Purchase Options - NOT a 'what car'!

[romeogolf]

Looking for some perspective and outside opinions on this one. My car is on PCP, going back in a few months, has no equity in it at all. The need for a new car is there and keeping the old one isn't an option. I am budgeting for no deposit toward the new car.

The car I've chosen, after a 24-hour test drive, much dreaming and much reigning in by the other half, is a Mini Cooper D Auto 5-Door with Chili pack and a relatively healthy list of additional options with a list price of £23,554. I have a close family member who works at a dealer who's managed to wangle me a discount on this of nearly 12%: £20,789.

Option A
36-month PCP including TLC service-pack. 25k miles/yr allowance, £449.36. GMFV of £7986.60.

Option B
Mini staff hire scheme, 18 months with same mileage allowances and services included. £429.14.

Which would you go for?

I lean towards the PCP as at least in 3 years I 'own' a proportion of the car and might have some deposit for the next one.

Other half prefers the staff hire, saving £720 over the 3 years and get a new one in half the time!

[JackThrust]

romeogolf said:

I lean towards the PCP as at least in 3 years I 'own' a proportion of the car and might have some deposit for the next one.

My experience in the trade (including a brief stint at MINI) would suggest that's pretty unlikely

I'd go for the hire option personally, it's cheaper and you can change at 18 months which just won't be possible with the PCP without losing out a fair bit financially.

[zcacogp]

romeogolf said:

Which would you go for?

This.

Sorry, but it's true.


Oli.