PCP on nissan juke is it a good offer?

terryrach

Hi

I have been looking at a new nissan juke which is £14,995. The deal i was offered was £2000 deposit from me £2000 from the dealer. Monthly payments of £185 for 36 months and a final payment of £6,400. Im new to the PCP way of doing things! is the £2000 dep from the dealer the same as reducing the price of the car by £2000?

I think i will trade in the car at the end of the 3 years rather than pay the final amount.

I dont think this is a bad deal... what about everyone else?

Thanks in advance!

Chris_Hinds

This is much easier to calculate using the APR if you know it however... it's like this

You will pay: £6400 + (£185 * 36) + £2000 = £15060 total

We also know you pay £2k up front and have £13060 left to pay on borrowing £10995. Thus your cost of finance is £2065 total. This works out as an approximate APR of 7.75%... not terrible by any means for secured finance.

Yes the £2k from the dealer is the same as reducing the price of the car by £2k, more or less the same cost as the finance, so basically you can either consider it getting 0% finance and paying full price for the car or you can look at it as getting £2k off the purchase price.

Main thing is... are you happy with the deal? If you are then get it bought if it suits you and your circumstances currently. If not then consider again. Also consider what you will do in 3 years time, trade or buy it.

Looked online at Drive the Deal and they are offering the Juke 1.6 Accenta (£14995) for £12292.60 at the moment and there's some text underneath saying:

The quoted prices on all models (except Visia) include a £700 discount which is conditional upon you taking out PCP finance at 6.9% APR Representative over 42 months with no minimum deposit. Terms and conditions apply. The dealer that we put you in touch with will arrange the finance if required. Subject to Status. Written quote available on request. If you do not wish to take out this finance then you will need to add £700 to the prices that we quote online.

Alternatively, Nissan are also marketing:
1. 4.9% APR Representative Hire Purchase finance available over 36 months with a 30% minimum deposit.
2. 0% APR Representative PCP finance available over 36 - 42 months with a deposit of between 20% - 30% of the cost of the car.
If you would like any of the above offers please telephone us on Tel: 01628 472276 or 08456 262626 to discuss it.

Please note there is a 3 years servicing plan plus 3 years Roadside assistance package available for just £299 (4.9% HP or 6.9% PCP deals only). If you wish to buy this pack then you will need to add £299 to the prices we are quoting. Terms and conditions apply.

Quotes and offers are for cars ordered between 2 July - 28 September 2012.

So that would work out a little bit cheaper overall and if your deposit could stretch to £2500 then you'd get it interest free and that would be better still.

Have used Drive the Deal before and had a good result though my last car was bought through a main dealer.

terryrach

Thanks Chris

That’s a great explanation! The Apr is 6.9 so you’re nearly spot on, do you know if it’s worth pushing for more discount? I have haggled a fair bit to get it to this stage. I’m happy with the deal, i could get a corsa for £50 a month less but it’s just not the same quality of car

Chris_Hinds

As I said, if you are happy then you should go for it. If the dealer thinks that moving another £100 will close the deal he may be able to, but like all these things in life, when we are buying we want the lowest possible price, when we are selling we want the highest possible price. On that basis I've always stopped at what I feel is a "good deal" for me.

daveyjp

Just ensure the Juke meets the demands you may put on it. If you ever need to use the boot for more than a single suitcase it will drive you mad as the boot is next to useless.

With a PCP swapping a car you bought in error gets expensive.