Does this sound like a good deal?

Daniyella

We are looking to change our car (as its falling apart and costs a fortune to run) and we have been offered this deal, does it sound a good deal or alot on interest etc


PCP on New Car £13,000

Old car Part exchange - £3700
Negative equity £1600 (absorbed into the deal)

Amount financed £14600

£300.87 per month over 48months

Final payment/Guaranteed future value - £4048

interest £3,681 (4% flat rate)

Total payable - £18281.76

smashingyour...

The total payable is £18489.76 is it not?

So what car is it?

DUTR

Daniyella wrote: »

We are looking to change our car (as its falling apart and costs a fortune to run) and we have been offered this deal, does it sound a good deal or alot on interest etc


PCP on New Car £13,000

Old car Part exchange - £3700
Negative equity £1600 (absorbed into the deal)

Amount financed £14600

£300.87 per month over 48months

Final payment/Guaranteed future value - £4048

interest £3,681 (4% flat rate)

Total payable - £18281.76

48*300.87 = 1441.76
then plus your ballon payment totals 18489.76 and that doesn't even include your deposit and px, I would sway anybody from having a new car at least once, but at least make sure you can comfortably afford it, and if you can, then you wouldn't be asking the question?
On top of that , it depends what car it is, often these PCP things run like up to 33% deposit, balance financed over x years but payments are deffered so only half the amount is paid back leaving a ballon payment.

Daniyella

Hiya thanks for your quick reply its a not a brand new car its used Nissan Qashqai Tekna

Daniyella

Deposit is £300 too sorry

Ultrasonic

Nobody can really say if it is a decent deal without you telling us what the potential new car is, and what you are trading in.

You could also get a perfectly decent second hand car for a lot less than the £22k £18.5k you're looking to spend here. It all depends what your financial priorities are.

smashingyour...

Daniyella wrote: »

Hiya thanks for your quick reply its a not a brand new car its used Nissan Qashqai Tekna

And you think it's worth 22k?

How old is it and how much are they new?

Daniyella

My financial priorities are cheap running costs from day to day, my partner is paying for the car and we can comfortably afford £300 but its me that will be putting fuel into it and i do 100miles a day 3 days a week to work, so i want something economic and the Qashqai does 55mpg my trade in was a 2007 Grand Vitara which struggled to do 30mpg, my insurance on the new one will be £19 per month before this it was £34 so i tidy saving there too not to mention road tax is half the price of the GV at £120 a year rather than £260 odd!

smashingyour...

So 22.5k for a second hand one when a new top spec one is 23k.

Don't sound too good does it?

Daniyella

smashingyour... wrote: »

And you think it's worth 22k?

How old is it and how much are they new?

Just under £24k new

Ultrasonic

Daniyella wrote: »

Hiya thanks for your quick reply its a not a brand new car its used Nissan Qashqai Tekna

Do you need a car with a high ride height and (depending on model) 4WD? If not, then I'd recommend saving yourself some money and buying yourself a better car by picking one with a more conventional shape/design.