GolfGTIforum.co.uk
Model specific boards => Golf mk5 => Topic started by: mono-stereo on 26 April 2006, 20:49
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first of all a big hello, been reading for a while but i thought it was about time i posted.
im 26 and have a little polo (first car). I would love a mk 5 gti, but due to them being mega bucks i dont think i will be able to get one for a while! im about to start a new job around the 21 grand mark but still dont think i would be able to afford one for a long while. whats the best way of going about getting one? would be intrested to hear from some of you younger guys that arnt on mega sallerys.
i was thinking about trying to save up about 6 grand then getting a loan for one in about a years time, hopefully by then second hand ones should be around 15 grand. any thoughts or comments welcome!
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Beg, Borrow, Steal and Lie if you have to but BUY ONE! - Personally I sold my soul to the devil years ago to finance my car habbit :evil:
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Get one as a company car :smiley:
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Finance was how I used to afford nice expensive cars at a young age... mortgage kinda stopped all that. Gotta do things properly now :(
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Just the thread I was looking for. But sadly payments are so individual so difficult to get advice. One thing you guys might be able to advise on is whether the dealers finance is to be steered well clear of and if its possible to hire/purchase the car over three years and then hand it back and get a new model, starting the hire/purchase again
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Just the thread I was looking for. But sadly payments are so individual so difficult to get advice. One thing you guys might be able to advise on is whether the dealers finance is to be steered well clear of and if its possible to hire/purchase the car over three years and then hand it back and get a new model, starting the hire/purchase again
I go pcp that makes it affordable and pretty flexible. hp will cost you a mint over 3 years (depending on depost) by the way i earn £**`***
i to like Doc sold my soul to the devil long ago. your a long time dead thats my view! enjoy now while you got ya health and own head of hair!
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Am I right in thinking that with the pcp, you pay an affordable amount each month with a large chunk optional at the end? From what ive seen on the net, that seems too good to be true. Obviously there are mileage and condition implications at the end of the term but you can just return the car to the dealer and start again with a new model?
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Am I right in thinking that with the pcp, you pay an affordable amount each month with a large chunk optional at the end? From what ive seen on the net, that seems too good to be true. Obviously there are mileage and condition implications at the end of the term but you can just return the car to the dealer and start again with a new model?
Don't know if pcp is that one or not, but that's the deal I had with my mini back in 2001. Worked quite well. Just DON'T do it on high depreciation cars like french ones!!
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Thats pretty much what PCP is. Try this site for an example of what you can get for your money
http://www.finance4cars.co.uk/moneysupermarket/
Thats how I financed my GT TDI. The only downside to a PCP that I can see is if you wish to end it early, you can end up owing more than the car is worth but keep it till the end and you should have money left for a deposit.
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It seems as though a new GTI is well within my means. I think this calls for a celebration!! Im sure theres pit-falls and things to watch out for with pcp but until then, lets celebrate!!! :laugh: :grin: :smiley: :smug: :laugh: :laugh: :grin:
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It seems as though a new GTI is well within my means. I think this calls for a celebration!! Im sure theres pit-falls and things to watch out for with pcp but until then, lets celebrate!!! :laugh: :grin: :smiley: :smug: :laugh: :laugh: :grin:
:grin: :grin: :grin: :grin:
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How much do I earn? I don't want to have to earn... :laugh: I want to have enough money in the bank so I don't have to work... just need a couple of million to do this - anyone want to donate money towards the cause? :grin:
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I'll send you some but I need you to send me an 'administration charge' of around £21,330. I'll PM you my address
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Damn... I actually had that money only a couple of days ago but had to give it to the local stealer for my Mk5 GTI... :cry: If only you had told me before :undecided:
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Do what you have to do and get the motor.......
You've one life, LIVE IT :wink: :grin:
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Matt... that could be construed as aiding and abetting in a bank robbery you know... :rolleyes:
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How else do you think I bought my 306 GTi-6 some 8 years ago :shocked: :rolleyes: :wink:
Just a foot note, but that was also around 20K and that was years ago :huh: So the Golf is fantastic value for money and what you waiting for :grin:
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sh!t Doc, have you still got a contact number for the Devil?, cuss with a car line-up like this..
'06 R32 DSG 3dr DBP
'55 GT TDi 5dr Silver - DEAD
'06 GT TDi Steel Grey arrives Sat
'05 Kangoo van called Roo!
'06 Caddy on order for June with DSG!
'56 R32 DSG etc Steel Grey on order for Sept!
