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  • FIRST POST
    • Rjhsteel
    • By Rjhsteel 15th Apr 19, 3:21 PM
    • 114Posts
    • 11Thanks
    Rjhsteel
    Range Rover Evoque PCP v Lease v Bank loan
    • #1
    • 15th Apr 19, 3:21 PM
    Range Rover Evoque PCP v Lease v Bank loan 15th Apr 19 at 3:21 PM
    Need some advice.
    Thinking of getting a Range Rover Evoque but not such which option will work out cheaper in the long term.

    With a lease you pay a deposit, a monthly amount then hand the car back at the end.

    With PCP, you pay a deposit again and a higher amount but have the chance of owning the car at the end...which to be honest I won't do. But I understand if the value is higher than first worked out, you can use that deposit towards another PCP and basically continue the deal.

    Or buy second hand and get a bank loan.

    What's best?
Page 3
    • neilmcl
    • By neilmcl 16th Apr 19, 8:48 PM
    • 12,843 Posts
    • 9,621 Thanks
    neilmcl
    I did say I had come into money motorguy.
    Originally posted by Rjhsteel
    Clearly not a huge sum if you're looking at a PCP/lease/bank loans to finance an expensive car such as the RR evoque. The sensible, and MSE thing to do would be to use the money more wisely and pay off some of the increased mortgage you've recently created and look to get a more affordable and reliable means of transport.
    • motorguy
    • By motorguy 16th Apr 19, 8:54 PM
    • 18,589 Posts
    • 11,451 Thanks
    motorguy
    Clearly not a huge sum if you're looking at a PCP/lease/bank loans to finance an expensive car such as the RR evoque.
    Originally posted by neilmcl
    Indeed, and a very good point.

    The sensible, and MSE obvious thing to do would be to use the money more wisely and pay off some of the increased mortgage you've recently created and look to get a more affordable and reliable means of transport.
    Originally posted by neilmcl

    Edited for accuracy.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • Rjhsteel
    • By Rjhsteel 16th Apr 19, 11:32 PM
    • 114 Posts
    • 11 Thanks
    Rjhsteel
    Ha. Oh dear.

    Still trying to justify the judgemental posts.

    Nevermind I shall ask for advice elsewhere.
    • marlot
    • By marlot 17th Apr 19, 6:21 AM
    • 3,830 Posts
    • 2,974 Thanks
    marlot
    I'm not explaining my personal circumstances as to why I have come into more money, ....
    Originally posted by Rjhsteel
    And yet the title of the post is talking about getting a bank loan?

    I don't see the judgement and attacks that you do. I see a number of people trying to help you avoid a mistake.


    Good advice is rarely the same as hearing what you want to hear.
    • motorguy
    • By motorguy 17th Apr 19, 7:18 AM
    • 18,589 Posts
    • 11,451 Thanks
    motorguy
    Ha. Oh dear.

    Still trying to justify the judgemental posts.

    Nevermind I shall ask for advice elsewhere.
    Originally posted by Rjhsteel
    Yes, keep on asking enough people and eventually you will get the answer you WANT to hear, rather than the answer you NEED to hear.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • almillar
    • By almillar 17th Apr 19, 11:40 AM
    • 7,827 Posts
    • 3,214 Thanks
    almillar
    Ha. Oh dear.

    Still trying to justify the judgemental posts.

    Nevermind I shall ask for advice elsewhere.
    Yes, you should go to moneySPENDINGexpert.com if you just want a lot of 'yes' answers.

    At the same time (well 2 months after) asking on the forum for debt advice, you're calling people idiots for bringing it up. You've come into money, great. What's your budget, and contingency, for the Evoque? Have you had an insurance quote? What will you do at the end of the deal, when you hand back - you'll need another car, and I've already told you not to rely on any 'equity' - you'll be starting from zero. Have you planned for this? Please don't call me a judgemental idiot.
    • foxy-stoat
    • By foxy-stoat 17th Apr 19, 12:59 PM
    • 4,006 Posts
    • 2,325 Thanks
    foxy-stoat
    Not sure why the OP is still asking for help, the answer is in post #2.
    • Arklight
    • By Arklight 17th Apr 19, 1:13 PM
    • 2,218 Posts
    • 3,385 Thanks
    Arklight
    Tbf if luxury cars were only purchased by people that could afford them, there wouldn't be many on the roads.
    • Mercdriver
    • By Mercdriver 17th Apr 19, 1:29 PM
    • 2,479 Posts
    • 1,687 Thanks
    Mercdriver
    It IS on topic - you're on a money saving forum asking on one hand for advice of severe debt management issues then all of a sudden asking for advice on how to FINANCE a luxury car.

