop the finance company offering you less than it's real value and how do they decide what the real value is? Is this regulated? Can you appeal etc?
Im on a PCP deal too for the first time and wondered the same. Heard a lot of negativity about pcp but thought I’d give it a try anyway as the figures didn’t seem that bad. I took a 3 year deal on a 7.5 dsg gti. Spent a bit on options too and my balloon payment is £14k. 3 year old gtis seem to go on autotrader for £16.5-17k so based on that I should have a couple of grand equity at then end. Especially as I look after my cars.
What I’m not sure of though is how it works when you come to part ex. I presume any dealer in the VAG group will be able to access my finance deal and see the balloon amount and just offer a crap part ex value based on that? (Eg £14-14.5k). A lot of the bad press towards pcp is people not realising at the end of their deal there’s a good chance they could be left with nowt.
I should be ok to buy it outright if need be to sell privately, but I’m intrigued to see how it all plays out when the time comes.
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One option to consider;
You could arrange a loan with your bank at their lower (than VW’s) APR in advance of getting the car but buy the car on VW’s PCP. As soon as you’ve got the car, phone VW Finance and tell them you want to exercise your right to withdraw from the PCP. VW should tell you the settlement amount you need to pay to clear the PCP finance and you can use your bank loan to clear this amount.
When you withdraw from the PCP arrangement, you don’t have to return the VW deposit contribution, so you’ll have the benefit of keeping the deposit contribution, and monthly payments will be to your bank to clear the bank loan.
A new car just once would be great. My very first car was a Golf, Mk2 I think, so there is some meaning behind me getting another. It ticks the boxes. Just need to decide between a GTI and R.
Get a bank loan and buy the lowest mileage Clubsport you can find.
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Arrange a bank loan etc at a much lower APR take out the PCP and exercise your right to withdraw. I picked up my car on a Friday and rang VW finance on Monday and only paid 3 days interest @£3.30 a day and transferred the money that day. Finance contribution and free servicing offer were unaffected and still honoured by VW. If I remember correctly though, you only get 14 days to withdraw from the finance agreement..
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Arrange a bank loan etc at a much lower APR take out the PCP and exercise your right to withdraw. I picked up my car on a Friday and rang VW finance on Monday and only paid 3 days interest @£3.30 a day and transferred the money that day. Finance contribution and free servicing offer were unaffected and still honoured by VW. If I remember correctly though, you only get 14 days to withdraw from the finance agreement..
You will of course p*ss the poor sales person off as they won't get commission on the finance as think it has to be in place for at least a few months before been settled for them to get paid!
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It sounds like you have enough money now and incoming that PCP might not really be for you. Why not use the deposit to buy outright with a bank loan with lower APR to cover the difference? When your windfall comes your way you can then pay off the bank loan right away with no penalties.
Also think carefully if that new car smell is worth the extra cash. Depending on what you're coming from, a nearly new from a dealer would save you a fair amount of money for very little difference in car. From my experience buying a 16 plate GTI PP this year, the whole thing felt exactly the same (actually, better) as when I bought a new TDI 4 years ago - but with far less waiting around.
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Arrange a bank loan etc at a much lower APR take out the PCP and exercise your right to withdraw. I picked up my car on a Friday and rang VW finance on Monday and only paid 3 days interest @£3.30 a day and transferred the money that day. Finance contribution and free servicing offer were unaffected and still honoured by VW. If I remember correctly though, you only get 14 days to withdraw from the finance agreement..
You will of course p*ss the poor sales person off as they won't get commission on the finance as think it has to be in place for at least a few months before been settled for them to get paid!
That’s exactly what I thought however, it was the salesman who suggested it 😁
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It sounds like you have enough money now and incoming that PCP might not really be for you. Why not use the deposit to buy outright with a bank loan with lower APR to cover the difference? When your windfall comes your way you can then pay off the bank loan right away with no penalties.
