Best lease car deals available?
Discussion
Zyp said:
Hi Simon
Nice reply again, thanks!
Think I'm going for the M3 deal - it's horrendously expensive, but I can't see any deals on them coming anytime soon?
It seems every broker I've spoken to says there's a distinct lack of deals on any high performance cars - have you found this too?
No worries mate. To be fair, I very rarely quote on them or bother loading them onto websites like CH & L as the prices are ridiculous. I haven't heard of any deals coming through, but it's not an area of the market we normally concentrate on. I normally add deals on that we'll get lots of leads for like Golfs, Mercedes etc and then hope for the best!! Nice reply again, thanks!
Think I'm going for the M3 deal - it's horrendously expensive, but I can't see any deals on them coming anytime soon?
It seems every broker I've spoken to says there's a distinct lack of deals on any high performance cars - have you found this too?
Good luck with your purchase, it's meant to be a great car
rfoster said:
Nice try Phaetuk, but your PCP calculator is not accurate - you are not accounting for the fact that a large lump of the capital is being deferred until the end of the agreement and so the interest is compounded on this.
I can see your calculation: assuming a purchase price of £20,000, deposit £1,000, Balance £19,000 over 48 months with final balloon of £10,000 at 5% flat rate, your calc is as follows:
£19,000 x 5% x 4 (years) = £3,800
£19,000 + £3,800 = £22,800
£22,800 - £10,000 (GMFV) - £12,800
£12,800 / 48 = £266.67
The assumption here is that you are only financing the £12,800, and the loan on the balloon is free. In fact a PCP on the above figures gives a monthly payment of £303.25.
The HP calculation is correct, however.
Regards
Richard
Hi Richard, thanks for this - I'd actually done the PCP part quite a while ago. How I understood the PCP modal worked was:I can see your calculation: assuming a purchase price of £20,000, deposit £1,000, Balance £19,000 over 48 months with final balloon of £10,000 at 5% flat rate, your calc is as follows:
£19,000 x 5% x 4 (years) = £3,800
£19,000 + £3,800 = £22,800
£22,800 - £10,000 (GMFV) - £12,800
£12,800 / 48 = £266.67
The assumption here is that you are only financing the £12,800, and the loan on the balloon is free. In fact a PCP on the above figures gives a monthly payment of £303.25.
The HP calculation is correct, however.
Regards
Richard
Edited by rfoster on Friday 18th July 11:08
£20k car, less £1k deposit = £19k
£19k - £10k GMVF = £9k
£9k x 5% = £450 x 4 years = £1800
£10k x 5% = £500 x 4 years = £2000 (interest on lump sum)
Leaving £9k + £1800 + £2000 = £12800
£12800 / 48 months = £266/mon
I posted the site here mainly for the leasing comparison as I thought it might prove useful for folk. I'll take a look at the site this evening and check my calculations
Edited by Phateuk on Monday 21st July 09:09
Blown2CV said:
a friend of a friend owns it. It's basically just an advertising site, so each deal you see is an ad rather than something which they can do vaguely sophisticated searches over. I think they can't order by price so there isn't preferential treatment or something.
Sounds like the opposite to me! If the user chooses a sort by price option how is that preferential treatment.rfoster said:
Ah yes - I see what you've done there the total interest calculated is the same as if you didn't have a balloon payment there. It's quite a complicated formula, I don't know what it is (I have special calculators and finance companies who work it all out for me!)
Strange that it's out by ~ £40/mon - that's nearly £2k over the period of the finance, can't remember where but at the time of making that page I compared it to the finance offers on a manufacturers site and it was largely similar. Maybe your price spreads additional costs over the term i.e. document/admin fees etc? the total interest calculated is the same as if you didn't have a balloon payment there. It's quite a complicated formula, I don't know what it is (I have special calculators and finance companies who work it all out for me!)Phateuk said:
Strange that it's out by ~ £40/mon - that's nearly £2k over the period of the finance, can't remember where but at the time of making that page I compared it to the finance offers on a manufacturers site and it was largely similar. Maybe your price spreads additional costs over the term i.e. document/admin fees etc?
No, it's just rather complicated with the compounded interest on the balloon. Quick google threw this up:http://www.financeformulas.net/Balloon-Loan-Paymen...
CYMR0 said:
It's not, but the leasecos pay to be there and the site may feel that allowing sort by price would cause a race to the bottom and therefore make advertising less attractive to its customers.
Are the results randomly listed? If not let's call it paid preferential treatment then It does make the site less functional for those that use it IMHO.Zyp said:
Hi Simon
Nice reply again, thanks!
Think I'm going for the M3 deal - it's horrendously expensive, but I can't see any deals on them coming anytime soon?
It seems every broker I've spoken to says there's a distinct lack of deals on any high performance cars - have you found this too?
Merc SL's are 0% finance with whopping discounts atm.Nice reply again, thanks!
Think I'm going for the M3 deal - it's horrendously expensive, but I can't see any deals on them coming anytime soon?
It seems every broker I've spoken to says there's a distinct lack of deals on any high performance cars - have you found this too?
Are these back? It's even a VW main dealer offering it:
http://www.contracthireandleasing.com/car-leasing-...
http://www.contracthireandleasing.com/car-leasing-...
Zyp said:
Wondering if that is out of date - as I understand it the 350 doesn't exist anymore and is now the SL 400?Mercedes have quoted me the following on an SLK 250 CDI (for mother)
PCP. Deposit £4199 then £299 per month based on 36 months and 10k miles pa
PCH. Deposit £1794 then £299 per month based on 35 months and 10k miles pa
I am assuming the latter price is plus VAT but the salesguy is phoning me back to confirm
If the latter is plus VAT then the price over 36 months is more or less the same. Does it sound like a good deal ?
Ben
PCP. Deposit £4199 then £299 per month based on 36 months and 10k miles pa
PCH. Deposit £1794 then £299 per month based on 35 months and 10k miles pa
I am assuming the latter price is plus VAT but the salesguy is phoning me back to confirm
If the latter is plus VAT then the price over 36 months is more or less the same. Does it sound like a good deal ?
Ben
Zyp said:
Weren't these under £300/month late last year?Gassing Station | Car Buying | Top of Page | What's New | My Stuff