Car Finance Options

tom192

One thing to consider, the workplace charging may not be free forever, I work for a large company and the policy changed this year preventing it due to benefit in kind issues.

Electric will still be cheaper than petrol but can you charge at home?

Herzlos

https://forums.moneysavingexpert.com/discussion/comment/82181318#Comment_82181318

Fair enough, I'm not a Mercedes fan so I can't tell the difference between the pre/post facelift unless they are side by side: https :// www. mercedescla. org/threads/cla-2013-vs-2016-facelift-exterior-comparison.15604/

If monthly cost is the main thing, then get the CLA on PCP. £223/month is the cheapest option on your list, and that's the car you want.

You'll pay more over time than the HP, but less per month.

Arunmor

You haven't mentioned the term of the PCP or Loan, so over what period are you thinking of?

SimonR22

https://forums.moneysavingexpert.com/discussion/comment/82181713#Comment_82181713

PCP would be 4 years & loan would be 5 years

SimonR22

https://forums.moneysavingexpert.com/discussion/comment/82181369#Comment_82181369

I can charge for very little money at home. One of those don’t ask too many questions deals.

SimonR22

https://forums.moneysavingexpert.com/discussion/comment/82181571#Comment_82181571

I think that’s the best bet as well. There is this MyCarFinance option I just discovered though which are £230 per month with a final payment of roughly 7k compared to £223 per month with a roughly 9k final payment with the auto trader finance calculator.

Unsure how good they are though reviews are mixed on google ect

Arunmor

Extended finance agreements can lead to exponential risk especially on second hand cars and interest rates will be significantly higher. What is the APR for both options?

ididgetwhereiamtoday

The so called “clever people’ on these money saving forums would say don’t get another car (especially an expensive to run premium car ) until youve paid off your debts for your current perfectly working car.
You have a secure income now but no one knows what’s around the corner.
This is not what you want to hear but I thought I should throw it in.
No matter how you try to word it, it is still a lot more debt that you want to take on that you currently have.

SimonR22

https://forums.moneysavingexpert.com/discussion/comment/82187441#Comment_82187441

Correct I’d effectively be doubling what I am due but if I understand correctly as long as my Mercedes doesn’t depreciate to an amount that is less than the final payment on it after the 4 years (would be a drop from 17k to less than 9k so in my eyes highly unlikely) I won’t be in any bother when it is time to change again. Or if I love the car and want to keep it I could take out a small loan (4/5k) to purchase it myself.

I do understand the point of owning your car it’s a great fall back but when I still have another 3 years of payments and 8k outstanding it’s not like I have the full 10/11/12k ready to cash in if needed. Yes nobody ever knows what is around the corner but, without sounding like a bit of a gimp, I have a fairly well paying job (that I can’t really lose), earn money on the side through my own jobs & my partner is in a similar situation.

My thoughts are purely it is cheaper per month to run, the electricity will be effectively free for charging the hybrid part & my financial situation is able to handle it as I will be paying less per month. Was just looking to see if there was any recommendations to reduce payments even more but I do appreciate all the feedback.