Skoda Octavia vRS - How should I buy my next car? (PCP?)

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Fri 5 Mar 2021 18:50
Skoda Octavia vRS - How should I buy my next car? (PCP?) - Ripper83
So I was hoping for some advice or guidance, I’m expecting to change my car in a few months and I already know what I would like to get (octavia vrs) so that’s not an issue but it’s more how should I go about it.

I would like to get the 2017 onwards facelift version with fairly low mileage so have been looking in the £15-£17k range. I am expecting to get £5k from my current car and will potentially have another £5k to add onto that as a potential deposit. This would then make for a reasonable monthly amount under PCP for 3 or 4 years but is it wise to put as much down upfront as possible? And if it is would PCP be best or rather a normal loan for the balance?

I don’t know if I would keep it beyond 4 years, if I did then I would carry on paying monthly via another loan or use the difference as a deposit on another car.

I’ve never gone down this route before buying cars so would just like help on the best way to buy a car in this price range. Thanks

Edited by Ripper83 on 05/03/2021 at 18:51

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Fri 5 Mar 2021 19:05
Skoda Octavia vRS - How should I buy my next car? (PCP?) - daveyjp

PCP loan rates on used cars are generally high compared to bank loans.

You also have the issue that you are buying a 3-4 year old car with minimal warranty and renting it for another 3-4 years. Whilst cars are generally reliable ongoing and increasing costs repair costs on older vehicles are a fact of life.

Imagine being a few months from the end of your PCP, the car is almost 9 years old, you still owe a few thousand pounds if you want to buy, you need to maintain it to hand it back and the car suffers an expensive failure.

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Fri 5 Mar 2021 19:47
Skoda Octavia vRS - How should I buy my next car? (PCP?) - _

A PCP will cost about 10% in interest.

If you have that much deposit, get a bank loan, and then the car will be yours to do as you wish, with no payment to make at the end of your term.

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Sat 6 Mar 2021 09:03
Skoda Octavia vRS - How should I buy my next car? (PCP?) - Ripper83
Thanks for the advice, this is what I was wondering as I know many who go down the pcp route for new or nearly new cars these days but I’ve seen some suggestions pcp on used cars is not wise.

If I could change after 3 years without breaking the bank obviously I would but if my car had say 60k on it I would probably happily keep it but it depends how much it would be worth at that stage whether it’s the smart thing to do.
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Sat 6 Mar 2021 09:57
Skoda Octavia vRS - How should I buy my next car? (PCP?) - _

s an example, car from a Skoda dealer

so more liable to get a decent warranty..

£15.520

finance example shown, but a bank loan much better.

you can play around with your deposit.

To get the best warranty get one from a skoda franchise and make sure it is the extended warranty, not a 3rd prty one with excesses.

citygate.co.uk/cars/used/skoda/octavia/nv18evb

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Sat 6 Mar 2021 11:58
Skoda Octavia vRS - How should I buy my next car? (PCP?) - Miniman777

.......make sure it is the extended warranty, not a 3rd prty one with excesses.

Excesses? Don’t you mean excuses? Not to pay!
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Sat 6 Mar 2021 12:47
Skoda Octavia vRS - How should I buy my next car? (PCP?) - skidpan

To get the best warranty get one from a skoda franchise and make sure it is the extended warranty, not a 3rd prty one with excesses.

VAG extended warranties are amongst the best but only if you buy them before the car is registered. If this is the case you get exactly the same T & C's as the 3 year manufacturers warranty and no excess to pay.

Buy the warranty for a used car (or buy the warranty for a new car when its as little as a day old) and there are lots of exclusions and a £200 excess on every claim, its not worth buying.

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