Also think carefully if that new car smell is worth the extra cash. Depending on what you're coming from, a nearly new from a dealer would save you a fair amount of money for very little difference in car. From my experience buying a 16 plate GTI PP this year, the whole thing felt exactly the same (actually, better) as when I bought a new TDI 4 years ago - but with far less waiting around.
The issue I found when deciding between new and nearly new is that you could actually pick up a brand new car for cheaper as it'll include the £1500 deposit contribution and further discounts through sites like Carwow and DTD. Depends if you want to wait 4-6 months or not. Also if you're going down the PCP route then APR is usually better on a new compared to used.
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It sounds like you have enough money now and incoming that PCP might not really be for you. Why not use the deposit to buy outright with a bank loan with lower APR to cover the difference? When your windfall comes your way you can then pay off the bank loan right away with no penalties.
Also think carefully if that new car smell is worth the extra cash. Depending on what you're coming from, a nearly new from a dealer would save you a fair amount of money for very little difference in car. From my experience buying a 16 plate GTI PP this year, the whole thing felt exactly the same (actually, better) as when I bought a new TDI 4 years ago - but with far less waiting around.
I think that is the right Finance option for my circumstances, thanks.
My only concern about buying nearly new is getting one with all the options I want: sunroof, Dcc, keyless, reversing camera. Nobody seems to spec the Dcc which I don't understand. And of course in the colour I want which is white.
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It sounds like you have enough money now and incoming that PCP might not really be for you. Why not use the deposit to buy outright with a bank loan with lower APR to cover the difference? When your windfall comes your way you can then pay off the bank loan right away with no penalties.
Also think carefully if that new car smell is worth the extra cash. Depending on what you're coming from, a nearly new from a dealer would save you a fair amount of money for very little difference in car. From my experience buying a 16 plate GTI PP this year, the whole thing felt exactly the same (actually, better) as when I bought a new TDI 4 years ago - but with far less waiting around.
Nobody seems to spec the Dcc which I don't understand. And of course in the colour I want which is white.
Because the GTI rides so well on the standard set up (18s) that there's no real need for DCC!
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The issue I found when deciding between new and nearly new is that you could actually pick up a brand new car for cheaper as it'll include the £1500 deposit contribution and further discounts through sites like Carwow and DTD. Depends if you want to wait 4-6 months or not. Also if you're going down the PCP route then APR is usually better on a new compared to used.
This is exactly what I have found. I got quotes through carwow and a brand new car with all the options I want is actually cheaper than an 18 plate low mileage used car without the options!
Given the residuals, I've found that cars have to be about 2 years old before sufficient depreciation kicks in to make them the better option cost wise. If I buy used middle of next year instead of waiting six months for delivery of a new car, I can get the facelift 7.5 for enough less money that it becomes attractive.
Buying very nearly new though seems to make no sense.
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The issue I found when deciding between new and nearly new is that you could actually pick up a brand new car for cheaper as it'll include the £1500 deposit contribution and further discounts through sites like Carwow and DTD. Depends if you want to wait 4-6 months or not. Also if you're going down the PCP route then APR is usually better on a new compared to used.
This is exactly what I have found. I got quotes through carwow and a brand new car with all the options I want is actually cheaper than an 18 plate low mileage used car without the options!
Given the residuals, I've found that cars have to be about 2 years old before sufficient depreciation kicks in to make them the better option cost wise. If I buy used middle of next year instead of waiting six months for delivery of a new car, I can get the facelift 7.5 for enough less money that it becomes attractive.
Buying very nearly new though seems to make no sense.
PS Which sort of goes back to the balloon value payment and whether the Finance company gives you equity. VW Finance are saying the balloon payment is less than 50% of the car 's cost after just 18 months with 5K miles a year. That's a pretty low guaranteed minimum value.
