PCP deal calculation help
Discussion
daemon said:
Grandfondo said:
daemon said:
I dont understand your obsession with PCP and with that statement. Its meaningless :-
"Finance gets some people into cars they cant afford to own!"
"Lease gets some people into cars they cant afford to own!"
"Cash gets some people into cars they cant afford to own!"
"Buying used gets some people into cars they cant afford to own new!"
As everyone has repeatedly told you - its about working out whats right for you at the time and making sure it is right for you.
1) True"Finance gets some people into cars they cant afford to own!"
"Lease gets some people into cars they cant afford to own!"
"Cash gets some people into cars they cant afford to own!"
"Buying used gets some people into cars they cant afford to own new!"
As everyone has repeatedly told you - its about working out whats right for you at the time and making sure it is right for you.
2) true
3) False
4) True
I am not disagreeing with you!
If someone is on say £200 a week and are given, win, bonused, windfall, inherit £100,000 and go out immediately and buy a £100,000 porsche then there is a viable example of cash getting some people into a car they cant afford to own. Wouldnt you agree?
So basically ANY tool for buying a car can be misused if you do not fully understand what you are getting into.
Therefore i dont understand your obsession with PCP deals and your constant attempts to underhandedly imply that people who use them cant afford the car - which you have done directly and indirectly in the past - even though you yourself have used PCP deals, and have enquired recently about one?
All seems very odd.
I am not trying to imply that everyone on a PCP can't afford it just some which as you have stated on numerous occasions can be any financial product but more so with PCP! IMO.
I have used PCP on one occasion to access discounts and then paid it off but I looked at all options to see which would work out cheaper to OWN the vehicle!
The more people protest the more it gives their position away!
Merry Xmas.
jjr1 said:
I know someone who is on a PCP deal for a Mini Cooper. Her payments are around £250 a month. Clearly she can't afford it as she is using a PCP to finance her new car.
Except you are wrong as her current net wealth is over 3 million and will likely double in the next 10 years....
Stick that up your jumper !
it works for some rich people who are happy to rent a car at said price. NET wealth means nothing, which is why the banks now do affordability lending not wage based lending, Most rich people seem skint to me, so while her net worth might be 3 Million, she prob did not have 25k on the hip to buy a mini lol.Except you are wrong as her current net wealth is over 3 million and will likely double in the next 10 years....
Stick that up your jumper !
for some one who likes cars and only has 13k towards a new car and no other money, then it's best to avoid new and work your way up the ladder.
PCP get you that nice car now, but in 3 years said owner will be 3 years older and not even have the 13k he started with :-( he will be forced to hand the car back and will be left with NOTHING !!!
Grandfondo said:
No, they can afford to OWN the Porsche but not run/maintain in the same way some PCPers can rent a £100k Porsche but not OWN it!
Owning encompasses maintenance, fuel and insurance. What you are describing is BUYING the car.Just as you say some people PCP cars they cant afford to own, you can easily say that about people who buy cars that clearly cant afford to own and its just a matter of time before the get rid and lose a fortune.
Hence why i cant understand this "PCP puts people into...." statement you cant making. Its no more relevant than what i'm saying about cash, lease or HP. All of these are just tools to allow you to run a car.
Grandfondo said:
I have used PCP on one occasion to access discounts and then paid it off but I looked at all options to see which would work out cheaper to OWN the vehicle!
Yeah yeah. Keep digging.Grandfondo said:
The more people protest the more it gives their position away!
Theres no position to "give away" for me anyway. Clearly to you its important to "win" on the internet but for the most of the rest of us, its just an idle debate to pass some spare time.As i've said several times of all the cars listed in my profile, probably 20% have been financed using PCP deals, the rest have been cash. At present two out of the four cars at our home are on PCP deals, two arent. Might use cash next time, might use finance, lease, or PCP. It will depend on my requirement at the time.
mrdemon said:
PCP get you that nice car now, but in 3 years said owner will be 3 years older and not even have the 13k he started with :-( he will be forced to hand the car back and will be left with NOTHING !!!
But isn't it the same with all methods of car purchase?Even is someone buys the same new car outright for cash they will lose the £13k due to depreciation over the 3 years, and they will be left in a similar position as the PCP owner.
Also, no one is left with "NOTHING!!!" as you put it, since at the very least they will be left with the benefit of having had use of the car for the previous 3 years.
Grandfondo said:
Yeah yeah daemon keep protesting! 
You're not getting it at all are you?I'm not "protesting", i'm genuinely bemused why you need to go on and on about PCP deals. No matter how many times you're corrected on it, you still go on and on.
I personally dont care how other people finance their cars - whether it be with cash, PCP, HP or pixie dust. I genuinely dont care!
I dont understand why YOU do. I dont understand why you feel a need to snipe and snipe on these threads about PCP deals when your value add is nothing.
