Page 4 of 10 FirstFirst ... 23456 ... LastLast
Results 61 to 80 of 199

Thread: New car time

  1. #61
    Oor Willy sideways14a's Avatar
    Join Date
    Apr 2003
    Location
    In cloud Cucold land
    Posts
    34,352
    Rides
    0
    Missing the point, i dont want a second hand car again i have had it with fixing stuff. I also dont want an old car again. If something goes wrong with a 911 your anus gets opened up like the channel tunnel, heck my BM has cost me loads to fix.
    Also remember that at the end of the period you hand the car back and, assuming you did your homework, you take a lump sum from its sale into the next pcp deal as the deposit.

    Edited to say thats a 10k mileage deal.

  2. #62
    Head Mod Scottie's Avatar
    Join Date
    Oct 2001
    Location
    St. Helens / Snowdonia
    Posts
    16,929
    Rides
    0
    Ok, but for that 15k you could buy a great 1 year old car, still have the same running costs and reliability, and then after 42 months have an asset worth something.

    I just can't understand lease deals unless there are for business cars.
    2004 - on : 1999 S14a 398bhp 378lb/ft
    2010 - on : 2007 RX8 PZ
    1998 - 2004 : 1991 S13

  3. #63
    Guest DLowe's Avatar
    Join Date
    Sep 2005
    Location
    Stoke on Trent
    Posts
    7,574
    Rides
    0
    I'm with scottie....

    Leasing a private car with no use in business makes as much sense as beastiality.

    Fair enough if a company is contributing most of the costs but to hand 15k+ to ford to look after their asset then hand it back for them to sell on and make more money on with penalties if you damage or use it too much - no wonder they push the ppp deals more than anything else.




    Sent from my SM-G900F using Tapatalk

  4. #64
    Member
    Join Date
    Mar 2004
    Location
    Chelmsford,Essex
    Posts
    24,128
    Rides
    0
    I just bought a brand new car quite similar to the Ford you were looking at for less than 15K cash.

    Scottie has a point.

    Leasing works for people who don't have the capital but its not as cheap as investing your own cash, particularly if you want the flexibility to sell at any time.

  5. #65
    Oor Willy sideways14a's Avatar
    Join Date
    Apr 2003
    Location
    In cloud Cucold land
    Posts
    34,352
    Rides
    0
    If i wanted to buy a new mx5 sport i would need 20k or so, a 20k loan over 4 years is a lot of loot per month, heck even a 1 year old car will still be ~17 or so k
    A 3 and a half year loan for say 18 grand (deposit for 3 say) is still what 450-480 a month, a very big difference.
    Ok you own the car after that, but whats it worth - 8k maybe 9k so thats where your extra 160 quid a month went to, fine if your happy with the extra but imho if i had near 500 to chuck at a car per month i would likely pcp a Focus RS

    PCP is a way of putting people in more expensive cars for less outlay, something like 80% of new cars sales are done like this. Remember you should not walk away at the end with nothing, the deal is supposed to leave you with a decent deposit for the next one as well.

  6. #66
    Member
    Join Date
    Mar 2004
    Location
    Chelmsford,Essex
    Posts
    24,128
    Rides
    0
    Quote Originally Posted by sideways14a View Post
    ... Remember you should not walk away at the end with nothing, the deal is supposed to leave you with a decent deposit for the next one as well.
    I fail to understand where you think the deposit is going to come from.

    Unless the balloon is nominal then you either return the car and have no capital in the car and so no deposit OR you pay the balloon payment of 8K or whatever and sell the car for about that, leaving you with no gain.

    If you want to be able to afford the 8K balloon without taking out a loan, you need to save an extra 190 a month so you have the 8K at the end of 42 months. Then you have an 8K deposit for the next car. but the deal has cost you the PCP payments PLUS 190 a month or about the same as a loan for the whole amount.

    PCP is a good way for people who don't have any spare cash now to get into a better car than they would if they had to get a loan but ultimately, you are no better off at the end of it.
    Last edited by Jonny Wilkinson; 21-01-2016 at 17:00.

  7. #67
    Oor Willy sideways14a's Avatar
    Join Date
    Apr 2003
    Location
    In cloud Cucold land
    Posts
    34,352
    Rides
    0
    In my example the car should be worth around 9 and a half k, if the final payment is 8 and you hand it back you have a deposit for the next one.
    Of course you never actually own the car, but then if you want a new motor ever few years then its fair enough.

  8. #68
    Member
    Join Date
    Mar 2004
    Location
    Chelmsford,Essex
    Posts
    24,128
    Rides
    0
    Oh OK. I wouldn't call "maybe 1500 quid" a deposit after you've put 3k up front on the PCPed car.

    Sent from my XT1032 using Tapatalk

  9. #69
    Oor Willy sideways14a's Avatar
    Join Date
    Apr 2003
    Location
    In cloud Cucold land
    Posts
    34,352
    Rides
    0
    The top spec model is supposed to be 10 and a half after 3 years and 60 thous.. the sport prob just under 10k.
    Trade in for a 3 and half year old sport with 30k on it (10k a year deal) would likely be a little higher due to the less miles, so not loosing out massively on that 3k initial deposit if at all.

