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PCP v Lease
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Evening, thanks all for your contribution thus far. So I wanted to confirm the figures as a few questions were raised above. Below are for the same car - Ford Focus ST Line 125.PCP -£1400 deposit35 x £230Balloon £12,496.1 yr road tax included.3 years warranty.
Lease -
£1400 deposit
35 x £231.Road tax included
3 year warranty.0 -
The cash price for me is £19,521 (discounted for me due to work). The retail on car wow is £25,620.Thanks once again.0
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Jvnolan said:The cash price for me is £19,521 (discounted for me due to work). The retail on car wow is £25,620.Thanks once again.Evening, thanks all for your contribution thus far. So I wanted to confirm the figures as a few questions were raised above. Below are for the same car - Ford Focus ST Line 125.PCP -£1400 deposit35 x £230Balloon £12,496.1 yr road tax included.3 years warranty.
Lease -
£1400 deposit
35 x £231.Road tax included
3 year warranty.
Handing back is something i'd be concerned about with leasing (and PCP if you hand it back there), as they can bill you for anything above what they deem as fair wear and tear which can sometimes amount to £££s+
I'd also be tempted to move the PCP deal to a cheap loan as soon as possible. I know you say for right now you'd find the monthlies of a cheap loan off putting, but you're moving towards ownership. Tesco would do an £18K loan for £320 a month over 5 years. At the 3 year point with it you'd probably owe around £7.5K, not £12K.
If you could find another £1250 to put in, and borrowed £16,750 you could get the payments down to under £300 a month.1 -
Jvnolan said:Ford Focus ST Line 125.Jvnolan said:The cash price for me is £19,521 (discounted for me due to work). The retail on car wow is £25,620.
A bit of effort might find a deal that matches or beats the affinity deal you have.0 -
I have just leased - cost over 3 years, was about 2k cheaper than using PCP - a lot of the deals I looked at had the lease coming out cheaper.We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com1
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isplumm said:I have just leased - cost over 3 years, was about 2k cheaper than using PCP - a lot of the deals I looked at had the lease coming out cheaper.
In the OP's position I would take the PCP as there is the more pronounced ability to keep the car if wanted. Looks to me like the PCP deal is more discounted than the Lease. There is no carrot in it to be tied in for a definite 3 years - aside from 2 years RFL0 -
isplumm said:I have just leased - cost over 3 years, was about 2k cheaper than using PCP - a lot of the deals I looked at had the lease coming out cheaper.0
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Evening all, thanks once again for your contributions. As it stands I agree with much of the above, and the PCP looks the likely option.0
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Jvnolan said:Evening all, thanks once again for your contributions. As it stands I agree with much of the above, and the PCP looks the likely option.
If not, a personal loan or cash is a much better option. The PCP is costing you around £2k in interest. You can get a much better rate. Put more upfront and borrow less to get the monthly cost down.0 -
No I can get the car via cash, or PCP/Lease. I would of course pay cash if I had such finances. However, finances dictate that I need to borrow. A bank loan - your looking at a marginally better rate but the monthly payments are too much for my liking. PCP rate is 5.9, and the monthly payments are where I want them. I can up the initial by a few more thousand - thoughts?0
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