PCP monthly cost?

[paul-1zjnd]

Hi all,

Does anyone know of a website that quotes pcp monthlies for used cars without having to enter lots of personal data??

[DaveH23]

Isn't PCP on a used car financially stupid?

Surely a personal loan will give you a much better APR.

[paul-1zjnd]

Potentially Dave, but seeing some quotes will help me decide which way to go... I tend to change my cars fairly regularly so thought pcp May suit me better?

[South tdf]

Autotrader has either cash or finance option when searching. Some dealers then allow you to amend the PCP terms you want.

[Deep Thought]

paul-1zjnd said:

Potentially Dave, but seeing some quotes will help me decide which way to go... I tend to change my cars fairly regularly so thought pcp May suit me better?

Please be careful of the APR rate on used car PCP finance deals - the monthly payment can look palatable but you can end up paying much more overall.

Dont overlook new cars if you're thinking of PCPing. New car PCP deals are usually heavily subsidised by manufacturers meaning a new car can work out to have the same or similar monthly payments as a 1-2 year old car.

Also, check out a cheap loan. You can get cheap loans for usually up to £25K for 2.9%APR or less. Put one over 5 years and after 3 years you'll owe an awful lot less than a used car PCP residual.

[dogz]

Try magnitude - you can enter bogus data and still get a monthly cost

The balloon though may differ from other providers

Alternatively, use Excel if you know the APR and balloon

Personal loan is a good shout although I think the max is £50k although most will only do £25k at the 2.8% or 2.9% rates

[MattHall91]

I was in this situation when buying a daily with my work’s car allowance. The main issue for me was my annual mileage is approx 20k. By default this rules out any attractive deals on anything with a reasonable amount of performance - at least without a large deposit (that you obviously never see again!).

I loaned £25k at ~3% over 7 years. I have no intention of keeping a car even half that time, but it gets the monthly payments down and the low interest rate means the penalty for extending the timeframe is neither here nor there.

The bottom line is I have had an M140i and now on a Leon Cupra, both of which I have bought at 6 months old with less than 5k miles on. Tyres, brakes, paintwork etc etc all in as-new condition.

For the above I’m paying £335 a month and my ‘annual mileage’ is unlimited obviously. After a year I’m not far off breaking even and should be able to change car again for free in the new year, should I want to.

I would repeat this next time and for as long as my mileage remains higher than average.

[Denno B]

Try carwow pcp calculator, you can play around with the term, deposit, interest rate and balloon to give you a good idea of expected payments.

[Macneil]

Theres a company in Manchester that will quote you on the car details but last time il looked it was about 6% apr. I think its Capital car finance,

[Anonymous-poster]

paul-1zjnd said:

Potentially Dave, but seeing some quotes will help me decide which way to go... I tend to change my cars fairly regularly so thought pcp May suit me better?

Changing your cars regularly doesn’t really suit pcp imo!

[jonwm]

I looked at a used Audi from an Audi dealer last night on the web, it was £22k, total payable was £31k. Horrendous interest charged in used pcp from my last few weeks of looking

[TheDrownedApe]

Needed to borrow 9k for my new motor. Looked at MSE best loans then spent 10 mins in bed on the tablet securing my deal at 2.9%. It didn't go in on the day of collection (in guestimated wrong and the garage was 100 miles away and it was the only day I free) so I arranged further finance at the dealership on the day of collection then paid it off the next day when my loan cleared (it only cost me £2.54 for 1 days interest).

So easy to get money nowadays.....providing you have a decent rating

Loans will always be cheaper than used PCP unless you buy on one of the marques 0% finance weekend specials, but they usually involve a high deposit

[datum77]

No-one has yet mentioned it but you also do NOT own the car with a PCP deal until you have made the very last payment.

A bank loan is almost always a better option not only from a financial viewpoint, as YOU own the car from day1

[Far Cough]

No personal details needed, play all day with this to see what changes make a difference :

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

[stuart_83]

Far Cough said:

No personal details needed, play all day with this to see what changes make a difference :

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

Best PCP calculator I've found - found it pretty insightful.

[Nano2nd]

datum77 said:

A bank loan is almost always a better option not only from a financial viewpoint, as YOU own the car from day1

why does ownership from day 1 offer a "better option" ?

[Jonno02]

Nano2nd said:

why does ownership from day 1 offer a "better option" ?

It's a strange notion people use to justify their purchase method. Circa people that don't lease because you "don't own the car" - whilst owning it outright might net you a greater depreciation loss.

[Andrew[MG]]

Autotrader does it and our site has it (although the classifieds are not great!) https://www.carmoney.co.uk/search

Basic online calculators don't work that well for PCP as the numbers are based on residual values. You really need the car to do the calculation.

PCP can work really well on used cars if they have strong residuals.

[Justin Case]

Anonymous-poster said:

paul-1zjnd said:

Potentially Dave, but seeing some quotes will help me decide which way to go... I tend to change my cars fairly regularly so thought pcp May suit me better?

Changing your cars regularly doesn’t really suit pcp imo!

I would have thought that PCP is more suitable if you change your cars regularly as you are only paying the depreciation plus interest, while with a bank loan you are paying for the total cost of the car. From what has been said here it would also appear the PCPs are more suitable for new cars rather than used.

Edit - Forget everything that I have said. PH maths states that if you have to finance a car then you can't afford it, and should travel by bus with the rest of the plebs

[Scootersp]

Jonno02 said:

Nano2nd said:

why does ownership from day 1 offer a "better option" ?

It's a strange notion people use to justify their purchase method. Circa people that don't lease because you "don't own the car" - whilst owning it outright might net you a greater depreciation loss.

But he is talking about finance vs finance. The bank loan enables you the next day to get a shed and use the cash balance, it lets you swap cars say 3 times that year with no red tape/admin, that's all I believe he's getting at. The bank loan is 'unsecured' is the key, as long as you pay it back you can do what you like (not always ideal for some and possibly more chance of getting into negative equity) which is definitely more flexible?