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Arrange a bank loan etc at a much lower APR take out the PCP and exercise your right to withdraw. I picked up my car on a Friday and rang VW finance on Monday and only paid 3 days interest @£3.30 a day and transferred the money that day. Finance contribution and free servicing offer were unaffected and still honoured by VW. If I remember correctly though, you only get 14 days to withdraw from the finance agreement..
I think, well know i filled the electronic agreement in last night.....PCP was mentioned...TBH couldn't read the bloody thing. i'm going to pay off in full l'll ring VW finance. Did score they've given an extra £500 towards the deposit so its 2k towards it now
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Arrange a bank loan etc at a much lower APR take out the PCP and exercise your right to withdraw. I picked up my car on a Friday and rang VW finance on Monday and only paid 3 days interest @£3.30 a day and transferred the money that day. Finance contribution and free servicing offer were unaffected and still honoured by VW. If I remember correctly though, you only get 14 days to withdraw from the finance agreement..
I think, well know i filled the electronic agreement in last night.....PCP was mentioned...TBH couldn't read the bloody thing. i'm going to pay off in full l'll ring VW finance. Did score they've given an extra £500 towards the deposit so its 2k towards it now
Is that with DTD or someone else? DTD still showing £1,500 deposit contribution.
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I'll have to ask, all he said on a recorded message VW have increased the contribution on that model to 2k. bearing in mind this is a golf R-line i'm talking about. OK its not an R or GTI! i went for fuel economy, saying that tho i've just moved on my XR2 and bought another treat instead :cry:
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Yes the DC on 1.5 tsi 150ps cars has gone up by £500 and the flat rate has only gone up by 0.01%
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Ah, ok. I can see that deal on DTD. Ta
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It sounds like you have enough money now and incoming that PCP might not really be for you. Why not use the deposit to buy outright with a bank loan with lower APR to cover the difference? When your windfall comes your way you can then pay off the bank loan right away with no penalties.
Also think carefully if that new car smell is worth the extra cash. Depending on what you're coming from, a nearly new from a dealer would save you a fair amount of money for very little difference in car. From my experience buying a 16 plate GTI PP this year, the whole thing felt exactly the same (actually, better) as when I bought a new TDI 4 years ago - but with far less waiting around.
Depends what you define as "nearly new". For people who'll keep a car for 7 years, 2.5 years old is "nearly new", for others it'll be a pre-registered car with no more than a few thousand miles on the clock.
Most people on this forum buy new and are ready to ditch about 2.5 to 3 years old and get on another PCP.
My experience with performance VWs (i'm on my 9th VAG car) is that 13-15% discount without generous deposit contributions (a very recent VW incentive, never before seen it on performance models until about 3.5 years ago), and maybe 20% with deposit contributions. Compare that to a year old model that VW have up for 85% of RRP on their used forecourt with few or no incentives, 50% higher APR rates than new cars get and many will struggle to see any plus points in getting the used one.
Go for a 2.5 year old GTI/GTD/R for 60-75% of RRP, shortly needing some new brake pads, discs or tyres, a short warranty and about to need the annual MOT for the same monthlies or only a little less - i'd rather be getting new.
The way performance VWs hold their value it doesn't make much sense in most circumstances to get a nearly new one, but for other marques with horrific depreciation, it makes little sense to buy new, when an 18 month old example will still have a big wedge of warranty remaining for half the RRP.
If you do want a cheap bank loan, the best way to replicate PCP terms with APR% savings is to take out a 5 year loan with the intention of settling up at 3 years to start again if you change your car every 3 years. What's left to pay at 36 months will amount to a low balloon payment, ensuring that you will be in positve equity vs what it's worth in p/x.
Dealerships receiving a car beyond 2 years into a PCP will usually guarantee to get you out of negative equity with their p/x offer. It is in their interest to offer you something as a hook into the next car rather than you having your options wide open to walk away at 3 years because there's no positive equity to make you want to stay.
