Thinking of buying a car on PCP (a few questions)

[rich89]

Hi all,

Am looking into getting a bigger more practical car with good fuel consumption soon.
This car will be used by myself and my partner.

I currently own a car worth lets say £6k, originally was going to buy a seat leon FR (old shape) but i'm sick of used cars and not having a car i like. I fancy a new car which comes with warranty, better safety ratings, toys etc.

I was looking at a Nissan Qashqai 4WD with all the toys which looked great but having never leased/PCP apart from my two work vans (on HP) i have no idea whats the best option.

I have read quite a bit about PCP and its seem a viable options for me so just a few questions.

If i sell the car for £6k, would i be best to use that as a deposit or just keep it in the bank to pay some of the payments off?
How do they do a GFV figure if it is a new car just launched etc?
Are there any things to watch out for when going to the dealers?

Also anybody have/had a Qashqai??

Thanks

[rich89]

Why is that?

[rich12]

Ah gotcha.

I have expressed my reasons, hopefully people can help me out.

[rich12]

Ok thanks,

So its best to get a low as possible GFV so hopefully there would be some equity at the end?

I think we will have to go into a couple of dealers and get a few figure from them.

[rich12]

CampDavid said:

I would suggest a couple of things.

First off, are you confident that in 3 years time you'll still be in the same possition, going on your username you're 23. You'd finish at 25 or 26, during which time job offers abroad, a change of career, the desire to fk off and travel for a year, all those things. PCPs annoyingly get in the way.

Second, don't focus on just one car. I personally wouldn't go for a deal until I'd spent a long while looking at what I can get. Dealers sometimes use mad lease deals to clear old stock, the Audi S5 deal, BMW M3 deals and the 635d cabrio deals all at well under £500 a month (about half that for the S5) show that an open mind and a lot of research can see you getting into something previously unatainable

Yes, i will be in the same situation in the next few years, hopefully more sucessfull as time goes on but yes. I own my company so am pretty tied down to that.

I am open to different cars, just need to find one that fits my weird criteria.
New
toys
comfortable
good on fuel
4WD (just something i prefer)
looks nice
Doesn't feel cheap
not too expensive.

I would like to spend about £250 but no more than £300 if i have to.

[rich12]

Unfortuently we can not do it through my business due to the type of business and the scheme we are on.

[rich12]

Fox- said:

I'm not going to touch on the finance thing - but you are 23 years old. Is spending an enormous amount of money on a diesel Nissan hatch crossover thingy really what you want? I'm not usually one to play the age card - after all, you can like whatever you want regardless of age, but I'd have thought such a car, where all of its srengths are particularly dull practicility issues that are important when you have 2.2 kids but tedious when you don't - will bore the **** out of a 23 year old in about 3 months flat.

And then you are stuck with it.

There must be something you'd enjoy owning more than a diesel powered people carrier?

Been there, done that, Had 5 imprezas, 2 M3's, TT, track cars, few other BMW's, Clio 182, Megane R26 etc

I don't really have an interest in going fast and b road blasts any more, we are having a kid so am more looking for safety/reliability..

If i could find a car with a bit more poke and 4WD whilst having all the other requirements then i would get it.
I very rarely drive our car as i have a work van or work cars. My partner has had fast cars since she was 18 (21 now) so shes had her fun too. Once we move out of our apartment, i can get another 'weekend' car to go along this one.

[rich12]

She will still drive it, to work and back and various other places.

I see your point and i am still looking at options (hence my post) so thanks for all the input.

[rich12]

RIGHT.....

Been to a few dealers and the one we are both happy with is suprisingly Audi.
We were looking at a Audi A3 2.0TDI Sportback Black edition.

We agreed this;

Car OTR price £24,450
I will put in £2,643.13 as a deposit
They will put in £3,000 to the deposit
Having a £5,643.13 deposit.

3.65% APR fixed for the term (3 years)
MGFV of £13,539.40

£250 per month.

I work it out as the balance being £18,806.87 paying off £9k over those 3 years leaving a figure of £9856.87.

So there is about £1k difference between the GFV and the end figure (taking away the £3k contribution from Audi)

Abit of advice would be great to how this deal sounds.

Thanks.

[rich12]

Deva Link said:

What do you mean by "end figure"? The GFV is the end figure.

Sorry the 'end' figure i ment being the purchase price, minus deposit and minus the £9k i have paid through installments.

The interest figure is £542.53.

[rich12]

I have only got what i wrote down from what they told me on the interest figures etc but have the contract and all other figures from them printed out.

Yes, sorry i worded that wrong. i didn't mean to purchase the car it would be that figure.

[rich12]

jonah35 said:

yes, he'd still have to pay finance charges on the old car
also, what if the 3 series he buys a few years old has a swirl flap problem, of if the turbo goes and costs £1700 to repair or if the engine goes or if it needs a new exhaust for the mot or if it fails the mot for many other reasons. also the second hand car may be half way through its tyres so costing more there.
you'd then have to hpi the car, check you've not bought a 'dud' and pay selling fees when you advertise it and deal with tyre kickers when selling

i personally think new cars make more sense, perhaps not if you are looking at it purely from a monetary point of view but for ease etc and having a new car that no one else has had sex in etc then a new car is better and they don't work out much dearer.

would i rather have a brand new shape a3 that you know has not been in an accident and that has 3 years warranty, roadside assistance and doesn't need an mot or would I rather have a 4 year old, third hand golf gt tdi whose turbo could blow at any moment and that has a nearly bald front tyre even if I could save a few grand over 3 years?

i'd go for the new car personally.

life is too short and if you know someone that has been ill or died or something and they are in their twenties or thirties then you think sod it, so what if it costs a bit more, you aren't here forever.

And this is the exact reason why we would rather a new car. As i said in my first post, i am sick of worrying about the car breaking down whilst my misses is driving and that it could cost hundreds to fix.

Worst case scenario is i have 'rented' a brand new car for 3 years which costs me £4k per year which really isnt that bad.

If i wanted to buy a 4 year old equilivent i would have no warranty which is one of the reasons for getting rid of the R26.