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  • PCP experiences
  • molgrips
    Free Member

    I find that saving up is the best way to buy shiny things.

    Not always.  You can save for five years then get it, or pay the savings to a loan company plus a bit more, and have the thing at the start of the 5 year period rather than the end.  I get (or have got) interest rates low enough that it barely costs anything to do it that way round.

    vlad_the_invader
    Full Member

    I have a specific requirement (towing) and the best option is the Ioniq 5

    Out of interest, how will towing affect range?

    molgrips
    Free Member

    Well What Car reckoned you got about 45-50% of the range when towing but I think their methods were a bit flawed – link a page or so back on the other thread. But someone with an EQC reckons they can get 170km on a charge with a heavy van.

    2
    trail_rat
    Free Member

    Wouldn’t you be better just ditching the caravan -then the requirement for a very specific new car goes away.

    Using the leaf you already own

    Staying in convenient hotels with the money saved.

    Asda price.

    molgrips
    Free Member

    Using the leaf you already own

    It’s rubbish.

    Staying in convenient hotels with the money saved.

    Not even close.

    stumpy01
    Full Member

    Funnily enough, I was going to suggest sell the tent and get a decent inflatable tent. Then you don’t need such a specific car.

    Or just accept that owning a caravan at this moment in time necessitates keeping the diesel?

    Or can you hire a suitable car (with tow bar) when you need to take the caravan away?
    No idea if that’s even possible.

    molgrips
    Free Member

    get a decent inflatable tent.

    Pain in the arse.

    Or just accept that owning a caravan at this moment in time necessitates keeping the diesel?

    It doesn’t though. If we went to one car and it were diesel, we’d spend a fortune on fuel through the year and cough up loads of emissions. Keeping a whole car essentially just for occasional caravan holidays is rather expensive. Status quo is an option, so is EV as a single car, hence the thread about PCP. There is a separate thread for discussing EVs :)

    Or can you hire a suitable car (with tow bar) when you need to take the caravan away?
    No idea if that’s even possible.

    It is but it’s extremely expensive.

    Daffy
    Full Member

    PCP for an EV is a good way of putting the future value risk on someone else.  That’s what we did on the i3.  If EV architecture suddenly changes, you walk away, if it stays normal, you make a choice, if it’s overwhelming in your favour, you pay the final payment.

    intheborders
    Free Member

    There’s risk in everything you buy, even a tin of beans could be off when you open it.

    Sounds like you’re overthinking, again.

    1
    the-muffin-man
    Full Member

    Re towing a caravan with an EV car – just how good is the charging infrastructure that has space for a car and a caravan. All the EV charging bays I’ve seen accept a single car only with no allowance for a caravan as well.

    Do you plan to unhitch the caravan then go and charge the car?

    IMO – diesel* is still the only way for towing until things improve.

    (*or massive V8 petrol! :-) )

    1
    molgrips
    Free Member

    Do you plan to unhitch the caravan then go and charge the car?

    Yes. It wouldn’t be as easy or convenient as diesel, but as I said, for a few times a year I’d put up with it for the benefits the rest of the time.

    molgrips
    Free Member

    Can you pay off PCP early, or at any point?

    andy4d
    Full Member

    Can you pay off PCP early, or at any point?

    in my experience, yes you can. I just called up the finance company and got the settlement figure to pay. If you settle early though you have the remaining PCP amount plus the GFV amount to pay in order to clear the finance and keep the car, well that’s what I did. Not sure if you could settle the PCP amount and hand the car back early, I think you can do this after a certain time but not sure.

    molgrips
    Free Member

    Just considering chopping the Leaf in for another Ioniq.  Obviously it would be better to sell the Leaf first then go with the cash, but that might be logistically difficult. It would be easier to go through the process with the dealer to get the new car then sell the old one afterwards and use the cash to pay it off.

    Tallpaul
    Free Member

    Any regulated finance agreement can be ended early by repaying the balance. You would not be liable for the interest on the full-term, just what you’d paid to-date plus a nominal amount (30 days perhaps?) from the date a settlement quote was requested.

    This is all clearly explained in the agreement that you read before you sign. People do read the terms of finance agreements before signing them, don’t they?

    molgrips
    Free Member

    Yes, but I don’t have them in front of me right now as I’m not in a dealer applying for finance…

    Tallpaul
    Free Member

    You are also given a copy of the finance agreement terms to keep for your records…

    molgrips
    Free Member

    .. after you sign it …

    sockpuppet
    Full Member

    there is no way I would buy a personal car on finance

    So what should I do? Save up £23,000?

    Well, yes.

    there’s always the option to spend less, on a cheaper vehicle. I know that’s not the point of this thread, but at least acknowledge that as an alternative

    1
    molgrips
    Free Member

    there’s always the option to spend less, on a cheaper vehicle

    Oh wow! I’d never thought of that!

    slackboy
    Full Member

    As well as settling the finance there are also termination clauses. Once you’ve paid 50% of the amount borrowed (including the balloon/gfv) you could hand the back the car and walk away.

    In practise you won’t get near 50% repaid until near the end of the contract term anyway.

    finephilly
    Free Member

    If you must, a personal loan is the most economic form of credit. But, you’ll need to satisfy the criteria -e.g. enough disposable income to cover the payments and it might have to be secured against the car. Obvs, you then pay for your own maintenance and suffer the S/H value, but it would work out to be less overall.

    Usually, finance arrangements are what’s called ‘interest front-loaded’. So, in the first year or so, you pay more interest than capital e.g. a £500 payment is £450 interest and £50 capital. This ratio inverts, towards the end. Effectively this means if you come to end it early, the settlement figure could still be quite high – maybe more than the car is worth.

    molgrips
    Free Member

    Well it looks like personal finance will be enough for this purpose. I can take out a loan, buy the car I want, then sell the other privately and pay off.

    andy4d
    Full Member

    @finephilly does 0% finance (my last 3 cars were this) not beat a personal loan? By my maths it saves me thousands vs the interest on a personal loan, so not always the most economical loan.

    RichPenny
    Free Member

    o% credit card?

    airvent
    Free Member

    Yeah but who is offering 0% finance these days?

    duncancallum
    Full Member

    Alpine…

    But that wont tow a caravan.

    slackboy
    Full Member

    Yeah but who is offering 0% finance these days?

    Polestar

    andy4d
    Full Member

    Cupra, some Renault (arkana) some Kia (Niro) there were probably others too, but I am In Ireland.

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