    Of course if you hump the alloys, scratch the hell out of it or dent it to buggery then yeah but in good nick its trade in value should leave you with a reasonable deposit for the next car.

  10. #70
    Head Mod Scottie's Avatar
    Join Date
    Oct 2001
    Location
    St. Helens / Snowdonia
    Posts
    16,929
    Rides
    0
    i just see things differently, apart from a mortgage which i overpaid off asap, i only like to buy what i can afford, otherwise you end up always paying off interest to other people. I also don't tend to by new as can't stomach the depreciation...i guess it's horses for courses though
    2004 - on : 1999 S14a 398bhp 378lb/ft
    2010 - on : 2007 RX8 PZ
    1998 - 2004 : 1991 S13

  11. #71
    Guest DLowe's Avatar
    Join Date
    Sep 2005
    Location
    Stoke on Trent
    Posts
    7,574
    Rides
    0
    Seems like a good way to keep you in a loop of pcp, so you never save enough money to own a car outright....

    I know there's the reliability issues but surely a 3yr old good motor that has already lost a load of its worth is the best financial solution?

    I use my volvo as the example - not to everyone's taste but:

    Cash deal 6.5yrs ago for 7.5k, only fault has been a 13 washer pump, been re mapped since the week we got it at 50k miles, now on 136k and just starting slip the clutch in 4th at high load (so first real fault, but due as a service item now)

    But still worth around 3.5-4k if I sell privately... so around 600/yr to own.

    And far more comfy than pretty much any new car on the market, certainly a million times more comfortable and reliable than any new car I could actually afford to buy

    Sent from my SM-G900F using Tapatalk

  12. #72
    Engine Builder Mark's Avatar
    Join Date
    Nov 2002
    Location
    Bas Vegas
    Posts
    93,100
    Rides
    0
    If no one bought new cars there would be no 2nd hand ones

    With PCP you are basically paying the depreciation, it might not make financial sense to some but to others there is more to life than just money. I am fed up fixing dailys, yes you can buy a 2nd hand car thats good as gold for years but you can also buy ones that are a total PITA and there is nothing worse than coming out on a Jan morning at 7am to find out your POS car dont start. Some people are just happy paying a set amount each month, having a new car and knowing if it goes wrong you just ring the dealer.
    Quote Originally Posted by silverzx View Post
    I like Mark, he seems fair.
    Quote Originally Posted by Slip_n_slide View Post
    Mark is right.

  13. #73
    Guest Si's Avatar
    Join Date
    Jan 2005
    Location
    Zanussi service centre
    Posts
    39,308
    Rides
    0
    Quote Originally Posted by Mark View Post
    If no one bought new cars there would be no 2nd hand ones

    With PCP you are basically paying the depreciation, it might not make financial sense to some but to others there is more to life than just money. I am fed up fixing dailys, yes you can buy a 2nd hand car thats good as gold for years but you can also buy ones that are a total PITA and there is nothing worse than coming out on a Jan morning at 7am to find out your POS car dont start. Some people are just happy paying a set amount each month, having a new car and knowing if it goes wrong you just ring the dealer.
    This, all of it. It's a lifestyle choice. It's not 'wrong' or 'right', it's 'what suits me'. The OP is asking about cars, not to be told his choice of how to pay is wrong.
    We could have bought a 911 with what we paid for our Fiesta, but with the way we're doing it we pay a smallish amount per month, and don't have to pay servicing, tyres, road tax, or anything else. We just put petrol in it. It's incredibly liberating. Yes, you pay for the privilege, but it suits us, and we're at the point where money isn't the be all and end all. It's not a 911, which will always hurt me a bit, but it also means I don't have to run a slush fun and keep a stockpile of RMS bearings and spare bores.
    We know categorically what we are paying per month, and then we aren't hit with thing like we are on my other car, where I've just paid out over 600 in one month and had to spend about 15 hours under it. To some people that means a lot.

    There's also a certain irony in people insisting that PCP is a waste of money, on a forum that has basically thrived on modifying old cars
    Last edited by Si; 22-01-2016 at 08:58.

  14. #74
    Oor Willy sideways14a's Avatar
    Join Date
    Apr 2003
    Location
    In cloud Cucold land
    Posts
    34,352
    Rides
    0
    I can see both sides, i have done the buy old car and keep it going... in fact i have done that quite a lot..
    I have done the old car, modding route... er quite a lot. its boring me now.

    Now a 1 year old motor is still a good idea, you can get pcp on nearly new cars and this is an option but not for the mx5 (for instance) as a 8 month old 4k one is almost the same price as a discounted brand spanker.
    A 1 year old gt86 does work better, the financial side is similar to the 5.

    If you do your sums correctly you should end up ok with the deposits and final payment ect.. if you make a mess of your car over the term and rack up twice as many miles as your supposed to then yeah your fecked

    Now.. the real question is...

