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Approaching crossroads on PCP - buy or walk away

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Florida21 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Florida21 Quote  Post ReplyReply Direct Link To This Post Posted: 15 May 2018 at 7:26pm
Never buy something which plummets in value !
My personal lease 9+23 (10000mls a year) is £195 pm Total over 2yrs is £5700 on car with £23000 list price. (1 minor service and no tyres to buy)
Retail trade in value after 2 yrs will be 11-12k at best.
Car is never mine so no need to worry about faults, resale value etc etc.
My son has two lease cars and many friends are seeing the light.
Car salesmen hate personal leasing as they can't screw you over and have no control over the deal.
Only suitable for those who look after their cars or you can get screwed for wear and tear.
I've ordered a Tiguan 2.0 TDI SE Nav for October delivery only because I fancy a change. The Sportage 1.7 ISG 2 has been a fabulous car which I can not fault and I will be sad to see it go.
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Signman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Signman Quote  Post ReplyReply Direct Link To This Post Posted: 15 May 2018 at 7:55pm
9+23 = 32 months @ £195 = £6240 so unsure how you make it £5700?

I've leased before and that's fine, but always it assumes you have the monthly income. 

I'm getting older & I'm self employed entering semi-retirement, hence I'm more than happy to buy my depreciating asset (which I'm extremely pleased with) for a fixed price over time and then still have use of it for no monthly fee and up front lump (9 x £195 = £1755 in your example).  Sure, I can be spending a few grand on repairs instead I know, but the 7 year warranty mitigates a lot of that risk.
2016 Sportage '4' 1.7crdi Gun Metal - From 13.4.16 Lovin' it. 40k miles covered ave 46mpg
2014 Sportage Black Edition 1.7crdi 25.7.14-13.4.16. 37k+ enjoyable miles covered, averaging 48mpg.
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Florida21 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Florida21 Quote  Post ReplyReply Direct Link To This Post Posted: 15 May 2018 at 8:02pm
Apologies it's actually 6+23 well spotted sir
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Post Options Post Options   Thanks (0) Thanks(0)   Quote daleski75 Quote  Post ReplyReply Direct Link To This Post Posted: 16 May 2018 at 8:08am
Waiting for the new Kia’s to arrive however I got my Audi A1 on PCP with my Seat Leon as a deposit and I will never keep my car past the 4 years so will be looking at leasing only.

I can get a Sportage GT Line Petrol over 3 years with 3 months deposit for around £250 on 5k miles per year, this is significantly cheaper for me than PCP.

If you know you’ll never keep the car then leasing is much more cost effective in my opinion.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mattyduk Quote  Post ReplyReply Direct Link To This Post Posted: 16 May 2018 at 8:33am
thanks for all the replies.

Like another poster I'm not totally sure about ongoing income as I advance in years, and I'm the only wage earner in the family. So I can either plump down the £11k saved and buy the sportage outright, and hopefully it will last for another 7 years +, or I go into the cycle of a lease.

last question, if you do take out a lease and you can't keep up the repayments, is it just a question of giving the car back, or is there a large penalty ?

I'm veering towards paying for the Sporty, maybe I can then use it as a deposit against a full EV car once the technology matures in 4 years time.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Signman Quote  Post ReplyReply Direct Link To This Post Posted: 16 May 2018 at 8:44am
Originally posted by mattyduk mattyduk wrote:

thanks for all the replies.

I'm veering towards paying for the Sporty, maybe I can then use it as a deposit against a full EV car once the technology matures in 4 years time.

Yes, I hope that in time my ageing diesel may qualify for a generous scrappage allowance on an EV.

Also, I plan to save the monthly payments I'm not making beyond my loan period to make a handsome deposit on top, thus leaving a more affordable monthly sum out of my smaller pension income at that time for a few years until I'd own the EV.
 
Similarly, as this will be in over 5 years time I hope charging infrastructure and battery issues are in a better place than now.
2016 Sportage '4' 1.7crdi Gun Metal - From 13.4.16 Lovin' it. 40k miles covered ave 46mpg
2014 Sportage Black Edition 1.7crdi 25.7.14-13.4.16. 37k+ enjoyable miles covered, averaging 48mpg.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aircraft Quote  Post ReplyReply Direct Link To This Post Posted: 16 May 2018 at 12:21pm
Always get the car that you really, really want.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Signman Quote  Post ReplyReply Direct Link To This Post Posted: 16 May 2018 at 12:26pm
Originally posted by aircraft aircraft wrote:

Always get the car that you really, really want.

Sadly it has to be a compromise on what is affordable Cry
2016 Sportage '4' 1.7crdi Gun Metal - From 13.4.16 Lovin' it. 40k miles covered ave 46mpg
2014 Sportage Black Edition 1.7crdi 25.7.14-13.4.16. 37k+ enjoyable miles covered, averaging 48mpg.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote xhead Quote  Post ReplyReply Direct Link To This Post Posted: 16 May 2018 at 12:38pm
Great for people who do very low mileage,however for most who do 12 to 15k a year its a no no.

K
Venga 3 1.6 6spd auto. April 2016
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mattyduk Quote  Post ReplyReply Direct Link To This Post Posted: 22 May 2018 at 5:26pm
so the current thinking is maybe move to another sportage , from a series 2 to a GTLine. On lease it appears to be cheaper than what I'm paying at present on PCP (which is expected!).

Spoke to my friendly Kia garage on the lease deals I've seen, and he's said that "that car must have been hanging around for ages, to get to that price", and "I can't get you one, as no stock and we can't order as there's a new GT Line facelift coming in Autumn".

As others have suggested, some garages aren't interesting in Lease (even though the deal found was a Kia garage), they just want you to buy a car outright, or sign up to PCP/Conditional sale.

still, got a few months before I need to push the button.
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