I've seen the calculations earlier in this thread, but they need to be updated to reflect the real deals available in the market. Comparing a 0% PCP to 11% HP is wrong - 11% HP typically is the preserve of the 2nd hand market (or someone who doesn't want to do HP!). Taking a look at either Peugeot or Hyundai for example, it might actually work out cheaper using HP vs PCP;
I can have a look tomorrow evening at a few examples. Even for Toyota if memory serves me right their PCP is a bit higher than others so will try comparing like for like. Stuck with mobile at moment so I'll see what I can do when I'm back on laptop.That's an interesting development, 11% was what I was seeing at the time from some of the more popular brands. Nissan are still at 11%, Toyota are 8.9%, but most of the others seem to be lower alright. When I get some time I'll update the table, or perhaps it might be better add a new one to reflect the higher deposit levels required for these HP deals, Peugeot for example require a 30% deposit. Do you have a link to Hyundai's HP terms? I can only see the PCP rates on the site.
I can have a look tomorrow evening at a few examples. Even for Toyota if memory serves me right their PCP is a bit higher than others so will try comparing like for like. Stuck with mobile at moment so I'll see what I can do when I'm back on laptop.
One of my biggest issues with PCP (and even HP) is the regulation around them. Even the regulatory bodies in this country seem to be confused about who exactly is responsible for regulating PCP/HP to the extent that there is actually a loophole in the new CCR legislation that means Car finance deals won't be initially reported as it requires a legislative change (car finance houses don't all fall under the definition of 'Money Lender'). On top of that they are not within the scope of the Consumer Protection Code.
Sounds good, thanks.
Toyota's rates are 2.9% for the Aygo and 4.9% or 5.9% on other models.
Option | Cash | PCP 3 years, plus 2 Years | PCP 3 years, plus 2 Years. With HP Min deposit | HP 5 Years | Personal Loan 5 Years |
OTR Price | €26,495 | €26,495 | €26,495 | €26,495 | €26,495 |
GMFV | N/A | €10,333 | €10,333 | €0.00 | €0.00 |
Initial Term (years) | N/A | 3 | 3 | 5 | 5 |
Initial Rate APR | N/A | 4% | 4% | 4% | 6.90% |
GMFV Term | N/A | 2 | 2 | N/A | N/A |
Deposit | N/A | €1,854.65 | €5,299.00 | €5,299 | €0 |
GMFV Rate APR | N/A | 6.90% | 6.90% | N/A | N/A |
Initial Monthly | 0 | €455.36 | €353.82 | €389.40 | €523.38 |
GMFV Repyments | N/A | €462.17 | €462.17 | n/a | n/a |
Total Cost | €26,495 | €29,339.47 | €29,128.46 | €28,663.05 | €31,403.02 |
Total Cost of credit | €0 | €2,844 | €2,633 | €2,168 | €4,908 |
Make | Model | OTR Price | GMFV | HP APR | HP Min Deposit | PCP APR | PCP Min Deposit | GMFV / OTR | Finance Provider | Notes |
Hyundai | i40 | 26,495.00 | 10,333.00 | 3.90% | 20% | 3.90% | 7% | 39% | Bank of Ireland | Special offer - selected models only |
Nissan | Juke | 19,995.00 | 7,997.00 | 11% | 10% | 2.90% | 10% | 40% | AIB | |
Toyota | Aura | 24,750.00 | 9,652.50 | 8.90% | 7% | 4.90% | 7% | 39% | Bank of Ireland | Minimum deposit appears to be the same in T&Cs |
Skoda | Rapid | 19,975.00 | 7,660.00 | 5.90% | 10% | 3.90% | 10% | 38% | Volkswagen Bank | 0% available on selected Skoda models on PCP |
