Dynamic Turtle Posted March 23, 2016 Share Posted March 23, 2016 If you can get a nearly new car like a dealer demo with say 4,000 miles on the clock but with the 20% VAT, 1st year VED and another grand or two off them you might be able to justify it. PCPing the CTR at £25k could work out relatively cheap if the APR is sensible (i.e <4%). Be careful about putting down large deposits though, you need to treat this as a lease and its the monthly repayments that are important. Have 3 cars on PCP, just paid one of them off and will do the same with another once the bonus is paid. Dealers love PCP and will normally give you a bigger discount off list as they get commission. Nothing stopping you from clearing the balance a month after though! Quote Link to comment Share on other sites More sharing options...
gangzoom Posted March 24, 2016 Share Posted March 24, 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 All corrected Quote Link to comment Share on other sites More sharing options...
gangzoom Posted March 24, 2016 Share Posted March 24, 2016 Nothing stopping you from clearing the balance a month after though! The PCP rate offered to the OP must have been half decent to get within £1000 of the Halifax deal at 3.5%. Normally I say 100% pay off early, but we are in a odd situation at the moment. The interest rate on my mortgage is about to fall to something like sub 2%. So although I had planned to clear the mortgage with a lump sum that doesn't seem so clever now. Not if I want to buy a car financed at 3.5% APR, add in Santander giving you 3% APR on upto £60K and it all gets very odd regarding on buying on finance Vs saving. It's almost as though the chancellor wants people to take on more debt 1 Quote Link to comment Share on other sites More sharing options...
Richf Posted March 24, 2016 Share Posted March 24, 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 £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. Still something wrong compared to this tool http://www.pcpcal.co.uk/ Quote Link to comment Share on other sites More sharing options...
gangzoom Posted March 24, 2016 Share Posted March 24, 2016 ^^ Same numbers give £373 rather than £381, so pretty spot on Quote Link to comment Share on other sites More sharing options...
marzman Posted March 24, 2016 Share Posted March 24, 2016 Now if only these kind of deals were available on all used cars.... i'd go out and by an Audi R8 tomorrow if i could get one for sub £500 a month with a hefty balloon payment. 1 Quote Link to comment Share on other sites More sharing options...
gangzoom Posted March 25, 2016 Share Posted March 25, 2016 Now if only these kind of deals were available on all used cars.... i'd go out and by an Audi R8 tomorrow if i could get one for sub £500 a month with a hefty balloon payment. The Halifax product works for used cars too. But I think there are a lot of conditions regarding age, miles cap etc. Probably will work for a R8, I assume the reisdules are half decent? Quote Link to comment Share on other sites More sharing options...
Bodyboarder81 Posted March 25, 2016 Share Posted March 25, 2016 I know that this is the way people buy cars now ... Pcp , finance , lease etc . But just think it's crazy ! What's wrong with working hard , saving and buying . So much more satisfaction . Yes you will never own the newest ..... But even the newest cars get old pretty quick ! 1 Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted March 25, 2016 Author Share Posted March 25, 2016 What's wrong with working hard , saving and buying . If I wanted to save up for a new type R I'd be waiting about 5 years. The reality is it makes it possible to buy a car I couldn't normally afford, I'm not ashamed to admit it 1 Quote Link to comment Share on other sites More sharing options...
