2014 BMW 330d PCP or HP
Discussion
Hi,
This is all relatively new ground for me, so please bare with me.
Currently have a 2010 X3 with about 94k on it but in good condition. Realised I missed driving a normal car and fancy something with a bit more grunt.
Test drove a 2014 330d touring at BMW at £18k and was told basically to PCP it for 3 years at about £415 a month and either trade in the X3 or sell it privately if I can be bothered and keep the money towards the bubble at the end (about £7.8k from memory).
Does this sound like a sensible option? I understand I'm just paying for the depreciation (I've probably lost nearly as much on my X3 in the last year as I'd pay on the PCP in a year), but does this sound realistic?
Other option is to take the money and HP it over 4 years using the X3 as a £4.5k deposit. Would be about the same monthly payment but potentially the car could be worth considerably less.
I guess either way its a gamble, but just wondered if anyone on PH with greater knowledge or experience could help?
The other option is to look for a 330d of a similar age to my X3 but less miles and either finance or pay the difference.
My concern with buying and older one is with the whole older car diesel/tax situation and reliability. However the newer one is more expensive to insure and has ballbustingly expensive run flat tyres.
Any insight or advice appreciated.
This is all relatively new ground for me, so please bare with me.
Currently have a 2010 X3 with about 94k on it but in good condition. Realised I missed driving a normal car and fancy something with a bit more grunt.
Test drove a 2014 330d touring at BMW at £18k and was told basically to PCP it for 3 years at about £415 a month and either trade in the X3 or sell it privately if I can be bothered and keep the money towards the bubble at the end (about £7.8k from memory).
Does this sound like a sensible option? I understand I'm just paying for the depreciation (I've probably lost nearly as much on my X3 in the last year as I'd pay on the PCP in a year), but does this sound realistic?
Other option is to take the money and HP it over 4 years using the X3 as a £4.5k deposit. Would be about the same monthly payment but potentially the car could be worth considerably less.
I guess either way its a gamble, but just wondered if anyone on PH with greater knowledge or experience could help?
The other option is to look for a 330d of a similar age to my X3 but less miles and either finance or pay the difference.
My concern with buying and older one is with the whole older car diesel/tax situation and reliability. However the newer one is more expensive to insure and has ballbustingly expensive run flat tyres.
Any insight or advice appreciated.
Edited by markswebpages on Sunday 29th July 07:32
Edited by markswebpages on Sunday 29th July 07:33
Edited by markswebpages on Sunday 29th July 09:04
Assuming there’s no deposit that PCP will cost you nearly five grand in interest payments. The APR must be absolutely appalling.
For used cars using the dealers own finance is often very, very expensive. If you are going to borrow, always look at the APR and the total cost of finance then compare it against what you can get from a bank/building society/supermarket/where ever.
For used cars using the dealers own finance is often very, very expensive. If you are going to borrow, always look at the APR and the total cost of finance then compare it against what you can get from a bank/building society/supermarket/where ever.
Edited by anonymous-user on Sunday 29th July 08:33
Bank loan if you are desperate to have that car.
Using your car at 4.5k as a deposit Sainsbury’s will do a loan at 2.7% which costs 390 over 3 years. At the end you own the car.
Car will definately be worth more than 4.5k so you are better off than the PCP deal as you could just part ex again.
As above you could get a new one for that kind of monthly payment but they will be 500 quid a year to tax as over 40k Retail price.
You could also get a much newer 3 series and have similar payments over 4/5 years. The monthlies will still be similar or less than the PCP deal.
Using your car at 4.5k as a deposit Sainsbury’s will do a loan at 2.7% which costs 390 over 3 years. At the end you own the car.
Car will definately be worth more than 4.5k so you are better off than the PCP deal as you could just part ex again.
As above you could get a new one for that kind of monthly payment but they will be 500 quid a year to tax as over 40k Retail price.
You could also get a much newer 3 series and have similar payments over 4/5 years. The monthlies will still be similar or less than the PCP deal.
charltjr said:
Assuming there’s no deposit that PCP will cost you nearly five grand in interest payments. The APR must be absolutely appalling.
For used cars using the dealers own finance is often very, very expensive. If you are going to borrow, always look at the APR and the total cost of finance then compare it against what you can get from a bank/building society/supermarket/where ever.
Yes i put it through one of those calculator things and it was something like 10.3%For used cars using the dealers own finance is often very, very expensive. If you are going to borrow, always look at the APR and the total cost of finance then compare it against what you can get from a bank/building society/supermarket/where ever.
Edited by charltjr on Sunday 29th July 08:33
They've done some things that are cheeky at best, but to be expected like adding £499 for GuardX so that pushed the payments up a bit anyway. I called them and questioned it and they removed that which brought the payments down slightly to something like £400.
I will go and do some shopping around and see how it looks, I hadn't really even got as far as considering a loan from someone else To finance the car.
DurianIceCream said:
Camelot1971 said:
For that payment you could get a new 330d.
Yes this. BMW also seem to want to get rid of 4-series too. For that payment, you could also get a new 430i. Looks like a bad deal for a used car to me.
Yes i did think it didn't seem to make much sense, but never having looked at something like this before i wasn't sure if it was the norm and i was just way off with my expectations. I'd like to think i've got enough common sense to realise something didn't look right, but they're very keen to try and get you to take a PCP by pointing out that you can just come back in 3 years and they'll put you in another car and you don't have any risk.
I hadn't considered looking at new purely because the depreciation scares me, but i suppose whatever you do you've got to accept you're buying a depreciating asset!
markswebpages said:
Hi,
This is all relatively new ground for me, so please bare with me.