You seem to think you're coming across as a shining wit and "exposing" people who use PCP deals when all you're doing is making yourself look ball acheingly ridiculous.
So keep on making yourself look foolish by all means, but i wont be interacting with you further as you are clearly incapable of a reasoned debate.
Edited by daemon on Tuesday 16th December 18:18
Mandat said:
mrdemon said:
PCP get you that nice car now, but in 3 years said owner will be 3 years older and not even have the 13k he started with :-( he will be forced to hand the car back and will be left with NOTHING !!!
But isn't it the same with all methods of car purchase?Even is someone buys the same new car outright for cash they will lose the £13k due to depreciation over the 3 years, and they will be left in a similar position as the PCP owner.
Also, no one is left with "NOTHING!!!" as you put it, since at the very least they will be left with the benefit of having had use of the car for the previous 3 years.
Also, PCP is not the way to finance a car if your aim is to own it. Use a straight HP deal for that.
PCP deals work best with smallish deposit, sensible repayments then either rinse and repeat or go and do something else next time.
Edited by daemon on Tuesday 16th December 18:19
daemon said:
Grandfondo said:
Yeah yeah daemon keep protesting!
You're not getting it at all are you?I'm not "protesting", i'm genuinely bemused why you need to go on and on about PCP deals. No matter how many times you're corrected on it, you still go on and on.
I personally dont care how other people finance their cars - whether it be with cash, PCP, HP or pixie dust. I genuinely dont care!
I dont understand why YOU do. I dont understand why you feel a need to snipe and snipe on these threads about PCP deals when your value add is nothing.
You seem to think you're coming across as a shining wit and "exposing" people who use PCP deals when all you're doing is making yourself look ball acheingly ridiculous.
So keep on making yourself look foolish by all means, but i wont be interacting with you further as you are clearly incapable of a reasoned debate.
Edited by daemon on Tuesday 16th December 18:18
you can get that car on a straight 60 month repayment for £542 with a 5k deposit. and you'd own the car at the end. total interest about 4.5k (based on a 35999 rrp)
if you take out a straight repayment, you can finish it early if you wish, using the RV of the car to pay off the debt, or buy it outright. Equally an early temrination means you do not pay the interest on the balance. e.g. if you terminated at 36 months, you'd save around £700.
on an enitrly different note, i thought all dealers these days had to have fsa regulated and approved advisors. in whicg case how are they allowed to sell finance that isn't the cheapest for the customer?
if you take out a straight repayment, you can finish it early if you wish, using the RV of the car to pay off the debt, or buy it outright. Equally an early temrination means you do not pay the interest on the balance. e.g. if you terminated at 36 months, you'd save around £700.
on an enitrly different note, i thought all dealers these days had to have fsa regulated and approved advisors. in whicg case how are they allowed to sell finance that isn't the cheapest for the customer?
Hi all,
It seems that they are really desperate to shift. Still no refund I've been asked to go back to them with a figure of how much discount I want.
What should I say?
Invoice price reduced to £31,500
Deposit £5,000
36 months 8,000 miles
£380/month?
I guess the GFV and APR will remain the same.
P/S: I have no intention of owning this car I already own outright another. I just want the best way to run a new car for 3 years.
I've looked at lease deals and most are pretty restrictive when it comes to options but it is cheaper. Not to say I won't consider PCH but at the moment I would appreciate some advice based on my current situation with Audi's PCP quote.
It seems that they are really desperate to shift. Still no refund I've been asked to go back to them with a figure of how much discount I want.
What should I say?
Invoice price reduced to £31,500
Deposit £5,000
36 months 8,000 miles
£380/month?
I guess the GFV and APR will remain the same.
P/S: I have no intention of owning this car I already own outright another. I just want the best way to run a new car for 3 years.
I've looked at lease deals and most are pretty restrictive when it comes to options but it is cheaper. Not to say I won't consider PCH but at the moment I would appreciate some advice based on my current situation with Audi's PCP quote.
Edited by crazy about cars on Tuesday 16th December 18:36
crazy about cars said:
Hi all,
It seems that they are really desperate to shift. Still no refund I've been asked to go back to them with a figure of how much discount I want.
What should I say?
Invoice price reduced to £31,500
Deposit £5,000
36 months 8,000 miles
£380/month?
I guess the GFV and APR will remain the same.
Is this the same car that was £35,999?It seems that they are really desperate to shift. Still no refund I've been asked to go back to them with a figure of how much discount I want.
What should I say?
Invoice price reduced to £31,500
Deposit £5,000
36 months 8,000 miles
£380/month?
I guess the GFV and APR will remain the same.
crazy about cars said:
Hi all,
It seems that they are really desperate to shift. Still no refund I've been asked to go back to them with a figure of how much discount I want.
What should I say?
Invoice price reduced to £31,500
Deposit £5,000
36 months 8,000 miles
£380/month?
