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 Topic: PCP Or PCH?
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04/11/2017 at 12:15pm
Location: Teesside
Outfit: Mitsubishi ASX4
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Quote: Originally posted by Wobbly Box on 04/11/2017
I am actually quite shocked when I hear how much folk are paying out each month only to hand it back after 3 years and start all over again, it's a never ending circle and dealers are laughing all the way to the bank.
I traded in my 3 and a half year old ASX 4 for a new one the same. I took out PCP (there was £1500 off if I did this). When the dust has settled and the PCP was paid off within a few months, it works out that to replace with new, my monthly cost for the car was £250, that's £3000 a year. On top of that there's road tax and insurance, plus a one off £675 service plan for 3 years. I never paid a penny in other costs for the last ASX, it was still on its original tyres when sold. I took the towbar off and fitted it to the new one, with just a new wiring loom costing £130.
All in all I'm quite happy with this level of expenditure to maintain a new £26k car in good condition.
Having said that, my next door neighbour has leased a Merc at just under £500 a week and never drives out of the county in it. He's now worried about the excess mileage he will have to pay, the few scratches and dings sustained, and then the problem of having to replace it when this one goes back in a couple of months time.
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04/11/2017 at 12:37pm
Location: Derby.
Outfit: Karsten 350+Awnings
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I've no idea how this works out for individuals, but I'm being reliably informed that for businesses, Contract Hire is the way to go.
We've just had a brand new Golf GTD delivered for my colleague, with payments at just over £300 pcm, for a 4 year contract, at 15k miles.
I've just confirmed my order (but have an 11 week delivery time, so won't see it until the new year!) for over £42K's worth (Based on a new purchase price inc extras) of Top spec VW Sharan (No kids, but we do take an awful lot of camping gear! LOL!) and after 4 years, we (the company) would have paid around £25K, then simply hand it back.
Both are inc vat, which we claim back of course, and there are apparently other tax benefits which I admit go right over my head! These payments include normal wear and tear on tyres, maintenance/servicing etc, along with Europe wide breakdown cover and VED. We literally pay for fuel, insurance, and of course, any "own fault damage".
10k miles for me, which "should hopefully" just about cover it, if my average over the past 5 years is anything to go by. It's tight, to be fair! Depends whether we stick to the med each September, or settle for Vendee! LOL! I may just have to up the mileage, (which I'm allowed to do at any stage) but as has been mentioned, it may prove more economical to pay the forfeit for going over (9p for the car, plus 4p for the maintenance package, so 13p per mile over and above the 40K after 4 years). I'll keep my eye on that, and adjust if need be.
I'm certainly no accountant, but ours seems to be happy with this approach. In fact, it was his recommendation (Although I don't think he had £42K's worth in mind! LOL!)
Keeping the car(s) in tip-top condition (regular main dealer services/maintenance etc) at no additional cost seems sensible to me, which is what our payments/this contract should achieve, of course.
The company cannot buy them at the end of the 4 years, but we as individuals can, if we so wish. (Something to do with tax?)
Not even considering that at this stage, but it'll be an option at the time.
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04/11/2017 at 2:45pm
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I think I am getting of quite lightly when it comes to having a vehicle.
Been with the firm for 12 years, and they swop out the VW Golf Hatch every two years, by then it has 70k miles on the clock.
All costs are covered by the firm, via VW Business Leasing.
Only cost to me is a slight increase in income tax due to BIK rates, which works out at around £60 per month extra income tax to to pay.
Of course just about all miles covered are, cough business, so around nil miles for private.
We claim back miles at 14ppm, which more than wipes out the BiK tax, as I guess the VW Golf costs me around 10ppm to keep it on the move.
I think every fill up, nets me around £20 profit tax free of course, and I fill up at least twice a week, 50lt or so each time.
I have been running cars in the above way since 1985, and the thought of funding my own car some time in the future, does send a shiver down my spine!
The only downside is that I don't get a choice of car, not even the colour sometimes, but hey ho it's definatley motoring on the cheap for me.
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04/11/2017 at 6:48pm
Location: Teesside
Outfit: Mitsubishi ASX4
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Quote: Originally posted by GCMS2012 on 04/11/2017
Right, I'm home...
The joys of now working away. You start a thread and head out to work, and come back to a two page discussion...
We're BOTH going back to Mitsi on Monday to find out the finer details on why their PCP payments are higher than their PCH payments...
The main reasons why we're doing leasing / hiring again is because of her health.
This is a car that she can manage to get in and out of dead easily, it'll be an automatic as she has problems all down her left side, and the controls are nice and light for her too. She knows now she would not manage a 'normal' car now.
It'll now also double up as the tow car for our van, as mine is at the moment (the current tug), just sits for days on end not getting used while I'm away. So really all I need now is a cheap 'banger'...
The money we'll save having one good / large car, and one smaller cheap car, will make far better financial sense for us now than before, than continuing to run two large cars...
My OH has similar problems and pinched my auto ASX when she could no longer drive a manual. She still has difficulty getting in and out of a car. Now we both have an auto ASX. You will probably find the Outlander does a mile or two less per gallon than the ASX, however the computer does read a couple of mpg below the tank full-to-tank full readings. A heavy right foot will make a big difference with it being a kick-down and an auto. We do need two very reliable cars with very elderly in-laws living 70miles away and one son with his growing family 300 miles away.
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