Pcp advice

Baileyuk

Hi guys,
I wondered if I could seek some advice?
Our car has sadly died and we need to replace it.
We are looking for a family car with plenty of boot space and reliable.
Have been weighing up the options but an now totally confused!
Option 1 - Buy a 2nd hand car such as a focus or astra. Our car is worth nothing on a trade in so would be looking at using a 0% credit card to the value of 5.5 approx.
This doesn't seem to buy us car for our money however.

Option 2- Pcp deals. I have seen the following for a new
Fabia Estate S 1.0 MPI 75PS

Duration: 36 months
Average miles per year: 10,000
My Deposit: £1,000.00
ŠKODA deposit contribution:+ £2,000.00
35 monthly payments of: £169.99
Retail cash price: £13,195.00
Acceptance fee:* £0.00
Optional final payment: £4,877.10
Option to purchase fee:** £10.00
Total amount payable: £13,836.75
Total amount of credit: £10,195.00
Excess mileage (per mile):*** 3p
Representative APR: 2.9% APR
Rate of interest: 2.82% (fixed)

This option gives us a much better car but I'm aware we pay more on the long run. But the potential to change in 3 years so no repair bills etc.

Any advice greatly appreciated!

:beer:

Mercdriver

Baileyuk wrote: »

Hi guys,
I wondered if I could seek some advice?
Our car has sadly died and we need to replace it.
We are looking for a family car with plenty of boot space and reliable.
Have been weighing up the options but an now totally confused!
Option 1 - Buy a 2nd hand car such as a focus or astra. Our car is worth nothing on a trade in so would be looking at using a 0% credit card to the value of 5.5 approx.
This doesn't seem to buy us car for our money however.

Option 2- Pcp deals. I have seen the following for a new
Fabia Estate S 1.0 MPI 75PS

Duration: 36 months
Average miles per year: 10,000
My Deposit: £1,000.00
ŠKODA deposit contribution:+ £2,000.00
35 monthly payments of: £169.99
Retail cash price: £13,195.00
Acceptance fee:* £0.00
Optional final payment: £4,877.10
Option to purchase fee:** £10.00
Total amount payable: £13,836.75
Total amount of credit: £10,195.00
Excess mileage (per mile):*** 3p
Representative APR: 2.9% APR
Rate of interest: 2.82% (fixed)

This option gives us a much better car but I'm aware we pay more on the long run. But the potential to change in 3 years so no repair bills etc.

Any advice greatly appreciated!

:beer:

There's never a guarantee of no repair bills, as not everything is covered by the warranty - anything that is judged to be wear and tear (clutch is often a contentious one) is excluded. Also, you ren't guaranteed enough equity to pay the deposit on the next car. There are many variables.

Also, how big is your family? Even in estate guise, the Fabia isn't that big. This one doesn't have a lot of power either so you'll struggle if you load it up.

debtdebt

You don't think £5.5k (I presume) will buy you a lot of car?

Baileyuk

There are 3 of us with potentially another baby in the future.

5.5k yes sorry. I'm not sure,would it? The ones we've seen have not been too good.

Mercdriver

Baileyuk wrote: »

There are 3 of us with potentially another baby in the future.

5.5k yes sorry. I'm not sure,would it? The ones we've seen have not been too good.

Fabia might be tight with a large pram or two. Have you looked at the car in person?

Looking on Autotrader, you can get 10/11 plate Skoda Octavia estate for less than £5.5k. Very good size boot on the estate.

ratrace

buy the same car that you have now and use your knackered one for parts as and when they break, dont commit to any deals however attractive it may seem, with a little one on the way you will need the extra cash

stay away from new car deals, they are a rip off

Mercdriver

ratrace wrote: »

buy the same car that you have now and use your knackered one for parts as and when they break, dont commit to any deals however attractive it may seem, with a little one on the way you will need the extra cash

stay away from new car deals, they are a rip off

What about if they don't have space to have one wreck and one healthy car? You haven't even established if they would be able to do work themselves.

OP - what car do you have now? You haven't said.

Richard53

Mercdriver wrote: »

Fabia might be tight with a large pram or two. Have you looked at the car in person?

Looking on Autotrader, you can get 10/11 plate Skoda Octavia estate for less than £5.5k. Very good size boot on the estate.

Fabias are really superminis. My wife got an Octavia last year. It was to replace an estate car, but when we looked at them side by side the hatchback boot is so big we thought the estate wasn't necessary. The load space is absolutely huge. Skoda also design in nice little touches like hooks for your shopping bags, which are genuinely useful. I'm quite impressed, and they have a good reputation for durability and reliability, from what I hear.

Baileyuk

Thanks for all the help!
We have an 03 ford focus. No experience or mechanical skills I'm afraid.

Yes we looked at the fabia estate so boot was better than the astra but thanks for the advice on the octavia that might be a good shout.

Robisere

These are from Skoda Approved Used, I entered my Postcode, enter yours for deals nearer to you:
http://www.skoda.net.r66.co.uk/Results.aspx

Skoda is a VAG group brand and has the VW reliability, but is less expensive than the equivalent VW, which I think is the Passat.

System

What is wrong with your current car?
As I see it you're going to be paying out £7000 over the next 3 years plus repairs and servicing and at the end of it unless you pony up another £5000 you're going to be left with nothing to show all for the sake of trying to get out of paying a repair bill that is probably sub £1000.

At least by spending £5-£6k on another car you'll be covered for the same three years and you'll still have a car to show for it. However I find it hard to believe that you cannot fix your current car and run it for another three years for far less money. You could then put away what you would have paid on this PCP deal in a regular savings account and use that to buy your next car a few years down the line or if it runs for another 5-6 years, even contemplate buying a 1-2 year old one outright, in cash. The benefits of this is you're not financing the largest lump of depreciation on a new car, you have money to cover repairs and the biggest is unlike a large percentage of posts on the Loans board you won't be posting that your circumstances have changed but you're tied into a 3 year PCP deal you can no longer afford.

But if you just want a new car then go get one however beware the pitfalls. People who tend to run around in 14 year old Ford Focuses and can just about muster up £1000 for a deposit tend to not have large amounts of disposable income a month so tying yourself into a 3 year PCP deal for £200 a month may bite you in the backside.