I'm contemplating chopping in my mk2 FL Octy for a mk3 but got a couple of questions....

 

GFV - I've seen a couple of times that these are set in stone by Skoda, does anyone know roughly how much the GFV's are?  I'm thinking about a 1.4 DSG Elegance h/back with a few options (configurator came up £23,335)

 

0% - is there a maximum deposit?  The finance calculators I've tried so far won't let me put in more than £6500 (I could stretch to more if required hence the question)

 

How does the finance work?  Is it basically agreed price, less deposit, less GFV divided number of months finance taken out?  It's 10 years since I had finance on a car.

 

Apologies for the questions, I need to work out roughly whether I can afford it before I go and pester my local dealer!

 

Thanks.

 

Steve.

How many monthly repayments do you want to make and what is your annual mileage? The options don't affect the GFV, but these 2 things do.

 

As an example, the 1.4 DSG Elegance Hatch is worth £8,483 after 36 months at 12K miles per year.

 

Max deposit is 30%.

 

You're spot on with the way the PCP works.

How many monthly repayments do you want to make and what is your annual mileage? The options don't affect the GFV, but these 2 things do.

 

As an example, the 1.4 DSG Elegance Hatch is worth £8,483 after 36 months at 12K miles per year.

 

Max deposit is 30%.

 

You're spot on with the way the PCP works.

 

Looking at 36 months, annual mileage approx 14k

 

Monthly payments sub-£200 would be ideal

 

0% - is there a maximum deposit?  The finance calculators I've tried so far won't let me put in more than £6500 (I could stretch to more if required hence the question)

 

 

What is the point of putting down a large deposit on a 0% finance deal?

 

Put down the absolute smallest deposit you can get away with and then invest the rest of the money you would have used as a deposit.  That way you'll get some return on it.

 

If you pay it as a deposit it's not reducing the amount of interest you have to pay or anything so you may as well keep it for the time being and try and get some sort of return on it.

I don't have figures for 14K I'm afraid.

 

As a rough guide and based on your price from the configurator, if you can do a 30% deposit and get the dealer to give you an effective 5% discount on the OTR price (achievable but difficult), I think you can get your monthly payments below £200. No guarantees on this, but I think it's possible.

 

A good dealer will be happy to go through any scenario you want on the PCP deal until you get the package you are looking for. Don't let them tell you there are no discounts with the 0% PCP, they've got 8% to play with.

What is the point of putting down a large deposit on a 0% finance deal?

 

Put down the absolute smallest deposit you can get away with and then invest the rest of the money you would have used as a deposit.  That way you'll get some return on it.

 

If you pay it as a deposit it's not reducing the amount of interest you have to pay or anything so you may as well keep it for the time being and try and get some sort of return on it.

I totally agree with this. Personally I want to get away with putting down £500 on the PCP i'm thinking of doing for my vRS - BUT I also need to make sure the monthly payments are sensible so it might end up being £1k (this stings on cheap money, but hey!)

 

Stick your money elsewhere, pay off more expensive debt (credit cards etc) or take the misses/mr on holiday and use the offer of dirt cheap money

 

It doesn't come round that often!

I totally agree with this. Personally I want to get away with putting down £500 on the PCP i'm thinking of doing for my vRS - BUT I also need to make sure the monthly payments are sensible so it might end up being £1k (this stings on cheap money, but hey!)

 

Stick your money elsewhere, pay off more expensive debt (credit cards etc) or take the misses/mr on holiday and use the offer of dirt cheap money

 

It doesn't come round that often!

 

I can see the logic, but for me it's all about the monthly payments being as low as poss even on 0% (SWMBO hates paying interest on anything so it needs to be the 0% to try and swing her round to the idea of getting a new car)

 

Thanks all for the replies - I think I might just head to the dealership and see what they can do for me

I can see the logic, but for me it's all about the monthly payments being as low as poss even on 0% (SWMBO hates paying interest on anything so it needs to be the 0% to try and swing her round to the idea of getting a new car)

 

Thanks all for the replies - I think I might just head to the dealership and see what they can do for me

 

I don't have figures for 14K I'm afraid.

 

As a rough guide and based on your price from the configurator, if you can do a 30% deposit and get the dealer to give you an effective 5% discount on the OTR price (achievable but difficult), I think you can get your monthly payments below £200. No guarantees on this, but I think it's possible.

 

A good dealer will be happy to go through any scenario you want on the PCP deal until you get the package you are looking for. Don't let them tell you there are no discounts with the 0% PCP, they've got 8% to play with.

Ooo thanks for this! Very handy to know it's about 8 Will help in neg's later in the week

I can see the logic, but for me it's all about the monthly payments being as low as poss even on 0% (SWMBO hates paying interest on anything so it needs to be the 0% to try and swing her round to the idea of getting a new car)

 

Thanks all for the replies - I think I might just head to the dealership and see what they can do for me

 

I totally understand that, monthly payments are obviously the most important thing.

 

However, in that situation I would consider the following.

 

For example, you want to pay a maximum of £300 a month and to achieve that you need to pay £10k deposit.

 

The minimum deposit they will allow is £5k, however, this takes the monthly to £400.

 

So what you do is pay the £5k deposit and take the remaining £5k and put it in a savings account.

 

You then set up a direct debit from the savings account into your main account for £100 per month.

 

This way you are still paying the £300 a month you wanted to pay and you are just topping it up to the £400 you need to pay by using the savings.

 

The advantage being that you are accruing interest on the remainder of the £5k you have in your account (rather than in Skodas account!).

 

Of course with interest rates being poor for savers at the moment this may be not worth the effort but if you can make a couple of hundred pounds over the term then it’s probably worth the effort!