Used vs New X1?

[Va-va-voom]

I am looking at an X1 and have an option of a used or new one:

1. Used - X1 Petrol Auto - 2016 plate - PCP deal is £4500 deposit and then £298 pm over 48 months
2. New - X1 Diesel Auto - brand new 2018 plate - PCP deal is £5000 deposit and then £366 per month over 48 months.

I am aware that the new car costs more - around £3600 more - over the term of the PCP. Is it worth the extra £3600 for the new car option?

[Andy665]

Both are very expensive - I would look at other options

A quick search showed a 6 +47 PCH deal at 10k per annum on a X1 20i M Sport auto at £319 per month, less per month on a 24 / 36 deal

Edited by Andy665 on Sunday 15th April 11:59

[Va-va-voom]

Expensive in relation to other X1 deals for similar profile you mean? They both have good options.

[MrF193]

X1 20i xDrive M sport are currently on offer and in stock at CVL: £242.39 per month, £2400 deposit, 2 year term, 10 miles PA

https://centralukvehicleleasing.co.uk/lease-bmw-x1...

Much better value on a 2 year PCH than a 4 year PCP!

[Va-va-voom]

It doesn’t have some of those options that I mention.

[Andy665]

Va-va-voom said:

It doesn’t have some of those options that I mention.

Might help to list what they are then - irrespective of what they are neither of the deals you mention is suggestive of a "good" deal

[Va-va-voom]

Interested to hear why you think they’re not good deals.

Options are leather seats, front/rear park distance control, metallic paint and sun protection.

A

[Va-va-voom]

Interested to hear why you think they’re not good deals.

Options are leather seats, front/rear park distance control, metallic paint and sun protection.

Apr is 3.9 % on new and 7% on used.

[Andy665]

Simple - total to cost to own for the period is high in relation to their value

What are the Optional Final Payments on them?

Quick search online;

New X1 20i XDrive M Sport Auto with metallic, sun protection glass, front / rear parking sensors, leather

£2790 deposit £310 per month (9 +23) on 10 k per annum

Edited by Andy665 on Sunday 15th April 15:14

Edited by Andy665 on Sunday 15th April 15:16

[Va-va-voom]

Optional payments on the new is £14,574 and on the used is £12,500.

I guess the lease deal you found is for a factory order, which I don’t have the time to wait for. Where did you see that?

[Andy665]

Va-va-voom said:

Optional payments on the new is £14,574 and on the used is £12,500.

I guess the lease deal you found is for a factory order, which I don’t have the time to wait for. Where did you see that?

So pretty much guaranteed no equity on either of them- unless you want / need flexibility in terms of early settlement etc then PCH will probably be cheaper.

I just looked at Select Car Leasing (had cars from them in the past) but better deals may well be available - mine was just an example

[Va-va-voom]

I’m new to PCP. Does early settlement mean return the car after paying off outstanding credit?

Do you think there’s any merit in buying the used one for cash outright for £25,000?

[Va-va-voom]

Went onto Select leasing. When you add the options I mention it comes out to £5000 deposit and £390 a month for 48 months for 8000 miles a year. This on a new X1 20d M Sport Auto

[Andy665]

You want diesel for 8,000 miles per year - almost asking for problems

Figures on 20i petrol are £3474 deposit and 23 x £326 based on 10k per annum

At 8,000 miles per year I'd be going petrol

As for whats the best deal - there is no such thing really - its whats best for you.

The logic I use:

1. Car I want

2. How long do I want to keep it

3. How many miles will I be doing

4. Likely maintenance costs - servicing, out of warranty repairs, maintenance

5.How much flexibility do I want - am I happy to be tied in for a fixed time, do I want option to purchase / settle early etc

6. Total cost of ownerships costs - (loss of interest, interest if funded, payments, resale value, cost of payments, deposit, service/,maintenance/repair costs etc)

Whichever option ticks the most boxes and works out cost effectively is the one I go for - important to note that cheapest is not necessarily always the best option

Edited by Andy665 on Sunday 15th April 18:01

Edited by Andy665 on Sunday 15th April 18:02

[Va-va-voom]

Thanks for taking the time to reply, Andy - very helpful.

If I buy the 2016 X1 petrol now for cash at £25,000, would you say there’s a good chance I could get £10,000 for it in 3 years and therefore it costs me at the most £15,000 in depreciation plus running costs? It currently has 13,500 miles and I think i will do 24,000 at the very most over the next 3 years.

[Andy665]

This is where it gets tricky. Depreciation / value - who knows - you may be quid in, you may have nothing.

This is where PCH works well for those who want certainty. A 36 month deal at 8k per annum on an X1 20i auto M Sport with stated options will cost you 2900 deposit and 320 per month (including Road Fund Licence) so £14100 plus max. 2 services - let's say £15k. Would you rather spend £15k on a 2016 car or £15k on a brand new one and keep your capital pretty much intact. I know what I would do

Edited by Andy665 on Sunday 15th April 21:07

[Mo28]

Does it have to be an X1? If your mind is set on one then fine but there are better alternatives out there.

[Va-va-voom]

@Andy - yes, I see your point. The only issue I have is that I sold my car privately and need a car ASAP so can’t wait for a factory ordered X1 on lease.

@Mo - would actually love a Q5 but getting into a smaller SUV first so the Mrs can get used to it’s size. What were you thinking?

[Mo28]

Volvo XC40?

[Va-va-voom]

I like the XC40 but the issue I have is I've sold my car and need one quickly. The XC40 - like many of the lease cars - are several weeks from being available.