gangzoom Posted March 25, 2016 Share Posted March 25, 2016 I know that this is the way people buy cars now ... Pcp , finance , lease etc . But just think it's crazy ! What's wrong with working hard , saving and buying . So much more satisfaction . Yes you will never own the newest ..... But even the newest cars get old pretty quick ! Have to say I agree with you....But the current financial situation is bizarre. For my personal situation the car fund is sitting in a few Santander 1-2-3 accounts. With the latest change in tax laws we should now be getting £120/month (3% APR) back from Santander for doing nothing more than having money in their 1-2-3 accounts. The Halifax PCP/HP car finance product offer APR as low as 3.3%. So yes, buy buying cash I saved 0.3% interest payments, but on the grand scale of things, not having to commit £50k+ into a car but instead been able to keep the majority of the money in hand feels a bit better. That's before you look at mortgage rates, a 2 year fixed is current 1.5% APR, even a 5 year fixed is only 2%. My initial plan was to clear the mortgage next year, but right now I'm not sure why I would bother. You can get 2.5% APR in a fixed ISA for 5 years, which means it makes no sense to pay the mortgage off early, the same amount of money would earn more interest in a 5 year ISA. In a way its quite scary how cheap finance is now, its all bankrolled by central banks essentially printing fake/non-existent currency.....Some one, some day is going to have to pay for it all. Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted March 25, 2016 Share Posted March 25, 2016 What's wrong with working hard , saving and buying . If I wanted to save up for a new type R I'd be waiting about 5 years. The reality is it makes it possible to buy a car I couldn't normally afford, I'm not ashamed to admit it Nothing wrong with that at all, most people live on credit these days Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted March 25, 2016 Author Share Posted March 25, 2016 Yea man, I've got no other loans or debt so figure why not? Just starting looking at the new focus RS too, it didn't appeal to me at all originally but it's really growing on me. Sub 5 seconds to 60 and a switchable rear wheel drive "drift mode", it's actually a little cheaper than the Honda too, I could get a top spec one with the recaros and forged alloys for the same price as the basic type R. I'm at work now and there's a ford garage right around the corner from me, going to pop in after work and see if they have one in, maybe it look's better in the flesh. Quote Link to comment Share on other sites More sharing options...
Bodyboarder81 Posted March 25, 2016 Share Posted March 25, 2016 I completely understand why people do do it , and who am I to judge ! It's just personally for me it doesn't sit right that's all . Good luck though and I'm sure you will love it 1 Quote Link to comment Share on other sites More sharing options...
Ekona Posted March 25, 2016 Share Posted March 25, 2016 CTR is playing on past glories, the FRS is a genuine leap forward for modern hatches. You totally need one of those over the Honda 1 Quote Link to comment Share on other sites More sharing options...
Bodyboarder81 Posted March 25, 2016 Share Posted March 25, 2016 CTR is playing on past glories, the FRS is a genuine leap forward for modern hatches. You totally need one of those over the Honda Hate to admit it but totally agree about the ford . The new RS is meant to be epic and going on the past ones they hold their value very very well . Quote Link to comment Share on other sites More sharing options...
nissanman312 Posted March 25, 2016 Share Posted March 25, 2016 Is the focus available to test drive ? Quote Link to comment Share on other sites More sharing options...
Leosille Posted March 26, 2016 Share Posted March 26, 2016 As mentioned, have a look at the M135, in auto IMO it's a absolute weapon and used versions are at reasonable prices Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted March 26, 2016 Author Share Posted March 26, 2016 The ford garage didn't have one in stock, they made it out like I'd have to wait a while for one too Test drove the Honda this morning and what a bloody machine. Virtually no torque steer and sticks to the road like glue, it's much much better than I imagined it would be to be honest. The boost comes on hard and early, third gear onward it would absolutely walk a stock Z no problems. I honestly wasn't expecting it to be so fast, the dealer showed me a previously recorded 0 to 60 time on the on board computer showing 5.4 seconds, it would seem Honda have under exaggerated the stats a little, which seem's odd to me but I saw it with my own eyes and it's new tech so should imagine pretty accurate. Very comfortable around town compared to the Z and going against everything I've read about the R+ button it's actually very usable on the road, yes it's massively stiff but it really helps the handling on the bends and the mapping is more aggressive. Everything is tight and well put together, engine note is a little bland but the blow off sounds are lovely. Also does close to 50mpg on a motorway, cheap tax and loads of room in the boot, so very practical too. The technology has came on a long way since the Z day's and the Z feel's really old in comparison. It put a huge smile on my face and I'd go as far as saying it's probably one of the most exiting car's I've ever drove. It feel's like a very high end sport's car disguised as a civic, it really is a super hatch, it's quite surreal when driving it. I'd urge anyone with doubt's about the car due to front wheel drive to actually drive it before making an assumption. The guy was very pushy when we got back to the showroom, I haven't put a deposit down but purely because they reduced the part ex value on the Z and would require me to front 2 grand up front for the deal, unless I wanted to pay close to 370 a month which is just too much. I'll have to sell the Z privately. He showed me an option over 4 years which would leave a balloon payment of only 9 thousand too, which is attractive. I want it, just got to work out the best way of doing it and I won't be rushed into it by the dealer. Still worth driving the RS too if I get the chance. 1 Quote Link to comment Share on other sites More sharing options...