Searching for LANDCRUISER AMAZON 4.2
, i'll sell him my soul 2morrow...... :laugh: :wink:
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ILMAO :evil:
Sure dude just stand in front af a mirror, say the lords prayer backwards, then dial 666 on your phone :evil:
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:grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin: :grin:
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So what exactly is this pcp, is it another term for finance or something? Who do u arrange it ......with the dealers is it? And as for this affordable payment at the end of each month, how do you come to arrange it?
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Doc, I just tried 666 on the phone but all I got was a BT message saying 'You have dialled an incorrect number' - is there an area code to go with the number and maybe an international code too :evil:
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press 9 for a line first :tongue:
oh btw doc have you got any jobs going for a hard working young lad like me :rolleyes: :grin:
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Where r u from dude?
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who me? I'm from Ipswich
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im sellin mine soon :wink:
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Where r u from dude?ÂÂÂ
worsley heart of manchester :grin:
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Cool If any jobs come up I'll let you know - are you any good at smt?
Keep trying the 666!
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So what exactly is this pcp, is it another term for finance or something? Who do u arrange it ......with the dealers is it? And as for this affordable payment at the end of each month, how do you come to arrange it?
PCP stands for Personal Conract Plan
It's very much like a businessey type lease except for the important fact that it's regulated by the consumer credit act 1974 which gives the private punter much more protection, rights and flexibility.
Say a car costs 20,000 quid. You put down a deposit. Usually about 10% but can be as little as nothing or usually a maximum of 30%. You then have your normal monthly payments but at the end yuo have three options:
1. Pay the end amount (often called a balloon, but proper name Guaranteed minimum future value (GMFV)) and walk away keeping the car.
2. Hand it back to the finance company and walk away without keeping the car - effectivily renting it, this is what makes it similar to a business lease or conract hire agreement.
3. The most common and logical option, you part exchange it using any equity (the difference between the GMFV and the cars value as deemed by the dealer valuing it) as deposit for your next PCP agreement.
Typically, a three year PCP arrangement with a 10% deposit works out the same per month as a five year conventional Hire Purchase (HP) agreement.
With something like the GTI, the residual value (the amount it will be worth when you sell it) will be sky high so PCP makes great sense with this model. If you intend to keep the car for ten years, PCP isn't for you as you will pay more interest in the long term, but if you want to change/upgrade in three years, go this route.
[i]Downsides of PCP?[/i]
You need to let the dealer know at the start how many miles you will do over the (say) three years. This will become important at the end because if you choose option 2 or 3 from above, the end value will be critical and if you've gone over your agreed mileage (say 30,000 agreed but you've done 40,000) and this means the car is worth less than the GMFV, then you will have to pay a pence per mile charge - usually about 6p per mile. However, it's important to remember that the finance company (usually VW financial services) will deliberatly set the GMFV quite low because they don't want to have to dispose of the car (if you've handed it back).
The APR (i hate those letters) will seem high. This is because APR is a calculation based on amount borrowed/length of term/interest per annum and total amoutn payable including all charges. You will pay interest on the total amount including the GMFV even though you are not paying off the actual capital of the GMFV. This, if you intend to keep the car and pay the balloon payment, this is a slightly more epensive route and you'd be better off asking your dealer about lease purchase or going the five year HP route and possibly setlling early.
Upsides of PCP?
Lower monthly payment than equivilent term loan or HP agreement.
Removes the uncertainty at the end and removes possibility of negative equity
You effectively "rent" the car so you know what you are paying and thats it.
As it's regulated by the consumer credit act, you've got bags of protection if things go wrong - early settlement, repossesion rights etc.
Sorry, this should have been a thread in inself, I do this for a living so if anyone has any questions, please feel free to PM me or if you're really interested I can start a thread on financing options. It's actually a little pet love of mine....
Cheers
VWmd
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LOL, i wondered how long it would take VW maindealer to reply to that one......... :grin:
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I would certainly be interested in a finance thread mr VWMD, or anything you have to say as im hoping to start getting things sorted in August and ive never experienced money of this magnitude before, quite exciting! Maybe it could be a haven for all us wannabies?
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Stop wanting my mate and get buying! :wink:
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Well if its gonna take three months to deliver then maybe I can speed things up a bit *scratches his chin in a menacing fashion*. Insurance is ridiculous for me to but thats not gonna stop me.
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Go shop my man......... :cool: :cool: :cool:
You'll not regret it....... These motors are simply awesome, it really is a car for everything.... :cool:
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Big back seats then? :kiss:
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PMSL at that one...... :grin:
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vwmaindealer:
a thread about finace would be very helpful! im on 21k a year, would love a gti but not sure the best way to go about it, or even if im on enough money to be even thinking about gewtting one. any thoughts?
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You'd be fine fella, but if in doudt marry a rich bird :grin: :grin: :grin: