PCP finance.

CoBo55

johnire wrote: »

I’ve a PCP loan on my car which I’m planning to change in January.
If things work out I’m expecting a lump sum of money possibly as early as February. In an ideal situation I’d like just to continue on the PCP arrangement until I get that money and then clear in full the balance outstanding. Is it that simple though? Is it possible to clear a PCP early(and by early I’m talking about maybe a month into a 3 year plan!) and even if it is are there penalties for doing so?
Thanks

When you get the big haul ring them and ask for a settlement figure, if it's too high just stick with the PCP payments.

CoBo55

[Deleted User] wrote: »

Think I'd rather a country reg diesel that's been driven than a town/city car that hardly warms up.

Jesus, it was a joke...

CoBo55

Limerick man wrote: »

That’s the most Dublin thing I’ve ever heard anyway say. Considering half the “D” stuff is ex rental, you might get more than you bargained for, lol.

It was a joke... You know, something unheard of in boards so it seems..

CoBo55

CoBo55 wrote: »

Jesus, it was a joke...

Next time add a

hooch-85

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a bit and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

GavMan

hooch-85 wrote: »

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a but and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

Take the quote to other dealers and see can they beat it. Simple as that. Only way to know if its good or not. Shop a couple of other brands you like too in that price range.

Then decide

CoBo55

hooch-85 wrote: »

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a but and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

That looks ok, is the 1.5 manual or DSG? The manual version had kangaroo problems which they've been trying to sort with various software patches, some say it fixed it and others still have the issue. The DSG is faultless and supposed to be a beautiful drive with the mid to high 40's being the average consumption. I'd definitely shop around as the difference between dealers can be significant.

CoBo55

[Deleted User] wrote: »

Next time add a

Can't on my phone..

hooch-85

CoBo55 wrote: »

That looks ok, is the 1.5 manual or DSG? The manual version had kangaroo problems which they've been trying to sort with various software patches, some say it fixed it and others still have the issue. The DSG is faultless and supposed to be a beautiful drive with the mid to high 40's being the average consumption. I'd definitely shop around as the difference between dealers can be significant.

It's the 1.5 manual 130ps. What do you mean by kangaroo problems?
The DSG is 150 ps and about €2k more, that's what i'd really like to go for but i think it could be stretching things a bit.

L-M

You’ll get a 1.5 TSI (currently on offer) Golf Highline with leather interior for 31k and 0 percent PCP with a 1500 deposit contribution.

That’s where my money would be

hooch-85

L-M wrote: »

You’ll get a 1.5 TSI (currently on offer) Golf Highline with leather interior for 31k and 0 percent PCP with a 1500 deposit contribution.

That’s where my money would be

She wants the estate though as it will be our 'family' car and the Golf estates just don't look right to me. Plus I have a MK7 GTD, so we don't necessarily need two.

CoBo55

hooch-85 wrote: »

It's the 1.5 manual 130ps. What do you mean by kangaroo problems?
The DSG is 150 ps and about €2k more, that's what i'd really like to go for but i think it could be stretching things a bit.

It's like you're a leaner again, very difficult to get the clutch to bite and pull away smoothly without either a) revving the nuts out of it (sounding like a granny outside mass) or b) stalling (like granny outside mass..)

Casati

hooch-85 wrote: »

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a bit and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

Some super deals on pre reg 130 FR Leon’s - saw one at 20k in a dealer In Limerick. It was a hatch mind you. The full 29k does have a discount built in that they are using to up the equity in your own but be aware that resale in Leon’s for the first three years is generally v weak compared to its first cousins the Golf and Octavia. After three years they actually hold their value v well.

We’ve a 1.6 TDI and it’s a great car, aside from eating through remote batteries every year at least we’ve had no issues. The FR is nicely spec’d too and the estate has a massive a massive boot - we regret not getting one

jimbobmalones

hooch-85 wrote: »

Thinking of changing the wife's car in 2020, she bought a new Seat Ibiza FR in Mar '18.
It's two years old in March and the dealer called last week asking if we were interested in trading up for 2020. The car has been faultless, my wife has a commute of 100kms a day and it's averaged over 50mpg from the little 1.0 TSi, it's only the 95hp version.

We would like a little more space as we travel up to the in laws quite a bit and have a dog so we were looking at the Leon ST as a replacement in FR trim. There is a 130bhp 1.5 TSi available starting at a bit over €28k, with a few boxes ticked like metallic, winter pack and parking sensors it's a smidgen over €29k.

The numbers we've gotten are:
Settlement figure as of Saturday €11,862 should be under €11k come next February
Trade in value €16k ~ €5k equity
Deposit €1k
Repayments going from 253 to 357 a month.
0% finance, currently on 1.9%.

This seems manageable and a good deal to me as we are getting back the full amount we financed and going onto 0%. Also there's 53kms on the car now so will be just approaching the 60k limit come time to trade. If we wait until the end of the PCP term in 2021 there will be 80-90k on it so not sure what kind of trade in we would get then.

I know there is a new Leon coming in winter 2020 but I reckon this will be a nice step up price wise, the FR spec is good and it's a decent looking car.