Currently have a 2010 X3 with about 94k on it but in good condition. Realised I missed driving a normal car and fancy something with a bit more grunt.
Test drove a 2014 330d touring at BMW at £18k and was told basically to PCP it for 3 years at about £415 a month and either trade in the X3 or sell it privately if I can be bothered and keep the money towards the bubble at the end (about £7.8k from memory).
Does this sound like a sensible option? I understand I'm just paying for the depreciation (I've probably lost nearly as much on my X3 in the last year as I'd pay on the PCP in a year), but does this sound realistic?
Other option is to take the money and HP it over 4 years using the X3 as a £4.5k deposit. Would be about the same monthly payment but potentially the car could be worth considerably less.
I guess either way its a gamble, but just wondered if anyone on PH with greater knowledge or experience could help?
The other option is to look for a 330d of a similar age to my X3 but less miles and either finance or pay the difference.
My concern with buying and older one is with the whole older car diesel/tax situation and reliability. However the newer one is more expensive to insure and has ballbustingly expensive run flat tyres.
Any insight or advice appreciated.
A new 330d would be cheaper on PCP. Cheaper again to lease.This is all relatively new ground for me, so please bare with me.
Currently have a 2010 X3 with about 94k on it but in good condition. Realised I missed driving a normal car and fancy something with a bit more grunt.
Test drove a 2014 330d touring at BMW at £18k and was told basically to PCP it for 3 years at about £415 a month and either trade in the X3 or sell it privately if I can be bothered and keep the money towards the bubble at the end (about £7.8k from memory).
Does this sound like a sensible option? I understand I'm just paying for the depreciation (I've probably lost nearly as much on my X3 in the last year as I'd pay on the PCP in a year), but does this sound realistic?
Other option is to take the money and HP it over 4 years using the X3 as a £4.5k deposit. Would be about the same monthly payment but potentially the car could be worth considerably less.
I guess either way its a gamble, but just wondered if anyone on PH with greater knowledge or experience could help?
The other option is to look for a 330d of a similar age to my X3 but less miles and either finance or pay the difference.
My concern with buying and older one is with the whole older car diesel/tax situation and reliability. However the newer one is more expensive to insure and has ballbustingly expensive run flat tyres.
Any insight or advice appreciated.
Edited by markswebpages on Sunday 29th July 07:32
Edited by markswebpages on Sunday 29th July 07:33
Edited by markswebpages on Sunday 29th July 09:04
Thanks everyone, it's just confirmed what my initial thought was which was that the PCP they offered me was a very expensive way to get into the car.
Having looked around at the spec, age and mileage i don't feel that the car it's self is particularly massively over priced, it's just the dealer trying it on as they just seem intent of trying to get you to a monthly figure that suits your budget so you'll buy there and then.
I think i'll have a hunt around and see what i can do regarding financing from somewhere other than the dealer and go from there. I know i'm comfortable spending around the £400 per month mark, but I'm in two minds to be honest as it's the most I've ever spent on a car. I know that's not very PH but that's whats going through my mind.
Plan B is to look for a 330d that's a bit older (but similar age to my X3) at say around £10 to £12k and make the most of borrowing a smaller amount to save for a bigger deposit in the future and not have the pressure of worrying about returning it to the dealer for service or repairs. But then again if they decide to carry on with the anti diesel crusade the tax could go through the roof anyway and make the value of the car drop much quicker than the newer one and of course i'd get less toys and no paddle shift.
Having looked around at the spec, age and mileage i don't feel that the car it's self is particularly massively over priced, it's just the dealer trying it on as they just seem intent of trying to get you to a monthly figure that suits your budget so you'll buy there and then.
I think i'll have a hunt around and see what i can do regarding financing from somewhere other than the dealer and go from there. I know i'm comfortable spending around the £400 per month mark, but I'm in two minds to be honest as it's the most I've ever spent on a car. I know that's not very PH but that's whats going through my mind.
Plan B is to look for a 330d that's a bit older (but similar age to my X3) at say around £10 to £12k and make the most of borrowing a smaller amount to save for a bigger deposit in the future and not have the pressure of worrying about returning it to the dealer for service or repairs. But then again if they decide to carry on with the anti diesel crusade the tax could go through the roof anyway and make the value of the car drop much quicker than the newer one and of course i'd get less toys and no paddle shift.
As others have said, you can get a new one on lease for cheaper. Depreciation doesn't even enter the equation either as what you pay on a lease is what you pay. No need to worry about depreciation or whatever value is in the car at the end. That's for the finance company to worry about.
Quick search on ch&l shows a 330d shadow edition for a lower 'deposit' and a lower monthly payment. What do sites like wbac value your x3 at?
Less spec with a touring but still within budget
Quick search on ch&l shows a 330d shadow edition for a lower 'deposit' and a lower monthly payment. What do sites like wbac value your x3 at?
Less spec with a touring but still within budget
Edited by mholt1995 on Sunday 29th July 11:28
mholt1995 said:
As others have said, you can get a new one on lease for cheaper. Depreciation doesn't even enter the equation either as what you pay on a lease is what you pay. No need to worry about depreciation or whatever value is in the car at the end. That's for the finance company to worry about.
Quick search on ch&l shows a 330d shadow edition for a lower 'deposit' and a lower monthly payment. What do sites like wbac value your x3 at?
Less spec with a touring but still within budget
And that is for a brand new car, with full warranty for peace of mind.Quick search on ch&l shows a 330d shadow edition for a lower 'deposit' and a lower monthly payment. What do sites like wbac value your x3 at?
Less spec with a touring but still within budget
Edited by mholt1995 on Sunday 29th July 11:28
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