£16830
that meens they are charging you £595 for 2 years interest
works out about 3% not bad a all I dont think.
that meens they are charging you £595 for 2 years interest
works out about 3% not bad a all I dont think.
Clio 200 deal advice please
- Thread starter Adamm
- Start date
PCP deals are hit and miss.
I took a bank-loan for my 08 cup. I paid $1k out of my own pocket and loaned $8.0K @ 5% apr.
I'm paying 210 a month for 40 months, after which I own the car outright, no final payment.
I did get a good deal on my car ($9k on the nose cash).
So I'll only have ended up paying $9,400 for a car that was worth more than that at the time of purchase - thus only really losing money on depreciation, not on interest.
I hope some of that makes sense as I have a had a few beers this afternoon..................
I took a bank-loan for my 08 cup. I paid $1k out of my own pocket and loaned $8.0K @ 5% apr.
I'm paying 210 a month for 40 months, after which I own the car outright, no final payment.
I did get a good deal on my car ($9k on the nose cash).
So I'll only have ended up paying $9,400 for a car that was worth more than that at the time of purchase - thus only really losing money on depreciation, not on interest.
I hope some of that makes sense as I have a had a few beers this afternoon..................
The numbers can get a bit confusing
.5k, It will only be used at weekends though so milage isnt an issue.
thats not bad I dont think. also a car 2 years old with 15k on thhe clock maybe worth more than the £9350 so u could get some money back thats if u sold it privately lol
thats if u sold it privately lolYeah It does.
I'm only 20 and have spoken to the bank. No chance of me getting a loan due to my age so that plan is out the window.
I looked at getting a 197 and financing it over 4-5 years but it worked out at just a little less than getting a brand new 200FF. So it made sense to go for the newer one and just hand it back after 2 years as I'll no doubt be bored of it by then. :rain:
thats not bad I dont think. also a car 2 years old with 15k on thhe clock maybe worth more than the £9350 so u could get some money back
Thats also an option...but if its worth less then I just hand it back and let them deal with it.
lol.The option to keep the car is still there if I decide I like it.
6p a mile.
seems okay to me mate.
throw in recaros and ask them to reduce the interest or u will walk away and see what they say.
I got a quote on PCP january 09
£361 pm
10k PA
and a 6k lump some
my old car clio 1.2 plus £1500 of my own money as deposit.
i told them to shove it walked away.
2 days later I went and ordered car but payed cash lmfao. :rofl:
no interest
throw in recaros and ask them to reduce the interest or u will walk away and see what they say.
I got a quote on PCP january 09
£361 pm
10k PA
and a 6k lump some
my old car clio 1.2 plus £1500 of my own money as deposit.
i told them to shove it walked away.
2 days later I went and ordered car but payed cash lmfao. :rofl:
no interest
no not compulsary roy but its advisable as if you did write it off ure left with a big shortfall.
Seems to be a BIG lack of understanding over pcp deals!!
As long as the apr is low they are the best way to own a new car!!
Take the pcp deals on the 250 back in June, the GFV was 15500 and an apr of 4% and a HUGE discount on rrp!! You would be absolutely mad to pay cash for the car!! I seriously doubt the value of a 250 cup will be 15500 in 2 years, probs closer to 13k so that makes you 2500 better off than smug "I own my car" man!!
My car was £500 cheaper on the pcp than a cash sale and I also know the max amount I could loose over 2years!!
I have only had 1 car out of 10 more than 2 years so handing it back will be no big deal and even if I want to sell before hand I'm still 500 quid better off from taking the pcp!!
As long as the apr is low they are the best way to own a new car!!
Take the pcp deals on the 250 back in June, the GFV was 15500 and an apr of 4% and a HUGE discount on rrp!! You would be absolutely mad to pay cash for the car!! I seriously doubt the value of a 250 cup will be 15500 in 2 years, probs closer to 13k so that makes you 2500 better off than smug "I own my car" man!!
My car was £500 cheaper on the pcp than a cash sale and I also know the max amount I could loose over 2years!!
I have only had 1 car out of 10 more than 2 years so handing it back will be no big deal and even if I want to sell before hand I'm still 500 quid better off from taking the pcp!!
Last edited:
As for the deal itself, my list was £1k more and the price was £1k cheaper!
£1500 off?? I'd laugh in his face!!
£1500 off?? I'd laugh in his face!!
I've got mine on PCP too, without doubt the best way to buy a new car for all the reasons PB and others have mentioned. Interest rate has to be low, like Renault have been offering, to make it truly worthwhile. Which they have been. Mine is at 4.5% i think, which is amazing.
My cars retail was over £20k, obviously paid well less than that, put a few £k deposit down (again on PCP and more than 20% a high deposit is pointless). Monthly repayments are low. GFV is good (cant remember exact figure).
My cars retail was over £20k, obviously paid well less than that, put a few £k deposit down (again on PCP and more than 20% a high deposit is pointless). Monthly repayments are low. GFV is good (cant remember exact figure).
Y wud it be 500 less? Oh and its not a bank loan
It's to do with dealer contributions etc, so it won't always be the case.
In my case the dealer could do £500 less for the pcp over cash or hp!
This is the first car I've ever bought on finance, I've always saved and paid cash.
Every single way I've looked at it, I can't find a reason why this particular PCP isn't the best way of buying a new 200. They depreciate like a rotting peach and because so many get sold on PCPs you're always competing with dealers giving them away. Meaning unless you have cash, a 2 year old car can be more expensive to buy than a new one, so why would someone buy your used one?.. look at the trouble people are having shifting 197s and the hit they've taken.
Ignore what it costs and what it's worth, you're just paying the depreciation @ 4.9%, with the GFV offset costing you nothing, that's all.
If you loaned the money, and sold in 2 years time, you'd have lost the depreciation and the extra you've paid on a loan for the full amount @10%.
People also seem to think you're locked into the deal too, you can give the car back at any time, you'll just lose the deposit and a month's payment. If you can't afford a loan any more, you've got to sell the car and pay it off, then you're in the realms of negative equity.
Every single way I've looked at it, I can't find a reason why this particular PCP isn't the best way of buying a new 200. They depreciate like a rotting peach and because so many get sold on PCPs you're always competing with dealers giving them away. Meaning unless you have cash, a 2 year old car can be more expensive to buy than a new one, so why would someone buy your used one?.. look at the trouble people are having shifting 197s and the hit they've taken.
Ignore what it costs and what it's worth, you're just paying the depreciation @ 4.9%, with the GFV offset costing you nothing, that's all.
If you loaned the money, and sold in 2 years time, you'd have lost the depreciation and the extra you've paid on a loan for the full amount @10%.
People also seem to think you're locked into the deal too, you can give the car back at any time, you'll just lose the deposit and a month's payment. If you can't afford a loan any more, you've got to sell the car and pay it off, then you're in the realms of negative equity.
Last edited:
Also even if you have cash I'd would advise a pcp just for the gfv!
Assuming a low rate of 3.5 in my case you could put the cash you would have paid into an account that pays 3.5% net! Yes more of a struggle these days but far from impossible. You would then have the knowledge you would never loose more than x amount over the term!
Assuming a low rate of 3.5 in my case you could put the cash you would have paid into an account that pays 3.5% net! Yes more of a struggle these days but far from impossible. You would then have the knowledge you would never loose more than x amount over the term!
It all depends if you are going to keep the car or not. If you are keeping it long term then either option to purchase it is fine. If you are the type who gets bored easy and will change car often, then it is more of an issue.
I bought my car on pcp. But I am keeping it. Hence, it doesnt matter what mileage I do, or what I do to my car.
I bought my car on pcp. But I am keeping it. Hence, it doesnt matter what mileage I do, or what I do to my car.
