Price Type-S GT - your PCP deal?

Phayze · 20th May 2008, 14:50

Hi everyone.
I'm on the verge of buying a Type-S GT, and have been offered the following, and was wondering what other people had secured on theirs, and if it seems fair?

Type-S GT (Milano, standard spec) + Type R Grill = £17190
On 3 year PCP, with £3k up front, it works out as:
£292.78 p/m (x36) + £6885 final payment (GFV = £7325)

If my math is correct, that's £3225 credit cost, which seems quite high, but then this is the first time I've borrowed this amount of money for a car.

Luckily I'm quite good at saying 'no' to dealers, and am waiting back on a Buyacar.co.uk (the dealer sighed when I mentioned it

) quote, but I think their lowered initial prices are offset with a higher final payment...

It's only money in the end I suppose. No, I didn't say that out loud.

Guitaralmond · 20th May 2008, 16:00

Please DO NOT opt for PCP, no matter how cheap the monthly repayments are it will cost you THOUSANDS more in interest when you come to the end of the period. Always opt for straight finance, it might surprise you how little the difference is, and don't forget to ask for a discount! I had a £14k car and the difference in PCP and HP finance was over £2,000.

RabidManx · 20th May 2008, 16:12

Quote:

Originally Posted by Guitaralmond

Please DO NOT opt for PCP, no matter how cheap the monthly repayments are it will cost you THOUSANDS more in interest when you come to the end of the period. Always opt for straight finance, it might surprise you how little the difference is, and don't forget to ask for a discount! I had a £14k car and the difference in PCP and HP finance was over £2,000.

I could not agree more...the mini cooper s I am about to return was on PCP and regretted it ever since...

I am getting a Type S GT i-shift on Thursday, Feb 2007 with £2500 down for about the same monthly payments you are talking about but over 4 years....the advantage is that after a few years the car is worth more than it costs to settle and you can use that as equity on the deposit on your next one.

Please, please, please think carefully about PCP...its not as good as it initially looks.....3 years down the line you either have to pay the final payment or give the car back with little or nothing to show for it!

RabidManx

Phayze · 20th May 2008, 17:43

I was never completely sold on PCP - it always seemed like the (pardon the phrase) chavvy way of doing it, it's just the point of getting a new car was to keep my monthly outgoings down, not increase them!

After doing some sums though, if I were to HP £14000 over 4 years, after 3 years I'd only owe £4000, which is £3000 less than the GFV of the car, compared to £500 less of the final installment on PCP. £2500 difference convinces me, given the ~£40 difference per month.

Given that there's a current 8-10 week lead time on Type-S GT's, does anyone know if the dealer needs the finance in place before I stump up the £500 deposit? In 2 months time I might need to borrow less and could get a better finance deal...

Robbieee · 20th May 2008, 21:22

PCP deals do suit some people. How are you paying more with a PCP deal?? talk sense!! You should always look at the total amount payable and work it out that way.

I am on PCP with my car suits really well cos i get bonus's with my work.

PCP is also a good option for people changing their cars every 3 or so years.

Phayze · 21st May 2008, 17:16

You'll always pay more in the long term with PCP - as I understand it, you pay interest on the whole of the loan over the 3 years (for example), even though you only actually pay off about 1/2 of the total. Either way, it worked out about £2k cheaper in the long term for me to HP, especially since I don't plan to change the car after 3 years (and even if I did, I've have far more in residual value vs loan amount left).

One shiney new i-Shift Milano Type-S GT with Type-R grill ordered. Contracts to sign on Saturday. Only 10 weeks to go...

20th May 2008, 14:50	#1 (permalink)
Phayze Valve Cap Join Date: 8th January 2008 Location: UK Posts: 16 Thanks: 2 Thanked 0 Times in 0 Posts iTrader: (0)	Type-S GT - your PCP deal? Hi everyone. I'm on the verge of buying a Type-S GT, and have been offered the following, and was wondering what other people had secured on theirs, and if it seems fair? Type-S GT (Milano, standard spec) + Type R Grill = £17190 On 3 year PCP, with £3k up front, it works out as: £292.78 p/m (x36) + £6885 final payment (GFV = £7325) If my math is correct, that's £3225 credit cost, which seems quite high, but then this is the first time I've borrowed this amount of money for a car. Luckily I'm quite good at saying 'no' to dealers, and am waiting back on a Buyacar.co.uk (the dealer sighed when I mentioned it ) quote, but I think their lowered initial prices are offset with a higher final payment... It's only money in the end I suppose. No, I didn't say that out loud.

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This thread is about: Type-S GT - your PCP deal?, it's in Buying, Dealers and Servicing at the Honda Civic forum Civinfo; Hi everyone. I'm on the verge of buying a Type-S GT, and have been offered the following, and was wondering what other people had secured ...

20th May 2008, 16:00	#2 (permalink)
Guitaralmond Triangle Ninja Triangular Exhaust Join Date: 9th January 2008 Location: Stoke-On-Trent Posts: 228 Thanks: 1 Thanked 1 Time in 1 Post iTrader: (0)	Please DO NOT opt for PCP, no matter how cheap the monthly repayments are it will cost you THOUSANDS more in interest when you come to the end of the period. Always opt for straight finance, it might surprise you how little the difference is, and don't forget to ask for a discount! I had a £14k car and the difference in PCP and HP finance was over £2,000.

20th May 2008, 17:43	#4 (permalink)
Phayze Valve Cap Join Date: 8th January 2008 Location: UK Posts: 16 Thanks: 2 Thanked 0 Times in 0 Posts iTrader: (0)	I was never completely sold on PCP - it always seemed like the (pardon the phrase) chavvy way of doing it, it's just the point of getting a new car was to keep my monthly outgoings down, not increase them! After doing some sums though, if I were to HP £14000 over 4 years, after 3 years I'd only owe £4000, which is £3000 less than the GFV of the car, compared to £500 less of the final installment on PCP. £2500 difference convinces me, given the ~£40 difference per month. Given that there's a current 8-10 week lead time on Type-S GT's, does anyone know if the dealer needs the finance in place before I stump up the £500 deposit? In 2 months time I might need to borrow less and could get a better finance deal...

20th May 2008, 21:22	#5 (permalink)
Robbieee The Talented Mr. Robbieee Magic Rear Seat Join Date: 27th September 2007 Location: Glasvegas Posts: 906 Thanks: 31 Thanked 21 Times in 20 Posts iTrader: (1)	PCP deals do suit some people. How are you paying more with a PCP deal?? talk sense!! You should always look at the total amount payable and work it out that way. I am on PCP with my car suits really well cos i get bonus's with my work. PCP is also a good option for people changing their cars every 3 or so years.

21st May 2008, 17:16	#6 (permalink)
Phayze Valve Cap Join Date: 8th January 2008 Location: UK Posts: 16 Thanks: 2 Thanked 0 Times in 0 Posts iTrader: (0)	You'll always pay more in the long term with PCP - as I understand it, you pay interest on the whole of the loan over the 3 years (for example), even though you only actually pay off about 1/2 of the total. Either way, it worked out about £2k cheaper in the long term for me to HP, especially since I don't plan to change the car after 3 years (and even if I did, I've have far more in residual value vs loan amount left). One shiney new i-Shift Milano Type-S GT with Type-R grill ordered. Contracts to sign on Saturday. Only 10 weeks to go...