PCP - do all dealers of Mini offer the same PCP deals?

Bolt1234

I am due to change my car in Nov 22 from a personal lease to potentially a PCP (which I have had before).

If I go to my nearest Mini dealer who are very good would they have the best PCP deal for a John Cooper Works or do I need to use something like Car Wow?

I have done some initial checks and it looks like one Mini dealership in particular is better than the others.

Many thanks

motorguy

The PCP deals on new cars will be manufacturer supported, so its unlikely a particular dealer will have a better "offer" than another.

Where the variance will come in will be on the discount offered by each individual dealer.

So thats where the likes of carwow and broadspeed.com would come in, as they will potentially have strong dealer discount offers.

Your local dealer should be able to price match though.

The problem at the minute though is supply, so discounts may not be as strong as you'd otherwise expect.

A couple of points though -

• A dealer may offer you an ex demo or pre-reg car.  Be aware these cars dont qualify for the new car finance offers, so although the price might be lower, any saving could be consumed with the higher interest rate of a used car PCP deal
• Depending on your deposit and your ownership duration requirements, you might be best to consider a cheap loan and put it over a longer term.  You can get loans as low as 2.8% APR currently, so that could be a useful saving.

EDIT:  I just had a look there and MINI's finance offering is at 6.9% APR.  Thats crazy high for a new car PCP deal.  On a new car, you could pay £5,000 on interest charges there.  I'd definitely be looking at other funding options, personally.

Further EDIT:  I just checked broadspeed and discounts from them seem close to non existent.

Bolt1234

So if I wanted a PCP where would I get the finance from.  Agree re 6.9% and thanks for responding so quickly.

motorguy

Bolt1234 said:

So if I wanted a PCP where would I get the finance from.  Agree re 6.9% and thanks for responding so quickly.

Good question...

Does it have to be PCP?  I'd be tempted towards a cheap loan over longer.  £25K at 2.8% = £446 a month over 5 years.  After three years (replicating the residual payment idea), you'd only owe £10,500 ish, rather than £13,523 with MINI, thus saving yourself £3,000 in interest.

It also means you've no hard stop at 36 months to have to make a decision at, and you'd own the car outright from day 1.

Theres some sensibly price 2021 cars about.  If you're not changing until later in the year, you could maybe get a used, early 2022 car by that point at a decent price?

iwb100

Mini are offering a deposit contribution of £1-2K depending on model in most cases. So take the PCP deal to get the deposit contribution then pay it off with a bank loan. This will be the most economical way to buy a new mini assuming you qualify for relatively low interest personal loans. 

Bolt1234

IWB.  Thank you.  I don’t see the deposit contribution when requesting a quote unless it doesn’t cover John Cooper models.  Sorry mid life crisis and the fact that I have some money to get a nice car after 40 years of working.  Retired from previous company with nice payout, got 25% of my pension plus still working part time as a sole trader earning £2k ish.

I also cannot take it with me….  No mortgage, kids grown up etc.

k3lvc

Good choice on a JCW but not the best time to be buying - as said above the interest rate is far from good, deposit contributions are rarely available on JCW's and the few current cars that are coming to market are still missing key tech parts (HK audio/Digital Dash etc)

My last couple of JCW's were bought either 2nd hand or ex-demo using Mini Finance to qualify for extra warranty/servicing then paid off within 3mths via a lower rate personal loan

iwb100

Bolt1234 said:

IWB.  Thank you.  I don’t see the deposit contribution when requesting a quote unless it doesn’t cover John Cooper models.  Sorry mid life crisis and the fact that I have some money to get a nice car after 40 years of working.  Retired from previous company with nice payout, got 25% of my pension plus still working part time as a sole trader earning £2k ish.

I also cannot take it with me….  No mortgage, kids grown up etc.

Which model? I had a look earlier and saw contributions on them apart from the convertible…

Bolt1234

So a 2 litre but must be auto.  No funny colours either!

motorguy

iwb100 said:

Bolt1234 said:

IWB.  Thank you.  I don’t see the deposit contribution when requesting a quote unless it doesn’t cover John Cooper models.  Sorry mid life crisis and the fact that I have some money to get a nice car after 40 years of working.  Retired from previous company with nice payout, got 25% of my pension plus still working part time as a sole trader earning £2k ish.

I also cannot take it with me….  No mortgage, kids grown up etc.

Which model? I had a look earlier and saw contributions on them apart from the convertible…

Where are you seeing deposit contributions?

Any quotes i'm looking at dont have them?

Theres talk about "up to £1500" but its not on any car finance examples i can see?

Bolt1234

I cannot see the deposit contributions either