What does £200/month buy you?

[evenflow]

Friend is looking to upgrade her car.
Her deposit would be the part-ex value of her existing car (c.£3k) and she can afford c.£225/month in repayments.
She isn't after a new car, maybe something 2-3 years old.
What are her best options? What could she afford with this budget on the various HP/PCP/lease schemes?
Many thanks.

[AB]

I'd be selling my car, making up the difference between that and what I want to buy with a loan and paying it off at £225pcm.

[Mx_Stu]

I picked up a 1 year old Civic type r GT with 8,000 miles on it earlier this year on HP.

I put down £1,400 and am paying £276 per month. Not sure how much an extra £1,600 would shave off the payments.

[evenflow]

Mx_Stu said:

I picked up a 1 year old Civic type r GT with 8,000 miles on it earlier this year on HP.

I put down £1,400 and am paying £276 per month. Not sure how much an extra £1,600 would shave off the payments.

Was that from a main dealer? What was the price of the car?

[evenflow]

Anyone else?

[mcflurry]

Over how long?

Assuming the £225 includes £25 interest (for round numbers), £200 a month is £7200 over 3 years. Add on the £3k deposit and your friend gets £10,000 odd to spend

[P-Jay]

mcflurry said:

Over how long?

Assuming the £225 includes £25 interest (for round numbers), £200 a month is £7200 over 3 years. Add on the £3k deposit and your friend gets £10,000 odd to spend

Not far off that.

You could maybe double the amount with a longer term and/or a final balloon payment. Should be easy enough to sort a nice Mini/Fiat 500 with some toys or a hot hatch, if that's her bag.

PM me if you'd like to talk specifics.

Edited by P-Jay on Friday 14th August 12:31

[scirocco265]

Have a shop around, see exactly what you want, make, model, age, mileage, colour etc, then contact one of the brokers that source the car for you. With that sort of money every month, you can get something pretty nice that's a couple of years old, S3, A6 etc