New car - PCP deal - any good?
Discussion
I know this has been covered a bit on the forum before, but considering a PCP deal for a Mazda CX5 - wondering what peoples experience of a PCP has been , particularly when at the end of the agreement and have been given a trade in valuation from the dealer? Has it normally been above the balloon/gfv or has their been a nasty surprise?
this is the deal:
42 Monthly Payments of £279.00
On The Road Price £23,995.00
Customer Deposit £5,356.50
Amount of Credit £18,638.50
Interest Charges £2,960.75
Optional Final Payment £9,881.25
Total Amount Payable £26,955.75
Fixed Rate of Interest 3.04% p.a.
Duration of Agreement 43 months
Annual Mileage 9,000
Excess Mileage Charge per mile 14.9p
APR 5.9%~
Having used the what depreciation calculator and research into Mazda - I'm lead to believe they hold their value well and that the CX5 is a sought after car with fuel economy road tax/decent spec etc - so i should in theory have a bit of equity after 3 years and 30k (ish) miles
Be good to hear people's own experiences
Cheers
this is the deal:
42 Monthly Payments of £279.00
On The Road Price £23,995.00
Customer Deposit £5,356.50
Amount of Credit £18,638.50
Interest Charges £2,960.75
Optional Final Payment £9,881.25
Total Amount Payable £26,955.75
Fixed Rate of Interest 3.04% p.a.
Duration of Agreement 43 months
Annual Mileage 9,000
Excess Mileage Charge per mile 14.9p
APR 5.9%~
Having used the what depreciation calculator and research into Mazda - I'm lead to believe they hold their value well and that the CX5 is a sought after car with fuel economy road tax/decent spec etc - so i should in theory have a bit of equity after 3 years and 30k (ish) miles
Be good to hear people's own experiences
Cheers
£17k over 3.5 years and 31,500 miles, less any equity (maybe £2k once you go to trade)... £15k.
With 9 months down, that would give you a monthly payment of £245 + VAT.
See what you can get for that kind of cash on a lease and assuming that everything checks out with leasing for you, I doubt that would be a good deal.
This is for 3 rather than 3.5 years but is noticeably cheaper.
http://www.bluechillicars.com/business-contract-hi...
Of course if you can get a couple of grand off then the PCP looks more appealing.
With 9 months down, that would give you a monthly payment of £245 + VAT.
See what you can get for that kind of cash on a lease and assuming that everything checks out with leasing for you, I doubt that would be a good deal.
This is for 3 rather than 3.5 years but is noticeably cheaper.
http://www.bluechillicars.com/business-contract-hi...
Of course if you can get a couple of grand off then the PCP looks more appealing.
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