Skoda | Yeti | 26,295.00 | 9,598.00 | 5.90% | 10% | 5.90% | 10% | 37% | Volkswagen Bank | |
Peugeot | 3008 | 26,712.80 | 9,227.00 | 3.90% | 30% | 4.90% | 10% | 35% | Bank of Ireland | Peugeot, 0% available on HP on 308. |
Peugeot | 508 | 29,425.00 | 10,150.00 | 3.90% | 30% | 3.90% | 10% | 34% | Bank of Ireland | Different models have different rates, but 3.9% / 4.9% are typical |
Option | Cash | PCP 3 years, plus 2 Years | PCP 3 years, plus 2 Years. With HP Min deposit | HP 5 Years | Personal Loan 5 Years |
OTR Price | €26,495 | €26,495 | €26,495 | €26,495 | €26,495 |
GMFV | N/A | €10,333 | €10,333 | €0.00 | €0.00 |
Initial Term (years) | N/A | 3 | 3 | 5 | 5 |
Initial Rate APR | N/A | 4% | 4% | 4% | 8.45% |
GMFV Term | N/A | 2 | 2 | N/A | N/A |
Deposit | N/A | €1,854.65 | €5,299.00 | €5,299 | €2,649.50 |
GMFV Rate APR | N/A | 8.45% | 8.45% | N/A | N/A |
Initial Monthly | 0 | €455.36 | €353.82 | €389.40 | €488.65 |
GMFV Repyments | N/A | €469.46 | €469.46 | n/a | n/a |
Total Cost | €26,495 | €29,514.44 | €29,303.43 | €28,663.05 | €31,968.65 |
Total Cost of credit | €0 | €3,019 | €2,808 | €2,168 | €5,474 |
Option | Cash | PCP 3 years, plus 2 Years | PCP 3 years, plus 2 Years. With HP Min deposit | HP 5 Years | Personal Loan 5 Years |
OTR Price | €19,975 | €19,975 | €19,975 | €19,975 | €19,975 |
GMFV | N/A | €7,660 | €7,660 | €0.00 | €0.00 |
Initial Term (years) | N/A | 3 | 3 | 5 | 5 |
Initial Rate APR | N/A | 3.90% | 3.90% | 5.90% | 8.45% |
GMFV Term | N/A | 2 | 2 | N/A | N/A |
Deposit | N/A | €1,997.50 | €1,997.50 | €1,998 | €1,997.50 |
GMFV Rate APR | N/A | 8.45% | 8.45% | N/A | N/A |
Initial Monthly | 0 | €329.05 | €329.05 | €346.72 | €368.40 |
GMFV Repyments | N/A | €348.02 | €348.02 | n/a | n/a |
Total Cost | €19,975 | €22,195.67 | €22,195.67 | €22,800.71 | €24,101.67 |
Total Cost of credit | €0 | €2,221 | €2,221 | €2,826 | €4,127 |
Excellent article in today's Irish Times by Fiona Reddan and Peter Hamilton which goes into great detail on the pros and cons of buying a car on PCP.
http://www.irishtimes.com/business/...t-do-a-pcp-deal-until-you-read-this-1.3148532
As many of these plans IMO will fail, it will add even more stock to the 2nd hand market before the 3 years are up.
Do you think there will be a significantly higher rate of failure of these PCP deals than there has been with the HP deals?
Yes, imports from the UK are the biggest threat - external factors as it were.
Agree and the numbers support that view ! Number of imported cars increased by 46% in the first half of 2017. If Sterling depreciates further and EUR/GBP heads for parity, as many predict, you would expect the number of imported cars to continue increasing.
Agree and the numbers support that view ! Number of imported cars increased by 46% in the first half of 2017. If Sterling depreciates further and EUR/GBP heads for parity, as many predict, you would expect the number of imported cars to continue increasing.
When important numbers are quoted are these solely based on private individuals making a trip over to the UK or are dealers importing cars for resale also included ? I know when i bought my car from Frank Keane it was just brought in from the UK and the dealer said a lot of the second hand stock comes from the UK dealerships
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