Options for new car

pbfhpunk

Hi

I'm looking for a bit of advice really, I'm hoping to get a new car in the next few months currently have a 9-year-old Fiesta that has seen much better days and has a mileage of around 115k.

We're looking for something bigger, around Sportage/Qashai size. Ideally, I'd like to the have for 3 years and then exchange, return or balloon payment option. The issue I'm finding is that they're restricted mileage of around 8k a year, I'm currently doing approx 20k a year. So looking to find out if this is a total non-starter or does the premium for extra mileage make it ridiculous.

I guess my other option is buying 2nd hand from a dealer and if I do what's a good recommendation for a bigger than a Fiesta, that's reliable and good to do higher mileage?

Would be great to hear different thoughts on my options.

TIA.

AdrianC

If you PCP on a higher mileage, the monthlies will be higher, and the balloon will be smaller - basically, you're repaying the depreciation plus the interest on the entire amount you borrow.


Any finance house will quote for PCP at a higher mileage.


It may work out cheaper to simply pay the excess mileage if you return the car at the end of term instead of buying it via the balloon.

motorguy

pbfhpunk wrote: »

Hi

I'm looking for a bit of advice really, I'm hoping to get a new car in the next few months currently have a 9-year-old Fiesta that has seen much better days and has a mileage of around 115k.

We're looking for something bigger, around Sportage/Qashai size. Ideally, I'd like to the have for 3 years and then exchange, return or balloon payment option. The issue I'm finding is that they're restricted mileage of around 8k a year, I'm currently doing approx 20k a year. So looking to find out if this is a total non-starter or does the premium for extra mileage make it ridiculous.

I guess my other option is buying 2nd hand from a dealer and if I do what's a good recommendation for a bigger than a Fiesta, that's reliable and good to do higher mileage?

Would be great to hear different thoughts on my options.

TIA.

All the headline deals tend to be at 5,000 - 8,000 miles a year but any dealer will be able to quote for higher miles.

Once you break 12,000 miles or so, the PCP deals tend to become less appealing. You may be better taking out a low rate loan than a PCP deal.