nowhereboy Posted March 22, 2016 Author Share Posted March 22, 2016 Yea I'm going to mention it first, I'll be well embarrassed if it declines. My credit score used to say "good" now it says "very bad". I'm really angry about it actually, it's from an old t-mobile account. Apparently I had one final payment a month after my contract ended, I didn't realize and must have canceled the direct debit. My own fault I guess, tho they never wrote to me or anything. I've paid it straight off but it's stuck on my file for 6 years now Quote Link to comment Share on other sites More sharing options...
sipar69 Posted March 22, 2016 Share Posted March 22, 2016 I hate to say this but I suspect you're In trouble. A single late payment might be ok but a default is usually a different matter. I hope I'm wrong - good luck. Quote Link to comment Share on other sites More sharing options...
gangzoom Posted March 22, 2016 Share Posted March 22, 2016 (edited) The new CTRS are already dropping there's some on auto trader now for £26k great car though will be my next car very practical and fast too There seems to be plenty of choice too!! Why pay a total of £32k on a PCP deal on a 2015 car when a straight foward £20K loan (Persume £7k deposit), from Sainsbury over 3 years will only cost you £600 in interest payments? Edited March 22, 2016 by gangzoom 2 Quote Link to comment Share on other sites More sharing options...
marzman Posted March 22, 2016 Share Posted March 22, 2016 I used to be really keen on the idea of PCP, but it's just throwing good money away in my opinion. Make sure the PCP deal is interest free, or extremely low interest otherwise you're better off getting a personal loan. Check out PCP deals on used cars... You might get the car for 20% less used, but the dealer will jack the interest rate on the PCP deal. Probably cheaper in the long run though. Flexibility - and this is my biggest concern - you cant just hand the car back when you need to. With a personal loan if you lose your job or whatever you can just quickly sell the car and live off the loan for a bit. You cant do that with a PCP. Handing the car back... look at your Zed now, you've got £7k equity in it, and for arguments sake lets say it cost you £9k 3 years ago. That means its only cost you £3000 to own over 3 years, despite it costing you the same £300 per month. That's very different to the £17k money being thrown away on a PCP CTR! (Sorry, i was making up numbers then, similar to my own zed experience). ...sorry to be a kill joy. Since i bought my first house last year, i've become an utter scrooge. 1 Quote Link to comment Share on other sites More sharing options...
Zeezeebaba Posted March 23, 2016 Share Posted March 23, 2016 I gave up on new cars many years ago when my second child was born. I used to be the kind of individual that bought new cars on HP or bank loans and yes to be fair it was generally trouble free motoring or covered by warranty. PCP doesn't interest me but I know a few people that change up every few years on these schemes and they seem to be fairly happy with the deals they get. It certainly suits those egocentric types who like a new reg every few years. These days I buy outright older vehicles I can afford that are pretty reliable and any money I would normally have spent on a loan etc gets saved in various ISA s and put towards my GTR fund. It also allows me a maintenance or modding fund for the current Z should I need it. I suppose having a mortgage and children has just made me more cautious with money these days. Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted March 23, 2016 Author Share Posted March 23, 2016 I completely understand your point marzman, I'm currently split between the two way's of thinking to be honest. One side is thinking, I can afford it, I reeeeally want the new type R and you only live once etc, also anyone who buy's one from new is going to lose money on depreciation anyway. The other side is thinking in numbers like you, looking at how much money it will actually be costing me, it is a little unnerving. If I do it, I'll be aiming to buy the car after the 3 years is up, I really don't want to walk away with nothing and I don't fancy starting all over again on another PCP deal either. I just like the idea of actually owning a brand car that I'm completely happy with, with used cars I'm always unhappy about this stone chip here or bit of rust there etc, I end up spending loads of money on them then in the end I'm still unsatisfied, I'm a bit of a perfectionist when it comes to bodywork etc. Quote Link to comment Share on other sites More sharing options...
Wayne370Z Posted March 23, 2016 Share Posted March 23, 2016 I agree. It feels great getting a brand new car and if your going to definitely make it yours at the end rather than just rent it for 3 years and then give it back and it still works out cheaper overall than a loan then it`s a ..... Quote Link to comment Share on other sites More sharing options...
Zeezeebaba Posted March 23, 2016 Share Posted March 23, 2016 (edited) I remember the days of stressing over my first stone chip .I was that bad once I used to put off driving when it rained or there was salt on the roads. My friends thought I had OCD big time. I'm not as bad now thankfully. The novelty of a new car wears off after six months now when the new reg comes out at least we used to have a year to glory in it The big positives are warranty and tech, I will certainly buy new again one day but only when I have the cash to do so. I remember picking up my last CTR which was the last new car I bought, five years of trouble free motoring and waiting to collect the keys in the showroom whilst the salesman babbled on.All I wanted to do was get in the car and go but listened to the blurb out of politeness Edited March 23, 2016 by Zeezeebaba 1 Quote Link to comment Share on other sites More sharing options...
Wayne370Z Posted March 23, 2016 Share Posted March 23, 2016 When I got the Zed I nipped out at lunch time to pick it up and only got to drive it through the city streets and traffic back to work where I then spent the afternoon gazing out at it through the window until finishing time .. 1 Quote Link to comment Share on other sites More sharing options...
Mikey81 Posted March 23, 2016 Share Posted March 23, 2016 I was close to signing up to the finance package on the CTR but I couldn't bring myself to sign up to it knowing I was paying that much and after 36 months I knew I had to pay the same again. Once you start on that route it's very hard because you get nothing back if you give it back. Also I got offered 6k for my 2007 350z with 50k full history and good spec as part ex. For now I have stuck with my old car and spend the extra money on track days or autosolos 1 Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted March 23, 2016 Author Share Posted March 23, 2016 Looking at a new car just made me feel depressed about the Z to be honest, all I see now is a rusty old heap It's actually really clean for it's age but it doesn't come close to the quality of a new motor. Quote Link to comment Share on other sites More sharing options...
gangzoom Posted March 23, 2016 Share Posted March 23, 2016 New M3/M4 £5.5k down than £600/m X 47. Clearly more expensive than a civic but not bad for a car with a list price of over £60k....Just don't add up the total amount you end up paying over 47 months http://www.babybmw.net/forum/viewtopic.php?f=80&t=84474 Quote Link to comment Share on other sites More sharing options...
Wayne370Z Posted March 23, 2016 Share Posted March 23, 2016 Looking at a new car just made me feel depressed about the Z to be honest, all I see now is a rusty old heap It's actually really clean for it's age but it doesn't come close to the quality of a new motor. It`s never a good idea looking at new cars. I really liked my RCZ and thought I would keep it for years and years until I started looking at 370s. Quote Link to comment Share on other sites More sharing options...
docwra Posted March 23, 2016 Share Posted March 23, 2016 Its no different to a loan, the car still isnt yours until its paid off Apart from if you need to stop halfway through because youve lost your job, with a loan you flog it and pay off the loan, with the PCP you bankrupt yourself Not strictly relevant but for me its the depreciation on a brand spanker that I wouldnt be able to get away from, thats a lot of money straight down the toilet. Much better to buy something a couple of years old thats taken the initial hit like an M135i or a Golf R 3 Quote Link to comment Share on other sites More sharing options...
nissanman312 Posted March 23, 2016 Share Posted March 23, 2016 Looking at a new car just made me feel depressed about the Z to be honest, all I see now is a rusty old heap It's actually really clean for it's age but it doesn't come close to the quality of a new motor. Not close to the price either Why don't you put the money you would pay into finance in a savings account and in a year or two sell the zed and put your savings in and have something in the middle that you own 1 Quote Link to comment Share on other sites More sharing options...
sipar69 Posted March 23, 2016 Share Posted March 23, 2016 PCP deals are less off putting if you're willing to absorb a higher monthly payment for the sake of a lower final payment. My monthly is quite steep, but on the plus side when the deal ends in 18 months I've only got £9k to clear and I'm fairly sure the car (which will only be 4.5 years old and low mileage) will be worth a good bit more. PCP also becomes more useful when you're looking at higher value cars, because banks typically don't offer loans up to the necessary limit. 1 Quote Link to comment Share on other sites More sharing options...
gangzoom Posted March 23, 2016 Share Posted March 23, 2016 (edited) Halifax now do a really interesting PCP/HP option for their customers with very attractive APR. For example: £30,000 car. Deposit: £7000 so finance £23,000 36 month finance at £381/month. Final payment is £11,440 Overall APR is 3.5%. Works about £1000 cheaper than going with the PCP deal OP has been offered. Edited March 24, 2016 by gangzoom 1 Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted March 23, 2016 Share Posted March 23, 2016 Not strictly relevant but for me its the depreciation on a brand spanker that I wouldnt be able to get away from I am with Doc i am afraid, i just couldnt do half a cars value to be the first owner, or there abouts. Unless of course i was a very wealthy man and then i wouldnt need any finance. Quote Link to comment Share on other sites More sharing options...
Ekona Posted March 23, 2016 Share Posted March 23, 2016 I've done it twice, when I was younger. Never, ever again. Quote Link to comment Share on other sites More sharing options...
Richf Posted March 23, 2016 Share Posted March 23, 2016 Halifax now do a really interesting PCP/HP option for their customers with very attractive APR. For example: £30,000 car. Deposit: £7000 so finance £23,000 36 month finance at £981/month. Total repaid on finance = £381. Final payment is £11,440 Overall APR is 3.5%. Works about £1000 cheaper than going with the PCP deal OP has been offered. something very wrong with your maths there Quote Link to comment Share on other sites More sharing options...
Irn Bru Posted March 23, 2016 Share Posted March 23, 2016 I completely understand your point marzman, I'm currently split between the two way's of thinking to be honest. One side is thinking, I can afford it, I reeeeally want the new type R and you only live once etc, also anyone who buy's one from new is going to lose money on depreciation anyway. The other side is thinking in numbers like you, looking at how much money it will actually be costing me, it is a little unnerving. If I do it, I'll be aiming to buy the car after the 3 years is up, I really don't want to walk away with nothing and I don't fancy starting all over again on another PCP deal either. I just like the idea of actually owning a brand car that I'm completely happy with, with used cars I'm always unhappy about this stone chip here or bit of rust there etc, I end up spending loads of money on them then in the end I'm still unsatisfied, I'm a bit of a perfectionist when it comes to bodywork etc. So if you are unhappy / pi**ed off at stone chips on a older car how you going to be with a brand spanking new type R ?. It would have me greetin in my beer lol Quote Link to comment Share on other sites More sharing options...
billdingo Posted March 23, 2016 Share Posted March 23, 2016 Halifax now do a really interesting PCP/HP option for their customers with very attractive APR. For example: £30,000 car. Deposit: £7000 so finance £23,000 36 month finance at £981/month. Total repaid on finance = £381. Final payment is £11,440 Overall APR is 3.5%. Works about £1000 cheaper than going with the PCP deal OP has been offered. something very wrong with your maths there Yeah, I make that £53,756 total. Quote Link to comment Share on other sites More sharing options...
marzman Posted March 23, 2016 Share Posted March 23, 2016 Halifax now do a really interesting PCP/HP option for their customers with very attractive APR. For example: £30,000 car. Deposit: £7000 so finance £23,000 36 month finance at £981/month. Total repaid on finance = £381. Final payment is £11,440 Overall APR is 3.5%. Works about £1000 cheaper than going with the PCP deal OP has been offered. something very wrong with your maths there Yeah, I make that £53,756 total. Clearly a typo... he meant 36x£381 1 Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted March 23, 2016 Author Share Posted March 23, 2016 Interesting man maths going on in here! I'm going to test drive the civic on Saturday and go over the figures and options with the dealer. If I don't absolutely love the car I'll be walking away. I absolutely detest buying cars, I always feel so awkward and pressured, hate wasting people's time if I decide against it etc but it's a big decision. Quote Link to comment Share on other sites More sharing options...
nissanman312 Posted March 23, 2016 Share Posted March 23, 2016 Make sure you give us your thought Interested to see what you think Quote Link to comment Share on other sites More sharing options...
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