[Finance] Car Finance advice

[Paulie Gualtieri]

I am currently in the market for a new car and looking at PCP or PCH for the first time, more likely PCH.

Having no experience with either product could the good folk of NSC offer any advice, considerations / pitfalls to look out for, in particular

Haggling - assuming normal car purchase options apply and will be expected from the dealers. Assume this maybe cash saving , servicing thrown and maybe trim upgrades (if leasing from a manufacturer directly)

Deposit vs Monthly payment. Obviously putting down more upfront saves on interest but is there an optimised approach for overall value for money?

Servicing - Is this typically from an approved list or do you typically have freedom to chose,

Motor Insurance - Any issues with being the registered keeper but not owner?

Budget is £300-£350 a month, able to put £2k down and would like a German / Japanese SUV, I like the Lexus RX however a bit concerned about the CAT thefts which I understand are quite brazen in broad day light and costly.

Thanks


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[bhanutz]

If you can, wait till March if buying new... you will get the best deals then!

 

[Paulie Gualtieri]

If you can, wait till March if buying new... you will get the best deals then!

I am torn between new and a couple of years old, the latter probably.

Assuming waiting till March as they will want to shift older stock with the new 21 plates coming in?


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[Timbo]

We're on our 3rd car now from Ford on a PCP. We have a lovely 6 month old titanium focus, paid no deposit, have a service plan and pay around £300 a month. It's just not worth owning a car now.

 

[carlzeiss]

I am currently in the market for a new car and looking at PCP or PCH for the first time, more likely PCH.

Having no experience with either product could the good folk of NSC offer any advice, considerations / pitfalls to look out for, in particular

Haggling - assuming normal car purchase options apply and will be expected from the dealers. Assume this maybe cash saving , servicing thrown and maybe trim upgrades (if leasing from a manufacturer directly)

Deposit vs Monthly payment. Obviously putting down more upfront saves on interest but is there an optimised approach for overall value for money?

Servicing - Is this typically from an approved list or do you typically have freedom to chose,

Motor Insurance - Any issues with being the registered keeper but not owner?

Budget is £300-£350 a month, able to put £2k down and would like a German / Japanese SUV, I like the Lexus RX however a bit concerned about the CAT thefts which I understand are quite brazen in broad day light and costly.

Thanks


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Insurance will be the same whether you pay cash or not . Got rid of my Toyota Hybrid earlier this year due to cat thefts , would check on the Lexus owners site before considering purchase .
https://www.lexusownersclub.co.uk/

Always use a main franchised dealer for servicing a car under manufactures warrantee

 

[NooBHA]

Lease a Brand new Car. They are usually 4 year lease but try and get 2 years Lease covered by 2 year Warranty.

Don't put anything down. Save your £2k to make towards the monthly Payments.

Change your Lease every 2 years. You will always have a virtually new car from here on in and never have to have a car repair ever again if you always keep it covered by Warranty.

You never have a problem of having to sell the car on further down the line.

Takes most of the stress out of Car Ownership. Some Leases you can even negotiate Insurance in the Agreement with some Leasing firms because they negotiate cheap deals with Insurance Companies.

 

[A mex eyecan]

If you can, wait till March if buying new... you will get the best deals then!

That may not be the case right now. There are dozens of deals out there to be had.

I’ve been trying to order 3 new vans for work to be delivered new year, All lenders are predicting a 10% price hike tariff after 1st Jan owing to Brexit so maybe waiting for March may not be best route??

 

[bhanutz]

I am torn between new and a couple of years old, the latter probably.

Assuming waiting till March as they will want to shift older stock with the new 21 plates coming in?


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I heard it was also about end of quarter quotas too. I got a really big discount on mine at the end of March..

 

[Barham's tash]

Recently [12 months ago] elected to do the same via PCH.

£320 a month, including service plan, the usual gubbins [5 replacement tires, paint protect BS etc] for a brand new Sportage.

Haggled hugely on the price and so far very happy. Likely to trade in for the Nero in 12/18 months.

 

[bhanutz]

That may not be the case right now. There are dozens of deals out there to be had.

I’ve been trying to order 3 new vans for work to be delivered new year, All lenders are predicting a 10% price hike tariff after 1st Jan owing to Brexit so maybe waiting for March may not be best route??

Hadn’t factored brexit into it. Wouldn’t be surprised if we had a one year extension on Brexit though... not to turn this political but I would put money on it at the moment

 

[Eggman]

Lease a Brand new Car. They are usually 4 year lease but try and get 2 years Lease covered by 2 year Warranty.

Don't put anything down. Save your £2k to make towards the monthly Payments.

Change your Lease every 2 years. You will always have a virtually new car from here on in and never have to have a car repair ever again if you always keep it covered by Warranty.

You never have a problem of having to sell the car on further down the line.

Takes most of the stress out of Car Ownership. Some Leases you can even negotiate Insurance in the Agreement with some Leasing firms because they negotiate cheap deals with Insurance Companies.

Any recommendations on leasing companies?

 

[NooBHA]

Any recommendations on leasing companies?

