Bye bye Puma St!

[Ron240]

While It may work out cheaper for some, I dont like the idea of a lease because you are only renting the car for a set period with nothing to show for it at the end.
It probably costs me more in the long run but I like to just pay everything upfront and then the car is mine to do what I want with for however long I want to keep it.

[Sparks]

While It may work out cheaper for some, I dont like the idea of a lease because you are only renting the car for a set period with nothing to show for it at the end.
It probably costs me more in the long run but I like to just pay everything upfront and then the car is mine to do what I want with for however long I want to keep it.

Yep that works, but not all of us are paying cash for a car. Taking out PCP's consistently isn't any different to leasing IMO.

[DB74]

Not sure if I'm right, but I prefer PCP as you can get rid of the car whenever by selling it, however, with a lease I thought you were stuck with it until the agreement ends.

[Ron240]

Taking out PCP's consistently isn't any different to leasing IMO.

I've never had a car on PCP, but unlike leasing you have the option to own it or use the credit as a deposit for your next PCP.
I suppose it's when you simply hand it back that it effectively becomes the same as leasing.

[4251]

But who hands a pcp car back? would have to have been a crap deal in the first place for that to be the best option. I have always sold (or paid off) my pcp cars myself and got a lot more than the final value, even when close to end of term. The massive advantage of PCP or HP over lease is you can sell it anytime, can’t do that without having to pay the whole term on a lease car.

I leased a Octavia VRS 230 estate back in 2016. I put £1200 down and paid around £280 month inc vat for two years, then extended it for a year at £255 inc vat (via VW finance) then extended it another 6 months at £240 inc vat. Deals like that aren’t around anymore. But I was wrongly informed repairs would be covered by the lease when out of warranty, so disputed it. They agreed I was wrongfully informed and paid for a warranty for me. They were excellent to deal with. I was going to buy the car too which they offered for trade price. But got the M3 instead.

Just make sure you don’t lease beyond the warranty as you are liable for the full lease costs to end date plus the cost of any repairs.

[DB74]

But who hands a pcp car back? would have to have been a crap deal in the first place for that to be the best option. I have always sold (or paid off) my pcp cars myself and got a lot more than the final value, even when close to end of term. The massive advantage of PCP or HP over lease is you can sell it anytime, can’t do that without having to pay the whole term on a lease car.

To answer your question, I would have handed back the EV I had if it didn't get rejected, as the PCP balloon payment was around 18K but the car itself was being offered around 12K by motorway/webuyanycar, but agree it doesn't happen often.

[Sparks]

But who hands a pcp car back? would have to have been a crap deal in the first place for that to be the best option. I have always sold (or paid off) my pcp cars myself and got a lot more than the final value, even when close to end of term. The massive advantage of PCP or HP over lease is you can sell it anytime, can’t do that without having to pay the whole term on a lease car.

I leased a Octavia VRS 230 estate back in 2016. I put £1200 down and paid around £280 month inc vat for two years, then extended it for a year at £255 inc vat (via VW finance) then extended it another 6 months at £240 inc vat. Deals like that aren’t around anymore. But I was wrongly informed repairs would be covered by the lease when out of warranty, so disputed it. They agreed I was wrongfully informed and paid for a warranty for me. They were excellent to deal with. I was going to buy the car too which they offered for trade price. But got the M3 instead.

Just make sure you don’t lease beyond the warranty as you are liable for the full lease costs to end date plus the cost of any repairs.

I might!! the deal was good when taken out 2 years on it's a different world. I've always had plenty of equity left in my PCP's and just done the deal for the next one. Unfortunately this year things are different and they are not offering decent money for trade in (tried 4 different brands so far and all the same), actually just pays off the PCP and interest rates are ridiculous. Also, to be fair, new car prices are moving ever upward. Motorway not offering much more, reason given is that the market is slow and it's flooded with used Puma's, a penalty of sales success I guess. I
So, I'm not putting anything else into another one. I wouldn't go out of warranty on a lease, 3 years would be a maximum although 2 would be preferred. I'd be using Motorfinity to get the defence discounts, so there are some fair deals to be had.

[4251]

But who hands a pcp car back? would have to have been a crap deal in the first place for that to be the best option. I have always sold (or paid off) my pcp cars myself and got a lot more than the final value, even when close to end of term. The massive advantage of PCP or HP over lease is you can sell it anytime, can’t do that without having to pay the whole term on a lease car.

