Hey dudettes/dudes,

Quick question for you, as I can't head into a dealership until the weekend.

To pick up a Citigo for the advertised £65 a month, what sort of deposit would that take, 3, 4k? I ask as we're pondering a dinky car for the missus as the Octy is a big unit.

Am querying the SE, but would appreciate your feedback on any spec.

Cheers.

I pay £99 a month with £99 deposit on a 4 year PCP on a 5 door Monte Carlo in Red

Bought mine from Lookers Skoda

with 0% across all skodas at the moment there is no advantage putting much deposit down as you are saving nothing on interest charges

 

when you have 4.9% interest it makes sense to put a deposit down as you are saving the interest on the deposit 

 

remember PCP your payments are to pay for the depreciation over the contract (list price - guaranteed residual value)  but the interest you pay is on the list price, so when 0% is available PCP is the way to go with minimal deposit as you can make more keeping your money in the bank

 

the £99 3 year service plan is a steal as well, as the minor (oil change) service is £80-£100, so you get years 2 & 3 basically for free and is you do that you are not tied to the supplying dealer as it is a skoda service plan so any skoda min dealer can do the service under the plan

What do you plan to do at the end of the pcp?

If you aren't going to buy the car then I'd put nothing down as the chances are you will lose at least a grand of that deposit. If you put nothing down then you can only lose nothing. This is because the up/Citigo/mii aren't holding there value as well as vs thought . If vw set the mgfv where it should be to cover thdepreciation the monthly payments would be about 45 per month more than what they are making a pcp a no go.

So pay nothing as a deposit and let vwfs pay the extra depreciation.

The Skoda website states that £2.8k deposit on a 60ps SE 5dr over 42 mths is £75 p/m at 0%.

I pay £99 a month with £99 deposit on a 4 year PCP on a 5 door Monte Carlo in Red

That sounds like a good deal.

So, I'm just trying to get it straight in my head. Do the dealers not expect you to put money down to reduce the monthly payments?

What do you plan to do at the end of the pcp?

If you aren't going to buy the car then I'd put nothing down as the chances are you will lose at least a grand of that deposit. If you put nothing down then you can only lose nothing. This is because the up/Citigo/mii aren't holding there value as well as vs thought . If vw set the mgfv where it should be to cover thdepreciation the monthly payments would be about 45 per month more than what they are making a pcp a no go.

So pay nothing as a deposit and let vwfs pay the extra depreciation.

Probably give it back or trade it in, its just a case of weighing up putting a bigger deposit down upfront to then have smaller monthly payments, in my eyes.

What do you plan to do at the end of the pcp?

If you aren't going to buy the car then I'd put nothing down as the chances are you will lose at least a grand of that deposit. If you put nothing down then you can only lose nothing. This is because the up/Citigo/mii aren't holding there value as well as vs thought . If vw set the mgfv where it should be to cover thdepreciation the monthly payments would be about 45 per month more than what they are making a pcp a no go.

So pay nothing as a deposit and let vwfs pay the extra depreciation.

 

It doesn't matter what deposit you put down, you still pay the same amount in the end. If you put more down up front you pay less per month, but at the end on the contract you will have paid the same.

 

They usually expect some deposit when you order the car, mine was £500

I think you only need to put 1% down. As a rule of thumb every 300 you pay as deposit takes about 10 from the monthly payment. vrs mike if you put say 4k down you will lose probably half that if you hand the car back / start again. If you put 100 down you will keep your 4k. Your monthly payments won't go up by that much, certainly not a thousand pound per year on a 4 year Pcp. So you will be better off. There are good deals you just have to shop around.

I think you only need to put 1% down. As a rule of thumb every 300 you pay as deposit takes about 10 from the monthly payment. vrs mike if you put say 4k down you will lose probably half that if you hand the car back / start again. If you put 100 down you will keep your 4k. Your monthly payments won't go up by that much, certainly not a thousand pound per year on a 4 year Pcp. So you will be better off. There are good deals you just have to shop around.

 

That's not true! I've got multi quotes for various deposits and monthly payments, as stated in this thread you only pay the depreciation, the higher the deposit the lower the monthly payments, at the end you pay the same amount as this doesn't affect the GFMV. All you lose if you pay a higher deposit is the interest you would have in your savings if you left it there

Fair point about the loss of interest with the higher deposit but the interest rates are so hopeless these days you are not going to lose much?.Have never tried the PCP method in buying a car might give it a go next time.

Hmm, I will put the feelers out at a couple of dealers and see what they can offer.

I put £2.5k down and my payments are £106 per month on a 22k annual mileage (that was my part ex). My balloon payment is just over 3k so I'm happy with that even if it doesn't seem a great deal. I did take out the Gap insurance recommended by the dealer and the three years servicing for £99 which I do not believe is such a great deal but it keeps within warranty. The Gap I have since cancelled and have taken out the one advertised on here at over £200 saving. Next time I will shop around the dealers to see if there is haggle room but overall I was happy with the deal as this new pup is a hoot.