PCP or Lease Range Rover Evoque

chamukov

Hi everyone,
I am currently considering buying the new Range Rover Evoque and thinking whether to get it on PCP from the dealership or on lease.
I will give more details about both options and hope that you can share your opinion with me.
Option 1: New Range Rover Evoque P250SE R-Dynamics (PCP) Cost of vehicle £43,800
3,000 deposit, £488 a month for 47 months with 10,000 annum. The staff from the dealership are saying that after the 4 years period I can give back the vehicle and if the vehicle is valued more than the final
payment I can get the difference in my pocket or towards a new vehicle, but would the vehicle be valued more than £23,000 after 4 years...

Option 2 - New Range Rover Evoque P200SE with panoramic roof 
3,000 deposit, £488 for 47 months , 10 000 annum.
This one has the panoramic roof included as optional extras, however is the P200 engine and doesn’t have the R-dynamics(spoilers).
Which one do you think it’s better and what is the chance of me getting some money for myself if i stick with the PCP( I am not sure if the vehicle would be valued more than 23,000 if now is 43,000 in 4 years time). I know that I would definitely not keep the car after the 4 years time so even with the PCP i will give it back or ask for it to be valued and get a newer one...
I would appreciate your opinion.
Thanks

Exemplar

We did the PCP route from Marshalls Lincoln who matched a lease quote. In addition we thought it better to do PCP as you can take the car abroad without special permissions (we go to France 3/4 times a year). 

DrEskimo

You're paying £26k for a car expected to depreciate only £20k over the term, so neither....

Buy a used one for cash.

Exemplar

DrEskimo said:

You're paying £26k for a car expected to depreciate only £20k over the term, so neither....

Buy a used one for cash.

That's not the question.

lindens

Neither. Even Martin Lewis never buys a brand new car as the depreciation is nuts

photome

DrEskimo said:

You're paying £26k for a car expected to depreciate only £20k over the term, so neither....

Buy a used one for cash.

Somebody has to buy new ones 

DrEskimo

photome said:

DrEskimo said:

You're paying £26k for a car expected to depreciate only £20k over the term, so neither....

Buy a used one for cash.

Somebody has to buy new ones 

Buy a new one with cash then. Even if it's worth only £20k after 4yrs, you've still saved £3k.

chamukov

Exemplar said:

We did the PCP route from Marshalls Lincoln who matched a lease quote. In addition we thought it better to do PCP as you can take the car abroad without special permissions (we go to France 3/4 times a year). 

Thank you I will have a look. Yes I have seen that through lease you have to ask for permission every time....

chamukov

DrEskimo said:

You're paying £26k for a car expected to depreciate only £20k over the term, so neither....

Buy a used one for cash.

Well if you want to drive 20 plate car, yes you would have to pay 20k over the term... still better than buying the car cash, after 4 years you can get a new one again.

chamukov

lindens said:

Neither. Even Martin Lewis never buys a brand new car as the depreciation is nuts

This doesn't really answer my question. This is why I am looking to lease or PCP and give it back. 

DrEskimo

chamukov said:

DrEskimo said:

You're paying £26k for a car expected to depreciate only £20k over the term, so neither....

Buy a used one for cash.

Well if you want to drive 20 plate car, yes you would have to pay 20k over the term... still better than buying the car cash, after 4 years you can get a new one again.

You can buy a new one for cash and get a new one after 4yrs as well. There is nothing unique about PCP in trading the car in and getting another car. 

In your example you pay £43,800 and trade it in after 4 years for £23k and buy another one. Total cost is £20,800. For PCP you pay £3000 + 47 payments of £488 is a total cost of £25,936. You also trade the car in for £23k and settle the GFV. Your in exactly the same situation, the PCP has just cost you £5,136 more in the form of interest.

PCP is just a finance loan. A particularly expensive one as it happens...