PCP Vs Lease

mrsmortgage

That's what I found on the Audi website

DrEskimo

mrsmortgage said:

I think the key here is that I don't plan on keeping the car... Which is why I look at it over 48 months of ownership.

My spec quote shows a price of £68k (that's what I've based the discount on). 

Plus I think I'd rather have the liquidity rather than the full ownership of said asset. 

Why? Ownership is saving you £10,700! You would have exactly the same experience whether you settled the loan the next day, or kept it running over the 4-yrs.

There are far far cheaper ways to borrow money to keep in your savings account (not that I would ever recommend it) then using a secured loan on a £60k Audi costing you £10,700. Apply for a personal loan of £20k over 3yrs. If you get accepted at 3% APR, i will be less per month (£581), and cost you just £925 in interest. You have the car, and you have £20k in the bank, and it's costing you £9,000 less than this PCP deal.

Or as Grumpy says, by settling the PCP, you don't have £622 monthly payments anymore, so you can put those in your own savings account. By the end of 4-yrs, you'll have saved £29,856 (plus any interest accrued) and a car worth around £30k to do with as you please. Either keep it another day, month, year or decade, or use your savings and trade it in for another car.

Of course if the cost of the car means you don't have sufficient funds, then a more MSE answer is you can't afford this car. There are plenty of nice cars for cheaper which would mean not having to take out any finance....

mrsmortgage

Could another workable option be to pay lump sums? Although with their online calculator it seems I always end up paying the same give or take after paying £15k deposit 

Grumpy_chap

mrsmortgage said:

That's what I found on the Audi website

What exact car spec are you wanting?

Earlier you said list price £68k and I suggested what I thought that configuration was.

Now you show a car with list price of £72k.

People can only assist fully if you share full details.

The next steps are unchanged, though.  Pick the spec and shop around Brokers. 

 Or, if you really prefer, pay whatever the Audi dealer asks, pay all the interest and make the Dealer's day 🤔

mrsmortgage

No, no my bad I chose the wrong model on the website! I was just looking for the Audi incentives you mentioned. 

Grumpy_chap

mrsmortgage said:

No, no my bad I chose the wrong model on the website! I was just looking for the Audi incentives you mentioned. 

So, what spec car were you after?

mrsmortgage

Audi Q7 55 TSFI QTR S LN c+S pack. 

Which is the one I think you've mentioned a few times. 

Grumpy_chap

mrsmortgage said:

Audi Q7 55 TSFI QTR S LN c+S pack. 

Which is the one I think you've mentioned a few times. 

Indeed, and a very good choice from the range.

Have you looked at Brokers to get best price?

I have shown that you can get £58k with the same Audi 6.7% APR finance rate.

mrsmortgage

I went on leasing.com and carwow (prices are very similar to what I've been quoted). Any other suggestions? 

Grumpy_chap

mrsmortgage said:

I went on leasing.com and carwow (prices are very similar to what I've been quoted). Any other suggestions? 

Grumpy_chap said:

Try Drive-the-Deal, Broadspeed, Carwow.

The screen-shot I linked above higher in the thread was DrivetheDeal, who had sent me an offer e-mail during the week for the Q7 (which is why I tried them).

In addition to the above, I'd also consider UK Car Discount as they sent me an offer for an A4 in the week, so may have good access to other Audi cars as well.