Curious to Monthly Payments

[dsj20v]

Now seeing as you can get a 230 for £20600 brand new through one of the companys posted on this thread it puts me and no doubt others in a quandry, pch will be about 7k over 2yrs but even with poor depreiciation the 230 will be worth more than 13600 in 2yrs time. So if buying outright surely surely the 230 (at £20600) wont lose silly amounts, sorry probably rambling but the missus is fed up of me going on about it so thought id turn to you lot lol

Edited 30 May, 2016 by dsj20v

[silver1011]

PCH only makes sense if the deal is fantastic. Therefore if you have your heart set on a particular make and model with certain options then leasing is rarely for you.

 

I happened to PCH an Octavia because of the brilliant deals on the Scout at the time, £4,800 over two years which is likely to be less than the car will depreciate, so little point buying (unless you run your cars until they die).

 

But yes, you have to do your sums to work out if PCH, PCP or an outright purchase makes sense for the car you want.

[silver1011]

I appreciate this is not the 230 and is a bog standard 184 vRS, but this is where PCH can work, if you aren't fussed on a particular level of spec there are deals to be had...

 

http://www.parkvehicles.co.uk/skoda-offers/view/1110/Skoda-Octavia-20-TDI-VRS--pound161PM

 

£1,163 deposit, then 23x £193 = £5,607 over two years, all inc. VAT. No upfront fees and direct from a Skoda dealer.

 

The question is how much can a vRS be bought for after discounts and what will it be worth after 2 years / 16,000 miles.

 

Compare this to the £5.6K PCH and see what works for you.

[sniperpenguin]

I think the deposit just helps provide a stable monthly payment based on your monthly income. The 430 a month is affordable for me, but with 2.5k deposit including Skoda, I don't understand why it's higher than most people.

Bit odd. If I decide to go for it (vrs 230) what shall I hassle them for?? The standard full tank fuel, mats, spare wheel??

 

430 a Month is Mercedes territory... Although it hasnt helped that the Octy has gone up in price over the years, making it no longer the well-priced option is was.

 

63 Plate vRS Estate TDi

 

£1000 down

£371 per month

£10,500 Final Value over a 36mth PCP (15K per annum)

 

My aim in December is to get it sub £300 / mth either via a lease or a decent deal - I'll see what is on the table..... Last week there was an A6 Business on lease for £303 a month for 10K miles a year!!!  

[alexl94]

I currently have my vRS TDi Estate with DSG, Race Blue paint and 13k miles per year on a 3+23 PCH for £891 Initial Payment and £297 a month. Which I'm rather happy with to be honest. Goes back to Skoda in March so might start looking at vRS 230 prices

[silver1011]

 

430 a Month is Mercedes territory... Although it hasnt helped that the Octy has gone up in price over the years, making it no longer the well-priced option is was.

 

 

But the monthlies are dependent on the deposit, it is easy to get 'Mercedes territory' on most cars by slashing the deposit.

 

All car adverts these days love the "only £199 per month" headlines, they simply adjust the deposit (and hide it somewhere) to suit.

 

It's the total price over the term that is the only real number to use for comparison purposes.

 

Deposit, plus all monthlies, plus interest, plus fees and plus VAT = whether you have a deal or not.

[sniperpenguin]

But the monthlies are dependent on the deposit, it is easy to get 'Mercedes territory' on most cars by slashing the deposit.

 

All car adverts these days love the "only £199 per month" headlines, they simply adjust the deposit (and hide it somewhere) to suit.

 

It's the total price over the term that is the only real number to use for comparison purposes.

 

Deposit, plus all monthlies, plus interest, plus fees and plus VAT = whether you have a deal or not.

 

Totally, the point I was making is that you can get into the seat of a better car with those kind of monthly payments, so unless you intend to keep the car (and therefore are wanting to build equity) then it rarely makes sense to do so.

 

I look it as Total cost over the term (either PCP, PCH or HP), then I know what that car is costing me to drive.

[davitc]

I have managed to do my best, got it down to 399! and they will clear my existing finance from my car at Part exchange, in comes full tank of fuel, spare wheek and mats (all I really want) - going to get discounted GAP & Paint alloy protection.

Got a delivery on 1st September for my new Octavia vRS 230 in Meteor Grey!! woop

 

Shop around for Gap Insurance, Skoda may not be the best deal along with their Insurance which was 3 times as much as what I paid in the end.

 

GAP wise I paid £120 for the 3 years and this includes the cover of the deposit.

[YorkaBara]

Shop around for Gap Insurance, Skoda may not be the best deal along with their Insurance which was 3 times as much as what I paid in the end.

 

GAP wise I paid £120 for the 3 years and this includes the cover of the deposit.

 

 

Where did you go for the Gap insurance?

[fgaffney]

dsj20v, it was me who used this as an example to show there are other routes to ownership other than PCP. I am just about to order a VRS DSG Diesel from a broker - my dealings to date have actually been with John Robertson at New car discount and reviews would back up as a good service - 20% discount, not pre registered and supplied to leadtime from a UK dealer. Another one worth a shout is Varissa - they are more hands on and on the face of it would be a good bet also. I mentioned 20% from them and they said no problem and would be able to beat in the event of me being ready to place an order. These cars are not imports but cannot speak about my example that was quoted.

