MINI pcp

[KenL]

Anyone use the pcp method from MINI?

Please let me know your opinion. I am particularly interested if you are on yoursecond car using this. Do you feel it is good value or do you feel left high and dry at the end of your first deal and facing much ongger payments to get a new car? Do you need a hefty deposit when you get a new car.

Overall, do you think it is a good method or is hp the way to go?

Ta!

[Craig]

We are in our 7th MINI with PCP. Wouldn't buy a MINI any other way (unless I won the lottery). The small deposit, Lower monthly payments and normally lower apr's mean it works best for us.

I've never actually kept any of the cars to the end of the deal so can't comment on the "high and dry". Sometimes I've lost out, other times I've not :)


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[KenL]

I just had a look on mini website.

To get a Cooper with pepper pack it is £3k deposit and 48 payments of £189. more than £12k. This seems a lot for a car costing about 16k.

I would prob not keep a car for more than 3 years. This deal was also 8000 miles per year, I do about 13 000.

[Eddie_JCW]

My 63 plate R56 JCW is on PCP. I put down a deposit of £1300 I pay £389 a month for 4 years but that's with 20k mile pa (done 8k already :O may need to stop driving lol ), services etc .

The way I look at it is, no matter what you lose money on a car. At the end of the 4 years MINI will give me £8500 (GFMV) if it's in good nick and has less than 80k on it. Now to stop themselves losing out I'm guessing they'd set that figure near the value if it was in poor condition so if I trade it in (excellent condition) for a new MINI then I'll have equity as it'll be worth more than 8,500 (I'm no expert at this) and I'll be either getting a better car or paying less monthly

or
I could buy it and sell it privately making more money back from the deal.

That's my opinion on it I may be wrong as this is my first car on PCP the rest have been HP and I feel like I'm getting a better deal with PCP.

Eddie

[KenL]

Thanks Eddie.

[Big Col]

Just as a heads up Ken when I bought my first coop on PCP the figues quoted on the mini website weren't all that close to the real figures given by the dealer. Would be worth popping in and chatting with them.

That being said, at the time I bought mine it was a fantastic deal for me as it essentially just moves the time you pay your deposit to the back end if you like so you're financing much less than you would if you paid a £3k deposit on an HP. This meant I got a MUCH better car that I could have affored otherwise at the time.

As a word of caution though, if you're taking the finance over 4 years and intend to get rid of the car after 3 then you're likely to be left with negative or very little equity as they'll only give you the value of the car at the time of trade in which needs to cover your outstanding payments + the final payment. Given you'll still have 12 payments remaining which will be the cost of payment + the APR then this is likely to come up short. Just something to keep in mind. :thumbs up:

[KenL]

Thanks Col.

Definitely not interested in keeping a car for 4 years, especially if out of warranty.

[ianking]

You can PCP a car for a shorter term than the 4 years though. You could have a 3yr agreement.

What I would say though, and I have learned the hard way with this on several ocassions is that if you are happy with a monthly payment of say £50 per month more then just leave a couple grand in your bank and put a smaller deposit down of say £1k as you will never get the other £2k back so its just as well left in your bank.
I have put big deposits down before on a couple of ocassions, i.e more than £4k and never got anything back at the other end so now I just put the £1k down.

[gauldrymini]

I agree with Mr King's comments its what we have done with our last two MINIs...

[KenL]

That sounds like good advice.

I would prefer lowish payments though.