Used car PCP -online calculators
Discussion
Hi all,
Currently looking at options for my next car and have seen that you can now get PCP deals on used cars (generally less than 5 years old). PCP works for me as I like to change my cars often but don't want the hassle of having to sell. Cars I want at the moment do not have any good lease deal options so PCP is looking like the way to go.
Now beyond he initial price of the car, the 2 key contributing factors to the PCP cost are the GMFV and the APR rate for the deal. I've managed to find 2 calculators online that give an indication of cost - magnitude finance and buyacar.co.uk. Is anyone aware of any others? I would like to get a few quotes together so that when I go to dealers I have some quotes to haggle with and can also get an idea of cars within my price bracket based on good GMFV.
Any advice/ other options appreciated.
Currently looking at options for my next car and have seen that you can now get PCP deals on used cars (generally less than 5 years old). PCP works for me as I like to change my cars often but don't want the hassle of having to sell. Cars I want at the moment do not have any good lease deal options so PCP is looking like the way to go.
Now beyond he initial price of the car, the 2 key contributing factors to the PCP cost are the GMFV and the APR rate for the deal. I've managed to find 2 calculators online that give an indication of cost - magnitude finance and buyacar.co.uk. Is anyone aware of any others? I would like to get a few quotes together so that when I go to dealers I have some quotes to haggle with and can also get an idea of cars within my price bracket based on good GMFV.
Any advice/ other options appreciated.
APR’s on used cars are very high
Main dealers go in at 10.9%, which is frankly ridiculous ! You will be able to negotiate down to c.7% if you haggle hard.
GFV cannot be changed by the dealer, and if they are using the brands finance arm, they are set.
If you must PCP a used car, you are best to use a broker who can get the best deal for you from a table of lenders, where you may find a lower rate/better GFV.
However PCP’s can work quite well on certain cars if you accept that you have to pay interest.
Example; I nearly pulled the trigger on a £72k Manual V10 Plus R8 in the summer.
On a 24month deal with £20k odd deposit, it was only c.£220 pcm as the GFV was so high, so in effect you were just paying the interest cost.
That was a very cheap and easy way into a £72k Car as I didn’t have £72k in my bank and that’s beyond most unsecured bank loans.
I ended up opting for a standard V10 paid in cash, which of course if the cheapest way 😎
Main dealers go in at 10.9%, which is frankly ridiculous ! You will be able to negotiate down to c.7% if you haggle hard.
GFV cannot be changed by the dealer, and if they are using the brands finance arm, they are set.
If you must PCP a used car, you are best to use a broker who can get the best deal for you from a table of lenders, where you may find a lower rate/better GFV.
However PCP’s can work quite well on certain cars if you accept that you have to pay interest.
Example; I nearly pulled the trigger on a £72k Manual V10 Plus R8 in the summer.
On a 24month deal with £20k odd deposit, it was only c.£220 pcm as the GFV was so high, so in effect you were just paying the interest cost.
That was a very cheap and easy way into a £72k Car as I didn’t have £72k in my bank and that’s beyond most unsecured bank loans.
I ended up opting for a standard V10 paid in cash, which of course if the cheapest way 😎
akadk said:
APR’s on used cars are very high
Main dealers go in at 10.9%, which is frankly ridiculous ! You will be able to negotiate down to c.7% if you haggle hard.
GFV cannot be changed by the dealer, and if they are using the brands finance arm, they are set.
If you must PCP a used car, you are best to use a broker who can get the best deal for you from a table of lenders, where you may find a lower rate/better GFV.
However PCP’s can work quite well on certain cars if you accept that you have to pay interest.
Example; I nearly pulled the trigger on a £72k Manual V10 Plus R8 in the summer.
On a 24month deal with £20k odd deposit, it was only c.£220 pcm as the GFV was so high, so in effect you were just paying the interest cost.
That was a very cheap and easy way into a £72k Car as I didn’t have £72k in my bank and that’s beyond most unsecured bank loans.
I ended up opting for a standard V10 paid in cash, which of course if the cheapest way ??
It works £1053 pcm, a bit more than the interest cost. Main dealers go in at 10.9%, which is frankly ridiculous ! You will be able to negotiate down to c.7% if you haggle hard.
GFV cannot be changed by the dealer, and if they are using the brands finance arm, they are set.
If you must PCP a used car, you are best to use a broker who can get the best deal for you from a table of lenders, where you may find a lower rate/better GFV.
However PCP’s can work quite well on certain cars if you accept that you have to pay interest.
Example; I nearly pulled the trigger on a £72k Manual V10 Plus R8 in the summer.
