how much is a PCP deal for a £20k car

[jonah35]

my mate has asked me what I think he'd be paying on a 2006 Jaguar XK from a jaguar dealership that is up for £20k on a 3 year PCP deal if he put a 'few grand' down.

I said I'd have thought about £300 per month but what do you chaps reckon would be a good deal?

Thanks

[Zippee]

Depends on so many factors, exactly how much he's putting down, what model (and hence likely future value) he's buying, APR etc.

[snorkel sucker]

Have a play with this:

http://www.pcpcal.co.uk/

It isn't 100% accurate, but would be close enough to a rough figure for your mate.

[jonah35]

thanks chaps, let's say £3k down, 8% apr and GFV of £7500 - is that realistic on 15k pa on a 18k car?

seems to be around £285 pm which is about right i think

thanks

[Andy665]

Your thinking of GFV is too high, most finance houses seriously lowball them on used cars, I'd say tops would be 30% of purchase price

At 4% flat on an £11,000 balance (20k car - 3k deposit - 6k GFV)

36 x £342 (4% flat)

PLUS interest on GFV (roughly £720 at 4% flat over the term)

= £362 per month

Edited by Andy665 on Wednesday 28th March 14:12

Edited by Andy665 on Wednesday 28th March 14:13

[CYMR0]

It's a six-year-old car.

I suspect that most finance companies wouldn't touch it on a PCP; straight finance maybe, or you could go for a deferred balance personal loan.

You'd be looking at £300/month over five years for £15k (with no balloon) and you can sell the car at any time. I suspect the overall cost of doing it this way would be much less than a PCP.

[jonah35]

ok thanks gents