Monthly payment?

[Anees]

Been looking for a couple of days now at the new facelift 2015 Scirocco R, seeing some people getting them for £200+ monthly... How?
Most sites I've been on are charging £370+?

[RisingBlue]

Paying by PCP rather than hire purchase significantly reduces your monthly payments, however your final payment will be a balloon payment so doesn't really work out cheaper in the long run.

Also placing a larger deposit, choosing fewer options, paying over a longer term and shopping around for a better APR will also make things more manageable.

[andyy]

The sub £300 was base spec on a cheap lease that was available a few weeks back.

PCP will see you around the sub £400 and a HP £400 plus. Then again, it's all subjective to your deposit and flat rate / APR.

Whatever method of purchase you go for, look at it as an effective monthly cost from deposit, to hand back / trade-in or selling up.

[Anees]

But surely PCP, it has to be a brand new car?

[Cuprabob]

But surely PCP, it has to be a brand new car?

Not necessarily, some dealers will do PCP on newish used cars.

[Anees]

Ahhh I see, been looking for a couple of days now. Cheapest quote is £390 per month!!

[xjay1337]

These are new Scirocco usually on a 6+18 term.
6x monthly payments as deposit and then £250ish a month. Only issue is a 5K mileage limit. but the over mileage fees are very cheap at like 6p per mile.
Plenty of deals about.
At the end of a PCP deal you simply give the car back, there is no option to pay and no balloon figure so it actually is the cheapest way often to have a new car for not much money.
A HP (Hire purchase) has the optional balloon payment to then buy the car or give it back and walk away.

https://www.allcarleasing.co.uk/car-lea ... hPHB_lViko" onclick="window.open(this.href);return false;
New scirocco R.
First link I found.

[whiteDevil_170]

These are new Scirocco usually on a 6+18 term.
6x monthly payments as deposit and then £250ish a month. Only issue is a 5K mileage limit. but the over mileage fees are very cheap at like 6p per mile.
Plenty of deals about.
At the end of a PCP deal you simply give the car back, there is no option to pay and no balloon figure so it actually is the cheapest way often to have a new car for not much money.
A HP (Hire purchase) has the optional balloon payment to then buy the car or give it back and walk away.

https://www.allcarleasing.co.uk/car-lea ... hPHB_lViko" onclick="window.open(this.href);return false;
New scirocco R.
First link I found.

Sorry Jay that's incorrect.
At the end of a pcp contract you have 3 options. I know this because my car is on pcp and I have gone through the options.

Option 1 is hand the car back and walk away if the car is worth less than the agreed value figure at the start.

Option 2 is put the car in against another car new or used and what ever equity you have in the car is used as the deposit for the next one.

Option 3 is pay the balloon payment which would be the agreed value at the start on the contract and then the car belongs to you.

As said I know this because I have been in this position and choose option 3.

[charliegilmanuk]

These are new Scirocco usually on a 6+18 term.
6x monthly payments as deposit and then £250ish a month. Only issue is a 5K mileage limit. but the over mileage fees are very cheap at like 6p per mile.
Plenty of deals about.
At the end of a PCP deal you simply give the car back, there is no option to pay and no balloon figure so it actually is the cheapest way often to have a new car for not much money.
A HP (Hire purchase) has the optional balloon payment to then buy the car or give it back and walk away.

https://www.allcarleasing.co.uk/car-lea ... hPHB_lViko" onclick="window.open(this.href);return false;
New scirocco R.
First link I found.

Sorry Jay that's incorrect.
At the end of a pcp contract you have 3 options. I know this because my car is on pcp and I have gone through the options.

Option 1 is hand the car back and walk away if the car is worth less than the agreed value figure at the start.

Option 2 is put the car in against another car new or used and what ever equity you have in the car is used as the deposit for the next one.

Option 3 is pay the balloon payment which would be the agreed value at the start on the contract and then the car belongs to you.

As said I know this because I have been in this position and choose option 3.

Exactly what I was thinking.

Pretty sure his description of hire purchase (HP) was incorrect too, from my understanding it's like a loan, it's the full cost of the car plus interest spread over a selected term of months, there is no option to "give it back", you are buying the car but just spreading out the full balloon payment over a number of months. As opposed to PCP where you're really paying for the depreciation of the car.

[xjay1337]

Ah fair enough!

Learn something every day haha!

Was looking at a Skoda Octavia vRS as a daily hack and couldn't see any option of final payments/option to buy so just assumed

[b0rk]

Repeat after me:
PCH = Personal Contract Hire. You lease the car from a company that owns and is the registered keeper, you never own it and have no option to purchase. At the end of the term the car goes back to the finance company.
PC, = Personal Contract Purchase. You buy the car on finance and are the owner and registered keeper. At the end of term you have three options. 1. option to purchase for a pre-agreed value, 2. option to hand the car back with nothing more to pay, 3. option to "trade" the car using any difference between pre-agreed value and actual value as deposit / equity
HP = Hire Purchase. You buy the car on finance and are the owner and registered keeper. At the end of the term the car is yours.

The "cheap" deals are/where all PCH.

The difference between PCP and HP is how you pay for the vehicle, PCP being structured towards the buyer trading in for a replacement at end of term.

PCH is for when your happy to basically rent the car, due to tax treatment enjoyed by the finance company on leased vehicles PCH is likely to be cheaper than PCP/HP.

[Anees]

Unfortunately, that deal from allcarleasing gone

Hard to find a price up to £250 on a R, understandably why. Might have to wait another year!