GolfGTIforum.co.uk
Model specific boards => Golf mk8 => Topic started by: SRGTD on 02 November 2022, 07:55
-
I see that VW have just increased their Solutions PCP APR for new cars from 6.9% to 9.2%! That’s a fairly significant increase, to put it mildly. It also states on the website that PCP is only available on Life and Style models. That may be an error - not unusual for VW to have errors / inconsistencies in the product information!
The PCP APR for approved used VW’s is now 12.4% :shocked:. I don’t know what the previous rate was, but 12.4% is pretty scary!
So for anyone who may have been thinking of buying Golf - new or used - on VW Solutions PCP, you may want to reconsider.
(https://i.postimg.cc/qRqpbD2z/798-B20-FD-391-E-4-F2-A-BE6-D-8-A3063-C9560-C.jpg) (https://postimages.org/)
(https://i.postimg.cc/L4zmyP1k/788-C90-D5-135-D-4-F54-A447-675-F4256-FCFB.jpg) (https://postimages.org/)
-
They are monstrous APR’s.
I’m tied into 5.6% from my original order.
Think this will have significant impact on people taking out PCP especially on used with those rates!
Sign of the times unfortunately.
-
That's a lot, that could mean almost a £100 a month extra on a fully spec'd Clubsport / R surely?
Based on the current prices that have gone up, the lack or discount and this new APR, I think I would be paying a couple of hundred more a month if I was to buy now compared to when I did buy, that the equivalent of buying a new Up! as a second car!
-
Good grief :shocked:
After reading that I’ve just popped over to see how much a personal loan is nowadays.
When I bought my Clubsport in 2020 the PCP APR was 5.x % and a personal loan was 2.8 to 3% APR, but the unsecured loans are now running at around 6.9% too.
I guess you could say it doesn’t matter how much the APR is if they can’t actually supply a car to borrow the money against.
Even with a hefty discount and maximum deposit I was paying around £100 a month purely in interest at 5.x % (thankfully I managed to pay it off early by selling my second car and getting some money back off my son which I loaned him as a house deposit thus enabling me to cut the hours I work).
Also as a point of reference, my younger son bought his first house during lockdown at the grand old age of 21 and was paying 1.25% on a five year fixed rate mortgage. He’s just moving house now and the new portion of mortgage is circa 6% which is a fair old sum every month.
-
No manufacturers contributions now on performance Golfs - anyone waiting on a new performance Golf that got a decent discount and Apr rate combined with the manufacturers contribution will be happy to wait on their new car arriving even with these delivery delays
-
No one will be buying new cars simples, with everything going on cost-of-living etc we will all be old bangers for years to come
-
(https://i.postimg.cc/SxRqm7J2/FA0-A71-DD-36-FD-44-DB-931-E-1-F8-DEA86-D70-C.jpg) (https://postimg.cc/4mDj5cvs)
-
I’ve kinda left here, but still drop by to see what’s happening in the GTI world.
After my CS45 was stolen, I bought an M2 Competition, love the car, but not the point.
Anyone wanting looking at a new or used car on finance I strongly recommend checking out a company called Oracle Finance. They were absolutely brilliant, there’s no haggling or pressure sales just facts and figures. Just find the car you want, negotiate the price with the dealer (get a finance quote as comparison) and give them a call to see what they can offer.
I’m on PCP at 6.2% and that was a 2 year old car and a private sale, which most companies won’t help with. All I had to do to satisfy the private sale was have a mobile inspection carried out for £85. This rate was before the recent rises, but still, BMW we’re at a used rate of 10.9% then.
-
Great to hear you’re loving the M2 Carl.
It’s good to know there are alternatives to dealer finance as PCP is getting ridiculously expensive especially on used cars, I just had a look on MINI for an example of used car APR figures (still BMW finance group) and they’re currently running at 13.9% APR. Any % savings off of figures like that would physically save a lot of £££ a month for people.
-
Helping a family member buy their first new car. They've gone for a Nissan Qashqai and I was surprised to see their still offering 5.99% on new PCP's. Thought it would have been hiked up by now following suit with other manufacturers
-
I was in an Audi dealer last week. Considering financing a small part of the purchase price, their HP rate was 9.9% and this week it was anticipated that it would rise to 12.9%. That was their optimistic sales pitch. It was an easy refusal but a sign of things to come for those financing cars. On the plus side the kind salesman, who successfully sold my wife a car, took me for a quick demo in a RS3. Wow! If I could only justify it!
-
Helping a family member buy their first new car. They've gone for a Nissan Qashqai and I was surprised to see their still offering 5.99% on new PCP's. Thought it would have been hiked up by now following suit with other manufacturers
What about leasing one instead…..
-
Every new car I’ve purchased since 1999 I’ve used Asset Finance through my Bank. Like HP but with an agreed balloon payment at the end of the contract. At that point you pay it off or trade it in and use the car residual to settle the ballon and leave a deposit for the new. Last 3 cars I’ve bought I’ve paid off and kept (including the GTI). When I didn’t keep the car, never had an issue with using the residual to clear the balloon and decent deposit for a new car (including mid contract change and selling a car to a private buyer On two occasions)
Means I’m never tied to a brand or bother about pence per mile etc. and the APR last time I used it 4 years ago was 3.3%.