Looks like there is new PCP offer

£3500 deposit contribution

3 months payment holiday

4.1%

minimum 46 months

stock vehicles only

delivered by 1 October (wonder why didn’t choose 30 Sept)

 

https://www.skoda.co.uk/car-finance/new-car-deals

Quite a good deal if you need a new car at present, tricky thing is the new model has already been launched in Europe. Simpsons were advertising some pretty cheap PCH deals on 1.6TD SE Tech cars, it looks like it's going to be a good time for those able to buy a new car in the coming months. Not so good for everyone else who have been forced to stop working or are self employed like me!

It's not bad and I expect dealers will offer their usual discount on top too. Not as good as what was on offer during Skoda's stock offer last June though, interest rate aside and then the current model had a year left before the new one turned up. 

4.1% with BoE rates at 0.1%....

 

You’d be best off asking for the money off and using a bank loan.

And given a payment holiday is not the same as a 'we won't charge any interest' holiday, which don't exist, I'd imagine the total paid over 4 years is no different to what it was before with a 5.x% rate (assuming the deposit contribution is normal, given I had that a couple of years back).

Complete rip off frankly... but then I’ve come to expect that from Skoda the last few years.

 

Their recent service cost increases means I’ve moved from the local dealer who was always reasonable to a local specialist Indy, who is cheaper and at least as good.

10 hours ago, cheezemonkhai said:

4.1% with BoE rates at 0.1%....

 

You’d be best off asking for the money off and using a bank loan.

 

Ha ha...  Unfortunately the BofE don't do personal loans. 

 

I really don't undesand the logic of these negative comments. (Unless I'm misunderstanding Skoda's offer)

 

One of the very best bank loan rates right now is AA from 3.1% APR

 

Now Skoda charge just 1% more more ( it doesn't make much difference to repayments ) BUT they'll also give you 3 month free. If the payments are approx £300 month then that's an extra £900 off the price which more than covers the 1% difference in rates.

 

Assuming they have the car in stock that you want, then Skoda's offer seems like a no brainer.   Of course, that's PCP  if you take out a bank loan then your buying the whole car which given the popularity of PCP suggests many people cannot afford. And then you have the issue that not every bank will be willing to hand out an unsecured loan of £22000 to any Tom, **** or Harry.

 

 

 

 

 

I purchased mine with a large deposit contribution and 0% pcp plus additional dealer contributions when it was a fairly new model.
 

Now it’s been replaced by the mk4, interest rates are lower, they’re selling off stock.

 

The best they can come up with is 4.1%?

 

They clearly don’t want them gone that much I guess.

 

My point about BoE rates was not direct lending, but that they are probably making Around 4% on the loan as VWFS are big enough to borrow at those rates.

Edited 21 May, 20206 yr by cheezemonkhai

11 minutes ago, cheezemonkhai said:

I purchased mine with a large deposit contribution and 0% pcp plus additional dealer contributions when it was a fairly new model.
 

Now it’s been replaced by the mk4, interest rates are lower, they’re selling off stock.

 

The best they can come up with is 4.1%?

 

They clearly don’t want them gone that much I guess.

 

My point about BoE rates was not direct lending, but that they are probably making Around 4% on the loan as VWFS are big enough to borrow at those rates.

 

You're comparing apples with horses. The 0% you received only meant the 'large' deposit contribution they gave you could have been even larger. You're obviously not stupid enough to believe they actually give you money for nothing? It's all a game, what they did was tricked you in to thinking you got a better deal.  Many years ago, the offer was ' We pay your VAT '  Again, on the face of it saving what was then 17.5% on the list price at first seemed huge but all it meant in reality was the available discounts were less.

 

It's all part of the sales game, but I still cannot for the life of me understand why people are so negative about this offer. If folk don't like it then go and buy something else. And if they do I'll ask the question what are they going to buy because as far as I can tell, all manufacturers work the same.

 

What do I think about the offer?  Well it's the same with VW at the moment - the rate varies between 3% and 5% depending on the model. It's not the rate that attracts my attention but the 3 month freebie. As I say at the end of the day, they're not giving away anything that they didn't before but I suspect the 3 month may committed to paying the PCP.

 

example:  I've never been interested in financing my cars but I did take out a PCP last time as there was no other way I could secure an extra £1000 discount. I paid off the loan within 14days - I therefore get my cake and eat it, I pay no interest.  The 3 month 'freebie' is more or less the equivelent of that extra £1000 discount offer but have they now lured the buyer in to paying interest?

 

I'd be really interested to find out if you could secure the 3month discount THEN pull out within 14 days and retain that discount. I honestly do not know if they'd honor that or not.

I would have thought a payment holiday is just delaying the payment, not removing them, same with rent holidays etc, I thought the idea was the amount would be recouped at a later date somehow, not just free money/discount.

2 hours ago, Scot5 said:

 

You're comparing apples with horses. The 0% you received only meant the 'large' deposit contribution they gave you could have been even larger. You're obviously not stupid enough to believe they actually give you money for nothing? It's all a game, what they did was tricked you in to thinking you got a better deal.  Many years ago, the offer was ' We pay your VAT '  Again, on the face of it saving what was then 17.5% on the list price at first seemed huge but all it meant in reality was the available discounts were less.

 

It's all part of the sales game, but I still cannot for the life of me understand why people are so negative about this offer. If folk don't like it then go and buy something else. And if they do I'll ask the question what are they going to buy because as far as I can tell, all manufacturers work the same.

 

What do I think about the offer?  Well it's the same with VW at the moment - the rate varies between 3% and 5% depending on the model. It's not the rate that attracts my attention but the 3 month freebie. As I say at the end of the day, they're not giving away anything that they didn't before but I suspect the 3 month may committed to paying the PCP.

 

example:  I've never been interested in financing my cars but I did take out a PCP last time as there was no other way I could secure an extra £1000 discount. I paid off the loan within 14days - I therefore get my cake and eat it, I pay no interest.  The 3 month 'freebie' is more or less the equivelent of that extra £1000 discount offer but have they now lured the buyer in to paying interest?

 

I'd be really interested to find out if you could secure the 3month discount THEN pull out within 14 days and retain that discount. I honestly do not know if they'd honor that or not.

The deposit contribution I got was iirc about £500 less than that, then more than that in additional dealer discounts.

 

Not normally interested in a pcp, I would typically buy nearly new instead. Like you, 0% and lots Of discounts on finance, plus that money was dumped on the mortgage making more of a difference.

What I am saying is that it’s an old car, in a time when car sales dropped off a cliff and people are all looking hybrid/EV too.

 

I don’t think what they’re offering is a good deal.