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Post by Tim on Feb 2, 2018 13:10:41 GMT
I was casually looking at petrol powered 3 series estates, which are pretty rare. The one below caught my eye - £25k for a 1 year old, 1,400 mile car that would've probably been £40k new.
usedcars.bmw.co.uk/vehicle/201708017926308?quoteref=aa539f20-7a67-4185-928c-bb91213d4f52
Seems like a bargain but then I looked at the finance they attach to it. £3,733 deposit, 48 months at £352 and a final payment of £11.5k. Total cost £31,710. That's a helluva lot of finance charges. The other thing about it that caught my eye was the final payment of £11.5k. I thought with PCPs that was set at approx. what the car would be worth? You find me a 5 year old and 40k mile 3 Series estate in a similar spec for as little as that and I'll buy it! |
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Post by Bob Sacamano v2.0 on Feb 2, 2018 13:23:42 GMT
With a £11.5k GFV you at least stand a good chance of having some equity left as a deposit towards a new car. On that point it's good but the rest of the finance package is a bit steep.
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Post by racingteatray on Feb 2, 2018 13:55:01 GMT
A brand new 320i xDrive MSport Shadow Edition Touring to that spec is £38.5k OTR. You should be able to trim at least £6k off that by way of discount, and BMW is currently offering 1.9% APR on the 3-series range.
So a new one will probably work out to cost you approximately the same, with the greater depreciation offsetting the lower interest.
You pays your monies, you takes your choice.
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Post by Tim on Feb 2, 2018 14:44:16 GMT
Complicated. Just as well I'm not in the market  |
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Post by Martin on Feb 2, 2018 14:52:02 GMT
At that price point, the cheapest option would be to get a personal loan. As for the GFV, as Bob posted, there’s a decent chance of having some equity at the end which you’d need to take into acccount when calculating the total cost.
Decent spec (Business Nav isn’t bad these days) but if you are used to Xenons, you’ll find the basic LEDs pretty poor, they’re not much brighter than halogens.
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Post by PetrolEd on Feb 2, 2018 15:00:52 GMT
A PCP will have a guaranteed future value therefore needs to be set lower then market value after the initial period to make sure they don't get caught out on downturns in the economy, think 2009 when new R32 Golf were 16k. An HP with balloon tend to have higher final payments but then its your risk if the market downturns and you end up in neg equity.
We bought our 320d touring new with a 7k discount and with all the options came out at 30k exactly, with a 4k deposit and circa 14k balloon over 3 years was £399 a month. Still not sure what to do when the balloon comes up in May
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Post by Martin on Feb 2, 2018 15:10:29 GMT
I’ve had 2 very different outcomes with PCP. I suspect the 535d will be worth less than the GFV, but the Boxster was worth more than double when we paid that off.
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Post by Tim on Feb 2, 2018 15:19:49 GMT
I'm not planning on changing the car until we've moved house again, so unlikely to be for at least 12-18 months minimum by which time the market will no doubt have changed a lot.
Mrs Tim has decreed that the 320's replacement will NOT be diesel.
I've spotted a couple of nice 535i Tourings.......
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Deleted Member
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Post by Deleted on Mar 23, 2018 17:31:08 GMT
Totally unrelated, but when does that ever stop us, plus the title fits. I was in my local record shop the other day and bought a Human League album purely because I knew it was worth more than they were asking for it. I paid £15.99 for it and one of the cheapest copies I can find on eBay is 30 quid for a used one. www.discogs.com/sell/release/3530397 |
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