In the past, I have generally seen around 10% over the GFV when trading in, when I was PCPing. To know if you're being offered a poor deal, aim to get around 85% of the sticker price for pretty much the same car (same age, trim level, mileage) on their used forecourt - they will always want to make money on your p/x as well as the new car!
Offloading the wife's Audi A1 recently, I found Autotrader a complete waste of £50. I was selling her car with lots of options that the competition didn't have, and half the mileage of most of the pack and certainly the lowest by 10k miles for A1s of the same age and engine, and was the cheapest by £500, I had an extended warranty that no-one else had, and I got no bites. No-one has money of their own to buy a car with at the moment it seems - they all go to the dealership, so I wouldn't buuy a car thinking that i'm going to get £2k more selling privately than take the p/x.
In the end the local Audi dealership took it for £800 less than my Autotrader price. Figure in that someone is going to want to chipyou down by £500 or more and it ended up being a fools errand.
My R has held up well in price. I have just agreed to p/x it against a new Polo GTI+ (this will be our second), and at 3.5 years old, the p/x value is coming in at £17.5k, with a £300 depreciation for every month thereafter until the Polo arrives. I paid £28k for that car, so for me to be offered 62.5% of what I paid for it new at 3.5 years is by far the lowest % depreciation I have ever experienced on a new VW. It would be on their forecourt for £21-22k right now, no way I would pay 3/4 of broker price for a new one to get a 3.5 year old example, but clearly someone would buy it at that price for it to be selling for that price.
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What you doing with your dash cam cabling Matt? Removing everything or leaving cables in and just replacing the cables?
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My R has held up well in price. I have just agreed to p/x it against a new Polo GTI+ (this will be our second), and at 3.5 years old, the p/x value is coming in at £17.5k, with a £300 depreciation for every month thereafter until the Polo arrives. I paid £28k for that car, so for me to be offered 62.5% of what I paid for it new at 3.5 years is by far the lowest % depreciation I have ever experienced on a new VW. It would be on their forecourt for £21-22k right now, no way I would pay 3/4 of broker price for a new one to get a 3.5 year old example, but clearly someone would buy it at that price for it to be selling for that price.
What are the discounts and wait times of the Polo GTI+ like MH?
My Ed40 is still booking at nearly £26k and it’s barely ever used. It might be time to give Golf ownership a rest and try a new project, I’m so impressed with my son’s MQB IBIZA FR that getting a GTI+ for a commuter car (I’m moving out into the sticks and it’s all 40mph B roads) and binning the Clubsport and Wife’s Mini.
@ the OP.
PCP Balloon figures or Guaranteed Minimum Future Value figures are calculated using trade guide forecasts to protect the investment in the car that the finance company has. It’s generally on the low side for the reasons stated by others here.
Some cars become very popular on the second hand market so end up being worth significantly more than the GMFV, most tend to be worth slightly more and a few are worth less. Speaking to salesmen in the past they reckon few people actually see out the full term of their PCP’s.
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What you doing with your dash cam cabling Matt? Removing everything or leaving cables in and just replacing the cables?
I'll take it out when the time comes. Had the same dashcam type in the A1 and took it out to fit in the new Polo - fitted 2 weeks ago. I'm guessing about £40 for a new cable if you snip the ends and leave it in.
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Exonian:
For the new one, I gave my deposit over yesterday and the dealership tried to place the order with VW UK. Apparently order books will be open again at the end of this month (WLTP cerification completion then, i'm assuming).
VW aren't giving any deposit contributions for the GTI/GTI+ but are for other Polos, so current broker offerings are topping out at 12.5% off list. VW seem confident for residuals as GFV is 50% at 3 years.
Wait times for some are ridiculous, There are people on the Polo forum that ordered a GTI/+ in Feb and still don't have a build date, but are expected to built end of Nov when WLTP compliance is ironed out. Then it takes 4-5 weeks shipping from South Africa (time enough for the paint to cure!), time between UK port and dealership - they'll have waited a year. I got mine (1st and current) in Aug from unallocated stock the dealership had ordeeed (or perhaps a cancelled order?) after putting down a deposit on it in May - 2 weeks before it was built.
