PCP up this year - what to do next

DD265

I have a Nissan Note 64 plate on PCP. I purchased the car brand new from the dealership in September 2014. The PCP finishes this year with the option to buy out the car at just over £5000. From the looks of things, I'm going to have a few hundred equity in the car if that. Not sure whether that's the car or the near 50,000 mileage on it.

Originally the plan was to return the car and get another on PCP but I've started leaning towards buying mine outright. I wanted a higher driving position but I don't actually need a bigger car (even if we were to start a family) and I'd actually like to lower my repayments or pay over a shorter term. I would be very lucky to find another younger Note with the same spec (you now have to go top of the range to get the safety features) and obviously I know the full history of this one.

Whatever I do, I'll have to refinance. My only real concern is if work decided I ought to have a car allowance; contractually then my car would need to be no older than 6. By the time it was 6 I'd own it outright anyway as I'd be looking at 2-3 year finance so I think that makes it less of an issue. Plus I could get a personalised number plate to make the age less obvious. :rotfl:

My current Nissan finance is at 6.9%, but I've had a look at the loan and credit card eligibility calculators on here.

It appears that (right now, I appreciate things could change!) I could get a loan for £5000 at 3.7% or a credit card with 29 months 0% on purchases. Of course I don't know what the credit limit would be. The offer is from MBNA though and I already have an £8000 credit limit with them, so I'd hope to negotiate a deal on my current card (as the current 0% interest is up in December) rather than opening a new one.

Although I don't pay my credit card balances off in full, I make over payments monthly and have never missed a payment. I've also managed to keep all of the debt interest free. As it stands, alongside my payments to Nissan Finance, the two credit cards will be paid off by December. I will be able to pay them off sooner if I have a good year at work.

Is it possible to pay off car finance with a credit card? Is there anything different about it to normal credit card spending? Would a loan be safer, given we're talking about £200-300 interest at the rates quoted above?

My gut tells me I should wait until August before making any moves; does anybody disagree?

jimmy_cricket

I don't know the answer but I'm a little surprised that you employer can dictate how old you car can be. In terms of mileage allowance I'm a casual car user with a car nine years old. Partner is an essential car user with a car 13 years old. As long as it is roadworthy, taxed, mot'ed and insured, I don't see the problem. If my employer stipulated that then I would be arguing that they provided a car.

DD265

I suppose to some extent it'll depend how good the car allowance is!

Whether they can legally stipulate that I don't know, maybe it's just if you have an older car you forfeit the allowance and instead claim mileage. I already claim mileage (in certain situations) and am more than happy with the current arrangement.

gilbert_and_sullivan

Have you looked into what maintenance your present car will need over the next three or more years if you keep it?

Any eye watering costs such as cambelt (if it has one) or transmission fluid plus all other fluids certainly won't be in the first three years, fuel filters, spark plugs they all add up and are all scheduled not to influence lease/company car buyers, so check carefully what will be needed.

Secondly have you been maintaining it with a view to a long life, again most service schedules (mainly engine oil changes) are too long these days, again to make costs appear cheap for lease/company car, but may not be in the best interests of a long trouble free life as mileage and time mounts, so if you decide to keep it might be prudent to slip in between engine oil changes if you do nothing else extra, plus i would get someone to service the brakes properly, almost no dealerships do this any more, £50 for a proper mechanic (no not a fast fit fitter) to service the brakes correctly every other year is well worth spending.

If its manual will it need a clutch in your ownership, had a quote?

Not trying to persuade you in any direction here, just that some jobs and maintenance are more expensive than people would think, do some research on your own model via independent make forums, if it has a timing chain are they starting to rattle @ 75k, if so how much, is the gearbox good for another 50/75k, that sort of thing?

DD265

Thanks gilbert and sullivan, that's exactly the kind of thing I need to be considering.

The reason I got this car was because I had an R-reg Fiesta which seemed to be in the garage every month at £100-200 a pop, and I couldn't afford the £400 a month in fuel for the commute when I changed job to a 35 or 70 mile each way motorway commute.

The only issue I've had with the Note is the suspension. I have had it repaired under warranty once after 15 months, and funnily enough, almost 15 months later, it's started creaking again over certain speed bumps. I might try for a second warranty repair.

OH's step dad is car savvy so I might ask him to give it the once over with a view to upcoming maintenance.

facade

You've done 50,000 relatively trouble free miles in a Note, it is getting time for pieces to break, I'd get rid and get another new car on PCP, rather than pay a £5000 loan back with no warranty at all.

A 2014 will be the e12, some people think they are brilliant, most posters to the Note forum don't. Nissan pretty much had to give them away, and have stopped making them now.

The consensus is the build quality is even worse than the e11! My e11 reminds me of Austin Rover build quality with its creaks, clanks and water leaks. I wouldn't buy another Nissan, unless it was built properly in Japan like an old Skyline.

A couple of ex Note owners have gone for the Vauxhall Mokka, a used one of those might be worth looking at, they are obviously more expensive than a Note, but they are supposed to be better put together. (Not hard to do mind...)

Your suspension creak is most likely the antiroll bar bushes. There is an upgraded part, but it is some trouble to fit, so a few dealers just grease the originals and send the car back "fixed".