Dazed & Confused...but in a rush! Please help
Discussion
Thanks for this mate - all the responses have been appreciated but yours seems to make the most sense to me. I’m not stupid (I promise!), I’m just inexperienced and lack car-buying “shrewdness”!
The 3 options you outlined make sense to me - I’m reluctant (but not ruling out...) the personal loan. This may not make sense to some but I’ve nearly paid off a loan to my bank for something else and the idea of starting another doesn’t sit right with me (but I’m guessing people are thinking “it’s cheaper” or “what’s the problem - your taking out a loan with a finance/hire deal?”) - like I said I’m open to persuasion/convincing.
Regarding the PCP and the PCH deals - which do you think is more sensible? I’ve used Carwow to browse and it’s easy to use. Which lease companies would you recommend? What would the important factors I’d have to remember if I went down the PCP/PCH line?
All of your patience with me isn’t going unnoticed and is greatly appreciated...
The 3 options you outlined make sense to me - I’m reluctant (but not ruling out...) the personal loan. This may not make sense to some but I’ve nearly paid off a loan to my bank for something else and the idea of starting another doesn’t sit right with me (but I’m guessing people are thinking “it’s cheaper” or “what’s the problem - your taking out a loan with a finance/hire deal?”) - like I said I’m open to persuasion/convincing.
Regarding the PCP and the PCH deals - which do you think is more sensible? I’ve used Carwow to browse and it’s easy to use. Which lease companies would you recommend? What would the important factors I’d have to remember if I went down the PCP/PCH line?
All of your patience with me isn’t going unnoticed and is greatly appreciated...
...also (after reading your post again) I have 2 more questions:
1) You mentioned about the personal loan and going on an approved used site. I’ve been on (over the last 24 hours) the VW approved used site. Could I get a PCP deal through a site such as this or would it need to be a personal loan?
2) Regarding getting some positive equity at the end of a PCP deal - are there any makes/models that are more likely to do this?
1) You mentioned about the personal loan and going on an approved used site. I’ve been on (over the last 24 hours) the VW approved used site. Could I get a PCP deal through a site such as this or would it need to be a personal loan?
2) Regarding getting some positive equity at the end of a PCP deal - are there any makes/models that are more likely to do this?
DiscoStu82 said:
Thanks for this mate - all the responses have been appreciated but yours seems to make the most sense to me. I’m not stupid (I promise!), I’m just inexperienced and lack car-buying “shrewdness”!
The 3 options you outlined make sense to me - I’m reluctant (but not ruling out...) the personal loan. This may not make sense to some but I’ve nearly paid off a loan to my bank for something else and the idea of starting another doesn’t sit right with me (but I’m guessing people are thinking “it’s cheaper” or “what’s the problem - your taking out a loan with a finance/hire deal?”) - like I said I’m open to persuasion/convincing.
Regarding the PCP and the PCH deals - which do you think is more sensible? I’ve used Carwow to browse and it’s easy to use. Which lease companies would you recommend? What would the important factors I’d have to remember if I went down the PCP/PCH line?
All of your patience with me isn’t going unnoticed and is greatly appreciated...
Whilst I understand your mindset regarding taking out another loan, you have to realise, all options tie you into a financial commitment. The loan gives you cash at a set monthly sum, whilst the others give you use of a car for a set monthly sum.The 3 options you outlined make sense to me - I’m reluctant (but not ruling out...) the personal loan. This may not make sense to some but I’ve nearly paid off a loan to my bank for something else and the idea of starting another doesn’t sit right with me (but I’m guessing people are thinking “it’s cheaper” or “what’s the problem - your taking out a loan with a finance/hire deal?”) - like I said I’m open to persuasion/convincing.
Regarding the PCP and the PCH deals - which do you think is more sensible? I’ve used Carwow to browse and it’s easy to use. Which lease companies would you recommend? What would the important factors I’d have to remember if I went down the PCP/PCH line?
All of your patience with me isn’t going unnoticed and is greatly appreciated...
If your circumstances change, with the loan you could sell and ask the bank for a settlement figure. Not sure how easy it is getting out of a PCP or PCH contract.
DiscoStu82 said:
...also (after reading your post again) I have 2 more questions:
1) You mentioned about the personal loan and going on an approved used site. I’ve been on (over the last 24 hours) the VW approved used site. Could I get a PCP deal through a site such as this or would it need to be a personal loan?
2) Regarding getting some positive equity at the end of a PCP deal - are there any makes/models that are more likely to do this?
In simple terms if you get a loan then you don't end up with a balloon payment like you do with PCP, also by getting a bank loan you'd normally have a lower (most approved used are around 9% APR with bank loan being around 5%) APR than if you have PCP as well as a vehicle you own even a loan of 9k your payments will be nearer to £300 than £400.1) You mentioned about the personal loan and going on an approved used site. I’ve been on (over the last 24 hours) the VW approved used site. Could I get a PCP deal through a site such as this or would it need to be a personal loan?