I guess the GFV and APR will remain the same.
Broadspeed are only offering around 6% discount so i'd be surprised if a dealer was able to do 15%.It seems that they are really desperate to shift. Still no refund I've been asked to go back to them with a figure of how much discount I want.
What should I say?
Invoice price reduced to £31,500
Deposit £5,000
36 months 8,000 miles
£380/month?
I guess the GFV and APR will remain the same.
Not sure otherwise. I cant say i feel the love for the deal at all, but maybe others will be more positive
crazy about cars said:
Hi all,
It seems that they are really desperate to shift. Still no refund I've been asked to go back to them with a figure of how much discount I want.
What should I say?
Invoice price reduced to £31,500
Deposit £5,000
36 months 8,000 miles
£380/month?
I guess the GFV and APR will remain the same.
Is this the same car that was £35,999?It seems that they are really desperate to shift. Still no refund I've been asked to go back to them with a figure of how much discount I want.
What should I say?
Invoice price reduced to £31,500
Deposit £5,000
36 months 8,000 miles
£380/month?
I guess the GFV and APR will remain the same.
daemon said:
Broadspeed are only offering around 6% discount so i'd be surprised if a dealer was able to do 15%.
Not sure otherwise. I cant say i feel the love for the deal at all, but maybe others will be more positive
Perhaps I should rephrase my question as, based on the spec what should the invoice price be? Not sure otherwise. I cant say i feel the love for the deal at all, but maybe others will be more positive
crazy about cars said:
daemon said:
Broadspeed are only offering around 6% discount so i'd be surprised if a dealer was able to do 15%.
Not sure otherwise. I cant say i feel the love for the deal at all, but maybe others will be more positive
Perhaps I should rephrase my question as, based on the spec what should the invoice price be? Not sure otherwise. I cant say i feel the love for the deal at all, but maybe others will be more positive
Is this deal going to fly for you?
If not at all then i'd be firm about your deposit refund.
If it might fly then i'd be going in to hammer out the figures. I dont think the discount is going to sway it enough though and they wont be able to move the residual figure.
At the moment I am comfortable putting in £5,000 deposit and £380/month for 3 years. I might but car outright but what I will do is negotiate to go onto another PCP deal.
The last quote at list price I believe the final cost of purchase at 7.2% apr was £42,000 which I'm definitely not comfortable with.
I reckon if discounted to £31,000 I should be able to hit the target above.
The last quote at list price I believe the final cost of purchase at 7.2% apr was £42,000 which I'm definitely not comfortable with.
I reckon if discounted to £31,000 I should be able to hit the target above.
mrdemon said:
jjr1 said:
I know someone who is on a PCP deal for a Mini Cooper. Her payments are around £250 a month. Clearly she can't afford it as she is using a PCP to finance her new car.
Except you are wrong as her current net wealth is over 3 million and will likely double in the next 10 years....
Stick that up your jumper !
it works for some rich people who are happy to rent a car at said price. NET wealth means nothing, which is why the banks now do affordability lending not wage based lending, Most rich people seem skint to me, so while her net worth might be 3 Million, she prob did not have 25k on the hip to buy a mini lol.Except you are wrong as her current net wealth is over 3 million and will likely double in the next 10 years....
Stick that up your jumper !
for some one who likes cars and only has 13k towards a new car and no other money, then it's best to avoid new and
work your way up the ladder.
PCP get you that nice car now, but in 3 years said owner will be 3 years older and not even have the 13k he started with :-( he will be forced to hand the car back and will be left with NOTHING !!!
crazy about cars said:
At the moment I am comfortable putting in £5,000 deposit and £380/month for 3 years. I might but car outright but what I will do is negotiate to go onto another PCP deal.
The last quote at list price I believe the final cost of purchase at 7.2% apr was £42,000 which I'm definitely not comfortable with.
I reckon if discounted to £31,000 I should be able to hit the target above.
I guess give them those parameters to work within and see what they come back withThe last quote at list price I believe the final cost of purchase at 7.2% apr was £42,000 which I'm definitely not comfortable with.
I reckon if discounted to £31,000 I should be able to hit the target above.
Well went on the coast2coast website and done a quote with similar spec and have got a price of £31,445 OTR so I went back with that number
I'll stick with my £5,000 deposit 36 month 8,000 miles/annum preference for PCP. Let's see what they come back with. Not too fussed if I don't get the car as long as I get my sodding deposit back but if they agree to match deal and monthly payments is around 380 I might just go ahead.
I'll stick with my £5,000 deposit 36 month 8,000 miles/annum preference for PCP. Let's see what they come back with. Not too fussed if I don't get the car as long as I get my sodding deposit back but if they agree to match deal and monthly payments is around 380 I might just go ahead.
Edited by crazy about cars on Tuesday 16th December 19:00
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