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Buy existing car on PCP, or take out new deal?? Bamboozled !!
the_wheels_have_fallen_of
Posts: 199 Forumite
in Motoring
HELP and advice gratefully received PLEASE!
Have spent a lot of time searching previous forum posts regarding PCP versus Personal Loan etc but cant seem to find someone in a similar situation to me.
Here's the deal.
1. Currently have an existing VW Scirocco on a PCP. Two year deal runs out in March. Original cost of car = £21,869 and put in £3000 deposit leaving £18869 with a final payment of £12,224.70 due March 2013. Original APR was 7.9%. Currently paying £389 per month for an 18k miles per annum deal (and I do do that mileage)
2. I could purchase at £12,224 with a loan from Tesco finance over 3 years at a cost of approx £370 or somewhere near that. So car would be 5 years old when it was paid off.
3. VW have offered me a new Scirocco (same spec GT but theyve upgraded the spec now to leather and other things as standard). The car now costs more than it did 2 years at £24,152 after 6% discount. The deal that they have offered me is £14500 for my existing car, giving me £2275 equity, plus £1500 additional deposit they will put in, plus they are wanting another £3000 from me - totalling £6775.00 deposit (more than last time but the car of course more expensive in 2013). That leaves £17377 to finance with a lower final payment than the current PCP of either £10,957 after 2 years or £9,180 for 3 years. The monthly cost will be £408 for 2 years or £340 for 3 years on a 7.1% APR.
OR
4. I could borrow £18,877 from Yorkshire Bank at a rate of 7.4% APR (thats me putting in another £3,000 plus the £2,275 equity thats in the car - total deposit £5275). YB personal loan would cost me £375.63 for 5 years for a brand new car
Am completely bamboozled at what to do next for the best - any advice very much welcomed from peeps who have been at this crossroads before with an existing PCP... Im hardly thick but not exactly mathematician of the year and am really struggling to work out which would be in my best interests...
HELP or suggestions of any other different ways to do the deal....
YF Bamboozled VW Driver !
Have spent a lot of time searching previous forum posts regarding PCP versus Personal Loan etc but cant seem to find someone in a similar situation to me.
Here's the deal.
1. Currently have an existing VW Scirocco on a PCP. Two year deal runs out in March. Original cost of car = £21,869 and put in £3000 deposit leaving £18869 with a final payment of £12,224.70 due March 2013. Original APR was 7.9%. Currently paying £389 per month for an 18k miles per annum deal (and I do do that mileage)
2. I could purchase at £12,224 with a loan from Tesco finance over 3 years at a cost of approx £370 or somewhere near that. So car would be 5 years old when it was paid off.
3. VW have offered me a new Scirocco (same spec GT but theyve upgraded the spec now to leather and other things as standard). The car now costs more than it did 2 years at £24,152 after 6% discount. The deal that they have offered me is £14500 for my existing car, giving me £2275 equity, plus £1500 additional deposit they will put in, plus they are wanting another £3000 from me - totalling £6775.00 deposit (more than last time but the car of course more expensive in 2013). That leaves £17377 to finance with a lower final payment than the current PCP of either £10,957 after 2 years or £9,180 for 3 years. The monthly cost will be £408 for 2 years or £340 for 3 years on a 7.1% APR.
OR
4. I could borrow £18,877 from Yorkshire Bank at a rate of 7.4% APR (thats me putting in another £3,000 plus the £2,275 equity thats in the car - total deposit £5275). YB personal loan would cost me £375.63 for 5 years for a brand new car
Am completely bamboozled at what to do next for the best - any advice very much welcomed from peeps who have been at this crossroads before with an existing PCP... Im hardly thick but not exactly mathematician of the year and am really struggling to work out which would be in my best interests...
HELP or suggestions of any other different ways to do the deal....
YF Bamboozled VW Driver !
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