2) Regarding getting some positive equity at the end of a PCP deal - are there any makes/models that are more likely to do this?
Size wise if you want bigger than an A6 Avant then it's an R Class or S Max, you can always get your prospective buy checked over before buying for some extra peace of mind.
S Max Titanium X Sport
https://www.autotrader.co.uk/classified/advert/201...
Something like the above really does tick your boxes as you can see you can get a very good car for your money, in terms of maintenance I'd expect to spend between £500-1000 per (that's tyres bushes servicing etc) year
Ahbefive said:
Finance is finance be it with a loan from a bank or pcp etc with a finance company. You are tied into making payments to either and the results of defaulting on a payment are the same.
Yeeeeees... But there's a pretty reasonably "but" that should go in there, for instance a bank loan compared to a PCP has implications on your ability to change the car easily if you wish and so on. It's just like how £10k on your credit card vs your mortgage is still £10k, but even if you somehow have the same interest rate etc on both, there's a difference in things like one being secured on your house. DiscoStu82 said:
...also (after reading your post again) I have 2 more questions:
1) You mentioned about the personal loan and going on an approved used site. I’ve been on (over the last 24 hours) the VW approved used site. Could I get a PCP deal through a site such as this or would it need to be a personal loan?
2) Regarding getting some positive equity at the end of a PCP deal - are there any makes/models that are more likely to do this?
So three questions:1) You mentioned about the personal loan and going on an approved used site. I’ve been on (over the last 24 hours) the VW approved used site. Could I get a PCP deal through a site such as this or would it need to be a personal loan?
2) Regarding getting some positive equity at the end of a PCP deal - are there any makes/models that are more likely to do this?
1) PCP or PCH different beasts, personally PCP suits me better, I like cars and every one I get I want to keep forever (doesn’t work out like that). But after effectively renting my car for 3 years I want the opportunity to buy the best cared for, cheapest and completely known to me example available probably using an element of personal loan to pay the balloon giving me more freedom with the car or it lets me down, wasn’t what I thought etc trade it in try again. PCH is very transactional, you commit to hiring a car for a term and assume these deals will be out there forever you get in a cycle of hiring a car like an appliance, absolutely nothing wrong with that, if that’s what suits.
2) You can get a PCP on used from approved if new enough otherwise it’ll be HP hire purchase, but it won’t be cheap. Often it works out cheaper getting PCP on new rather than nearly new at this point, not always just likely, manufacturers want to flog new cars so discount. Personal loan will likely have better terms when buying used and is easier to swap and change, but you will always owe the money as you do on pcp or hp.
3) There is no guarantee it’s a gamble and the dealers know what they are doing. Really there is no positive equity on a depreciating asset just what the dealer wants to offer you to keep you in the system. For example the Mercedes AMG A45 I had last you would have thought it would hold value well... nope negative at the end, new model, using Carwow and the dealer not thinking it through. I just would have paid later, but I never and you should never count on positive equity in a PCP so I just gave it back and moved on I wanted the change and I felt like I’d won a little because the dealer now valued the car below it gfv guaranteed future value and they had to shift it.
Edited by Moonpie21 on Saturday 15th December 08:50
InitialDave said:
Ahbefive said:
Finance is finance be it with a loan from a bank or pcp etc with a finance company. You are tied into making payments to either and the results of defaulting on a payment are the same.
Yeeeeees... But there's a pretty reasonably "but" that should go in there, for instance a bank loan compared to a PCP has implications on your ability to change the car easily if you wish and so on. It's just like how £10k on your credit card vs your mortgage is still £10k, but even if you somehow have the same interest rate etc on both, there's a difference in things like one being secured on your house. Edited by Ahbefive on Saturday 15th December 09:18
Please don’t take this the wrong way, but it really does sound like you just want a nice car to use for cheap. Hence the appeal of the Jeep Compass earlier, that is not a big car (one of your key criteria so the wrong car for you if what you said is what you need) but you were tempted by the deal (not a particularly good deal either) on something shiny.
To me this says PCH is probably right for you. So new car, you don’t particularly care which one so long as you fit, on the cheapest monthly and that’s fine. It’s not right or wrong the only thing is know what you are getting in to. Anything you sign up to there is little to no escape from you will pay a total amount and be responsible for someone else’s car. If you break it you pay and insurance unless the right sort might not cover it. Everything you pay in you will never see again deposit, monthlies everything. The car will never be yours you will have no option to buy only extend the lease which may be more expensive than the deal you were on. Have a plan and money in your pocket at the end to pay for damage and another vehicle deposit or complete car. If you get a good deal on a lease now that same level of deal might not be around in two or so years time.
Those are the bad bits, of course the good bit is should be worry free shiny new car.
Do the maths, know what you owe and can afford set yourself a budget and don’t get suckered in to marketing, perceived “premium” brands if you can’t afford them and generally Instagram lifestyle pitfalls.
