PCP Finance on used S5

Corbula · Aug 21, 2017

Hi all, has anyone here had a PCP finance deal on an S5 that was say 3 or 4 years old?

I'm looking at getting an S5 Sportback and thought that the older model that was a couple of years old would be the best (cheapest) way. A PCP also gives me the option to keep it at the end if I want to keep it for a few more years but the chances are I would trade it in and maybe do a similar thing on the new model.

I was talking to Lombard finance but they said they can only do finance on a car that is less than 1 year old and with less than 10,000 miles on it.

Has anyone done a PCP finance on a car, particularly an S5 that was a few years old before?

How much was it?
What APR did you get?
What company did you get finance through?
Was the car from a main Audi dealer or an independent dealer?

Or do you think there is a better way?

thanks all.

Terminator x · Aug 21, 2017

Get a straight bank loan imho as rates are about as low as they ever will be. PCP seems to be mainly (or exclusively?) for new cars as a means to get people in to a car that they otherwise couldn't afford eg as cars have gotten more expensive the dealers / manufacturers have had to get more creative!

TX.

Corbula · Aug 21, 2017

The problem with that is though over say 3 years, I would have paid my deposit plus say around £600 a month for the loan so in total it would cost me around the full £29000.

If i could get a PCP I would only have to pay around half or less than that at a rough guess.

The whole thing about getting people into a car they couldn't otherwise afford is the reason I'm looking at for a used one on a PCP to try and keep costs down.

DrEskimo · Aug 21, 2017

A used PCP is possibly the most expensive way to buy a used car....

The interest rates will always be very high and the amount you interest you will pay overall is really high (as the final payment never reduces).

Agree with TX, personal loans right now are so cheap, that even if you got it over 5yrs, it would still only cost you a fraction of the interest you would be charged on a PCP.

Is it just a S5 Sportback you are interested in?

Corbula · Aug 21, 2017

Even if you never plan to pay the balloon at the end and just trade it in?

On used cars like this is the interest still very high even with independent finance? Close brothers, Lombard and such?

Well the S5 Sportback over the coupe yes, I just think it's looks so much better for the relatively same price. While I've not got a mortgage or anything yet for at least another few years, I thought I would try and enjoy something that I wouldn't be able to when I do.

I wanted something from the S range but the S3 is very common and seems to be getting more so, the S4 looks good but is very close to the S5. The S5 is just a standout car. All of these seem very close in terms of costs.

I did think about having it as a long term car but I don't know if I will still want it after 3/4 years, especially with the old style interior. Although to be fair I need to have a proper look at the interior.

DrEskimo · Aug 21, 2017

Corbula said:
Even if you never plan to pay the balloon at the end and just trade it in?

On used cars like this is the interest still very high even with independent finance? Close brothers, Lombard and such?

Well the S5 Sportback over the coupe yes, I just think it's looks so much better for the relatively same price. While I've not got a mortgage or anything yet for at least another few years, I thought I would try and enjoy something that I wouldn't be able to when I do.

I wanted something from the S range but the S3 is very common and seems to be getting more so, the S4 looks good but is very close to the S5. The S5 is just a standout car. All of these seem very close in terms of costs.

I did think about having it as a long term car but I don't know if I will still want it after 3/4 years, especially with the old style interior. Although to be fair I need to have a proper look at the interior.

Unfortunately so. Although you never have to pay the final payment, you still pay interest on it. Since this never reduces, the amount you are paying interest on stays pretty high over the full term. That's why you will pay substantially more interest on a PCP compared to a standard loan, even on the same amount and with the same rate.

You can get cheaper rates, but I haven't much experience in this I'm afraid.

Only reason I ask is because my S5 Coupe is for sale....

Corbula · Aug 21, 2017

aww, I thought you were going to give me some insightful wisdom ha.

The Coupe looks nice, just to me to looks to big to have only 2 doors. I would rather have a basically identical size car but with proper doors and boot. Not that they get used all that often ha.

What year is you Coupe, do you find the interior good or a little outdated now? In particular the screen and layout inside?

