Which is best car deal ?

concisethinker

Hello
Totally confused after speaking with car salesmen. Two deals on offer,first involves 36mths at £491pcm with me depositing £3.5k of own cash.Second deal is 46mths at £489pcm with my deposit being £1260. Both are PCP deals, the first deal has a residual value of £15k the second deal, £12.5k . Brain not working all thoughts/suggestions/comments welcomed. Thanks and cheers:beer:

spaceman5

concisethinker wrote: »

Hello
Totally confused after speaking with car salesmen. Two deals on offer,first involves 36mths at £491pcm with me depositing £3.5k of own cash.Second deal is 46mths at £489pcm with my deposit being £1260. Both are PCP deals, the first deal has a residual value of £15k the second deal, £12.5k . Brain not working all thoughts/suggestions/comments welcomed. Thanks and cheers:beer:

by my reckoning over the term of the deals you would be paying:-
Deal 1 = £21,176
Deal 2 = £23,754

i think that is right, if i was you, if u could afford the deposit of £3.5k go for the first deal, as you only paying £2 a month, plus you finish paying for it a year earlier, mind you i dont know what PCP stands for, so i could be totally wrong, HTH Dave.

deltic_2

For deal a) you have paid £3,500 + £17,676 = £21,176 to have £15,000 equity in the car at the finish. A total cost of ownership of £6,176 / £172 pcm

For deal b) you have paid £1260 + £22494 = £23,754 to have £12,500 equity in the car at the finish. A total cost of ownership of £9,254 / £201 pcm

With deal b you get an extra 10 months of motoring but will have to find much more money to buy your next car (£2,500) and will have paid £3,078 more. Therefore your losses grow with the added cost of your next PCP too.