PCP finance Calculator Spreadsheet - Comments opinions

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RDG
RDG Posts: 214 Forumite
in Loans
Guys,

Having recently been looking for a new car for Mrs RDG I found it frustrating that I couldn't quickly calculate the cost of PCP finance, ie the interest paid over a year etc. So Ive built a spreadsheet on Google Docs which I think works but Id like some opinions or people to run it against real quotes.

Heres the link
https://docs.google.com/spreadsheets/d/13IFKCBQ7v5-Tw1AfDOW_g5mmpLWMvNw1nnypf8Xw-Z8/edit?usp=sharing

The intention is to then add comparisons to bank loans and other financing options, although setting the GMV to 0 should give you a HP option straight off.

Thanks in advance.
«13

Comments

  • Paully232000
    Paully232000 Posts: 2,108 Forumite
    edited 5 December 2014 at 3:17PM
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    I used this
    http://www.pcpcal.co.uk/

    when i put in my actual figures from the car I have it came out with the same figures as your chart, and both within a few £ of what i actually pay per month

    Would it be good to have a total amount payed over the life of the agreement (or is it there and I just didn't see it:) )
  • RDG
    RDG Posts: 214 Forumite
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    Thanks Paully glad its working for more than just the one example I have.

    Thats a good point Il add that to the top.

    Yeah i found that calculator as well but I wanted to see what the remaining sum was at different points. That way you can see when you might be out of negative equity.

    My intention is that I can use it on my phone when at a dealers to see what effect changing the deposit amount will be, and seeing what target monthly payments to suggest when negotiating.
  • Paully232000
    Paully232000 Posts: 2,108 Forumite
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    Sorry should have said, it is great chart and gives so much more info than the website above.
  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
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    Put my details in and it came out perfectly as far as I can tell (give or take a few pence).

    Great work, really interesting to see how much gets paid to what each month.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
  • RDG
    RDG Posts: 214 Forumite
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    Right, its taken more work than I would have liked but the total interest for the term now works. Its my fault for trying to make it so you can do anything between 1 and 60 months.

    britishbloke yeah it is really interesting to see how these things actually work. Obviously paying interest on the full loan amount including the final payment for the term makes the sums more difficult than a simple loan.

    If theres any other information people think will be useful then let me know and Il try and incorporate it.
  • kuohu
    kuohu Posts: 913 Forumite
    First Anniversary
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    RDG wrote: »
    My intention is that I can use it on my phone when at a dealers to see what effect changing the deposit amount will be, and seeing what target monthly payments to suggest when negotiating.

    Excellent work, I bet the sales men/women love you! :j
    DFW Nerd 035
  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
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    RDG wrote: »
    Right, its taken more work than I would have liked but the total interest for the term now works. Its my fault for trying to make it so you can do anything between 1 and 60 months.

    britishbloke yeah it is really interesting to see how these things actually work. Obviously paying interest on the full loan amount including the final payment for the term makes the sums more difficult than a simple loan.

    If theres any other information people think will be useful then let me know and Il try and incorporate it.
    The best thing to do when buying a new car is to go in on the last day of a quarter and be prepared to sign for a car there and then. Trust me, they will sell the car to you at an insane discount just to meet their quota. Quarters end at the end of March, June, September and December.

    The next point is to go in and talk like you're going to be buying the car in cash. Negotiate down the cash price, then when you decide you're at a figure you're happy with, ask about their finance options. They'll sell the car to you at the same price.
    kuohu wrote: »
    Excellent work, I bet the sales men/women love you! :j
    I don't think they're a fan of any MSE'er, haha.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
  • S1XGD
    S1XGD Posts: 1 Newbie
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    RDG thanks for the spreadsheet. It proves I'm not going bonkers!

    Been researching a new Peugeot 308 for 2 weeks now and have a pretty sound idea of the deals out there (my domestic director is due to change her 208 after 36 months in a PCP deal). After a few telephone conversations with one dealer I visited today for a test drive.

    Upshot is the monthly figures didn't stack up against the car we spec'd even after accounting for our deposit, dealer discount, Peugeot loyalty bonus and 0% finance. Your spreadsheet confirms this and I've even sense checked it against the Peugeot dealers own calculator. If need be I'll use this as a stick to bring them round to my way of thinking
  • RDG
    RDG Posts: 214 Forumite
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    Just a quick update for those that use this and it appears to be a lot of people judging by the number of access requests Ive had since I took it down.

    Ive taken the sheet down temporarily as through over a years use it had been modified by others quite a bit and had lost some of its functionality. I also noticed that there have been occasions when multiple users have tried using it at the same time which doesnt work. So Im looking at using google forms to create an input and out put system which should let multiple people use it at the same time.

    Again if anyone has any ideas about how to improve it once it is up and running again please let me know.
  • future_252
    future_252 Posts: 32 Forumite
    First Anniversary Combo Breaker
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    Hi RDG, I wonder if you could give me access to your PCP calculator? I tried following your link but it won't let me amend the figures at all, appears to be 'read only'.
    Thinking of changing my car but have no idea what PCP payments might be and want to be armed with some info before I step anywhere near a dealer! Thanks in advance
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