I'm interested if anyone else has any ideas on this, but still have a lot to think about.

I've thought about getting an S for a while thinking it was a surefire thing, it would be disappointing to end up with an A now

DrEskimo · Aug 21, 2017

Corbula said:
aww, I thought you were going to give me some insightful wisdom ha.

The Coupe looks nice, just to me to looks to big to have only 2 doors. I would rather have a basically identical size car but with proper doors and boot. Not that they get used all that often ha.

What year is you Coupe, do you find the interior good or a little outdated now? In particular the screen and layout inside?

I'm interested if anyone else has any ideas on this, but still have a lot to think about.

I've thought about getting an S for a while thinking it was a surefire thing, it would be disappointing to end up with an A now

I'm afraid there is no cheap way to own a £25k + car....! Finance can spread the cost out over a monthly budget, and even defer a payment if you have a habit of changing cars regularly, but it comes at a cost. Namely large amounts of interest... You end up paying £3/4k more than if you just bought the car and sold it a few years later.

See I'm the opposite. Love 2 door cars and think the S Coupe is one of the best looking cars out there (obviously with the exception of some very high end Astons, Ferrari's, etc..). The Sportback is OK, but loses the sporty appeal to me.

It's a 65 plate Black Edition in Sepang Blue. Bought it new couple of years ago, and it was one of the last of the B8.5 models. I think the interior is still very nice, but then I had a 2009 A5 before it, so it's very familiar. The MMI still looks good, nice and high res. Sat Nav is good and the reversing camera is a good high res camera. Nothing feels overly out dated to me.

Corbula · Aug 22, 2017

DrEskimo said:
See I'm the opposite. Love 2 door cars and think the S Coupe is one of the best looking cars out there (obviously with the exception of some very high end Astons, Ferrari's, etc..). The Sportback is OK, but loses the sporty appeal to me.

Oh don't get me wrong, the Coupe looks amazing, I just think that the car looks too long to be a 2 door. Like the sportback is the way it was designed then they took off the other 2 doors. It still looks great.

When it comes time, if I can't find a sportback that matches what I'm looking for I might go for a Coupe myself as they seems to be more of them and slightly cheaper. Sportback is my preferred choice though.

Did you get yours new then being a 65 plate?

DrEskimo · Aug 22, 2017

Corbula said:
Oh don't get me wrong, the Coupe looks amazing, I just think that the car looks too long to be a 2 door. Like the sportback is the way it was designed then they took off the other 2 doors. It still looks great.

When it comes time, if I can't find a sportback that matches what I'm looking for I might go for a Coupe myself as they seems to be more of them and slightly cheaper. Sportback is my preferred choice though.

Did you get yours new then being a 65 plate?

Thats interesting as the Sportback was cheaper than the Coupe when I ordered...!

Yea mine was a factory order. Got it November 2015. Would rather keep it, but I don't drive much anymore...

Corbula · Aug 22, 2017

DrEskimo said:
Thats interesting as the Sportback was cheaper than the Coupe when I ordered...!

Yea mine was a factory order. Got it November 2015. Would rather keep it, but I don't drive much anymore...

Yea, I assume it due to the fact there aren't as many and I guess slightly popular due to them being a bit more practical. Don't know though.

I think at the moment I'm leaning towards say a 2014 one and taking a personal loan but sticking as much down as I can save up towards it. I've got until the turn of the year. It will cost more over the years but I can always sell it for at least 15,000 after a good few years I reckon. Then either put that straight into a newer one or part of it and save the rest if I need to for other, arguably more important things.

Unfortunately a lot of the ones I'm finding at the moment though have that horrible black/red leather seats or black/white seats. Not for me I don't think ha.

DrEskimo · Aug 22, 2017

Corbula said:
Yea, I assume it due to the fact there aren't as many and I guess slightly popular due to them being a bit more practical. Don't know though.

