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PCP or Leasing a car in Northern Ireland

grace2much
Posts: 370 Forumite


in N. Ireland
Hi folks, This will be my first time getting a car via the PCP or leasing route, as I always just paid cash before. I'm in the research stage, weighing up the pros and cons.
I see lots of UK mainline leasing sites like Leaseloco / select car leasing etc, and I was wondering if anyone has leased a car through any of these mainland sites and how the experience was. If anyone has any recommendations for car dealers or brokers in N Ireland using PCP or leasing that would be appreciated. Thanks in advance for any help and advice offered.....
I see lots of UK mainline leasing sites like Leaseloco / select car leasing etc, and I was wondering if anyone has leased a car through any of these mainland sites and how the experience was. If anyone has any recommendations for car dealers or brokers in N Ireland using PCP or leasing that would be appreciated. Thanks in advance for any help and advice offered.....

“Having, first, gained all you can, and, secondly saved all you can, then give all you can"....John Wesley
AMAZON SELLERS CLUB member 0062 come and join us make some space and get hold of some cash, we're on the Ebay Board
AMAZON SELLERS CLUB member 0062 come and join us make some space and get hold of some cash, we're on the Ebay Board
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Comments
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PCP is almost always done via franchised dealers. Its best done on new cars where you're getting an incentivised interest rate (sometimes 0%) and / or finance contributions from the manufacturer (and often both).
Used car PCP is usually very expensive, due to the high interest rates used. I've seen examples where a £30K car can have nigh on £10K of interest charges.
For leasing Agnews have Agnew Leasing. Not sure how competitive they are.
https://www.agnewcars.com/agnew-leasing/
Also, do be aware of the false cost perspective you get with putting in a large deposit to a PCP or lease deal. I've seen people talking about PCPing something flash and saying "i'm only paying £399 a month" - then when quizzed, you find out they've put £10K down....
I always look at the ammortised monthly cost. So (deposit + (monthly payments * term in months)) / term in months.
So for my example above that would be (£10,000 + (£399 * 36)) / 36 = £676 a month.
Whats your reasoning for going PCP / lease this time? It may be more beneficial to use your cash plus a cheap loan to fund the car you want....2 -
Thanks motorguy for your very helpful and informative answer. Since my post, I've been reading and listening to lots of YouTube videos on the subject. "Car Finance SIMPLIFIED" on youtube was a great help. My reason for considering leasing/pcp was my DS3 car blew its engine a few weeks ago and needed to be sold for parts. So my car which was worth £6k-ish is now worth £1.5k. The thought of having a new car for 3 years with no worries of major maintenance seemed appealing. But as I understood a bit better the pros and cons, PCP now looks expensive with leasing probably better but still does not sit easily with me.
I don't like paying up for things and would rather save for what I'm buying, no point paying interest when you have the money. So tentatively I've decided I'll buy with 12K-ish cash a 2021 Peugeot 208/corsa/polo/yaris etc with one-year warranty or so and then pay a monthly transfer from my current account to my savings account of £300 so I'm borrowing from myself....just some mental gymnastics that will keep this old codger happy!!! At least at the end of 3/4 years, I'll have a 7-8-year-old car worth maybe £5K-ish. But I realise that I could run into £'s of maintenance costs as the car is older. You can't have everything and you take your chances and pay your money:-)
One downside that this route throws up is the lost opportunity cost. where I could have the £12k working for me earning hopefully a return or at least interest. Swings and roundabouts
I'd be eager to hear your thoughts on this or any ideas you might have. Thanks again for your help....“Having, first, gained all you can, and, secondly saved all you can, then give all you can"....John Wesley
AMAZON SELLERS CLUB member 0062 come and join us make some space and get hold of some cash, we're on the Ebay Board0
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