PCP Car Financing

lavalamp1

Hi all,

I am looking to purchase either a brand new car or an approve used one and wanted to see everyone's opinion on getting it on either hire purchase of PCP. Speaking to the sales people, they are very pushy when making initial enquiries so I thought I would get another opinion.

I am looking to buy a Mercedes, approved used around 15-16K or Brand new 33K. Deposit 5K.

How much are people paying per month? Have the dealers played any tricks?

Foxy-Stoat_3

If your planning a new mortgage I would not buy anything until you complete...then spend spend spend !

Back on topic, I was offered a 2 year old C Class Merc for around £300 a month on a HP for 5 years with one of the car supermarket places. Very low interest rate with only a £500 deposit.

Decided not to buy it in the end and bought a much cheaper car and not regretted it.

Buy a used one for half the price!

=rizla=

lavalamp1 wrote: »

I am looking to buy a Mercedes, approved used around 15-16K or Brand new 33K. Deposit 5K.

You are likely to be paying a similar monthly amount, especially is low/no interest on the new one, and if the dealer has more ability to drop the price on the new one.


Used £15k - £5k deposit ~£300/month


New £33k - ~£12k MGFV, - £5k deposit ~£400/month, but depending on the car you may well get £5k off the list price, look at broadspeed for a very rough idea what could be knocked off.


After 3 years you could own a 6 year old Mercedes.


Or you have a 3 year old Mercedes with a £12k bill, or you walk away with anything from nothing to a few thousand pounds.

lavalamp1

Car purchase will definitely happen after the mortgage! Just fed up with EA's atm!

Could perhaps buy the car outright at 15K,pay 5K cash and put the rest on a 0% purchase credit card.

Foxy-Stoat_3

That would be a cheaper way of doing it, as long as you clear the £10K before the 0% period runs out and the dealer accepts the CC as part payment and the CC's interest free offer supports buying a vehicle in this way for long enough for you to clear the balance.

Maybe a saver way is a low interest HP loan.