Opinions on the numbers, do they look fair? Also has anyone driven the Leon with this engine, what did you think? We are yet to drive one.

Hi OP

I've a 1.6tdi Seat Leon - in general its a great car but a couple of words of warning

I just got a trade in quote of 9000 (mine has higher than average mileage) for a 161! I know you are thinking of going for TSi but unless you are planning on keeping for the long haul the depreciation on these cars is horrific. There's no way I can afford to use mine as a trade in given the super low trade in quote.

The skoda octavias have much better resale value so thats where I'd be putting my money if buying new.

The other thing to consider is that all of these models (leon octavia golf) are now being replaced within the next couple of months so you should be looking for a massive discount if buying new.

cheers

J

hooch-85

I think the plan would be to keep it long term, I am aware the depreciation can be steep on the Leon's, it doesn't seem to be the case with the Ibiza, but they are a cheaper car to start with. We must price the Octavia too and see what kind of deal they would offer.

DaveyDave

I can't say enough good things about the DSG, it makes my Golf a dream to drive, it's so smooth and revs are kept low so very quiet driving experience.

You definitely have to test drive one. Worth every cent, especially if you're planning on keeping it long term.

L-M

CoBo55 wrote: »

It's like you're a leaner again, very difficult to get the clutch to bite and pull away smoothly without either a) revving the nuts out of it (sounding like a granny outside mass) or b) stalling (like granny outside mass..)

Is your one like that?

I’ve driven numerous 1.5s and never experienced that

CoBo55

CoBo55 wrote: »

Can't on my phone..

Any phone can add a :-) ;-)

CoBo55

L-M wrote: »

Is your one like that?

I’ve driven numerous 1.5s and never experienced that

Boards... Where an argument is never far away..


It's well documented I'm just advising to test drive one first.

CoBo55

[Deleted User] wrote: »

Any phone can add a :-) ;-)

If you're 14, on bebo...

.G.

Off topic but you can get a by typing a : followed by a D!

DaveyDave

L-M wrote: »

Is your one like that?

I’ve driven numerous 1.5s and never experienced that

I'm pretty sure this issue is specific to the Karoq or Kodiak, but some have been saving it's that engine in general. I believe if it was every 1.5 we'd be hearing a lot more about it. Someone on here had the issue with the Skoda in question and the garage wouldn't sort them out until I believe HQ got involved.

CoBo55

DaveyDave wrote: »

I'm pretty sure this issue is specific to the Karoq or Kodiak, but some have been saving it's that engine in general. I believe if it was every 1.5 we'd be hearing a lot more about it. Someone on here had the issue with the Skoda in question and the garage wouldn't sort them out until I believe HQ got involved.

The 1.5 would be a low volume seller here in Ireland. I see on some vag sites the 1.5 is only available with DSG, in saying that the Skoda configurator has been down for ages .. . Colon D works

hooch-85

Thanks for confirming that, I tried the Skoda configurator today twice and it was down, didn't know if it was my laptop ir what. That said, I think the Leon ST estate is the nicest of the three (Golf, Leon, Octavia) unless it's a Cupra or VRS Octavia. The Golf estate does nothing for me even in R or GTD form.

Abba987

.G. wrote: »

Off topic but you can get a by typing a : followed by a D!

Abba987

Abba987 wrote: »

Never knew that

younggalway

L-M wrote: »

Is your one like that?

I’ve driven numerous 1.5s and never experienced that

I have a 191 Leon 1.5tsi, I had noticed the 'kangarooing' a handful of times when the car is cold at idle. Car was in with dealer recently for service and I mentioned this to them. It is a known thing with the engine across the VAG range, apparently there is a fix coming in the form of a software update to the ECU. I wouldn't sorry about it too much if I was buying, they are aware of it at least and I've only noticed it a handful of times in 9 months.

bazz26

The kangarooing only seems to be mainly with the manual and not the DSG.

SteelyDanJalapeno

Noticed the Kangooring on my Golf too, said it to the dealer at the 1st service but they couldn't find anything.

1.5TSI petrol 191 manual

younggalway

Just out of interest if anyone works in a dealership here, if I was to look at going from a 191 Leon to a 201 Golf on PCP, would the 'equity' be the deposit or would I have to put down x% again?

L-M

younggalway wrote: »

Just out of interest if anyone works in a dealership here, if I was to look at going from a 191 Leon to a 201 Golf on PCP, would the 'equity' be the deposit or would I have to put down x% again?

I would certainly guess you’d be putting in x y and z % again coming out of a 191 Leon to get into a Golf.

Year one is the worst depreciation, especially with a Seat. Would be very surprised if you’re not in negative equity, you would need the cash to bring yourself back up to 10 percent and even at the the payments could be up in the mid to late 400s

SteelyDanJalapeno

younggalway wrote: »

Just out of interest if anyone works in a dealership here, if I was to look at going from a 191 Leon to a 201 Golf on PCP, would the 'equity' be the deposit or would I have to put down x% again?