For this new one I just requested, being quoted fir about 25-30 weeks. Maybe I can jump on a cancelled order if someone pulls the plug on theirs and get it quicker, but I don't want it before March 1st on 19 plate.
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It sounds like you have enough money now and incoming that PCP might not really be for you. Why not use the deposit to buy outright with a bank loan with lower APR to cover the difference? When your windfall comes your way you can then pay off the bank loan right away with no penalties.
Also think carefully if that new car smell is worth the extra cash. Depending on what you're coming from, a nearly new from a dealer would save you a fair amount of money for very little difference in car. From my experience buying a 16 plate GTI PP this year, the whole thing felt exactly the same (actually, better) as when I bought a new TDI 4 years ago - but with far less waiting around.
I found my current car using the following approach, look for anything old but with low mileage. So, after being patient I found a five year old mark6 GTI with 16,000 miles for £14,000 at a VW dealer.
Condition was acceptable for me, basically new and running costs over the past two years have been
Servicing = £0 via two years free servicing from VW
MOT = £0 same
Warranty = £0 same
Getting the previous generation is probably too old for 95% of people but works for me.
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Is there a time frame when you can pay the settlement figure? or is it a case the more days into the agreement the more days interest you will incur?
my situation is i pick up next week, say Wednesday and wont have the full funds available till the following week.
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Is there a time frame when you can pay the settlement figure? or is it a case the more days into the agreement the more days interest you will incur?
my situation is i pick up next week, say Wednesday and wont have the full funds available till the following week.
You will just pay interest per day. You have 14 days from the start of the finance agreement which is normally the day you pick it up to withdraw from the agreement.
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Is there a time frame when you can pay the settlement figure? or is it a case the more days into the agreement the more days interest you will incur?
my situation is i pick up next week, say Wednesday and wont have the full funds available till the following week.
You will just pay interest per day. You have 14 days from the start of the finance agreement which is normally the day you pick it up to withdraw from the agreement.
Thanks makes sense, might delay them a couple of days next week just for breathing space.
Here's a funny one: when i dropped off the spoiler say 10am Friday was told that the car would be here in the next couple of days. Phone call 16:00hrs same day the spoiler has a slight colour match problem! confirmed with them to fit it. He instructed them to do so!!!!!
Looks like they have sort of STAR TREK beaming up device over at the dealerships that they've never told us about!
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Exonian:
For the new one, I gave my deposit over yesterday and the dealership tried to place the order with VW UK. Apparently order books will be open again at the end of this month (WLTP cerification completion then, i'm assuming).
VW aren't giving any deposit contributions for the GTI/GTI+ but are for other Polos, so current broker offerings are topping out at 12.5% off list. VW seem confident for residuals as GFV is 50% at 3 years.
Wait times for some are ridiculous, There are people on the Polo forum that ordered a GTI/+ in Feb and still don't have a build date, but are expected to built end of Nov when WLTP compliance is ironed out. Then it takes 4-5 weeks shipping from South Africa (time enough for the paint to cure!), time between UK port and dealership - they'll have waited a year. I got mine (1st and current) in Aug from unallocated stock the dealership had ordeeed (or perhaps a cancelled order?) after putting down a deposit on it in May - 2 weeks before it was built.
For this new one I just requested, being quoted fir about 25-30 weeks. Maybe I can jump on a cancelled order if someone pulls the plug on theirs and get it quicker, but I don't want it before March 1st on 19 plate.
Thanks for all the info MH :afro:
Much appreciated.
I just couldn’t handle a huge wait for a VW again. I’d have changed my mind on whether I actually wanted the actual car, the colour, the spec about two dozen times in six months!
Unless a car is ultra rare or extremely special I’d much rather compromise on spec and buy an in stock car.
