monthly price for pcp

[addsLEON]

Hey guys. Ive just ordered a new leon fr 5 door 184hp in candy white on a pcp with tech pack, convenience pack, winter pack, driver assist, safety pack, seat sound, alcantara seat upgrade, winter pack, 18" alloy wheel upgrade and pan glass roof with a £6000 deposit my monthly payments work out to £211. Thats with 6k a year mileage. Does that sound like a good deal??

 

[steve67]

Hey guys. Ive just ordered a new leon fr 5 door 184hp in candy white on a pcp with tech pack, convenience pack, winter pack, driver assist, safety pack, seat sound, alcantara seat upgrade, winter pack, 18" alloy wheel upgrade and pan glass roof with a £6000 deposit my monthly payments work out to £211. Thats with 6k a year mileage. Does that sound like a good deal??

i had this deal,but could not get the mrs to even drive the leon as she hated. so gone elsewhere.

£6k too much deposit i'd say, keep it as low as possible as that is lost in the car, better with a higher payment. 10% deposit is the norm

Factory order-red FR 1.4 upgrade alloys, and auto lights and wipers.
pcp
1k deposit
8K miles
x36
£237
gfv 9800
from two dealers

 

[robo6]

My issue is the amount of interest ill be charged and hoe it is calculated.

19145 to be financed (10492 of which is the gfv amount). I think that at 4.6 Apr the total interest should come out about 1500 bit I'm actually bring charged 2000 in total. Can anyone shed any light on this?

 

[Marve]

My issue is the amount of interest ill be charged and hoe it is calculated.

19145 to be financed (10492 of which is the gfv amount). I think that at 4.6 Apr the total interest should come out about 1500 bit I'm actually bring charged 2000 in total. Can anyone shed any light on this?

Can you let us know how you are working it out. With some very basic sums, using that PCP calculator to work out your monthly payments will be £298 and then working it back into a spreadsheet, I see just over £2,000 in interest over the 3 years.

 

[robo6]

Thanks for looking at this.

I used this site to calc total intrest. Comes out at about 1400 over 36 months.

https://www.moneyadviceservice.org.uk/en/tools/loan-calculatorically

I just put the 19145 fugue into the loan calculator with 4.6 percent intrest over 3 years.

Am I missing something here?

Education appreciated.

 

[Marve]

Yep, you are missing something

In my numbers, you will note that as the amount owed goes down, the amount of interest you pay goes down as you owe less. In a PCP, you take the amount owed from 19k to 10k roughly in your instance. So at the beginning it costs you £73 a month to finance and at the end it costs you £40 odd to finance. If you took a personal loan for the full amount, which is basically what the website you used does, you would be going from 19k down to 0. So therefore the interest at the end would be down to zero. Unfortunately, to get down to zero owed in 3 years, you would need to be paying an awful lot more each month. About £570 odd per month. That is why a PCP works rather than borrowing the full amount from a bank. Because it keeps your monthly payments lower. The offset is you do pay more interest over the term.

 

[steve67]

play with this.

http://www.pcpcal.co.uk/

work out very close to the dealers figures.

 

[AJ]

I have used the same figures which Marve got from the PCP website, £298.01 per month and work the interest out as follows. This is very basic interest calculation and I get this:

I have a similar figure with Marve and your Dealer. Also I thought the PCP deal was at 4.9% not 4.6 APR?

 

[robo6]

Thanks for the responses - all clear now. I just wanted to make sure I wasn't being diddled!

 

[barneystuta]

A long post! I'd really appreciate peoples thoughts/experience.

Before I go and see my local dealer... Is the below realistic?

I want a 1.4 TSI FR. This is my own calculations based on some assumptions of headline deals (for the 1.2 TSI at SEAT Liverpool) and the GFV of that car being 40% of the full retail cost. I will be doing 12k miles per year over 3 years.

With the help of PCP Cal, this is likely the "worst" case scenario. My car trade in valuation is based on the WhatCar valuation of being "Poor". My car is far from "poor" condition, it has been fully serviced at SEAT every year for 5 years. Has a clean MOT. And only minor cosmetic issues (which WhatCar define as being "good", I've used "poor" as a worst case).

Any thoughts?

Cost price - £19,565
My Deposit - £500
PartEx valuation- £2,500
Dealer Deposit - £1,770 (@ Liverpool SEAT for 1.2 TSI - assuming they do similar for the 1.4 FR?)
GFV - £7,826
Finance @ 4.9% APR

36 monthly payments of £240.51

Ideally I want to get this down... so what are my options (without putting a bigger amount down myself)

1. Do I have room to negotiate the cost price down? Brokers have it for as little as £16-17k (the likes of Drive the Deal). Obviously this will not include the additional deposits that my local dealer would offer. Can I get the "effective" cost down to around £17.5k (including all additional deposits by the dealer/SEAT)

2. Part ex/Trade in valuation - WhatCar have said around £2,500 in "poor" condition. My car is far from poor (I just went worst case). Will SEAT likely offer me this? Maybe even more? For reference the likes of WEBAC are offering around £1,800 cash.

3. GFV - I've gone on 40% which to me feels reasonable based on my experience. Similar Leon (same make/model/age/mileage) are priced around £9.5-£10.5k on autotrader. Understanding how GFV's work, and the fact that the "old" shape have lost some value, is £7,826 realistic, can it be more?

Taking those 3 things into account is something like this plausible?

Cost price - £18,995 (£1k off list price)
My Deposit - £500
PartEx valuation- £2,500
Dealer Deposit - £1,770 (@ Liverpool SEAT for 1.2 TSI - assuming they do similar for the 1.4 FR?)
GFV - £8,500 (similar to GFV that a broker4cars are offering for same age/mileage)
Finance @ 4.9% APR

Monthly payments £206.03

My intention at the end of the 3 years will be to trade up. So paying the least amount of money over those 3 years is my intention (without impacting the GFV too much). I want equity in the car ready to trade in and start again, so having £2k-3k in the car at that stage is important.

 

[Marve]

Your numbers don't look right to me. All you are doing is taking ~£600 of the original price and adding ~£700 to the GFV and you think the difference in monthly payments will move by £90 per month, £3,240 over 36 months?

I think your first monthly price should be about £240 per month, not £290 and the second one is right. And in my opinion, it should be possible to get closer that your numbers. Sit down with your sales guy and tell him your budget is £200 a month and stick to that as much as you can whilst he has to shave the numbers.

 

[barneystuta]

Your numbers don't look right to me. All you are doing is taking ~£600 of the original price and adding ~£700 to the GFV and you think the difference in monthly payments will move by £90 per month, £3,240 over 36 months?

I think your first monthly price should be about £240 per month, not £290 and the second one is right. And in my opinion, it should be possible to get closer that your numbers. Sit down with your sales guy and tell him your budget is £200 a month and stick to that as much as you can whilst he has to shave the numbers.

Cheers, I've re-done the numbers and got £240 so you are right! Not sure where I got the £290 from...

Sounds like it is plausible then, I wanted to go in prepared ready - thanks for your help.

 

[steve67]

i had this deal,but could not get the mrs to even drive the leon as she hated. so gone elsewhere.

£6k too much deposit i'd say, keep it as low as possible as that is lost in the car, better with a higher payment. 10% deposit is the norm

Factory order-red FR 1.4 upgrade alloys, and auto lights and wipers.
pcp
1k deposit
8K miles
x36
£237
gfv 9800
from two dealers

Got these figures from 2 dealers. Pm me if you need more
details

 

[matt jackson]

hi all got two year personal lease £193 a month over 24 months six payments up front 1200 ish, full maintenance.. on leon fr184 in white tech pack... happy days get it in april.

 

[keithjeb]

hi all got two year personal lease £193 a month over 24 months six payments up front 1200 ish, full maintenance.. on leon fr184 in white tech pack... happy days get it in april.

Sounds like a decent deal, although that depends on the mileage in the agreement.

 

[Mk1Cortina1964]

Ordered a 1.2 TSi SE with Tech pack, metallic paint and a skinny spare (instead of a canister of shaving foam) on PCP and am paying £186 pm x 36, GFV £7078; 4.8%; £4000 deposit (£3000 P/Ex, £1000 dealer); based on 10,000 miles pa.
Low payments suit me as I am a pensioner (bless!).

Also bought a FR badge for a couple of quid and am tempted to stick it on the front grill 'cos it looks nice!

 

[Andy]

Also bought a FR badge for a couple of quid and am tempted to stick it on the front grill 'cos it looks nice!

Go for it

 

[Mk1Cortina1964]

Thanks for the encouragement, Andy. Would a chrome twin-pipe extension to the single exhaust pipe be a step too far though?

http://www.larkspeed.com/index.pl?a...aust-Trims-Tips-BR-Tornado-Twin-BR-70mm-Round

 

[decadent]

When I was considering a 1.4 FR Estate with circa £1,900 worth of options inc met paint I was offered £255/mth, 8k per annum, £2300 down. GFV was £10.5K.

Bought an Exeo in the end as it was better value but I was after an estate.

 

[matt jackson]

GBcardeals are doing 20% off new seat leons...if you have the money....