Advice and Help!

[imran-17]

Hello there im new to the forums my name is imran im 19
i currently drive a 1.9 130bhp punto sporting
i really want a scirocco and basically been speaking to my dad about it and hes agreed to pay insurance for a 2.0 tdi 140 gt if i buy the car
do you think this is a good deal

candy white rocco 2.0 tdi gt
no options 19814 brand new
6000 deposit
200.50 a month for 42 month with 10000 miles a year
so basically i sell my car and its 200 a month

i really want to go for it but i would like your opinions on what you think i should do

thanks, imran

[Drigbyy2k]

I presume your getting it on PCP then if your paying a deposit of £6000 and then paying 42 months x £200.50 = £8421, so paying a total of £14421, then leaving £5393 to pay after the 42 months to own the car?

If I'm right that is...

If you are sure you can afford (will have the £5393) at the end of 42 months to own it fully, or go down the getting another car route then I don't see any problems with it.

I have always gone for HP myself as I'm not keen on the PCP, but thats my opinion. Theres lots of people who use PCP.

HTH...

Dom...

[daz3031]

I presume your getting it on PCP then if your paying a deposit of £6000 and then paying 42 months x £200.50 = £8421, so paying a total of £14421, then leaving £5393 to pay after the 42 months to own the car?

If I'm right that is...

Unfortunately you're not right....you have forgot to include a little think called interest in your calculations! (Well unless it is an interest free PCP deal which I doubt it will be) The residual will be alot more £5393.

As for whether it's a good deal, well that depends on what the interest rate is. If you can afford to pay more a month then I suggest you reduce the payment period to 36 months or less. The quicker you pay, the less interest you are charged.

I'm on a 24 month HP deal....high monthly payments but it means car is completely paid off after 2 years and whatever it is worth I can use as a deposit on my next car.

I'd also say be careful with your mileage on a PCP deal if you are planning on handing it back at the end as every mile you go over the 10k, you will be charged.

Hope this is of some help.

Cheers

[Drigbyy2k]

I presumed thats what the vw garage had offered him (including %), thought he would of done his homework lol...

[daz3031]

Numbers don't look like they include interest. Would expect car price to be in the region of 23k if it included the interest. Balance after 42 months will be around 9-10k as VW will expect the car to be worth that at the end of the finance.

[Drigbyy2k]

Yes makes sense daz...

I know nothing about PCP as never had it (been offered it before) but I will own this car outright from day one so don't need any finance this time round which is a gr8 feeling...

[imran-17]

it does include interest
it was using drivethedeal.com they do good price
thats why i kinda came on here for advice
im planning on continuing payments and changing car after 42 months

[danmachin]

I've just sold my Punto Sporting 1.9 and I am about to pick up my 140Tdi GT too! I sold my Punto back to the Fiat dealer, they gave me easily the best price for it.