Range Rover Evoque PCP v Lease v Bank loan

motorguy

Arklight wrote: »

Tbf if luxury cars were only purchased by people that could afford them, there wouldn't be many on the roads.

Depends what you mean by affordability. If someone has a steady, well paying job, has savings in the bank, isnt stretching themselves, isnt paying a big interest rate then a monthly payment may be perfectly fine.

For the O/P and their recent history, not so much....

facade

Pension_Geek wrote: »

I had no idea they are as unreliable as people say they are. You can't move for them in the town I live in.

I don't get it either.


Everybody knows Landrovers are one of the least reliable cars on the planet- but they sell like hot cakes.


Everybody knows Renaults have terrible electrical problems- but they sell like hot cakes and Renault gets to buy out Japanese manufacturers.


Everybody knows Polos burn out exhaust valves- but they sell like hot cakes.


Everybody knows BMW timing chains fail-but they sell like hot cakes.


See any pattern?;)

motorguy

facade wrote: »

Everybody knows BMW timing chains fail-but they sell like hot cakes.

:eek:

I guess i'm in trouble then - M140i (BMW 3.0i turbo) and Mini Cooper S (BMW 2.0i Turbo).

bertiewhite

Rjhsteel wrote: »

Nevermind I shall ask for advice elsewhere.

The Range Rover fanboy forum?

flashg67

I'd assume nil equity after 3 years on a PCP so just working out the total payable on each method should give you the answer on the best way to finance. All the PCP's I've had have had some equity left at the end though, but who knows in another 3 years - will we love diesels again, or hate them even more?
The poor reliability of the last model doesn't mean the new one will be as bad, and yes, warranty covers the faults, but there's still the hassle of breakdowns etc and possibility of being left without a car at some point.at some point.
Personally I'd avoid second hand unless you have a local specialist - some of the dealer bills I've seen are heartbreaking

DrEskimo

flashg67 wrote: »

I'd assume nil equity after 3 years on a PCP so just working out the total payable on each method should give you the answer on the best way to finance. All the PCP's I've had have had some equity left at the end though, but who knows in another 3 years - will we love diesels again, or hate them even more?
The poor reliability of the last model doesn't mean the new one will be as bad, and yes, warranty covers the faults, but there's still the hassle of breakdowns etc and possibility of being left without a car at some point.at some point.
Personally I'd avoid second hand unless you have a local specialist - some of the dealer bills I've seen are heartbreaking

Lets do the maths....

Evoque retails for £35,000 for the mid models and there are only small discounts of about £800, presumably because it is a new model.

On a PCP with £10k down, you are looking at 36 payments of £204, and a final payment of £21,782.

If we assume no equity, that is £13,218 in depreciation costs (£4,406) per year) and £3,800 in interest (£1,266 per year).

In contrast, a 2016 mid spec model will set you back about £20k, and 2013 models look to be worth around £13k, so lets say £10k trade?

With a personal loan over 36months at 6.9% (can get lower, but lets match the PCP), you are looking at 36 payments of £307.

Over the 3 years that's £10,000 depreciation (£3,333 per year) and just £1,052 in interest (£350 per year).

So are you honestly telling me, the 3yr old Evoque will set you back over £2,000 in repairs every year for 3 years.....? That's the only way the used model will end up costing you more....

Of course you could also spend a few grand more and buy from an Approved RR dealer and get their 2 year unlimited mile warranty too, so it's just a case of repairs in year three, or the cost of extending the warranty. Unless it's over £6k, you will be saving a fair bit of money....

AdrianC

New Evoque prices start from £31k, not £44k.

£44k is damn near Velux money.

DrEskimo

AdrianC wrote: »

New Evoque prices start from £31k, not £44k.

£44k is damn near Velux money.

It's the only one they had with PCP details:

https://www.landrover.co.uk/vehicles/new-range-rover-evoque/finance-offers/land-rover-personal-contract-purchase.html

Appreciate it could be cheaper, but the £25k 3yr models are not the lowest spec, so it's a pretty fair comparison.

EDIT: Nevermind find the calculator and updated my post to reflect a lower priced model...although the price of the used car will probably reflect a better model/trim/specification, so the comparison is very unfairly weighted to the new car....

https://www.landrover.co.uk/offers-and-finance/finance-calculator.html#/quote/l551_k20__3nua9__a-d150-a-awd_a-evoque_a-swb_sp0__

fred990

AdrianC wrote: »

New Evoque prices start from £31k, not £44k.

£44k is damn near Velux money.

Screwfix ones are cheaper....

Rjhsteel

flashg67 wrote: »

I'd assume nil equity after 3 years on a PCP so just working out the total payable on each method should give you the answer on the best way to finance. All the PCP's I've had have had some equity left at the end though, but who knows in another 3 years - will we love diesels again, or hate them even more?
The poor reliability of the last model doesn't mean the new one will be as bad, and yes, warranty covers the faults, but there's still the hassle of breakdowns etc and possibility of being left without a car at some point.at some point.
Personally I'd avoid second hand unless you have a local specialist - some of the dealer bills I've seen are heartbreaking

Thanks. A helpful post at last.