    Is the MX5 gay.. i have asked about 20 folk this over the past week, about half said.."whats an MX5 " the other half asked when they were getting a free hair cut.
    Of course almost all of the people asked didnt know much about cars

  15. #75
    Guest zeppelin101's Avatar
    Join Date
    Sep 2008
    Location
    Leicester
    Posts
    9,760
    Rides
    0
    Again... who gives a shit what everyone else thinks? If you like it why don't you buy one?

  16. #76
    Head Mod Scottie's Avatar
    Join Date
    Oct 2001
    Location
    St. Helens / Snowdonia
    Posts
    16,929
    Rides
    0
    To answer the two points from Mark (and Si on the 2nd one)

    Firstly, yes somebody has to buy new cars, but this is mostly business users for run of the mills, and very rich people for exotics

    Secondly, and to take into consideration Si's similar point, yes sometimes you just want fixed out goings and the manufacturer warranty, it's nice not to have to fix things, but even going down this route it can be cheaper to get finance other ways, buy a 6 or 12 month old model, that has taken a big hit in depreciation, and still enjoy the benefits of a near as new car with long manufacturer warranty etc. Yes it takes a little more effort that just going into a dealer and let them bend you over a desk whilst you sign, but it works out a lot better financially.

    Thirdly, no the mx5 is not gay, it's just the drivers. Sorry, am only joking, it's a decent handling sports car, albeit softened down and aimed for the mass market, but still a good choice for the daily run...hell I'm running a z3 last few weeks as the daily commuter
    2004 - on : 1999 S14a 398bhp 378lb/ft
    2010 - on : 2007 RX8 PZ
    1998 - 2004 : 1991 S13

  17. #77
    Guest Si's Avatar
    Join Date
    Jan 2005
    Location
    Zanussi service centre
    Posts
    39,308
    Rides
    0
    Thing is though, finance companies offer huge kickbacks to manfacturers on new cars, so it's often not that much cheaper.

    For instance, a 1 year old car the same spec as ours on 10k from a Ford dealer has a ticket price of just 700 less than we were offered a new one for through CarWow, where we could choose spec, colour, etc etc. Using a discount scheme, we actually paid within a few hundred of that 1 year old car.

    As a general rule, you don't get the finance kickback on used cars, and hence it's not as great a deal.

    I used to be hugely sceptical, but once I got my head around the convenience vs the extra cost, it just made more sense for us.

  18. #78
    Member
    Join Date
    Mar 2004
    Location
    Chelmsford,Essex
    Posts
    24,128
    Rides
    0
    Some people seem to have forgotten that not EVERY thread has to be an "I'm right and you're wrong" fight.

    We don't all know the detailed ins and outs of Sideways14a's financial position and personal preference (although we're getting an idea from his constant references to the MX-5 ) so some people have suggested alternatives to PCP for his consideration. OK, some are a little bit of a stretch from PCP e.g. to a 15-yr old Porker but hey, its an idea and it might move his thinking forward.

    My next suggestion is that he could look at cars that are coming to the end of their production run or that have gained an unfair bad reputation. They're likely to be fairly heavily discounted at the dealers.
    I got a brand new, outgoing model Impreza for a little over 20K when the new model was (and still is) undiscounted at 35K.

    Also consider pre-reg cars. The car just I bought was pre-reg but only had 25 miles on the clock, still had all its delivery plastic in place when I test drove it and was (and still is) on the latest year plate i.e. a 65 plate. It was 3K cheaper (without a kickback) than I could get it anywhere else and I could have got a "better deal" if I'd been looking to use the manufacturers finance package.

    I'm not knocking PCP just offering alternatives.

  19. #79
    Oor Willy sideways14a's Avatar
    Join Date
    Apr 2003
    Location
    In cloud Cucold land
    Posts
    34,352
    Rides
    0
    There are some pre-reg deals, you have to be quick and lucky but yes there are ones there that can save a bucket load - if i saw a pre reg or nearly new ae86 for 21 or 22k with decent options i would be on it like a teenager with viagra.

    One of the big attractions on going new with pcp is that there can be a huge discount available, the mx5 i was quoted dropped more than 2k when i started pushing.
    Ok you can also get discounts on second hand cars and nearly new ect but i dont think 10-15% can be found that easily. Well unless your buying a french car
    Anyone buying a new car at list needs there baws felt... you should be looking for 10% off the bat imho.

    Now ... models reaching the end of there run will be a lot cheaper, the right bargain could be there - problem is that your car is worth that bit less when its at the end of your deal period but then if your keeping it longer then not a prob. Same goes for getting a car just before the plate change, i suspect a car bought next month with a 65 plate will be worth a significant bit less on trade in than one a month later with a 16 plate....

  20. #80
    Head Mod Scottie's Avatar
    Join Date
    Oct 2001
    Location
    St. Helens / Snowdonia
    Posts
    16,929
    Rides
    0
    I don't think anyone is seeing this as a right or wrong fight. I'm finding it useful and learning, as people are clearly putting across their points and explaining the thought process behind it
    2004 - on : 1999 S14a 398bhp 378lb/ft
    2010 - on : 2007 RX8 PZ
    1998 - 2004 : 1991 S13

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •