Is pcp for me?

[Andyhb]

Hello folks!

I'm considering getting an octavia vrs on pcp, £3000 deposit followed by 48x£220.

This leaves a gfv of approx £7000.

£200 represents just under 10% of my monthly take home pay

I like to hold onto cars for a long time and see this as a good opportunity to get a new car on 0% for four years, then pay off the balance and keep it for years.

Can anyone suggest a better way of doing it, saving £23,000 as a normal person is of course a ridiculous idea.

Thanks, Andy.

[Andyhb]

CoolHands said:

£282.50 a month for four years. Don't you need it for something else?

No, not really, living in NI living costs are lower, no big commute, relatively cheap houses.

My thinking is I'd have a good few years warranty, I'd know the history, know servicing was done etc, hopefully avoid the pitfalls if buying used.

[Andyhb]

Blue Oval84 said:

Actually, just noticed it was a VRS you were on about. I see it's not just a run about you're after

My advice all still stands though, although it seems I'm going to be the one that makes the whole used vs new point...

http://www2.autotrader.co.uk/classified/advert/201...

With your £3K down, and £286 per month over 48 months with a Sainsburys loan you'd own it outright, or £232 over 60 months, rather than getting to the end and having to pull out £7K. I'm not sure that's a *massively* better situation though, save a good few grand but you're not getting a new one...and

Up to you really, your plan sounds good if it has to be new though

You make a good point, thanks for everyone's input

[Andyhb]

Surely the benefit of buying new is what I originally stated? Ie, it'd new, it's warrantied, il know the entire history, maintenance etc and avoid pitfalls of buying used.

[Andyhb]

Rick101 said:

Aye but warranty will be out in three years. If you want a car always under warranty leasing is a option.

Just seems an expensive way to buy a keeper car. Pcp and lease is great for having newer cars and replacing regularly.

Warranty offered is 4 year with additional for £129. How else would you suggest? What be cheaper than 0% for the majority of the payments for a new keeper.