Monthly Payments

[Wanderers]

Hi all,

Just after a bit of advice please.

I am looking to get a Ford Fiesta 1.0 Ecoboost Zetec, in Magnetic.

I was hoping I could get this for under £200 per month for 36 months, 9000 miles, PCP, trade in deposit.

Am I being realistic here?

I used carwow and went to a dealership to discuss a quote and they were giving me a bad trade in value, but anyway it came to 214.10 a month.

My worry is that carwow is meant to be really good and when I spoke to the salesperson she weren't budging at all. So am I expecting to much?

Cheers

Harry

[dmizz93]

Nah you're not asking too much..

Your local dealer should be able to match a car wow quote at the very least!

What car is the trade in?/what deposit you looking to put down? 24months although carrying a fight GMFV has a lower APR and lower monthly payments iirc so that may work out for you :)

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[Wanderers]

Sorry didn't explain it properly, I got the offer on carwow and went into the dealership to discuss the offer and that's what the payments came out with.

I have about a £1,000 trade in value on my car but the dealership I went to offered me like 250! Whereas a VW dealership said £1,000. I told her this and she reckoned the deal was already so good she couldn't move on this.

Just feel like it's as good as it gets at 214.10?

[dmizz93]

Sorry didn't explain it properly, I got the offer on carwow and went into the dealership to discuss the offer and that's what the payments came out with.

I have about a £1,000 trade in value on my car but the dealership I went to offered me like 250! Whereas a VW dealership said £1,000. I told her this and she reckoned the deal was already so good she couldn't move on this.

Just feel like it's as good as it gets at 214.10?

Do me a favour and PM me the spec of car you want and I'll have a scout for you!

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[Wanderers]

Nice one I've PMed you

[Phil 87]

I've got a related question, I've been looking at how PCP works and I'm unsure about the guaranteed future value. I thought this was meant to be what the car will be worth after say 3 years i.e. what the dealer can sell it for after that time. But looking at some figures I've seen the GFV is way lower than I thought it would be, in one example nearly £10k lower than what 3 year old cars are actually selling for at the moment.

So what's this all about? Are the dealers just trying to rip us off, making an artifically low "future value" which is actually just a balloon payment so that we have to pay a higher monthly rate and more interest? Or are some dealers actually being fair and just having us take out finance on how much the car will depreciate, which I thought was the point of PCP?

[MarksST]

It's GMFV, they are saying they will give you at least that amount, if the car depreciated a lot you would be covered, if the car retains its value your better off come trade in time as you have more equity.

[Phil 87]

It's GMFV, they are saying they will give you at least that amount, if the car depreciated a lot you would be covered, if the car retains its value your better off come trade in time as you have more equity.

Right, so it looks like the GMFV is a very conservative estimate of the future value. I think they're doing that on purpose so you have to take out more finance and pay more interest. Then they can sell it to you by saying "you don't have to worry about depreciation". I suppose they have to make their profit somewhere though, and I don't know where the profit would be if you were only paying off the depreciation over a few years.

[bootsy]

We had a Zetec eco 1.5 on pcp over 3 years at £270 a month with a £250 deposit and 12k a year, we were told if we wanted to buy the car at the end of the 3 years we would have to pay just over 6k, we were also told to trade it in at 18 months, we tried to trade it in at 18 months and were told that there was not enough money in it and it would be better to wait until it was 2 years old. It was just over 2 years old and we got a new one on hp not pcp, same car but 100cc bigger engine, we put £250 deposit again plus our car and over 4 years its £342 a month. The car we put in exchange had no dents or marks and was really like new, it had done 18k of the 24k we were allowed and had all its services ect.

[MattDRX]

Here's a abetter way, G2L are £110PM for a ZS in met paint, for 2 years with only £1k down, save the 100 a month for something else. much better than carwow.

Renewing it after the 2 year period for another 2 years if you really want another one is still cheaper than the first term almost.

[Phil 87]

^ That looks like a great deal, I bet the average Ford dealer would charge a lot more than that for the same thing. I assume G2L means gateway to lease?

[Wanderers]

I've had a look at the lease deal and it does look good, works out at around £160 a month for 24 months if you include deposit admin fee etc.

Not keen on initial outlay of £1000 that's my problem really

[MattDRX]

Still cheaper, and they tax it for you and most of the time includes service, Ford always make you wait forever for warranty work let alone a courtesy car, going private everything gets sorted ASAP, plus they also have a general wear and tear rule, after 2 years the odd mark is expected and Ford on the other hand expect them back MINT and knock for any little mark.

Well worth it, just lump the cost and go for it, plus they are easier to terminate should you get any grief.

[Wanderers]

It's definetly something to think about, but come 3 years time I might want to exercise the option to buy the car =\

[MattDRX]

3 years time you may end up doing what most have done on here and gone for an ST or RS if it comes out, then be stuck with a car that's lost tons on money and no deposit and it cost more in the long run. it may end up tatty and you'll want rid of it and or get another minter one and same applies.

Not worthy thinking about buying it unless you truly want to own it, if you do then do like a 5 year deal to buy it outright at the start, you can't really change them once you've started.

[Phil 87]

Not worthy thinking about buying it unless you truly want to own it, if you do then do like a 5 year deal to buy it outright at the start, you can't really change them once you've started.

That's what I did, got a 5 year loan and bought it outright thinking I wouldn't want another car for at least that long. But it turns out that one you buy a performance car, you start to get used to the performance and want something even better lol. Maybe I should have done a PCP or something like that which is more flexible (with hindsight).

[MattDRX]

But you can sell yours anytime Phil, after 3 years you'll be in profit most likely, PCP is just bye bye car and all the money.

[Phil 87]

^ Yes I can, but I'll have lost so much in depreciation after just a year that it seems like a waste to sell it now. I'll probably keep it for at least another year and see what it's worth then.

[MattDRX]

Keep it for a while tbh dude, there isn't really better out for under £30K even the Focus ST is a huge difference for what .01 better on the 0-60 and they aren't that much bigger. unless something really special comes out I'd keep it.

[Phil 87]

^ The only thing that has tempted me is the GT86 / BRZ. Test drove one at the weekend and it was great, just feels like it has half an engine next to the ST though lol. That's the problem, I'd probably miss the straight line speed. If they put a 1.6 turbo in it I'd probably be buying one tomorrow (if I had the money).

[MattDRX]

It is a shame they didn't go nuts like with the old Supras on that, would be pretty decent if it had a decent lump on it, pretty damn pricey compared to the likes on an Astra VXR or Focus ST etc, just doesn't make sense for them to put an NA engine in it when everyone else is going down the boosted route, pretty poor torque as well, 151lbs is less than my old Clio.

Still OT it's worth keeping the ST, in fact it may be worth if you like it that much chucking like another 4K at it and taking it up to like 350+BHP and destroy most cars on the road. ignore the warranty part, doesn't matter if it has warranty or not it will still cost money to fix, unlinked items are still covered anyway. would probably be more fun to have at stupid powers too over anything else.