A lot of factors here before we could answer, how much was your initial deposit? How much are repayments? How many miles have you done?

mickdw

I think I can simplify this question.
Can you swap your 1 year old car for another new one without losing your shirt? No.

You will have lost most or all of your deposit at this stage. It's only over the next couple of years that you keep paying at a rate greater than the slowing depreciation that gets you some equity at end of term.
It's nothing to do with Pcp. If you paid cash and went to swap again at 1 year old, you will get screwed every time.

DaveyDave

mickdw wrote: »

I think I can simplify this question.
Can you swap your 1 year old car for another new one without losing your shirt? No.

You will have lost most or all of your deposit at this stage. It's only over the next couple of years that you keep paying at a rate greater than the slowing depreciation that gets you some equity at end of term.
It's nothing to do with Pcp. If you paid cash and went to swap again at 1 year old, you will get screwed every time.

To add to this, I was looking at changing at 18 months, there just wasn't enough paid off at that stage to get any decent equity. Best off waiting at least 2 years.

From a window shopping perspective it's not worth it. No point buying a car knowing you'll want to change it.

bazz26

younggalway wrote: »

Just out of interest if anyone works in a dealership here, if I was to look at going from a 191 Leon to a 201 Golf on PCP, would the 'equity' be the deposit or would I have to put down x% again?

Weren't you trying to sell the Leon due to travelling aboard in another thread recently? Either way it's going to cost you plenty.

CoBo55

Personally I don't think the Leon would be a good choice for PCP if you intend changing in 2-3 years time, they really don't hold their value at all.

CoBo55

DaveyDave wrote: »

To add to this, I was looking at changing at 18 months, there just wasn't enough paid off at that stage to get any decent equity. Best off waiting at least 2 years.

From a window shopping perspective it's not worth it. No point buying a car knowing you'll want to change it.

I agree, you really need to have paid at least 24 to 30 payments before you have any chance of equity +deposit in your car.

SteelyDanJalapeno

Great for anyone in the 2nd hand market thou, the Leon is a great car for the money

Wildly Boaring

SteelyDanJalapeno wrote: »

Great for anyone in the 2nd hand market thou, the Leon is a great car for the money

Bought Saturday....

CoBo55

SteelyDanJalapeno wrote: »

Great for anyone in the 2nd hand market thou, the Leon is a great car for the money

Exactly:D

Wildly Boaring

SteelyDanJalapeno wrote: »

Great for anyone in the 2nd hand market thou, the Leon is a great car for the money

Saturday's purchase....2017

hooch-85

Wildly Boaring wrote: »

Saturday's purchase....2017

Lovely, presume its a TDi, the FR spec is really nice in them.

Going back to my post above, we are reconsidering, maybe it might make more sense to hold out to the end of the PCP term, we don't "need" a bigger car at the minute, and an extra 100 a month of after tax income along with a little bit more fuel consumption is a decent bit of wedge over the 3 years. If we got a deal on a 191 reg then maybe it would make more sense. Problem is there are very little petrol ones around and we are reluctant to go for a diesel.

carsfan2

Were you considering changing before the Seat dealer contacted you?
If you weren’t, then leave it as they planted the seed of the idea of a new car.

hooch-85

carsfan2 wrote: »

Were you considering changing before the Seat dealer contacted you?
If you weren’t, then leave it as they planted the seed of the idea of a new car.

We were considering it, since the car will be at the agreed PCP mileage limit at the end of year 2 we were, that's really probably the only reason why, as you say they planted the seed and now I think she wants a bigger car, even if it's not needed. I can't say much, i think about changing cars every second day:rolleyes:

Wildly Boaring

hooch-85 wrote: »

Lovely, presume its a TDi, the FR spec is really nice in them.

Yep 2.0 150 bhp
Was holding out for a 184 but none in Seat dealers here


I'd hold my car till end of PCP if I were you.
Unlikely you'll get a worse deal next year

CoBo55

hooch-85 wrote: »

We were considering it, since the car will be at the agreed PCP mileage limit at the end of year 2 we were, that's really probably the only reason why, as you say they planted the seed and now I think she wants a bigger car, even if it's not needed. I can't say much, i think about changing cars every second day:rolleyes:

Mileage will definitely go against you but if it has a complete service history don't let them insult your car.

Lantus

hooch-85 wrote: »

We were considering it, since the car will be at the agreed PCP mileage limit at the end of year 2 we were, that's really probably the only reason why, as you say they planted the seed and now I think she wants a bigger car, even if it's not needed. I can't say much, i think about changing cars every second day:rolleyes:

With vw group mileage isn't a huge issue. They will give a value at any time or mileage.

bazz26

Mileage only becomes a problem with PCP if you are handing the car back and walking away. If you are keeping the car and paying the balloon payment then it makes no difference. If you are trading against another new car on PCP then the dealer will adjust the trade-in value to reflect the higher mileage.

hooch-85

True that's my understanding too Baz. So if we go back at end of year 3 the car will be approx 30k over the limit, so I imagine this will have a knock on effect on the car's value.

bazz26

Yes, it would effect your equity but it would really want to be fairly high or above average in reality for the dealer to penalize you.