Thinking of changing my car

C

Class37

New member
Hi looking for some advice, In the past I have always part exchange when changing my car.

Its about time for a change again. I would think my car is worth £15000 as a part Ex, but this time thinking of going down the PCP/leasing option. Looking at the market I may have to put in around

£10000 for car I’am looking at. What do you think my best options Are ??
 
£15k for yours + £10k to finance?
New car or used?
PCP on used cars has never usually been that good of a way to finance / purchase them.
It’s even worse now as the dealer finance rates on used are sitting around 12/13% depending where you are shopping.
PCP on new has better rates, and usually the deals are better relatively due to incentives from the manufacturers to shift new cars.

If it’s £10k to finance on a used car, personally I’d be looking down the route of a personal loan, if your credit rating is good you’ll get something for around 5.7%. There’s plenty of equity left in the car should the economy worsen or you have a change in circumstances.
 
I’m in the market for a car at the moment. So another couple of things worth mentioning.

Insurance, I’ve had some eye opening quotes on cars that, a year or so ago wouldn’t have even considered the cost of insurance on.

Road Tax (or what ever the correct name is).
If the car was over £40k new. Then for first 6 years of ownership there’s a premium added to your road tax, that’s whether you bought it new or your bought it used further on in its life.
£600 a year is not unusual for what are fairly run of the mill vehicles.
 
Another thing I’ve found.
If you’re not interested in the dealers finance, they’re typically a lot less interested in you!
More so at the moment as it’s still a bit of a sellers market.
 
Hi
Thanks for the replies. just a few more details I'am not interested in Electric The additional £10000 would be added to the possible Part Ex of £15000 (and would be cash) I have no idea about PCP / Leaseing. our avarage milage is around 5K
just looking for advice
 
gramercy said:
Another thing I’ve found.
If you’re not interested in the dealers finance, they’re typically a lot less interested in you!
More so at the moment as it’s still a bit of a sellers market.
Click to expand...
Yes, this is a good point. Always make deals with dealers and let them assume you're going to be taking out their finance, you'll get a better deal and also a better service and a faster response.

At the very last minute tell them you won't now be needing their finance as you've had other arrangements become available. Make sure the basic price is still the same on the invoice, as they one they were quoting before they added their finance on top.
 
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