I think at the moment I'm leaning towards say a 2014 one and taking a personal loan but sticking as much down as I can save up towards it. I've got until the turn of the year. It will cost more over the years but I can always sell it for at least 15,000 after a good few years I reckon. Then either put that straight into a newer one or part of it and save the rest if I need to for other, arguably more important things.

Unfortunately a lot of the ones I'm finding at the moment though have that horrible black/red leather seats or black/white seats. Not for me I don't think ha.

Yea the lower prices could reflect the colour/leather combination or the options.

Personal loan and savings is certainly the cheapest way to do it, providing you can't do it all on savings of course. The monthlies may be higher, but at least the proportion of that monthly payment is on paying off the car, and not just interest!

So in three years time it would be 6yrs old with about 60k miles? Looking in Autotraders a 2011 S5 with 60k is about £16k so yea, should be around that!

Corbula · Aug 22, 2017

Yea, it's quite disappointing to find one that has all the nice options fitted then when you're scrolling through the pictures and get to the seats. It really lets some of them down.

Yea around that, mileage could be higher if the car started higher, or I might keep it for another year or so not have to pay out each month and not lose a great deal in value.

Maybe you could answer me this, when looking at options is there anything on the older model that's really worth keeping an eye out for? Also, is Sat Nav standard on the old S5 or was it an option? Same with drive select or is that something that's not really to much to bother about?

DrEskimo · Aug 22, 2017

Corbula said:
Yea, it's quite disappointing to find one that has all the nice options fitted then when you're scrolling through the pictures and get to the seats. It really lets some of them down.

Yea around that, mileage could be higher if the car started higher, or I might keep it for another year or so not have to pay out each month and not lose a great deal in value.

Maybe you could answer me this, when looking at options is there anything on the older model that's really worth keeping an eye out for? Also, is Sat Nav standard on the old S5 or was it an option? Same with drive select or is that something that's not really to much to bother about?

Unfortunately sat nav isn't standard. I learnt this the hard way when I had to pay an extra £1400 to spec the Technology Package...!

Personally I would look for the Black Edition trim and the Technology Package at the very least. The BE trim gives you privacy glass and B&O, as well as no chrome. I also added folding mirrors (and also made them body coloured as I think the silver wing mirrors are a bit naff....), but that's just personal preference.

Drive select is also not standard. It can change the dynamics a bit, but if they haven't specified the adaptive suspension and the sports differential, there is only so much you can change.

For many, sports diff is a must. It dramatically improves the cars handling, but others argue that unless you are pushing the car hard a lot, it would be difficult to notice the difference. Not only is sport diff rare (an expensive option that only real enthusiasts would tick), but knowing it has it and not just drive select on its own is very difficult based on most car adverts...!

I sadly didn't go for Drive select as I was already stretching my budget.

Corbula · Aug 22, 2017

Thanks. Yea I will definitely be looking for a Black Edition for the B&O and the privacy glass, and now the Sat Nav. I did wonder if that was an option when I saw adds advertising it. The little touches like folding mirrors, electric seats and parking senors would be nice though.

I guess anything extra is to be considered a bonus, especially the Adaptive Cruise Control. Was that part of the Technology Pack is that part of one of the Drive assist packs? Other than the Sat Nav what was in the Tech Pack?

Do you know what the difference between Audi Concert and Audi Multimedia is? I keep seeing different names on the centre console.

Yea, I'm not really bothered about the Sports diff or adaptive suspension. I know some people are but won't make any difference to me really.

Have you any idea when the B8.5 come out, what year? Was it just a face lift or anything more significant?

Sorry to through all these questions at you ha. You've been a great help

Your Sepang Blue looks amazing by the way, much better than the new S5 Blue colours.

DrEskimo · Aug 22, 2017

Corbula said:
Thanks. Yea I will definitely be looking for a Black Edition for the B&O and the privacy glass, and now the Sat Nav. I did wonder if that was an option when I saw adds advertising it. The little touches like folding mirrors, electric seats and parking senors would be nice though.

I guess anything extra is to be considered a bonus, especially the Adaptive Cruise Control. Was that part of the Technology Pack is that part of one of the Drive assist packs? Other than the Sat Nav what was in the Tech Pack?