I leased a Octavia VRS 230 estate back in 2016. I put £1200 down and paid around £280 month inc vat for two years, then extended it for a year at £255 inc vat (via VW finance) then extended it another 6 months at £240 inc vat. Deals like that aren’t around anymore. But I was wrongly informed repairs would be covered by the lease when out of warranty, so disputed it. They agreed I was wrongfully informed and paid for a warranty for me. They were excellent to deal with. I was going to buy the car too which they offered for trade price. But got the M3 instead.

Just make sure you don’t lease beyond the warranty as you are liable for the full lease costs to end date plus the cost of any repairs.

I might!! the deal was good when taken out 2 years on it's a different world. I've always had plenty of equity left in my PCP's and just done the deal for the next one. Unfortunately this year things are different and they are not offering decent money for trade in (tried 4 different brands so far and all the same), actually just pays off the PCP and interest rates are ridiculous. Also, to be fair, new car prices are moving ever upward. Motorway not offering much more, reason given is that the market is slow and it's flooded with used Puma's, a penalty of sales success I guess. I
So, I'm not putting anything else into another one. I wouldn't go out of warranty on a lease, 3 years would be a maximum although 2 would be preferred. I'd be using Motorfinity to get the defence discounts, so there are some fair deals to be had.

That’s strange, I think this has bern caused by the massively over inflated prices that occurred during and after covid. They were simply overpriced and not a sustainable used value. Our ST settlement (FGV) was about £14750 at 3 years, we paid just under £28k for it with all extras apart from a glass roof in June 21. The value at the end if the pcp was just over £19k so about £4500 more than the FGV , but I just paid it off. My 2018 Focus ST is still valued at £14500 I paid £15200 for it exactly a year ago from Arnold Clark so hardly depreciated at all. My Cupra 4drive Tourer is valued at around £28500 I paid £32k pre registered nearly two years ago. So it’s certainly not all cars that are hit. Yes EV’s are a financial disaster, no arguing that one.

[Sparks]

But who hands a pcp car back? would have to have been a crap deal in the first place for that to be the best option. I have always sold (or paid off) my pcp cars myself and got a lot more than the final value, even when close to end of term. The massive advantage of PCP or HP over lease is you can sell it anytime, can’t do that without having to pay the whole term on a lease car.

I leased a Octavia VRS 230 estate back in 2016. I put £1200 down and paid around £280 month inc vat for two years, then extended it for a year at £255 inc vat (via VW finance) then extended it another 6 months at £240 inc vat. Deals like that aren’t around anymore. But I was wrongly informed repairs would be covered by the lease when out of warranty, so disputed it. They agreed I was wrongfully informed and paid for a warranty for me. They were excellent to deal with. I was going to buy the car too which they offered for trade price. But got the M3 instead.

Just make sure you don’t lease beyond the warranty as you are liable for the full lease costs to end date plus the cost of any repairs.

I might!! the deal was good when taken out 2 years on it's a different world. I've always had plenty of equity left in my PCP's and just done the deal for the next one. Unfortunately this year things are different and they are not offering decent money for trade in (tried 4 different brands so far and all the same), actually just pays off the PCP and interest rates are ridiculous. Also, to be fair, new car prices are moving ever upward. Motorway not offering much more, reason given is that the market is slow and it's flooded with used Puma's, a penalty of sales success I guess. I
So, I'm not putting anything else into another one. I wouldn't go out of warranty on a lease, 3 years would be a maximum although 2 would be preferred. I'd be using Motorfinity to get the defence discounts, so there are some fair deals to be had.

That’s strange, I think this has bern caused by the massively over inflated prices that occurred during and after covid. They were simply overpriced and not a sustainable used value. Our ST settlement (FGV) was about £14750 at 3 years, we paid just under £28k for it with all extras apart from a glass roof in June 21. The value at the end if the pcp was just over £19k so about £4500 more than the FGV , but I just paid it off. My 2018 Focus ST is still valued at £14500 I paid £15200 for it exactly a year ago from Arnold Clark so hardly depreciated at all. My Cupra 4drive Tourer is valued at around £28500 I paid £32k pre registered nearly two years ago. So it’s certainly not all cars that are hit. Yes EV’s are a financial disaster, no arguing that one.

It may be the difference in PCP length that makes the difference. I only got a 2 year deal as the new facelift was rumoured (what a disappointment that was). After 3 years there may be more equity in it.
Anyway, I am where I am so will have to play the cards dealt.

[Smartguy67]

One year in with ours soon on a 38 month PCP. Our balloon payment will be £14k.

In just over 2 years time this will be a cheap car to buy with less than 10k miles.