    The simple one word answer as to how you should finance an Evoque is - DONT.

    You've got yourself out of the frying pan - dont jump in to the fire.
    Originally posted by motorguy
    OP isn't just jumping into the fire, he is diving off a diving board into an inferno while wearing armbands filled with Jet A1 aviation fuel.

    Anyone hazard a guess on what APR he might get with an IVA/DMP marker on his credit report? I would be surprised if he got a deal directly from a JLR dealer, so would have to get specialisr secured finance. So I reckon something arouns 29.9% APR. Ouch!
    Last edited by Mercdriver; 17-04-2019 at 1:32 PM.
    • Pension Geek
    • By Pension Geek 17th Apr 19, 1:36 PM
    • 176 Posts
    • 133 Thanks
    Pension Geek
    OP isn't just jumping into the fire, he is diving off a diving board into an inferno while wearing armbands filled with Jet A1 aviation fuel.

    Anyone hazard a guess on what APR he might get with an IVA/DMP marker on his credit report? I would be surprised if he got a deal directly from a JLR dealer, so would have to get specialisr secured finance. So I reckon something arouns 29.9% APR. Ouch!
    Originally posted by Mercdriver
    Frankly terrifying to think someone would pay that.

    I had no idea they are as unreliable as people say they are. You can't move for them in the town I live in. I always think the tyres alone must cost a bomb.
    Not an expert, but like pensions, tax questions and giving guidance. There is no substitute for tailored financial advice.
    • Scrapit
    • By Scrapit 17th Apr 19, 4:16 PM
    • 447 Posts
    • 134 Thanks
    Scrapit
    Nevermind I shall ask for advice elsewhere.
    Originally posted by Rjhsteel
    And how different do you think that will be?
    • motorguy
    • By motorguy 17th Apr 19, 4:22 PM
    • 18,589 Posts
    • 11,451 Thanks
    motorguy
    Not sure why the OP is still asking for help, the answer is in post #2.
    Originally posted by foxy-stoat
    Because its not the answer he wants to hear....
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • motorguy
    • By motorguy 17th Apr 19, 4:24 PM
    • 18,589 Posts
    • 11,451 Thanks
    motorguy
    Tbf if luxury cars were only purchased by people that could afford them, there wouldn't be many on the roads.
    Originally posted by Arklight
    Depends what you mean by affordability. If someone has a steady, well paying job, has savings in the bank, isnt stretching themselves, isnt paying a big interest rate then a monthly payment may be perfectly fine.

    For the O/P and their recent history, not so much....
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • facade
    • By facade 17th Apr 19, 4:27 PM
    • 3,738 Posts
    • 1,969 Thanks
    facade
    I had no idea they are as unreliable as people say they are. You can't move for them in the town I live in.
    Originally posted by Pension Geek

    I don't get it either.


    Everybody knows Landrovers are one of the least reliable cars on the planet- but they sell like hot cakes.


    Everybody knows Renaults have terrible electrical problems- but they sell like hot cakes and Renault gets to buy out Japanese manufacturers.


    Everybody knows Polos burn out exhaust valves- but they sell like hot cakes.


    Everybody knows BMW timing chains fail-but they sell like hot cakes.


    See any pattern?
    I want to go back to The Olden Days, when every single thing that I can think of was better.....

