Seat Ibiza PCP

afcj

Morning all,

Hoping someone can clarify whether or not this seems to be a good deal from Seat on an Ibiza TOCA.

http://www.seat.co.uk/offers/new-cars/ibiza-family/ibiza-sc.html

Based on 10k miles per annum over 4 years, with a £2685.29 deposit the monthly payment would be £79. Including the acceptance fee I make that little over £6600 for the 4 years motoring, I probably wouldn't be looking to purchase it at the end of the 4 years but would hopefully trade it in for another new model.

At the moment I drive an 11 year old car with 84k on the clock, so far in the past 12 months I've spent little over a grand on repairs and it's not far off needing an MOT where I'm fearful more bills will arrive. I value my current car around £2000, and the remaining £685.29 for the deposit isn't a problem. Once the large deposit is out the way £79 a month seems like a 'no brainer' for a nice new car, with no worries about an MOTs, repair bills etc. for the first few years. I should also save a few quid on petrol as I'm currently driving a thirsty 2.0!

Can anyone help with why this might be a 'bad' idea and I should either find a PCP deal with a lower deposit / higher monthly payments (i.e. I noticed another deal on the same car, £500 deposit £122 a month, based on 5k miles per annum, the figures may make it around £150 a month on 10k miles but more money in the bank from the smaller deposit) or even just look for another used car around the 5k mark and avoid the finance route altogether?

Many thanks in advance.

motorguy

afcj wrote: »

Morning all,

Hoping someone can clarify whether or not this seems to be a good deal from Seat on an Ibiza TOCA.

http://www.seat.co.uk/offers/new-cars/ibiza-family/ibiza-sc.html

Based on 10k miles per annum over 4 years, with a £2685.29 deposit the monthly payment would be £79. Including the acceptance fee I make that little over £6600 for the 4 years motoring, I probably wouldn't be looking to purchase it at the end of the 4 years but would hopefully trade it in for another new model.

At the moment I drive an 11 year old car with 84k on the clock, so far in the past 12 months I've spent little over a grand on repairs and it's not far off needing an MOT where I'm fearful more bills will arrive. I value my current car around £2000, and the remaining £685.29 for the deposit isn't a problem. Once the large deposit is out the way £79 a month seems like a 'no brainer' for a nice new car, with no worries about an MOTs, repair bills etc. for the first few years. I should also save a few quid on petrol as I'm currently driving a thirsty 2.0!

Can anyone help with why this might be a 'bad' idea and I should either find a PCP deal with a lower deposit / higher monthly payments (i.e. I noticed another deal on the same car, £500 deposit £122 a month, based on 5k miles per annum, the figures may make it around £150 a month on 10k miles but more money in the bank from the smaller deposit) or even just look for another used car around the 5k mark and avoid the finance route altogether?

Many thanks in advance.

Personally - no.

You can buy a pre-reg of the same car for £7999

http://www.autotrader.co.uk/classified/advert/201508085882923?quicksearch=true&model=ibiza&make=seat&postcode=bt622hb&page=1&onesearchad=new&radius=1500&search-target=usedcars&sort=default&logcode=p

If you put the same deposit in of £2685 and finance the rest over 4 years on a low interest loan

http://banking.confused.com/loans#/?amount=5310&timeQty=4&timeUnit=years&scenario=scenario1&sortingcode=totalAmount&sortingdirection=primary&page=1&car=false&shortTerm=false

Would cost you £120 a month.

At the end of it, you would have a car worth probably around £3750 (if you take the residual value as an approximate value), as opposed to SEAT's deal whereby you walk away with nothing at the end of it.