On a 24month deal with £20k odd deposit, it was only c.£220 pcm as the GFV was so high, so in effect you were just paying the interest cost.
That was a very cheap and easy way into a £72k Car as I didn’t have £72k in my bank and that’s beyond most unsecured bank loans.
I ended up opting for a standard V10 paid in cash, which of course if the cheapest way ??
If you have a Lloyds, Halifax, or Bank of Scotland current account, they offer PCP finance on used cars at 4.9% from any major dealer/ car supermarket etc. With online banking you just login, stick in the figures (annual mileage, purchase price, deposit, term up to 49 months), put in the car details (reg number and current mileage), and you get your finance deal - monthly payment and final value.
Pretty much the best way to finance a used car on PCP.
Pretty much the best way to finance a used car on PCP.
jonnyb16 said:
Hi all,
Currently looking at options for my next car and have seen that you can now get PCP deals on used cars (generally less than 5 years old). PCP works for me as I like to change my cars often but don't want the hassle of having to sell. Cars I want at the moment do not have any good lease deal options so PCP is looking like the way to go.
Now beyond he initial price of the car, the 2 key contributing factors to the PCP cost are the GMFV and the APR rate for the deal. I've managed to find 2 calculators online that give an indication of cost - magnitude finance and buyacar.co.uk. Is anyone aware of any others? I would like to get a few quotes together so that when I go to dealers I have some quotes to haggle with and can also get an idea of cars within my price bracket based on good GMFV.
Any advice/ other options appreciated.
Get a cheap loan over a longer period. Used car PCP deals tend to be horrendous in terms of interest being charged Currently looking at options for my next car and have seen that you can now get PCP deals on used cars (generally less than 5 years old). PCP works for me as I like to change my cars often but don't want the hassle of having to sell. Cars I want at the moment do not have any good lease deal options so PCP is looking like the way to go.
Now beyond he initial price of the car, the 2 key contributing factors to the PCP cost are the GMFV and the APR rate for the deal. I've managed to find 2 calculators online that give an indication of cost - magnitude finance and buyacar.co.uk. Is anyone aware of any others? I would like to get a few quotes together so that when I go to dealers I have some quotes to haggle with and can also get an idea of cars within my price bracket based on good GMFV.
Any advice/ other options appreciated.
The difference could literally be £,£££s which far outweighs the convenience factor.
tickedon said:
If you have a Lloyds, Halifax, or Bank of Scotland current account, they offer PCP finance on used cars at 4.9% from any major dealer/ car supermarket etc. With online banking you just login, stick in the figures (annual mileage, purchase price, deposit, term up to 49 months), put in the car details (reg number and current mileage), and you get your finance deal - monthly payment and final value.
Pretty much the best way to finance a used car on PCP.
Just tried that on my Halifax banking online and for the HP (I.e. pay the whole finance off with no lump sum at the end) it was giving 3.4% for an £8k+ amount or 4.9% for PCP. (Not quite as competitive as a leadin 2.9% loan from Sainsbury, but that is only up to £15k).Pretty much the best way to finance a used car on PCP.
Seemed straight forward as a kind of no hassle pre-approval. If you keep increasing the amount you want to borrow it eventually says that the amount is above what they think is affordable given what they know about your current account spending.
akadk said:
APR’s on used cars are very high
Main dealers go in at 10.9%, which is frankly ridiculous ! You will be able to negotiate down to c.7% if you haggle hard.
GFV cannot be changed by the dealer, and if they are using the brands finance arm, they are set.
If you must PCP a used car, you are best to use a broker who can get the best deal for you from a table of lenders, where you may find a lower rate/better GFV.
However PCP’s can work quite well on certain cars if you accept that you have to pay interest.
Example; I nearly pulled the trigger on a £72k Manual V10 Plus R8 in the summer.
On a 24month deal with £20k odd deposit, it was only c.£220 pcm as the GFV was so high, so in effect you were just paying the interest cost.
That was a very cheap and easy way into a £72k Car as I didn’t have £72k in my bank and that’s beyond most unsecured bank loans.
I ended up opting for a standard V10 paid in cash, which of course if the cheapest way ??
who was that with adadk?Main dealers go in at 10.9%, which is frankly ridiculous ! You will be able to negotiate down to c.7% if you haggle hard.
GFV cannot be changed by the dealer, and if they are using the brands finance arm, they are set.
If you must PCP a used car, you are best to use a broker who can get the best deal for you from a table of lenders, where you may find a lower rate/better GFV.
However PCP’s can work quite well on certain cars if you accept that you have to pay interest.
Example; I nearly pulled the trigger on a £72k Manual V10 Plus R8 in the summer.