To me this says PCH is probably right for you. So new car, you don’t particularly care which one so long as you fit, on the cheapest monthly and that’s fine. It’s not right or wrong the only thing is know what you are getting in to. Anything you sign up to there is little to no escape from you will pay a total amount and be responsible for someone else’s car. If you break it you pay and insurance unless the right sort might not cover it. Everything you pay in you will never see again deposit, monthlies everything. The car will never be yours you will have no option to buy only extend the lease which may be more expensive than the deal you were on. Have a plan and money in your pocket at the end to pay for damage and another vehicle deposit or complete car. If you get a good deal on a lease now that same level of deal might not be around in two or so years time.
Those are the bad bits, of course the good bit is should be worry free shiny new car.
Do the maths, know what you owe and can afford set yourself a budget and don’t get suckered in to marketing, perceived “premium” brands if you can’t afford them and generally Instagram lifestyle pitfalls.
So to keep everyone in the loop, last night I did a load of searching (such a rockstar on a Friday night aren’t I?)
Using Auto Trader and the following parameters I found around 10 SUV used diesel cars that I thought looked reasonable.
Parameters:
- 36 months
- £350 p/m (max)
- 15000 miles p/a
- £1600 deposit
What I found:
- A few Range Rover Evoque’s. Found 5/6 of these that were typically made in 2014/15 and had varying mileage (20-30k).
- A few Jeep Cherokee’s that were about the same age with similar range of mileages.
- A few Volvo XC60’s with similar mileage.
- A BMW X3 (80k miles) and X4 (30k miles).
All these cars had varying specs but were all priced for PCP finance (through the option on Auto trader) at under £350 p/m.
I will happily send more details if required. Just wondered what people thought...?
Using Auto Trader and the following parameters I found around 10 SUV used diesel cars that I thought looked reasonable.
Parameters:
- 36 months
- £350 p/m (max)
- 15000 miles p/a
- £1600 deposit
What I found:
- A few Range Rover Evoque’s. Found 5/6 of these that were typically made in 2014/15 and had varying mileage (20-30k).
- A few Jeep Cherokee’s that were about the same age with similar range of mileages.
- A few Volvo XC60’s with similar mileage.
- A BMW X3 (80k miles) and X4 (30k miles).
All these cars had varying specs but were all priced for PCP finance (through the option on Auto trader) at under £350 p/m.
I will happily send more details if required. Just wondered what people thought...?
DiscoStu82 said:
So to keep everyone in the loop, last night I did a load of searching (such a rockstar on a Friday night aren’t I?)
Using Auto Trader and the following parameters I found around 10 SUV used diesel cars that I thought looked reasonable.
Parameters:
- 36 months
- £350 p/m (max)
- 15000 miles p/a
- £1600 deposit
What I found:
- A few Range Rover Evoque’s. Found 5/6 of these that were typically made in 2014/15 and had varying mileage (20-30k).
- A few Jeep Cherokee’s that were about the same age with similar range of mileages.
- A few Volvo XC60’s with similar mileage.
- A BMW X3 (80k miles) and X4 (30k miles).
All these cars had varying specs but were all priced for PCP finance (through the option on Auto trader) at under £350 p/m.
I will happily send more details if required. Just wondered what people thought...?
PCP on a used car is generally a false economy in my experience. The interest rates are usually sky high and the value for money often isn't the best. Lease or PCP a brand new car or buy a used one with a loan or low interest HP. Using Auto Trader and the following parameters I found around 10 SUV used diesel cars that I thought looked reasonable.
Parameters:
- 36 months
- £350 p/m (max)
- 15000 miles p/a
- £1600 deposit
What I found:
- A few Range Rover Evoque’s. Found 5/6 of these that were typically made in 2014/15 and had varying mileage (20-30k).
- A few Jeep Cherokee’s that were about the same age with similar range of mileages.
- A few Volvo XC60’s with similar mileage.
- A BMW X3 (80k miles) and X4 (30k miles).
All these cars had varying specs but were all priced for PCP finance (through the option on Auto trader) at under £350 p/m.
I will happily send more details if required. Just wondered what people thought...?
I couldn't imagine paying £350 a month for 5 year old car and not having anything to show for it at the end, with the risks of problems etc. No disrespect, while I understand you're between cars you don't wanna rip yourself off for the sake of convenience then be regretting it 6 months down the line.
The aforementioned Skoda Superb deal is where I'd be looking, Jeep Compass is no more than a hatchback on steroids. If you need space you can't look past a big saloon or estate.
BMW seems like you are paying for the badge.
Evoque personally has always struck me as form over substance.
Jeep (although my wife drives a renegade) have a reputation and I think are a bit agricultural and basic.
Leaves Volvo a good reputation, a bit left field, likely to have been looked after judging a typical Volvo driver and a nice place to sit.
Evoque personally has always struck me as form over substance.
Jeep (although my wife drives a renegade) have a reputation and I think are a bit agricultural and basic.
Leaves Volvo a good reputation, a bit left field, likely to have been looked after judging a typical Volvo driver and a nice place to sit.
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