Buying a brand new Caterham

[Ossiantoad]

I've been looking into buying a new car for business travel, Audi or BMW, and PCP is what the dealerships are pushing. Essentially it seems to me, you pay the depreciation and after three of four years you really don't have much to show for it because the guaranteed future value is £30k less than the headline price you paid in the first place.

This got me thinking about Caterhams (as a toy, not for business travel!) and the fact that they seem to hold their value like no other car on the road. The Caterham website alludes to this on their Finance page but there isn't much detail.

Can you buy a Caterham on PCP and if so does anyone have any experience of how it works out?

[Ossiantoad]

red_slr said:

Dealers are pushing PCP as they make thousands of pounds out of it.

Your average £30k BMW / Audi might cost c.£38k on PCP @9% APR.
Yes it give you the option to hand back etc and yes for some people they work well (myself included) but it sounds like you need to take some better advice rather than trusting a car dealer...

Personally if you are going to PCP a car because that best suits your needs its almost always possible to get a better rate via a specialist. Audi and BMW will always try and push you into 10-12% APR deals which are frankly a total rip off.

The really smart people push the dealer for massive discounts as a reward for taking their crazy high PCP deal and then as soon as they take delivery of the car they pay off the PCP under the 14 day cooling off period...

Actually BMW are offering me a 640d, pre-registered on a 16 plate with 6 miles on the clock, discounted to £50k on a 0% deal. Guaranteed future value is £20,700 after 48 months. Can't see how that is a bad deal for me (at least no worse than paying cash) although I'm not going to take them up on the offer.

[Ossiantoad]

red_slr said:

Ossiantoad said:

red_slr said:

Dealers are pushing PCP as they make thousands of pounds out of it.

Your average £30k BMW / Audi might cost c.£38k on PCP @9% APR.
Yes it give you the option to hand back etc and yes for some people they work well (myself included) but it sounds like you need to take some better advice rather than trusting a car dealer...

Personally if you are going to PCP a car because that best suits your needs its almost always possible to get a better rate via a specialist. Audi and BMW will always try and push you into 10-12% APR deals which are frankly a total rip off.

The really smart people push the dealer for massive discounts as a reward for taking their crazy high PCP deal and then as soon as they take delivery of the car they pay off the PCP under the 14 day cooling off period...

Actually BMW are offering me a 640d, pre-registered on a 16 plate with 6 miles on the clock, discounted to £50k on a 0% deal. Guaranteed future value is £20,700 after 48 months. Can't see how that is a bad deal for me (at least no worse than paying cash) although I'm not going to take them up on the offer.

Deposit required to get 0%.....?

They will do some cars on low / zero rates but don't kid yourself they will still (try and) make their money if you finance it.

The deal was zero deposit.

[Ossiantoad]

red_slr said:

Ossiantoad said:

red_slr said:

Ossiantoad said:

red_slr said:

Dealers are pushing PCP as they make thousands of pounds out of it.

Your average £30k BMW / Audi might cost c.£38k on PCP @9% APR.
Yes it give you the option to hand back etc and yes for some people they work well (myself included) but it sounds like you need to take some better advice rather than trusting a car dealer...

Personally if you are going to PCP a car because that best suits your needs its almost always possible to get a better rate via a specialist. Audi and BMW will always try and push you into 10-12% APR deals which are frankly a total rip off.

The really smart people push the dealer for massive discounts as a reward for taking their crazy high PCP deal and then as soon as they take delivery of the car they pay off the PCP under the 14 day cooling off period...

Actually BMW are offering me a 640d, pre-registered on a 16 plate with 6 miles on the clock, discounted to £50k on a 0% deal. Guaranteed future value is £20,700 after 48 months. Can't see how that is a bad deal for me (at least no worse than paying cash) although I'm not going to take them up on the offer.

Deposit required to get 0%.....?

They will do some cars on low / zero rates but don't kid yourself they will still (try and) make their money if you finance it.

The deal was zero deposit.

Interesting. But also confusing. As the current deal on 640d's is 9k down and 560 a month at 0% with discounted price of 54700.
Your deal is 610 a month but with zero down at 0% but at 50k. If that's a genuine deal I would say its a very good deal as its basically c.£5k cheaper than it should be.

It's on the Elms BMW Bedford website, KW16PYG. Fill yer boots!

[Ossiantoad]

red_slr said:

Ah its pre reg sorry I missed that! That will be why the deal I quoted was new - you can probably get that car even cheaper in about a week or so as they will really be flapping as they get near 1/9..

Yes, registered in May, only had six miles on the clock when I saw it. You're right will be cheaper in a couple of weeks if they can't shift it!

[Ossiantoad]

Where do you live? Where are you keeping it?

[Ossiantoad]

BigCol said:

Mr John said:

Back on thread, can you get them on PCP, and roughly how much ?

I act as a car leasing broker...

In theory, I should be able to arrange a PCP deal but I would expect funders not to understand a 7's residual values (or maintenance budgets), so would anticipate them doing a bespoke, manual quote and being unduely pessimistic. That would result in a high monthly payment (but a bargain final payment!)

If you want, drop me a private message and I can have a look.

I've mailed you. Be interested in seeing what numbers you can come up with.