PCP Figures

All Honda E related discussions
tcg68
Posts: 87
Joined: Mon Jan 27, 2020 7:31 pm

Post by tcg68 »

Had an email from the dealer today to say that they have access to the PCP system for financing the Honda E. He wanted to know how much i will putting down as a deposit so he can work out the numbers. I put it back to him as how much would I need to put down in order to keep the monthly costs below £400 and we can negotiate from there.

Joolsdc
Posts: 550
Joined: Fri Jan 31, 2020 3:39 pm
Location: Worcestershire

Post by Joolsdc »

Interesting. Keep me posted. I’m currently doing the £6k down with £350 per month. 8k miles three years
But negotiations ......
Let me know what your dealer comes back with
tcg68
Posts: 87
Joined: Mon Jan 27, 2020 7:31 pm

Post by tcg68 »

I heard back from the dealer. Here are the numbers he gave me:

37 months on 8000 miles per year:

£4500 deposit gives £400 month
£6000 deposit gives £355 month

Tony
Joolsdc
Posts: 550
Joined: Fri Jan 31, 2020 3:39 pm
Location: Worcestershire

Post by Joolsdc »

Ok so similar to mine. That for the Advanced model? What about optional paint?

Thank you
tcg68
Posts: 87
Joined: Mon Jan 27, 2020 7:31 pm

Post by tcg68 »

Yes, that's the Advanced model in white. I need to pop in and pay a £600 deposit to start the process.
Rei
Posts: 249
Joined: Thu Feb 13, 2020 3:01 pm

Post by Rei »

It would be cheaper to get a bank loan for £24k and pay the rest cash (i.e. £4k down).

You get a better rate and you own the vehicle so no worries about PCP hand-back or mileage. The down side is that if you want to change after 3 years you have to sell it privately and take a gamble on what the residuals will be.

Anyone had quotes for servicing?
tcg68
Posts: 87
Joined: Mon Jan 27, 2020 7:31 pm

Post by tcg68 »

Rei - interested in what you say about loans. Do you have some example figures?

A quick check of a comparison website (I will use the £4500 and £6000 deposit numbers given above):

£4500 down is £420 per month over 5 years (£20 more per month)
£6000 down is £395 per month over 5 years (£40 more per month)

I need to give this some thought.
Rei
Posts: 249
Joined: Thu Feb 13, 2020 3:01 pm

Post by Rei »

£4,500 down on an Advance at 2.9% over 7 years (TSB or Sainsburys) comes out at £309/month.

£6,000 down gives you £288/month.

We are talking about the Advance, right? Not the base model.
tcg68
Posts: 87
Joined: Mon Jan 27, 2020 7:31 pm

Post by tcg68 »

Rei - yes we are talking the Advance. Obviously the length of repayment on the loan is one of the key variables.
Rei
Posts: 249
Joined: Thu Feb 13, 2020 3:01 pm

Post by Rei »

Another advantage of a bank loan, you can have a much longer period so you don't pay for the initial high depreciation in your monthly payments.

I use 7 years because that's how long the warranty is typically, although Honda do 8 years.
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