Finding Pcp deals on new or pre registered cars?
Discussion
I've been leasing for the last 10 years and always found a good deal on the lease thread from this forum. However it looks like they are drying up and PCP deals with manufacturers contribution and discounted interest rates might be the way to go.
I have found it a minefield trying to find and compare pcp deals, manufacturers website are generic lead funnels, dealers websites are awful at showing deals, autotraders "monthly payment" function is just broken and awful to use. Carwow doesn't actually show pcp breakdown as they are trying to push their own leasing proposition.
Is there a comparison site, or dealer website that actually works across different makes and models and payment profiles that correctly takes into account dealer contributions and terms etc?
TIA
I have found it a minefield trying to find and compare pcp deals, manufacturers website are generic lead funnels, dealers websites are awful at showing deals, autotraders "monthly payment" function is just broken and awful to use. Carwow doesn't actually show pcp breakdown as they are trying to push their own leasing proposition.
Is there a comparison site, or dealer website that actually works across different makes and models and payment profiles that correctly takes into account dealer contributions and terms etc?
TIA
The only thing I've found close to this is to go on Autotrader and change the pricing to 'pay monthly'. You can then enter your prefered deposit, mileage & term and sort by high to low monthly payment. Not the full picture I know, but gives you a good starting point.
In theory it should be similar to leasing. Cars that hold their value well can be quite competitive on PCP even if they have a higher list price. The benefit of PCP over leasing is if the car outperforms the expected future value, you can effectively claim the difference back if you sell the car and pay the balance of the agreement. Conversely, if the car underperforms you can hand it back without paying a penny more.
With that in mind, even if a deal is slightly more monthly but has a higher residual value, as long as you're intending to change the car before or at the end of the term, it could be the better option for you.
The only way you can truly compare is to create a spreadsheet and put all the data in to work out the overall term cost.
In theory it should be similar to leasing. Cars that hold their value well can be quite competitive on PCP even if they have a higher list price. The benefit of PCP over leasing is if the car outperforms the expected future value, you can effectively claim the difference back if you sell the car and pay the balance of the agreement. Conversely, if the car underperforms you can hand it back without paying a penny more.
With that in mind, even if a deal is slightly more monthly but has a higher residual value, as long as you're intending to change the car before or at the end of the term, it could be the better option for you.
The only way you can truly compare is to create a spreadsheet and put all the data in to work out the overall term cost.
Yes Autotrader should work but I have noticed 2 issues
Double discount, not sure if it is the dealer or ATs fault but if the dealer reduces the cash price of a car by the dealers contribution it double counts this on the pcp quote. E.g 34 grand car, dealer contribution of £4k gives a £30k cash price, AT then takes off the dealer discounts from the the cash price by £4k again so the pcp price is out.
You have to specify terms which means you are often not getting the 'best' terms. E.g 2k deposit and 48 months =9.9%, but the dealer has a lower apr for 3k deposit and 36 months. There is no way of seeing the 'best' deal.
I am 100% chasing the deal not the car so I dont care what the terms are, I just want the 'best' terms.
Agree with residual being key, but apr makes a huge difference, on Arnold Clark right now they have pre registered mx5s for £23k or new for £27k, because of the mazda contribution and better apr on new the £27k car is a better deal.
Double discount, not sure if it is the dealer or ATs fault but if the dealer reduces the cash price of a car by the dealers contribution it double counts this on the pcp quote. E.g 34 grand car, dealer contribution of £4k gives a £30k cash price, AT then takes off the dealer discounts from the the cash price by £4k again so the pcp price is out.
You have to specify terms which means you are often not getting the 'best' terms. E.g 2k deposit and 48 months =9.9%, but the dealer has a lower apr for 3k deposit and 36 months. There is no way of seeing the 'best' deal.
I am 100% chasing the deal not the car so I dont care what the terms are, I just want the 'best' terms.
Agree with residual being key, but apr makes a huge difference, on Arnold Clark right now they have pre registered mx5s for £23k or new for £27k, because of the mazda contribution and better apr on new the £27k car is a better deal.
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