GTI Performance - New or Used?

[mistac]

Despite lurking about on the forums for many months, I have now signed up and this is my first post as I would like to gauge peoples thoughts!

My A3 is getting perilously close to the VT point and I am getting itchy feet. Have always wanted a GTI and have had a couple of test drives. Have gone from looking at a MK7 to an early MK7.5 and now considering nearly new or new! I am a salesman's nightmare as you can see! Ideally I want to change around March time as that is when I hit the VT point, so if considering new I need to make a decision pretty quickly and my local dealer indicated new MK7.5 orders were due to cease around end December.  I have now settled on either a new GTI Performance 5dr DSG in tornado red (love red) or a 19 plate (with spec revisions) in red or blue and am happy with a completely standard spec one so really want the parker 18" alloys and 65% tints

Options are

a) New - Best I have seen is PCP price of £27418 through DTD - I have 3k deposit so have found a deal for £325 ish over 48 months based on finance of £24500 @4.9%
b) 19 plate - £24-25k so allowing for my 3k deposit, £280-290 ish over 48 months based on finance of £21-22k @7.4% (i think that is now the used PCP % but is it possible to get the 4.9% on an almost new car?)
c) Personal lease - attractive headline deals about but by the time I want one will there even be any lease deals about on a run out model and as I understand it with a lease deal I have to accept it in a matter of weeks rather than months?

Also has anyone heard if there are likely to be any last minute spec changes in the next few weeks if i order a new one?

Would appreciate views

cheers

[Guzzle]

I think for an extra £30 or so per month i'd be going new over a 6 to 9 month old car.

On the older car, tyres will be needed sooner, mot due sooner and your warranty will end sooner. All these costs should be factored in.

With personal lease, how soon you have to take the car will depend on whether or not it is in stock. Both mine have been factory orders, first one took 3 months, the next one arrived in about 7 weeks and they held onto it for me for an extra 3 weeks.

[Guzzle]

Just bear in mind though, that if you're unlikely to want to keep the car to or at the end of the term, the new car may take a bit longer to get to the VT point as you'll be borrowing more.

Add up the total cost of the deals for each, including interest.

[Andy198]

I bought mine last week on VW finance PCP. I’m not sure if it’s universal but the APR was 3.8% if that makes much difference. I was originally looking at Used ‘19 plate from May or June but decided to go new instead. The price difference wasn’t much for a brand new car and the £1500 contribution plus 2 years servicing for £199 made a massive difference for me.
If you’re sticking on standard spec, you’ll probably find a dealer will push an in stock model on you but the run out models have so much kit anyway. The Dealer I used didn’t think there would be any extras for the final final GTI’s, but he would say that wouldn’t he!
Good luck whatever you decide.

[Watts]

Just go new, sounds like you can afford it so why not? Oh, and red is the perfect choice of colour

[mistac]

I bought mine last week on VW finance PCP. I’m not sure if it’s universal but the APR was 3.8% if that makes much difference. I was originally looking at Used ‘19 plate from May or June but decided to go new instead. The price difference wasn’t much for a brand new car and the £1500 contribution plus 2 years servicing for £199 made a massive difference for me.
If you’re sticking on standard spec, you’ll probably find a dealer will push an in stock model on you but the run out models have so much kit anyway. The Dealer I used didn’t think there would be any extras for the final final GTI’s, but he would say that wouldn’t he!
Good luck whatever you decide.

Thanks for your reply and the others so far. I think I can afford it but I’m not sure the wife does lol. I think the advertise PCP rate  at the moment is 4.9, so you did well getting 3.8 But I guess I could ask? I am leaning towards new because the timing suits me  better but as I’m a cheapskate I’m just trying to get the best deal I can get!  What’s peoples thoughts on getting finance and paying it off immediately and getting a longer term bank loan with Possibly a slightly lower rate? I have seen some lines of thought it is the better way and even if you sell the car part way  through the loan period the equity difference seems to be better?

Don’t get me wrong, I had numerous PCPs but it just sounds like you pay an arm and a leg for a few years and come out with  nothing at the end

[Toeman]

Don’t go pcp route if you intend to hold onto the car  some cheap personal loan rates out there if you have good credit history   

[fredgroves]

They are still advertising factory order GTI's on CarWow etc but I wonder for how much longer?

I'd be surprised if there aren't people who order but don't actually get one because Mk7.5 production has to end by the end of the year I'd have thought and lead times I'll bet are still ~4 months plus.

Leasing tends to be on stock items rather than factory orders, so that might be a good deal.

PCP might even make sense on a 7.5 too - I suspect that in 48 months the value of a Mk7.5 will be significantly less than the final payment anyway - the Mk8 will have pushed it right down and you might even be talking about a Mk8.5 by that time! So if you don't plan to keep it, maybe think about that.

Worst deal of the lot is to buy a nearly new Das Welt Auto and take VW PCP on it. That's never good value at all. Avoid is my suggestion.

[Jim_mk7.5]

PCP might even make sense on a 7.5 too - I suspect that in 48 months the value of a Mk7.5 will be significantly less than the final payment anyway - the Mk8 will have pushed it right down and you might even be talking about a Mk8.5 by that time! So if you don't plan to keep it, maybe think about that.

Worst deal of the lot is to buy a nearly new Das Welt Auto and take VW PCP on it. That's never good value at all. Avoid is my suggestion.

What's your reasoning behind taking PCP on a new one but not on a used one? And why would the values of a car that is always pretty rock steady drop way beyond the current levels for a 4 year old one? Nice Mk6 GTI's are still holding up ok at 6-7 years old and you need around £14-15k to get a decent early Mk7.

Interested as I may in a position to buy my own next year so any guidance would be helpful.

[fredgroves]

What's your reasoning behind taking PCP on a new one but not on a used one? And why would the values of a car that is always pretty rock steady drop way beyond the current levels for a 4 year old one? Nice Mk6 GTI's are still holding up ok at 6-7 years old and you need around £14-15k to get a decent early Mk7.

Ok, PCP on a used car attracts much higher interest rates than new plus you will have a period of ownership without the factory warranty. Additionally VWFS offer bigger deposit contributions on new.

With DTD offering a brand new car for around the same price as a Das Welt Auto 1 year old combined with those financials... its nuts to buy a nearly new one despite all logic suggesting you'll have less depreciation on a 1 year old car. The total cost of ownership over 3 years will be less on the new one and that's before you take into account that something outside of warranty could go wrong with the used - water pump (almost certainly), heater grid, turbo, dampers etc Any one of those things is a big ticket problem.

On the Mk7 vs the Mk8 - absolutely a Mk7 will instantly be less desirable than a Mk8 - absolutely, whatever people currently owning Mk7's on here will try to tell you. You only have to look at similar aged vehicles pre and post facelift to see that. Buying into a new Mk7 right now (last gasp end of life) will only be a good idea if you are leasing or PCP'ing - the future value risk is all on them and from what I've seen from current VW PCP quotes, the GFD on a Mk7.5 today is the same as it was a year ago.