PCP

Jvnolan

Hi all. 

Can someone help me review best options please. Looking at a Škoda Kodiaq - sportline, 1.5 petrol on a 21 plate. Has done 33k miles. Price £26,500. Need to upgrade for a family car and this seems to fit the bill. 

I have looked a bank loans and monthly’s and duration are too high/long and interest rates have come in high. 

Lease are too high for this car. 

I have located 8.9% for a PCP and unsure if best to go for 3 or 4 years….

3 years with £5k deposit comes in £353 a month
4 years with £4.5k deposit comes in £338 a month
Both set to 10k miles a year. 

I will be looking to change in approx 3 years. 

Many thanks in advance

James. 

LightFlare

Jvnolan said:

Hi all. 

Can someone help me review best options please. Looking at a Škoda Kodiaq - sportline, 1.5 petrol on a 21 plate. Has done 33k miles. Price £26,500. Need to upgrade for a family car and this seems to fit the bill. 

I have looked a bank loans and monthly’s and duration are too high/long and interest rates have come in high. 

Lease are too high for this car. 

I have located 8.9% for a PCP and unsure if best to go for 3 or 4 years….

3 years with £5k deposit comes in £353 a month
4 years with £4.5k deposit comes in £338 a month
Both set to 10k miles a year. 

I will be looking to change in approx 3 years. 

Many thanks in advance

James. 

With this in mind (and the car is already 3 years old) - I would do the 3 year

daveyjp

As its three years old avoid PCP completely. 

Jvnolan

Thanks, 

I did have an offer from Škoda for PCP but is 11.4% - which provides an extra year warranty, and two years of services. But it comes in much higher financially.

I rang the local garage who indicated full service for this vehicle is £300-£350 region. 

I am swaying towards 3 years. 

Jvnolan

This is current approx lease deal for the model - which is why I have avoided leasing 

fatbelly

The asking price for the 21 Kodiak is fair and the depreciation is not going to be large as you might think. At 6 yo 60k they are still £20k+

Jvnolan

fatbelly said:

The asking price for the 21 Kodiak is fair and the depreciation is not going to be large as you might think. At 6 yo 60k they are still £20k+

fatbelly said:

The asking price for the 21 Kodiak is fair and the depreciation is not going to be large as you might think. At 6 yo 60k they are still £20k+

Thanks. They seem to hold their value well. I think I am best cutting the term and running with 3 yrs based on costs incurred for the finance. I will then review in due course. 

sheslookinhot

Have you tried better credit terms ? £4.5k in interest over 3 years is sore. 

Have you thought about paying the loan over a longer period to own the car outright.

Jvnolan

sheslookinhot said:

Have you tried better credit terms ? £4.5k in interest over 3 years is sore. 

Have you thought about paying the loan over a longer period to own the car outright.

I have - as soon as you spread the loan to match the monthly the interest rates are well above 8.9 per cent. In addition your looking at around 6 years. 

Ayr_Rage

daveyjp said:

As its three years old avoid PCP completely. 

I agree.

Avoid anything that is out of the manufacturer's warranty on a PCP contract.

XRS200

Have you looked at pcp for a new one.

I wouldn't pcp a 3 year old car.