The current wait times are dreadful across the marketplace and I sympathise massively with those that have to order a new car right now rather than just want to.
The flip side being late model used residuals are very very strong right now.
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Exonian:
For the new one, I gave my deposit over yesterday and the dealership tried to place the order with VW UK. Apparently order books will be open again at the end of this month (WLTP cerification completion then, i'm assuming).
VW aren't giving any deposit contributions for the GTI/GTI+ but are for other Polos, so current broker offerings are topping out at 12.5% off list. VW seem confident for residuals as GFV is 50% at 3 years.
Wait times for some are ridiculous, There are people on the Polo forum that ordered a GTI/+ in Feb and still don't have a build date, but are expected to built end of Nov when WLTP compliance is ironed out. Then it takes 4-5 weeks shipping from South Africa (time enough for the paint to cure!), time between UK port and dealership - they'll have waited a year. I got mine (1st and current) in Aug from unallocated stock the dealership had ordeeed (or perhaps a cancelled order?) after putting down a deposit on it in May - 2 weeks before it was built.
For this new one I just requested, being quoted fir about 25-30 weeks. Maybe I can jump on a cancelled order if someone pulls the plug on theirs and get it quicker, but I don't want it before March 1st on 19 plate.
Thanks for all the info MH :afro:
Much appreciated.
I just couldn’t handle a huge wait for a VW again. I’d have changed my mind on whether I actually wanted the actual car, the colour, the spec about two dozen times in six months!
Unless a car is ultra rare or extremely special I’d much rather compromise on spec and buy an in stock car.
The current wait times are dreadful across the marketplace and I sympathise massively with those that have to order a new car right now rather than just want to.
The flip side being late model used residuals are very very strong right now.
You are in the enviable position of owning a barely driven Clubsport.
No need to change that baby for a long, long time in my opinion :smiley:
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You are in the enviable position of owning a barely driven Clubsport.
No need to change that baby for a long, long time in my opinion :smiley:
I will shortly be having to commute a rural route in it very soon. The miles will start piling on and it seems a shame for such a car.
But you’re right. It is very unlikely to be going anywhere soon. I’m not sure I could part with it if push came to shove. But I like to keep options open, it’s just a car at the end of the day, albeit a very very pampered one!
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The Clubsport is made for piling on miles on rural roads!
Mine's on 22k in 18 months and ticking over 60 miles a day...
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The Clubsport is made for piling on miles on rural roads!
Mine's on 22k in 18 months and ticking over 60 miles a day...
*cough* 4K in 18 months with 600 of those being in someone else’s hands for its first six weeks of life! :whistle:
My commute is all 40mph, 30mph and even a half mile stretch of 20mph rural lanes.
There’s one section of 60 limit but chances are you’re stuck behind some old bat doing 40 or less :rolleyes:
with nowhere to overtake as it’s too winding. You can barely get past a solo pushbike never mind a group of Lycra clad fair weather wannabe midlife crisis road racers in groups.
And then there’s caravan season... :cry:
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Depends what you define as "nearly new". For people who'll keep a car for 7 years, 2.5 years old is "nearly new", for others it'll be a pre-registered car with no more than a few thousand miles on the clock.
Most people on this forum buy new and are ready to ditch about 2.5 to 3 years old and get on another PCP.
My experience with performance VWs (i'm on my 9th VAG car) is that 13-15% discount without generous deposit contributions (a very recent VW incentive, never before seen it on performance models until about 3.5 years ago), and maybe 20% with deposit contributions. Compare that to a year old model that VW have up for 85% of RRP on their used forecourt with few or no incentives, 50% higher APR rates than new cars get and many will struggle to see any plus points in getting the used one.
Go for a 2.5 year old GTI/GTD/R for 60-75% of RRP, shortly needing some new brake pads, discs or tyres, a short warranty and about to need the annual MOT for the same monthlies or only a little less - i'd rather be getting new.