 

Try  http://www.cars2buy.co.uk/ to compare deals.

 

I looked at some of the broker sites and yes they were much cheaper than main dealer prices, however their cars didn't qulaify for the Solutions finance package being offered by Skoda. This meant I wouldn't have received the £1000.00 "deposit contribution" or the 0% APR fincance deal that was available from Skoda at the time of ordering.

 

My local Dealer was able to match the price quoted by Orangewheels (who were cheaper than Drive the Deal & CarWow) for the exact same car I had specced and I didn't have to collect the car from Birmingham, which is where Orangewheels would've delivered to.

 

I ended up saving 13% off list buying directly from my local dealer (less than 2 miles from home) and I paid just £632.00 deposit with monthly re-payments of £290.00 (based on 10,000 miles per annum). I have the option to buy outright for £7,200 at the end of the 42 month term (which is what I'll probably do), hand the car back or use any equity as my next deposit.

 

In short, the savings I would have made had I bought through a broker would've been significantly reduced through the APR % of a bank loan plus the £1000.00 'contribution' I wouldn't have received. I also wouldn't have had the choices available through Solutions PCP at the end of the term had I plumped for a bank loan or a PCH plan to finance the purchase.

 

In my case I'm quite happy with the deal I got and my finance arrangements, although I accept that buyers fall into many different categories so what's right for me may not be right for others.

[randomeclipse]

Where did you go for the Gap insurance?

 

I used gapinsurance123.co.uk if I remember correctly.

[Jonesy220]

Randomeclipse I think that GAP insurance could be the way forward as it's a heck of a lot cheaper than the dealers are quoting to which I declined there offer.

I shall look into it more at the weekend when I have a bit more time but wanted to say thanks for the heads up on this one.

[Jonesy220]

Well I called gap 123 yesterday and got 4 yrs gap insurance for £150 saving myself £250 compared to the dealer prices.

[harrylime]

All depends on who you bank with?

 

I'm currently getting 4% interest with Clydesdale and 6% interest with TSB. Personally I'd rather put down a small deposit and have a higher monthly payment... especially when you qualify for the 0% finance deal!

Can you tell me which accounts you are getting those interest rates, as they sound extraordinary? The best I've seen are regular savings accounts or current accounts that will give you around 5% for the first couple of thousand only

[SkodaVRS1963]

All depends on who you bank with?

 

I'm currently getting 4% interest with Clydesdale and 6% interest with TSB. Personally I'd rather put down a small deposit and have a higher monthly payment... especially when you qualify for the 0% finance deal!

No UK institutions are offering such rates in the current economic climate otherwise everyone would be taking out mortgages at 3.9% (the average going rate) and simply using the interest from their savings to cover the cost.

 

I suspect you mean 0.4% and 0.6%?

Edited 5 June, 2016 by SkodaVRS1963

[Dr Zoidberg]

TSB pay 5% on current accounts, albeit with a low maximum limit.

Santander pay 3% up to £20k and I know there are others that pay well.

[SkodaVRS1963]

TSB pay 5% on current accounts, albeit with a low maximum limit.

Santander pay 3% up to £20k and I know there are others that pay well.

 

I stand corrected, TSB do indeed offer 5% on £250 per month deposits which gets you £71 interest.

 

Shame they don't offer it on grown up deposits.

[YorkaBara]

I used gapinsurance123.co.uk if I remember correctly.

What are the limitations to it? Skoda say theirs is better but not sure really what they both cover. Though I got a quote for 169 on a new octavia vRS

Though the website doesn't look great, if you have gone through for it must be worth while..?

[fgaffney]

No UK institutions are offering such rates in the current economic climate otherwise everyone would be taking out mortgages at 3.9% (the average going rate) and simply using the interest from their savings to cover the cost.

 

I suspect you mean 0.4% and 0.6%?

 

No... my Clydesdale Account gave me £150 cashback and I still get 4% interest each month while my TSB account now pays me 5% interest up to £2000 savings as long as £500 goes in each month. I just set up 3 standing orders to pay £500 around 3 different accounts and it works well. I also recently re-mortgaged with Bank of Ireland (under the Post Office banner) and got a great deal on a 3-year fixed rate. It really pays to be a bit money savvy and shop around for your financial products.

 

http://www.moneysupermarket.com/c/news/focus-on-earn-four-percent-interest-on-your-current-account/0031588/

 

http://www.tsb.co.uk/help/rates-and-charges/current-accounts/ 

 

Getting my Octy on 0% finance is another good example of how to save a little! 

[randomeclipse]

Well I called gap 123 yesterday and got 4 yrs gap insurance for £150 saving myself £250 compared to the dealer prices.

Nice one.

[randomeclipse]

What are the limitations to it? Skoda say theirs is better but not sure really what they both cover. Though I got a quote for 169 on a new octavia vRS

Though the website doesn't look great, if you have gone through for it must be worth while..?

I suppose you'd have to see both to do a proper compare, but for me my car insurance covered the first year with its new car policy, then I picked up the GAP for another 2 years to cover the majority of the period off. I was told the dealers place such a high markup on the GAP because it's one of the items they can make massive profit on (if you compare their prices to that achievable on the web) and it's the same with their Diamondbrite offering.