nissanman312 Posted March 26, 2016 Share Posted March 26, 2016 Good to hear I'm soon to be after a new motor the reason I'll keep to myself for now but I will definitely go and drive the civic 1 Quote Link to comment Share on other sites More sharing options...
Ekona Posted March 26, 2016 Share Posted March 26, 2016 50mpg on the motorway? Really? Quote Link to comment Share on other sites More sharing options...
monkeybrain1234 Posted March 26, 2016 Share Posted March 26, 2016 Call me old fashioned but I believe that if you cannot afford to buy it outright then don't buy it. For fairly obvious reasons mortgages are okay as we all need a roof. (Besides they are generally an appreciating asset) 90% of all new cars depreciate rather quickly. So despite the fairly small monthly cost that money is basically the cost of paying the depreciation. I.e you will never get it back. Free servicing on a new car is a gimmick and not worth that much to be honest. So the Only winners here are the dealer's. Sorry for being a pesimist If you want something newish I would say get a finance deal on a 2\3 year old car. That way someone else has already paid the steepest part of the depreciation curve! P.s feel free to ignore my boring no fun advice. 1 Quote Link to comment Share on other sites More sharing options...
nissanman312 Posted March 26, 2016 Share Posted March 26, 2016 Call me old fashioned but I believe that if you cannot afford to buy it outright then don't buy it. For fairly obvious reasons mortgages are okay as we all need a roof. (Besides they are generally an appreciating asset) 90% of all new cars depreciate rather quickly. So despite the fairly small monthly cost that money is basically the cost of paying the depreciation. I.e you will never get it back. Free servicing on a new car is a gimmick and not worth that much to be honest. So the Only winners here are the dealer's. Sorry for being a pesimist If you want something newish I would say get a finance deal on a 2\3 year old car. That way someone else has already paid the steepest part of the depreciation curve! P.s feel free to ignore my boring no fun advice. Very good advice Should the op chose to except it 1 Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted March 26, 2016 Share Posted March 26, 2016 ^^^ Very good advise and personally exactly what i would do, but, the op wants a new car, first owner, his spec, brand spanking new The RS though would have to be an absolute bag of shi*e though in comparison, to start with it looks nearly 56 million times better, even if it wasnt quite as good i know which way the pcp's money would go 1 Quote Link to comment Share on other sites More sharing options...
gangzoom Posted March 27, 2016 Share Posted March 27, 2016 I want it, just got to work out the best way of doing it and I won't be rushed into it by the dealer. Still worth driving the RS too if I get the chance. Good call on not been rushed by the dealer. You can nearly always get finance cheaper else where. Selling privately isn't that hard, I've sold my modified 335i, wife's Civic, and in-laws Mini all privately in the last 12 months, and got about 20% than what we were been offered PX/WBAC. Do look at the RS though. There will be a waiting list, if for no other reason just look at the used prices of a 5/6 years old Focus RS versus a 5/6 years old Civic Type R. One still fetches £20k, the other less than £10k. In your situation of looking at a new Type R Vs RS at the same price, I know which one car I would go for. Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted March 28, 2016 Author Share Posted March 28, 2016 I rang Honda today and told them I'm not going ahead, not right now anyway. Turns out one of my old friends is a manager at ford and has arranged a test drive of the focus rs for me in April. Would be stupid to make a decision before driving both. The points about depreciation have been taken on board too, the RS would be a more more sensible car to buy via pcp. Quote Link to comment Share on other sites More sharing options...
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