    (except air quality and Medical Science )
    • motorguy
    • By motorguy 17th Apr 19, 6:49 PM
    • 18,589 Posts
    • 11,451 Thanks
    motorguy

    Everybody knows BMW timing chains fail-but they sell like hot cakes.
    Originally posted by facade


    I guess i'm in trouble then - M140i (BMW 3.0i turbo) and Mini Cooper S (BMW 2.0i Turbo).
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • bertiewhite
    • By bertiewhite 17th Apr 19, 7:00 PM
    • 1,502 Posts
    • 1,724 Thanks
    bertiewhite

    Nevermind I shall ask for advice elsewhere.
    Originally posted by Rjhsteel
    The Range Rover fanboy forum?
    • flashg67
    • By flashg67 17th Apr 19, 9:03 PM
    • 2,761 Posts
    • 1,801 Thanks
    flashg67
    I'd assume nil equity after 3 years on a PCP so just working out the total payable on each method should give you the answer on the best way to finance. All the PCP's I've had have had some equity left at the end though, but who knows in another 3 years - will we love diesels again, or hate them even more?
    The poor reliability of the last model doesn't mean the new one will be as bad, and yes, warranty covers the faults, but there's still the hassle of breakdowns etc and possibility of being left without a car at some point.at some point.
    Personally I'd avoid second hand unless you have a local specialist - some of the dealer bills I've seen are heartbreaking
    • DrEskimo
    • By DrEskimo 17th Apr 19, 10:31 PM
    • 470 Posts
    • 349 Thanks
    DrEskimo
    I'd assume nil equity after 3 years on a PCP so just working out the total payable on each method should give you the answer on the best way to finance. All the PCP's I've had have had some equity left at the end though, but who knows in another 3 years - will we love diesels again, or hate them even more?
    The poor reliability of the last model doesn't mean the new one will be as bad, and yes, warranty covers the faults, but there's still the hassle of breakdowns etc and possibility of being left without a car at some point.at some point.
    Personally I'd avoid second hand unless you have a local specialist - some of the dealer bills I've seen are heartbreaking
    Originally posted by flashg67
    Lets do the maths....

    Evoque retails for 35,000 for the mid models and there are only small discounts of about 800, presumably because it is a new model.

    On a PCP with 10k down, you are looking at 36 payments of 204, and a final payment of 21,782.

    If we assume no equity, that is 13,218 in depreciation costs (4,406) per year) and 3,800 in interest (1,266 per year).

    In contrast, a 2016 mid spec model will set you back about 20k, and 2013 models look to be worth around 13k, so lets say 10k trade?

    With a personal loan over 36months at 6.9% (can get lower, but lets match the PCP), you are looking at 36 payments of 307.

    Over the 3 years that's 10,000 depreciation (3,333 per year) and just 1,052 in interest (350 per year).

    So are you honestly telling me, the 3yr old Evoque will set you back over 2,000 in repairs every year for 3 years.....? That's the only way the used model will end up costing you more....

    Of course you could also spend a few grand more and buy from an Approved RR dealer and get their 2 year unlimited mile warranty too, so it's just a case of repairs in year three, or the cost of extending the warranty. Unless it's over 6k, you will be saving a fair bit of money....
    Last edited by DrEskimo; 17-04-2019 at 10:56 PM.
    • AdrianC
    • By AdrianC 17th Apr 19, 10:32 PM
    • 21,918 Posts
    • 20,644 Thanks
    AdrianC
    New Evoque prices start from 31k, not 44k.

    44k is damn near Velux money.
    • DrEskimo
    • By DrEskimo 17th Apr 19, 10:48 PM
    • 470 Posts
    • 349 Thanks
    DrEskimo
    New Evoque prices start from 31k, not 44k.

    44k is damn near Velux money.
    Originally posted by AdrianC
    It's the only one they had with PCP details:

    https://www.landrover.co.uk/vehicles/new-range-rover-evoque/finance-offers/land-rover-personal-contract-purchase.html

    Appreciate it could be cheaper, but the 25k 3yr models are not the lowest spec, so it's a pretty fair comparison.

    EDIT: Nevermind find the calculator and updated my post to reflect a lower priced model...although the price of the used car will probably reflect a better model/trim/specification, so the comparison is very unfairly weighted to the new car....

    https://www.landrover.co.uk/offers-and-finance/finance-calculator.html#/quote/l551_k20__3nua9__a-d150-a-awd_a-evoque_a-swb_sp0__
    Last edited by DrEskimo; 17-04-2019 at 10:58 PM.
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