I don't mate. The ones I have come across all deal with Companies I work with who lease several vehicles and change every 4 years .

Go to several Dealerships and find a Vehicle.

Those Dealerships will have several Leasing firms they deal with.

Tell them what type of deal you are hoping to attain.

The Dealership will do some calling around the Leasing Firms for you. You might not get everything you want but if you are willing to shop around quite a few Car Dealers. Even if they don't meet you all the way you will get some who will bend to some of the Terms you are after.

 

[thedonkeycentrehalf]

I have used CarWow a couple of times. You can get quotes from them for both PCP and outright purchase from various places. My previous car I picked up from a dealer in Bury St Edmunds as they gave me a much bigger discount than any of the local dealerships.

 

[sully]

I have used CarWow a couple of times. You can get quotes from them for both PCP and outright purchase from various places. My previous car I picked up from a dealer in Bury St Edmunds as they gave me a much bigger discount than any of the local dealerships.

This is a good point. Don’t ignore shopping nationwide, though not quite so easy currently. Our last few cars have been bought (PCP) from various places around the country and you can switch the servicing to your local dealership. I was lucky that I only had to go to Chichester for my current car but my wife’s was purchased in Derby and we’ve previously bought in Poole (when living in Cornwall) and Ashby-de-la-Zouch.

Still haggle and ask for extras even when you’ve found the best deal!

 

[Springal]

Look at Leaseloco for leasing deal. Gives you good idea on how good a deal is. Carlow is a good way to get lots of quotes on a car to.

Generally the lease market is pretty poor at the moment. Most manufacturers are struggling with demand as it is without needing to discount and lenders are nervous on peoples job security. Also as it stands with Brexit could be a hefty charge on the way in January. I have an Audi on lease due back this month but going to extend for 6 months as nothing around.

Be careful with PCP, most dealers are sneaky and will fudge a deal to make it look good. I’d avoid PCP on a used car unless you can get a good warranty. At least with new you get 2-3 years as minimum

 

[Hugo Rune]

I am currently in the market for a new car and looking at PCP or PCH for the first time, more likely PCH.

Having no experience with either product could the good folk of NSC offer any advice, considerations / pitfalls to look out for, in particular

Haggling - assuming normal car purchase options apply and will be expected from the dealers. Assume this maybe cash saving , servicing thrown and maybe trim upgrades (if leasing from a manufacturer directly)

Deposit vs Monthly payment. Obviously putting down more upfront saves on interest but is there an optimised approach for overall value for money?

Servicing - Is this typically from an approved list or do you typically have freedom to chose,

Motor Insurance - Any issues with being the registered keeper but not owner?

Budget is £300-£350 a month, able to put £2k down and would like a German / Japanese SUV, I like the Lexus RX however a bit concerned about the CAT thefts which I understand are quite brazen in broad day light and costly.

Thanks

How is your search going?

I recently clocked my 11 year old Octavia and have decided that now is the time to move on. I’m looking at leasing and have seen quite a few good deals, I found that PCH is generally around £100pm cheaper than PCP and I’m really not bothered about handing the car back in 4 years time.

 

[Paulie Gualtieri]

How is your search going?

I recently clocked my 11 year old Octavia and have decided that now is the time to move on. I’m looking at leasing and have seen quite a few good deals, I found that PCH is generally around £100pm cheaper than PCP and I’m really not bothered about handing the car back in 4 years time.

Still looking, won’t be in a position to act until December but seems to be a few offers out there.

Hand wondered how the 2030 news would impact the less market and whether payments would go up to offset the loss of value in 9 years time


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[Hugo Rune]

Still looking, won’t be in a position to act until December but seems to be a few offers out there.

Hand wondered how the 2030 news would impact the less market and whether payments would go up to offset the loss of value in 9 years time

I found that the leasing search on CarWow was very useful indeed.

Looking at some sort of VW variation SUV.

It seems that all lease companies use a separate lender and separate supplier, they pay for the vehicle tax-free and they all draw from the same stock from suppliers who make a number of cars available to the lease market.

 

[Weststander]

Any recommendations on leasing companies?

I’m three and half years into a four year personal car lease through:
https://www.nationwidevehiclecontracts.co.uk/car-leasing/bmw
Very competitive at the time, a wide range of makes, I’ll look for my next car with them, or this firm which also stood out.

https://www.leasingoptions.co.uk/car-leasing

These are neither the dealer or the actual finance house eg Black Horse, but that’s fine, you have no dealings with either, just a car delivered to your door.

 

[Paulie Gualtieri]

Just to update decided on a new Tiguan R line (Delivery next week) via PCH (via a broker on Carwow) managed to get it at £300per month over 4 years with 3 payments upfront and the deal included maintenance at £ 20 p/m for tyres, brakes anything mechanical, servicing and MOT in addition to the 3 year warranty.

Also managed to sell my 18 year old X5 for £2,000 today, which was probably the bigger win!

Does anyone have any views on lease GAP insurance?

Found a quote for 3 years at £140 which will cover the majority of the depreciation over 3 of the 4 years. Seems sensible but open to challenge.

Thanks

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