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Original poster

What to do about a new car on PCP

19 replies

Owlyhedgehog · 21/01/2023 18:56

I have had Suzuki's for 6 ish years now, Vitara to start which I really liked and now now an Ignis. But its always PCP so I have to hand my ignis back in september or make a balloon payment of £6000 or part ex it for a different car.
Today I went to Suzuki to see what options I have. Decided I dont want another Ignis, Swift is cheap and alright. There is a 4yr old Vitara which I could afford each month but again a balloon payment after 4 years!
I would like something a bit bigger and more comfortable.

I am going to look at Dacia Stepway as that looks good and has a lot of features for the money.

Or I get a secondhand cheap car with a small loan.

WWYD?

OP posts:
RewildingAmbridge · 21/01/2023 18:58

How old is your current car? If you're going to buy second hand could you not just pay the balloon payment? Even if you put it on a 0% credit card and pay it back over 24 months etc.

CoffeeBeansGalore · 21/01/2023 19:05

Look for one on HP? My daughter got a 1.1% 5 year deal on a Corsa. Worked out cheaper than a loan for a 2nd hand car.

PCP is an absolute rip off.

Shade17 · 21/01/2023 19:14

PCP is an absolute rip off.

Not necessarily, it depends on your needs and how often you want to change your car. Works for a lot of people.

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General money
Original poster
Owlyhedgehog · 21/01/2023 19:14

Thank you.
So mine is a 19 plate, very good condition and done 21000 miles.
Ideally I would like to get something better, maybe Stepway and keep that after the 4 years PCP.
I would also like something a bit bigger (although I can make do with what I have)

OP posts:
Original poster
Owlyhedgehog · 21/01/2023 19:16

I am a single parent, want to keep costs down but want something nice if I am paying each month.
I dont do alot of miles, 6000 a year.

OP posts:
Shade17 · 21/01/2023 19:22

Interest rates are becoming a challenge at the moment. The days of easy zero or very low rate finance are gone. Shop around and see if any manufacturers are offering good finance deals but combined with the supply chain issues there’s not much incentive for dealerships to sell cars that they can’t supply.

Original poster
Owlyhedgehog · 21/01/2023 19:42

The gy at suzuki also said cars are taking 8ish months to come in hence why that out a bit of panic in me.If mine is due to go back september my new car might not be ready although I did think he was bullshitting it a bit to get a sale.
Im not rushing my decision but also dont want to be without a car but today proved they had a several second hand cars they are wanting to get rid of

OP posts:
LlynTegid · 21/01/2023 20:40

Small car. Marginally less chance of being blocked in by an SUV driven by someone who is incapable of driving properly.

FirstFallopians · 21/01/2023 20:47

DH has a 2015 Dacia Sandero (the plain hatchback version of the Stepway)with 360,000 KM on the clock- he’s had it from new and it’s bloody bulletproof.

Nothing fancy about it, but it’s a solid car which has given us minimal trouble given the number of miles we’ve got out of it.

He’s looking to change it this year and it’s going to be hard not to replace it with another Dacia.

Original poster
Owlyhedgehog · 21/01/2023 21:36

I think the stepway is a good choice for me and I would then keep it after the 4 yr PCP and pay off the extra cos it has so much more included

OP posts:
Bluevelvetsofa · 21/01/2023 21:48

A friend ordered a Duster and it took months to arrive. Look at the safety information too. They don’t come out well on those criteria.

QueenMabs · 21/01/2023 22:20

My car was worth more than the balloon payment at the end of the PCP. So I paid the balloon and sold it for a profit.

Just something to think about. Now I lease on.

I didn't think PCP is worth it for anything other than brand new although I can't explain the logic right now

jevoudrais · 22/01/2023 05:49

CoffeeBeansGalore · 21/01/2023 19:05

Look for one on HP? My daughter got a 1.1% 5 year deal on a Corsa. Worked out cheaper than a loan for a 2nd hand car.

PCP is an absolute rip off.

My PCP was 0%.

PurBal · 22/01/2023 05:54

PCP was always a pretty bad deal but in the current climate it’s terrible. There are no deals to be had (brother in a similar position with a growing family). if you can get the credit I’d get a bank loan and buy a car. The monthly payment is usually a lot less.

Labradinger · 22/01/2023 07:13

Owlyhedgehog · 21/01/2023 19:42

The gy at suzuki also said cars are taking 8ish months to come in hence why that out a bit of panic in me.If mine is due to go back september my new car might not be ready although I did think he was bullshitting it a bit to get a sale.
Im not rushing my decision but also dont want to be without a car but today proved they had a several second hand cars they are wanting to get rid of

He’s not necessarily bullshitting about that. DH has just ordered a new car and was told it won’t be ready until at least November this year. My parents ordered a new Ford in October 2021 and they’ve only just received it this month. There is still a massive problem with shortages of parts with some manufacturers

Oblomov22 · 22/01/2023 07:34

You do know that because of covid there is a shortage /backlog of new cars being built and 2nd hand good cars are thus very hard to come by.

Original poster
Owlyhedgehog · 22/01/2023 10:39

Another option I thought was we buy any car will give me £9380. I have £7379 left to pay which would leave me £2000 equity to put towards another car, then get a loan for a secondhand one

OP posts:
user143677433 · 22/01/2023 10:46

Owlyhedgehog · 22/01/2023 10:39

Another option I thought was we buy any car will give me £9380. I have £7379 left to pay which would leave me £2000 equity to put towards another car, then get a loan for a secondhand one

Bear in mind they will knock off at least £1k in final negotiation. You would be better to sell privately. But why would you NOT do that if the value is more than the balloon payment?

Original poster
Owlyhedgehog · 22/01/2023 11:39

Balloon payment 6000 in September…

OP posts:
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