Stupid question re car leasing/pcp....

[dave_s13]

So today my 2003 ford Galaxy decided to wee on my leg. The heater matrix appears to have sprung a leak and it's dribbling water out of the driver side air vent, right on your left foot!! To put this right requires removal of the entire dash so we are talking a full day at a garage or a couple of days hard graft at home which I cannot be arsed with. I reckon this job would equate to 25% ish if the cars value and I just can't be arsed anymore.

So anyway, I need an MPV and it looks like you can get something like a Citroen C4 Grand Picasso for circa 250-300/month.

My question is regarding the initial rental price.

What happens at the end of the lease period? Do you have to find a new lease deal and then pay another large initial rental price or is there some way of rolling the plan over into a new car, or am I thinking about financing via PCP?

Ideally I'd trade in my current car and use it's value toward the deposit on something new, can you do this?

I've always tended to buy my cars outright, usually lower value stuff, so my knowledge of finance options is very little.

[Dr Jekyll]

dave_s13 said:

My question is regarding the initial rental price.

What happens at the end of the lease period? Do you have to find a new lease deal and then pay another large initial rental price

If it's a lease, yes. PCP Gives the option of buying the car you've been paying for, and in theory might also give you enough equity (car current value - guaranteed value) to provide a deposit for the next deal. Some manufacturer schemes are reputed to be calculated to stand a good chance of leaving this equity to encourage you to sign another deal.

[dave_s13]

Dr Jekyll said:

If it's a lease, yes. PCP Gives the option of buying the car you've been paying for, and in theory might also give you enough equity (car current value - guaranteed value) to provide a deposit for the next deal. Some manufacturer schemes are reputed to be calculated to stand a good chance of leaving this equity to encourage you to sign another deal.

Cheers.

Need to do some maths and some more research then.

It's a bit depressing that I've come to the point of needing an MPV but I can't help but get moderately excited about the new Citroen C4 Grand Picasso...it's got a built in air freshener.....

[ryandoc]

I leased my current car for 3.5 years then bought it outright so it can be done.

They don't have to though for lease deals so it's not something yu can predict I think.

[anonymous-user]

When getting lease quotes make sure you ask for both 6+23 and 3+23 profiles. I've mostly found that the total cost of 3+23 lower, despite the monthly payments being higher. Most deals are advertised as 6+23 presumably to pull people in with cheaper percieved monthly payments.

[VolvoT5]

andrewparker said:

When getting lease quotes make sure you ask for both 6+23 and 3+23 profiles. I've mostly found that the total cost of 3+23 lower, despite the monthly payments being higher. Most deals are advertised as 6+23 presumably to pull people in with cheaper percieved monthly payments.

For those of us who have never leased a car what does 3+23 and 6+23 mean?

[dave_s13]

VolvoT5 said:

For those of us who have never leased a car what does 3+23 and 6+23 mean?

If the monthly cost is say £200.

3+23 means you pay an initial rental amount of 3x the monthly cost so £600 then 23 payments of £200
6+23 - same but your initial rental amount is 6x, so £1200

That 3+ (or 6+) needs to be spread out over the term to give you the true monthly cost. In the example above it would be (23x100+600)/24 = £216.60 per month over 2 years.

[xRIEx]

dave_s13 said:

The heater matrix appears to have sprung a leak and it's dribbling water out of the driver side air vent, right on your left foot!!

Blimey, is it?! I've just checked my left foot and it's completely dry.

[dave_s13]

xRIEx said:

dave_s13 said:

The heater matrix appears to have sprung a leak and it's dribbling water out of the driver side air vent, right on your left foot!!

Blimey, is it?! I've just checked my left foot and it's completely dry.

Sorry I meant

[dave_s13]

Can someone explain this to me. Taken from the Citroen special offers page

http://info.citroen.co.uk/new-cars/car-range/citro...

Citroen website said:

ELECT 3 4.9% apr representative

with no deposit PLUS £1,000 Citroën deposit contribution available on all New Grand C4 Picasso models until 30 June 2014.
New Grand C4 Picasso e-HDi 90 Airdream ETG6 VTR

Full example below

36 monthly payments of £249
Total deposit including £1,000 Citroën deposit contribution £5,026.11
Total number of monthly payments 37 Optional final payment £8,524 OTR
Price including compulsory £120 Roadside Assistance £20,715
Amount of Credit £15,688.89
Total amount payable including optional final payment £22,514.11
Interest rate (fixed) 4.9% Representative APR 4.9%

Says no deposit then lists a 5 grand deposit??

[anonymous-user]

Without looking at the site I'd guess it means there is no stipulation to put down a deposit, but in the example they are showing a nominal deposit.

[xRIEx]

dave_s13 said:

xRIEx said:

dave_s13 said:

The heater matrix appears to have sprung a leak and it's dribbling water out of the driver side air vent, right on your left foot!!

Blimey, is it?! I've just checked my left foot and it's completely dry.

Sorry I meant

[dave_s13]

Just had a mooch around my works salary sacrifice scheme (NHS)

The following is quite tempting

Citroen C4 Picasso Grand MPV 1.6e-HDi AirDream 115 DPF SS EU5 Exclusive+ ETG Auto6

£393.38 per month.

3yr deal - 10k miles, no initial rental, fully serviced inc tyres, insurance, VED....basically you just add fuel.

Looking around it looks like that after factoring in the initial rental the private offerings are nowhere near that.