Scirocco Central

Hi fellas,
new to this forum but wanted to ask some advice. I'm planning on getting my hands on a 2010-2011 plated Scirocco R, pricing wise i've seen a few i like around £20-£22k from VW dealers and i've been offered some PCP deals working out around £400 a month. I was wondering how good these deals where and what sort of advice you guys could give me from your experience?
And if not taking a deal can you go direct to VW for a PCP deal or maybe through another company for a loan?

Cheers!
Jamie

It's hard to know whether that's a good PCP deal as all you've said it's £400 per month. We would need to know the term, deposit and balloon payment (GFV).

You can also get straight HP finance from your dealer or a personal loan from a bank depending upon your circumstances.

You can compare the APR of all three to see what is cheapest but each have their own pros and cons.

I personally wouldn't touch PCP...

In fact, car finance is a mugs game and should only be done if you have no other options.

If you must get a loan, get a low rate loan that has low redemption charges so you can pay it off early if you want.

I had a vw dealer at Stockport vw lie to me that it was better to take a finance deal with them and that their "flat rate" was better than lower Apr rates from reputable lenders.

Make sure you get low apr (includes fees etc)... aim for less than 7.5%.

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Agree with Jake above, don't like PCP never have never will, doesn't make sense to me when you can get a cheaper loan and own the car yourself with no limitations etc. Always done it via the personal loan route when needing that bit extra.

Here is the deal I've been offered, I guess the difference is they offer you the residual value which is a guaranteed price? And you just pay the depreciation but working out with a £4000 deposit the costs per month would be cheaper than buying the car on say a £18,000 loan? Over 4 years.

I'm not 100% sure can anybody give me some advice on it?


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Best advice is to save up and pay cash. Cheaper every time.

But would mean waiting 2-3 years when over 4 years would only cost around 7% interest, which monthly works out about £35 a month I think?


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if you plan to modify it personally it would be cash or loan (also gives you more flexibility), my sh#tty for the city is on pcp as they gave me a £1k discount and was practically 0%

It's personal choice really, you will have a bit to pay at the end of the PCP, if you could add more cash then the loan is the way to go. Over 5yrs for 18k you will be looking at £372 roughly but fully paid off and the flexibility to do what you want when you want (within reason).

Couple of things over the 49 month term the car will not be worth 10k... Thus the 4k deposit won't be seen again. You are affectively financing for 14k of depreciation plus interest on the 6.5k residual. expect to find £500 to £1000 of deposit contribution at end of deal and generally be underwater throughout the term. If your going to keep the car to term this won't be an issue if your not than the deal isn't right for your needs.

Remember you do not "own" the car untill you've paid the balloon at term.