On a 24month deal with £20k odd deposit, it was only c.£220 pcm as the GFV was so high, so in effect you were just paying the interest cost.
That was a very cheap and easy way into a £72k Car as I didn’t have £72k in my bank and that’s beyond most unsecured bank loans.
I ended up opting for a standard V10 paid in cash, which of course if the cheapest way ??
Thanks for the responses all.
Loan isn't a bad shout and looks as if it works out a lower total cost over the term but it's not necessarily something I can get out of at a later date and will still have that money coming out even if I have moved on car wise.
Do like the sound of a bank pcp at a (relatively) low rate Apr. I've been thinking about changing banks and some on the list offer change incentives so this may be a good place to start.
Loan isn't a bad shout and looks as if it works out a lower total cost over the term but it's not necessarily something I can get out of at a later date and will still have that money coming out even if I have moved on car wise.
Do like the sound of a bank pcp at a (relatively) low rate Apr. I've been thinking about changing banks and some on the list offer change incentives so this may be a good place to start.
jonnyb16 said:
Loan isn't a bad shout and looks as if it works out a lower total cost over the term but it's not necessarily something I can get out of at a later date and will still have that money coming out even if I have moved on car wise.
Why not? Sell the car, clear the finance, exactly as you would with a PCP. If you’re lucky/have planned well and end up having some equity in the car too then that’s a bonus.Jonno02 said:
loskie said:
PCP is a costly way of getting a used car. Avoid.
Bulls
t. I'm on a lease deal because it's the cheapest way to finance my current car. I'm looking at an M140i next and PCP is by far the cheapest. Blanket statements like you made, just make you look a tad stupid.
BMW Finance are charging 8.9% which on a 4 year PCP on a £25K car is working out at nearly £6,000 of interest....
https://services.codeweavers.net/BMW/documents/pri...
By comparison, a 2.9% APR loan for the same amount works out at less than £1,500 of interest.
Edited by daemon on Wednesday 3rd January 13:23
loskie said:
Thank you for your kind words Jonno.
it tends to be for USED CARS
READ
USED CARS
PCP deals are quite expensive.
Entirely different matter for new cars when PCP can work out better which is why I stated "used" in my post.
Indeed. If hes talking new and we are talking used, then hes wholly wrong.it tends to be for USED CARS
READ
USED CARS
PCP deals are quite expensive.
Entirely different matter for new cars when PCP can work out better which is why I stated "used" in my post.
If hes talking used, then i'd be keen for him to tell us where from
Edited by andy.mod on Wednesday 3rd January 15:07
loskie said:
Thank you for your kind words Jonno.
it tends to be for USED CARS
READ
USED CARS
PCP deals are quite expensive.
Entirely different matter for new cars when PCP can work out better which is why I stated "used" in my post.
Again, wholly incorrect. My previous car was a 61 plate, 4 years old when bought. Alphera (arranged through the car garage) beat the best unsecured bank loan rate, which for the value of the loan, was 4.2%. They bettered it by 0.2% when presented with the offer documentation. So it was the cheapest way to pay for the car; AND as it was PCP with a GFV, the monthly was far lower than a straight bank loan; which I wanted at the time due to other commitments. it tends to be for USED CARS
READ
USED CARS
PCP deals are quite expensive.
Entirely different matter for new cars when PCP can work out better which is why I stated "used" in my post.
daemon said:
Dont keep it a secret then - What company are you using for the PCP deal on the used M140i?
BMW Finance are charging 8.9% which on a 4 year PCP on a £25K car is working out at nearly £6,000 of interest....
Funny that, didn't realise I had to use BMW finance on a used BMW? Really eye opening that one. Christ.BMW Finance are charging 8.9% which on a 4 year PCP on a £25K car is working out at nearly £6,000 of interest....
Edited by daemon on Wednesday 3rd January 13:23
Edited by andy.mod on Wednesday 3rd January 15:08
FFS only on PistonHeads can "Anyone know of any PCP Calculators?" dissolve into a bhfest.
OP I often use http://www.pcpcal.co.uk/
hfest.OP I often use http://www.pcpcal.co.uk/
Jonno02 said:
Funny that, didn't realise I had to use BMW finance on a used BMW? Really eye opening that one. Christ.
I was quoting BMW Finance as its the de facto choice for many for used car PCP deals on a nearly new BMW and thus is a good yardstick for used car PCP deals.So maybe instead of continuing to be a prick about it, you could actually tell us who it is is giving you this fantastic rate?
The cheapest personal loan rate at the moment is 2.9% APR so we're all ears to hear about the used car PCP deal you're getting that is "by far cheaper" than that?
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