Chris Green
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| posted on 10/11/04 at 02:35 PM |
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Personal Vehicle Contract Hire
Hello all,
I am looking at taking out a deal on a new car.
Basically, I have no money saved up, and no car to part ex. so I will be looking at a loan, or personal contract hire.
I will not be taking out a finance option for longer than 3 years.
I'm looking at paying up to £250 a month, so I'd get about an £8k loan over 36 months. (based on a 5% APR)
The alternative seems much more attractive. A brand new Renault Clio 182 for 3 years, at about £240 a month or so.
I know the car is never going to be mine, but to be honest, this doesn't bother me. I'd rather have a new car that is covered under
warranty.
Does anyone use this at all? if so, which companies are reputable, and which should I avoid?
Thank you!
Chris.
[Edited on 10-11-04 by Chris Green]
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stephen_gusterson
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| posted on 10/11/04 at 02:59 PM |
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you are often expected to put down a chunk of money at the start.
Also, all these leasing type ads specify a yearly milage of 10,000. If you go over this it will cost serious money.
Furthermore, servicing (certainly for leasing) ISNT included unless you pay for the service option.
be very sure what you get before you part with money.
atb
steve
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Chris Green
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| posted on 10/11/04 at 03:29 PM |
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Thanks Stephen.
Typically, the deposit is 3 months worth of payments. The contract is known as a 3+35.
If you go over the standard mileage of 10000 miles, most places charge you 2p per mile. Which isn;t that extortionate (sp?).
Good advice, I will make sure I get someone else to read through the contract before I bind myself into it.
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Hellfire
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| posted on 10/11/04 at 05:22 PM |
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Also, if the agreed value isn't achieved after the 'period' don't you get left with the outstanding balance?
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splitrivet
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| posted on 10/11/04 at 05:45 PM |
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Be carefull, basically if the car aint in the same nick as when you collected it plus the agreed mileage you will also be charged or be expected to
pay the bubble at the end of the agreement.
I know someone who took a PCP on a Ford KA at the end of the term they took it back and it had a few "car park dings " they ended up
paying big time.
Cheers,
Bob
I used to be a Werewolf but I'm alright nowwoooooooooooooo
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stephen_gusterson
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| posted on 10/11/04 at 06:30 PM |
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my 20 years of co car leasing experince is that the first 10000 miles are charged at 7.5p if you go over, and 20p or more over the 10k excess
2.5p is way too low
atb
steve
quote:
Originally posted by Chris Green
Thanks Stephen.
Typically, the deposit is 3 months worth of payments. The contract is known as a 3+35.
If you go over the standard mileage of 10000 miles, most places charge you 2p per mile. Which isn;t that extortionate (sp?).
Good advice, I will make sure I get someone else to read through the contract before I bind myself into it.
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200mph
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| posted on 10/11/04 at 06:42 PM |
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I just started working as a fleet sales exec for renault.
will have a look at some figures tomorrow if you want, see what the options are.
send me a u2u or mail me at m.p.higham@sms.ed.ac.uk and let me know what you wanna pay monthly, if you could put anything down as a deposit and how
many miles you plan to do a year.
all the best,
mark
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Mark Allanson
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| posted on 10/11/04 at 10:14 PM |
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Bodyshops seem to get the best offers, we have 22 catA's, the most expensive are £89.99 pcm, we cycle them at 3 month intervals and all have 12
month contracts on 2+10 payment .
For every 5 superminis we get, we have the option of 1 better car at knockdown prices, a Merc CLK for £299.99 etc
Perhaps a Locostbuilder group lease
If you can keep you head, whilst all others around you are losing theirs, you are not fully aware of the situation
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Chris Green
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| posted on 11/11/04 at 09:10 AM |
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quote:
Originally posted by Hellfire
Also, if the agreed value isn't achieved after the 'period' don't you get left with the outstanding balance?
I'm not sure about that to be honest, I'll look into it.
I guess with PCP that would be the case, as you will be buying the car at the end of the contract, but with PCH, it should be different. You should be
able to just give the car back.
Cheers,
Chris.
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Chris Green
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| posted on 11/11/04 at 09:16 AM |
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Stephen,
Here is a quote from directcarsuk.com
New FIAT PUNTO 1.2 ACTIVE 3 DOOR HATCH MANUAL
MRP £7351.99 on the road (non metallic)
£129.99
24-Month Contract Hire
3+23 Payment Profile
10,000 miles per annum £129.99
15,000 miles per annum £134.99
20,000 miles per annum £139.99
25,000 miles per annum £144.99
30,000 miles per annum £149.99
Road Fund Licence & Delivery to your Door included
Excess mileage 2p
KEY FEATURES
Driver/passenger Air Bags
Power Steering
Central Locking
Drivers Seat Height Adjust
Electric Front Windows
RDS Radio/Cassette
Immobiliser
3 Year/60,000 Mile Warranty
VAT must be added to all rentals shown - offer available to Business or personal Users.
Rentals based on Monthly Payments, Non Maintenance.
Terms, conditions, pricing and features are subject to change without notice. E&OE
Quotations are valid for a maximum of 28 days. Vehicle shown for illustration purposes only.
2p per extra mile seems quite common tbh.
No doubt there will be some "hidden" clauses in the contract somewhere. I just need to be careful I guess.
Cheers,
Chris.
quote:
Originally posted by stephen_gusterson
my 20 years of co car leasing experince is that the first 10000 miles are charged at 7.5p if you go over, and 20p or more over the 10k excess
2.5p is way too low
atb
steve
quote:
Originally posted by Chris Green
Thanks Stephen.
Typically, the deposit is 3 months worth of payments. The contract is known as a 3+35.
If you go over the standard mileage of 10000 miles, most places charge you 2p per mile. Which isn;t that extortionate (sp?).
Good advice, I will make sure I get someone else to read through the contract before I bind myself into it.
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