PCP on a used car?

[spud_9]

Hi all

Long time lurker, first time poster.

I’m in the market for a new (used) car and trying to figure out the best way to fund it.

Ideally, I would like to get something newer on a PCP but navigating with a set monthly budget is a nightmare, as it varies so much depending on the car.

The alternate is to get a slightly older car, on a hire purchase or bank loan but then lose out on some features/requirements I would like.

My car criteria is generally;

- 3.0 Petrol and above engine
- Coupe, Saloon, SUV
- Under 60k miles
- Automatic
- Something special
- Ideally below £400pm with 2k down
- Apple CarPlay would be a nice to have

Current contenders would be a 540i, Audi S5 or similar. Just not sure if right now is a terrible time to go PCP

thank you

[Edible Roadkill]

fk pcp on a used car.

Tesco bank will likely (if your credits ok) lend you £17.5k over 4yr at around £400mnth.

So nearly 20k to play with your 2k down.

You’ll own the car at the end also.

[PistonTim]

As above, you'll be looking at something around £19k total cost for £400 a month on PCP (with probably a final payment around £9k to keep the car based on a 48 / 10,000 mile deal) or considerably older or lower value on HP to keep within budget albeit no final payment to purchase.

With those types of car youre looking at something 6ish years old so mileage may be an issue as used car prices are crazy.

I'd go with bank loan if you can get it.

[AliMc99]

As above, PCP’s generally a poor idea on a used car as APR is normally north of 10%. If you really must use a broker like Oracle- who will almost certainly be cheaper than a dealer.

[Daaaveee]

Bank loan for sure. Yes you could get something a bit better for the same monthly on a used car PCP deal at much higher interest rate, but you'll be paying significantly more for not a lot extra.

[Earthdweller]

Find out what rate personal loan you can get then base it on that

£400 should get you £18-20k over 48/60 months even at the higher bank rates at mo ( HSBC is currently 4.8%apr)

You will always be able to sell and you will have equity in it and after 4 years you’ll own it outright instead of having to pay a final settlement to own it

[ZX10R NIN]

As above see what you can get rate wise over 4 years with a 2k deposit & go from there.

[Denno B]

Pcp is serious no go imo while rates are 10%+, if you look at the total cost in interest alone it can be eye watering.
As others have said bank loan is the way to go at the minute.

[georgeyboy12345]

spud_9 said:

Hi all

Long time lurker, first time poster.

I’m in the market for a new (used) car and trying to figure out the best way to fund it.

Ideally, I would like to get something newer on a PCP but navigating with a set monthly budget is a nightmare, as it varies so much depending on the car.

The alternate is to get a slightly older car, on a hire purchase or bank loan but then lose out on some features/requirements I would like.

My car criteria is generally;

- 3.0 Petrol and above engine
- Coupe, Saloon, SUV
- Under 60k miles
- Automatic
- Something special
- Ideally below £400pm with 2k down
- Apple CarPlay would be a nice to have

Current contenders would be a 540i, Audi S5 or similar. Just not sure if right now is a terrible time to go PCP

thank you

You need to specify the length of the loan period. Is this £400pm over a year or 4 years?

[soxboy]

If you bank with Halifax or Lloyds they offer PCP used car finance at much lower rates than dealer finance.

Edited by soxboy on Sunday 21st May 17:52

[CG2020UK]

Not sure it’s special but then neither is an S5 or M540i but an M235i fits that brief 100%.

Get a personal loan from the bank.

Interest rates on used PCPs are a joke!

[spud_9]

So the consensus seems to be toward bank loan. I’ve only really looked at cars I could get via the PCP route so can you guys suggest some that fit the bank loan route?

Assuming around 20k
Not fussed on age
Minimal bork factor
3.0 Petrol + Bigger engines
Automatic
Coupe/Saloon/SUV

I saw the 235i suggested but really not a fan of the 1/2 series

Thanks!

[Edible Roadkill]

You mentioned S5, 20kish would get you in a 16plate with 30k miles.

https://www.autotrader.co.uk/car-details/202304286...

16 plate 340i with 30k miles

https://www.autotrader.co.uk/car-details/202304146...

If it were me I’d probably get a big merc, E class 400 or something thereabouts.

https://www.autotrader.co.uk/car-details/202303175...

[Fusion777]

435/440i.

[ZX10R NIN]

E400 Coupe

440/435i

S5

640i

[spud_9]

What is the consensus on the Jag XK’s? I’d be looking at a 2009/2010 model

I know literally nothing about these cars but do like the way they look. Are they potential money pits? What’s the spec to go for? Which engine as well?

[Silvanus]

Kia Stinger