Buying new car- still in factory ONLY ONE AVAILABLE

Arsenal2019

They don’t have the specific model I’m after on carwow. They only have St Line2 on there

I’m just after the st line

DrEskimo

Any nearly new ones on Auto trader for similar/less than new?

Arsenal2019

Yeah there is. But may only be £1000-1500 less. I’d rather pay that bit more and not run the risk of an idiot owning and driving the car beforehand

DrEskimo

Sure you could probably haggle another £500 off...for £2k I think that's a minimal risk to take personally. You're under warranty regardless...

Theres a risk you will get a car built on a Friday afternoon with issues.

Anyway, my point is, if you can get the car for the same price (or cheaper if you don't mind going nearly new or even used) then you're potentially going to save a tonne by getting a personal loan over a PCP loan.

If you can pay more per month, then pay more. Pay as much as possible. Sooner you pay the loan down the less interest you pay.

Arsenal2019

DrEskimo wrote: »

Sure you could probably haggle another £500 off...for £2k I think that's a minimal risk to take personally. You're under warranty regardless...

Theres a risk you will get a car built on a Friday afternoon with issues.

Anyway, my point is, if you can get the car for the same price (or cheaper if you don't mind going nearly new or even used) then you're potentially going to save a tonne by getting a personal loan over a PCP loan.

If you can pay more per month, then pay more. Pay as much as possible. Sooner you pay the loan down the less interest you pay.

Thank you for that. That made it much clearer.

I’ve had a look at PCP, however the APR rates are much higher on used vehicles, and you also don’t get the scrappage allowance on used vehicles, whereas new you do

AdrianC

Arsenal2019 wrote: »

...and you also don’t get the scrappage allowance on used vehicles, whereas new you do

Bear in mind the "scrappage allowance" isn't government money, like it was in 2009 - it's purely a discount from the manufacturer.

The_Rainmaker

My understanding is that there is no scrappage on ST models.

DrEskimo

Forget PCP. It's just a loan.

You need to borrow money to buy the car, so it's about finding the cheapest way to borrow that money. You can buy the new car if you want, but just look at cheaper ways to borrow for that new car.

That PCP loan you have been offered will cost you ~£4k. A personal loan from a bank of high street lender could cost you as little as £800 for the same amount over the same period.

Obviously the exact rate will depend on how the lender views your application, but given it could potentially save you as much as £3k, it's surely worth considering....

Arsenal2019

Evan halshaw offer scrappage on ST lines

Arsenal2019

DrEskimo wrote: »

Forget PCP. It's just a loan.

You need to borrow money to buy the car, so it's about finding the cheapest way to borrow that money. You can buy the new car if you want, but just look at cheaper ways to borrow for that new car.

That PCP loan you have been offered will cost you ~£4k. A personal loan from a bank of high street lender could cost you as little as £800 for the same amount over the same period.

Obviously the exact rate will depend on how the lender views your application, but given it could potentially save you as much as £3k, it's surely worth considering....

That could be quite a good posibiliyy.
However, I’ve only looked at a few banks. Yeh banks I’ve looked at require me to pay back a higher sum each month - which is something I cannot afford

So I may have to unfortunately pay a little more, over time . But I will certainly have a good luck as like many of you have said, weigh up pros & cons of everything and do what’s best for me