New Car

andys15

Picking up my new car on Wednesday. Why am I not excited? I think its because I have a dreadful feeling that I have not got a good deal. Does anybody else ever feel like this?

JustinR1979

If they did doubt they'd admit to it

SmellyPetrol

What was the deal you got?

andys15

ok. The story goes. I have already done a PCP on a c class merc. The 3 years was up in March, and I was getting a little stressed on what to do. I popped into Mercedes on Saturday to discuss. I was paying £383 a month. I have signed up for a C class again, but now paying £420. It is a diesel, and auto( last c class was a petrol auto), Its the sport version, las t was the AMG kit version. I paid no deposit, but last car was over 3 years and this car is over 4 years. I basically traded my old car in, for the amount due, so no equity either positive or negative.

andys15

oh and last time I put in £1500 deposit, this time no deposit. Merc also last time put in 5k deposit, this time about 2.5k.

JustinR1979

20 grand over 4 years?

andys15

justin. yep with a balloon payment of 13k. I do like PCP, as I am not very good with cars. I enjoy the stress motoring it goes me. I also like to think I have negotiated well. I felt I did 3 years ago, this time, I felt let down on my performance.

JustinR1979

I know little about it, workmate and his mrs do it (or similar), where they keep getting new cars. Whatever set up it is, the longer you do it the more you benefit due to the up front cost.
Like you say just add fuel really, is hassle free.
Personally that 20k would get me a 500bhp V10 M5


Do you not have a cooling off period?

andys15

justin. No cooling off period, as I have since discovered.

andys15

I will do the same again as soon as this runs out, but I think the mistake I have made, is doing it over 4 years. They wouldn't even entertain over 3 years to get me near the price I wanted to pay. Therefore I will struggle to part ex it in 3 years now, as I know I will still be in negative equity. This is where I have made a grave error. I foolishly compared the difference between what i was paying and what I will be paying, and disregarded the fact it is a year longer. I know I needed new tyres for my soon to be old car, and the benefit is that over 3 years, without an MOT needed, I can trade in without that cost, next time I will struggle. Messed up with this one..

SmellyPetrol

I'm pretty sure that under new FCA rules you have to have a 2-week cooling off period.

That does seem like a high price for the vehicle, but not manically high.