Do you know what the difference between Audi Concert and Audi Multimedia is? I keep seeing different names on the centre console.

Yea, I'm not really bothered about the Sports diff or adaptive suspension. I know some people are but won't make any difference to me really.

Have you any idea when the B8.5 come out, what year? Was it just a face lift or anything more significant?

Sorry to through all these questions at you ha. You've been a great help

Your Sepang Blue looks amazing by the way, much better than the new S5 Blue colours.

Ha that's alright. Happy to help

Electric seats are standard, but parking sensors come are optional.

The tech pack gives you Sat Nav, Audi Parking System Plus (front and rear) and reversing camera. Also gives you a HDD MMI to store music.

Yea you want MMI. Audi concert is a sign it doesn't have the tech pack. So is the presence of buttons around the gear stick. Easiest way to tell.

B8.5 came out in middle of 2012. Mostly just a facelift with different front end lights and bumper/grill and brake lights. Think it had other tweaks, like the gearbox.

Sounds as if my car ticks a lot of your boxes....sure you don't want it...??

Corbula · Aug 22, 2017

DrEskimo said:
Ha that's alright. Happy to help

Electric seats are standard, but parking sensors come are optional.

The tech pack gives you Sat Nav, Audi Parking System Plus (front and rear) and reversing camera. Also gives you a HDD MMI to store music.

Yea you want MMI. Audi concert is a sign it doesn't have the tech pack. So is the presence of buttons around the gear stick. Easiest way to tell.

B8.5 came out in middle of 2012. Mostly just a facelift with different front end lights and bumper/grill and brake lights. Think it had other tweaks, like the gearbox.

Sounds as if my car ticks a lot of your boxes....sure you don't want it...??

Thanks

Ah, I guess you mean below the gear stick, the ones with the tech pack have a button like control for the MMI and just 3 buttons. Where as the ones without the tech pack don't have that and instead have two row of 3 buttons? If that makes sense ha. Never noticed that before

Good to know the sensors and reversing camera are part of the Tech pack as well.

So I guess all I would really be looking for is a Black Edition with the Tech Pack which makes things easier.

Well only if you made me an offer I couldn't refuse

I can't do anything until the new year anyway as I've got one of the new A4 on lease at the moment until the end of Feb.

arad85 · Aug 23, 2017

Corbula said:
The Coupe looks nice, just to me to looks to big to have only 2 doors.

Nope... Ms arad85 doesn't like the sportback as she thinks it is just the same as any other mid sized 4 door aspiring to be a coupe (sorry Dippy!).

Slight anecdote... Ms arad85 and I were in Sainsburys today and my car was parked on the end of the row. We were at the tills and I turned and looked and even though the car is dirty at the mo, I just mentioned how good it looked. The response I got was great, which was along the lines of... "I've always loved the look of the car, and I was so glad you bought that over the other tin cans* you were looking at...". Think I'm in

*The other tin cans I was looking at were S3, RS3 and AMG A45....

PS.. straight bank loan is the way to go if you can afford it.

Dippy · Aug 23, 2017

arad85 said:
Nope... Ms arad85 doesn't like the sportback as she thinks it is just the same as any other mid sized 4 door aspiring to be a coupe (sorry Dippy!).

No need to apologise - I'm sure Ms arad85 is very nice but I'm already married and don't need to "use" my car to attract a partner any more...

arad85 · Aug 23, 2017

Hehe... We've lived together for 10 years. When she first met me I had a Ford Scorpio (yes, the bug eyed one). She obviously saw past that

Corbula · Aug 23, 2017

arad85 said:
Nope... Ms arad85 doesn't like the sportback as she thinks it is just the same as any other mid sized 4 door aspiring to be a coupe (sorry Dippy!).

I would probably end up with the Coupe anyway as the seems more choice. I don't think the Sportback looks like any other mid size, it still keeps the body shape so to me looks different from any other 4 door car. Maybe it's just me.

PCP Finance on used S5

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