The way performance VWs hold their value it doesn't make much sense in most circumstances to get a nearly new one, but for other marques with horrific depreciation, it makes little sense to buy new, when an 18 month old example will still have a big wedge of warranty remaining for half the RRP.....................
Great post as usual MH
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As an another option. My Mk7.5 Performance DSG sets me back £204 a month. No deposit. No depreciation. No running costs. Just my fuel.
And it arrived in 7 days in June. Happy days :smiley:
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I took the PCP then withdrew after 3 days, paid off the whole sum and still kept VWs £1k.
This was a process suggested by my dealer when I made the deal.
I also used CarWow to find the best prices then took them to my regular dealer and told them they could have the sale if they could beat the lowest, which they did.
I also told them what I wanted for my trade-in and they were happy to accept it.
By following advice I gleaned from this forum I saved over £4k.
Your quite right to do your homework on every aspect of a new purchase.
When talking suppliers these are my tips.
1) dictate all discussions and only speak with the most experienced member of staff.
2) remember its your money and you choose you spend it, dont be a sheep and get fleeced
3) know the product so you dont waste time looking (being seduced) at the showroom cars
4) all added extras eg; mats etc can be given to you by the dealer as sweeteners so ensure you get them NB Golfs come with plain carpet, all mats are extras.
5) at the end and before you sign say "oh and you will be fitting a FREE a dash cam - as its Christmas".
Hope this helps.
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Golf GTi's, Gtd's and R's all come with carpets mats as standard.
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How will I know who the most experienced member of staff is? Should I ask to see all their CV's? :wink:
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Depends what you define as "nearly new". For people who'll keep a car for 7 years, 2.5 years old is "nearly new", for others it'll be a pre-registered car with no more than a few thousand miles on the clock.
Most people on this forum buy new and are ready to ditch about 2.5 to 3 years old and get on another PCP.
My experience with performance VWs (i'm on my 9th VAG car) is that 13-15% discount without generous deposit contributions (a very recent VW incentive, never before seen it on performance models until about 3.5 years ago), and maybe 20% with deposit contributions. Compare that to a year old model that VW have up for 85% of RRP on their used forecourt with few or no incentives, 50% higher APR rates than new cars get and many will struggle to see any plus points in getting the used one.
Go for a 2.5 year old GTI/GTD/R for 60-75% of RRP, shortly needing some new brake pads, discs or tyres, a short warranty and about to need the annual MOT for the same monthlies or only a little less - i'd rather be getting new.
The way performance VWs hold their value it doesn't make much sense in most circumstances to get a nearly new one, but for other marques with horrific depreciation, it makes little sense to buy new, when an 18 month old example will still have a big wedge of warranty remaining for half the RRP.....................
Great post as usual MH
For balance, one of those year old, low mileage (at the time) cars & I effectively paid somewhere between 65-70% of list price, approximately. Not too bad for a first effort.
There's a lot to be said for the right car at the right time for the right reasons, even as a first attempt :smiley:.
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If you take new car on PCP to get the VW contribution and cancel within the cooling off period is it simply a case of paying the balance in cash whilst keeping the contribution? In other words, is your own PCP deposit treated as part cash payment?
And if you get a discounted servicing deal is this also preserved? Can VW claw anything back out of the deal on immediate cancellation?
I know this has been covered before but wanted to check current practice.
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No, you keep everything.
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Yes, still the same. We went through the loop with my wife’s Skoda Fabia Estate a couple of months ago and saved £2K. You just pay the settlement figure and keep the savings.
To link two sayings, “If it seems too good to be true, it probably is.” but “It’s the exception that proves the rule!”
Our salesman was almost embarrassed when I asked him about it! 😊
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Remember you can get out of a PCP deal at any point - just ask the finance company for a settlement figure and pay it off. So if anyone is a bit nervous about 'cancelling' it - just make the repayments for a month or two and then settle it. You will pay a bit of interest of course, but still keep the offer benefits.