How much do you spend on PCP?

[Brumbrumbrumbrum]

I feel that I need to get this out of the way because I've seen threads derail previously but I'm going round in circles so please do help!

yes this is a first world problem
I don't need opinions on PCP, this is the best way for us to do things for many many reasons I won't bother getting into here
I'm both nosey and curious

I'm torn between two cars.
Both SUVs. (2 young teens with huge amount of sports kits, 2 big dogs)

I roughly do 1200miles a month so I'm in the car a lot.

Car 1. One down from top spec. 1.3 engine so I suspect will be a bit sluggish with weight of car. Nice interior, I do really like it. 3 year warranty. £300 pm.

Car 2. One down from top spec, but a sport version so has some aesthetically appealing additions. 1.6 turbo engine, nicer interior and gadgets than car1 and 5 year warranty. £360pm. Heart really wants this one...

The reason I'm dithering is because both are significant hikes in our current PCP- 4 Years ago I was over cautious because of £ and we didn't get an SUV, meaning our payments were £230, but subsequently we've had a car that's on that annoying side of just not quite big enough, making things logistically difficult at times.

In theory, we can yes afford it. Our income has significantly increased in this time, but I'm naturally cautious and tend to worry about losing jobs etc. Some financial commitments are due to end in the next 6 months which would more than cover this hike in bill.

Both cars are big enough, but in the same sense that I was too cautious last time and didn't get what I wanted, and it's always niggled me, do I just get car 2 because ultimately that's the car I prefer?

Husband think 5 year warranty is important because when our 3 y warranty ended on current car, we almost immediately had a technical issue which would have been covered had it still been in warranty. He also isn't worried about the money but I'm higher earner and generally manage finances.

But the little poor child deep inside keeps creeping up and telling that its a stupid amount to spend on a car per month.

What does your PCP cost you?.

How much other people spend is irrelevant as they have different budgets, priorities, requirements etc, but if you're looking at controlling cost, I'd question whether you need an SUV.

A large estate car like passat, octavia or equivalent from whatever brand you're looking at would probably be cheaper on payments, fuel, tax, tyres and have plenty of room for transporting teens and their shit around.

I will have a look thank you. I have a physical health condition that made a car we had some time ago quite hard on me, but i was lifting babies and seats in and out back then, so perhaps less of an issue now...

You are right, what other people pay is all relative and irrelevant... I guess I was secretly hoping people would come on and say they spend similar/more so i could feel like it was normal!

A car we had that was quite low, that should have said.

I dont have pcp so cant comment on that, but I would go with car 2, if it was me and i got car 1 i would always be wanting car 2!

Is the 60 a month the only difference in cost? What about the deposit/balloon payment?

We pay about £260 for a brand new Seat Ateca FR Sport. Have a look at the Seat SUVs as they’re cheaper than VW, Audi etc but the same company. The Ateca is very roomy and I looove it!

My BiL pays close to £1000 a month on two cars if that helps. For £60, I'd probably go for the second one if that was the one I wanted especially if you intend having it for more than 3 years.

I pay £265 a month for a VW golf gtd. It was 3yrs old when I got it, and I paid £800 deposit.

I don’t have PCP so can’t comment on mine but I would definitely go for car 2 haven’t the information you’ve shared.

I have to admit, I've never spent money on a car "per month". How long for?
Nope...I probably wouldn't. However, if you've got the money to spend every month, I'd go for the car you prefer. No point paying out on something and then being annoyed with yourself every time you get in it because it wasn't actually what you wanted...

My current car was £3500. It's 15 years old but had only done 20k miles when I got it two years ago. It's generally big enough (Peugeot 307 SW) and ok for our needs.
For the next car (because we moved up into the mountains and I need something to cope with snow and ice in winter), I'm looking at a Peugeot 2008, a Ford EcoSport or something similar. They are all around 10k. I tend to pay cash.

I put down a £5k deposit, and I've got a Mini Cooper S with lots of extras (think the purchase price was around £29k). Payments are £200 a month, and in 2 years, I've spent around £750 on one big service, 2 front tyres and rear brake pads.

Think the balloon payment will be around £10k. But now we've got 2 dogs, I'm looking at a BMW X1 or X3. A Mini is a fab drive but not exactly practical.

You could also haggle the dealer to get the £360 down a little. When I got my last car, I told them I didn't want to pay anymore than my previous monthly payments on the car I was trading in. The dealer went away and came back with a deal on the car I wanted for £5 a month less than I was offering to pay. So if you tell the dealer that you are interested but have seen another car elsewhere (even if it isn't elsewhere that you have seen it) that is £300 which is more like your budget, is there anything they can do? Tell them you love that car but just can't afford it. They will feel like giving you a discount will guarantee a sale and so be willing to help. It probably won't bring payments down to £300 but it might go in the right direction. I've found when buying cars, there is usually at least a little bit of wiggle room on the price.

I have PCP as I do similar miles to you. MN seems to be really anti PCP (and there's an attitude of 'I drive an old banger that cost me 50p 20 years ago, and I don't understand people who spend more than that'!) but it works best for a lot of people.

I spend £330 a month on a top of the range Audi A3. I don't know what manufacturers you're looking at but don't exclude premium cars, they hold their value better so you get a higher balloon payment - the actual amount you pay off is similar to a cheaper car with a lower balloon. I priced up the A3 and a Ford Focus and there was £8 a month in it.

I would go for the more expensive one I really wanted personally!

Have you checked out this site...www.drivethedeal.com/

It’ll tell you the best price you can get your new car for and where. You can either buy from them (may involve driving a fair way) or use this as bartering power with your local dealer. Also worth calling around (day 100 mile radius) as prices vary ALOT.

Generally the PCP APR is much cheaper on a new car than second hand. I’m picking my new one up next weekend - am soooo excited!

We've been using carwow and I've really haggled the best I could!

Will check out seat thanks!!

They're both over 4 years, we will then put back in for a new one as the mileage will be high again by then so not worth paying the balloon to keep...

Thank you for all the replies, wasn't sure I'd get any... it's helpful.

Car 1 is an s edition Renault kadjar. Car 2 is a Hyundai Tucson n line.

Not talking high end brands.

No deposit on either, but i am paying circa 1k off the negative equity on ours.

Agreed notquite and the garage can give more financial help/incentive on new which meant the numbers on slightly older made no sense.

I pay £550 a month for a one down from top of the line Land Rover discovery, if that makes you feel any better! I’ve never had such a fancy car before, but if everything goes to shit, I can just give back the keys and walk away.

Have you looked at straightforward leasing rather than Pcp?

You can lease your Tucson for 325 a month with 1 months deposit and 17500 miles a year. Just hand the keys back at the end.

When comparing costs make sure you know whether VAT and servicing are included and maybe check out the expected cost of services and whether it's worth paying separately. Some cars, even with your mileage will only need 2 or 3 services during the lease period so might not be worth paying £30 a month or whatever.

Get the Tuscon. I’m seriously considering one of those for our next car plus Hyundai’s are fab. DH had a Renault years ago and hated it.

but if everything goes to shit, I can just give back the keys and walk away.

Can you? I thought it wasn't allowed.

Crikey I haven't taken PCP since I was a teenager. Not sure how much it is these days but probably spent the odd tenner it on back in the day.

I pay £350 for a new Peugeot 3008. Three year deal, tax, insurance, road side assistance and all services included.
It made sense as I added my trade in value, my payments plus cost at end (if I wanted to buy it) and it was less that rrp plus had the tax etc included. I'll be handing it back next month and plan on paying in full for an ex demo hybrid Corolla as so much better mileage plus I no longer need such a big car.