Looking to order a s3, lease or pcp?

Lawrence27

Lawrence27

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Hi, I am new to the site and looking for a bit of advice.

I have been looking at leasing a s3 sportsback with the following spec

Daytona grey
Tech pack
Black edition
Folding mirrors

I have found a lease deal for the following

17k per annum
Intital payment £1215
Process fee £238
47 months of £405.

Do you think that sounds a good deal? I haven't looked to much into the pcp option as of yet but will be visiting a dealship soon.

One problem I have is I am current 18 months into 36 month pcp with VW I am not to sure how to get out of it without having any cost.

Any advice would be great, Cheers.
 
Getting outnof your current one will be the main prob but you can techincally give your car back half way through, which may be an option. I would be a little wary though as vw may not like you doing that and not sure how it will affext future finance
 
Lawrence27 said:
One problem I have is I am current 18 months into 36 month pcp with VW I am not to sure how to get out of it without having any cost.

Any advice would be great, Cheers.
Click to expand...

Although you're 50% through the duration you aren't quite possibly 50% though the payments. If you are, you can hand it back free of charge subject to a condition survey with no effect on your credit rating.
 
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Generally I have found that 50% normally is at least 3 quarters of the way through your PCP term.
 
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Lawrence27 said:
Hi, I am new to the site and looking for a bit of advice.

I have been looking at leasing a s3 sportsback with the following spec

Daytona grey
Tech pack
Black edition
Folding mirrors

I have found a lease deal for the following

17k per annum
Intital payment £1215
Process fee £238
47 months of £405.

Do you think that sounds a good deal? I haven't looked to much into the pcp option as of yet but will be visiting a dealship soon.

One problem I have is I am current 18 months into 36 month pcp with VW I am not to sure how to get out of it without having any cost.

Any advice would be great, Cheers.
Click to expand...

Do these figures include VAT?

If so then it looks not a bad deal compared to the ones I've seen, who's that with?

Issue with a 4yr lease though is that you will have 1yr without warranty where you are liable for fixing something that you won't own.


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As above...a 4 year lease is a very long time and has the danger of being out of warranty.

As I understand it, ending a lease early is a PITA.

In terms of value, I tend to calculate the entire cost and divide it by the number of years to get an idea of the yearly cost. Anything below £5k a year I deem a decent offer, and that works out about £5,260, so it's just OK when you put it like that (assuming it includes VAT).

Reasonable discount is about 10%, so on your spec you're looking at £35k. With £1k deposit over 48m and 20k a year, it will work out at £502 per month. So all in, thats much worse at about £6900 per year...!

Unless you can negotiate a much better discount than 10%, then the lease looks like a better option, but I would be looking to do it on a much shorter term, particularly as you're changing out your Golf only 18m in :p
 
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Depends on what you want, from a purely investment POV leasing is bad as you pay a ton and in the end are left empty handed and i guess it also relies on whether you can justify purchase. I work in london so to have 40K of my money sitting on the drive 5 days a week sounds pointless, now £400 a month doing that sounds a lot better and it is giving me the opportunity to have a nice car for a minimal cost (spent more than my car payment a month on drinking and dinner back in the day) and allowing me to save money.

Now the best deals are on stock/vanilla cars as they are mass produced and can be delivered quickly (which is why they have a good discount)..best deals i have seen for this are Golf gti/r where you a decent suite of extras (that you have to pay for in most brands) as standard.

Merc, BMW, Audi..some vanilla models give you decent extras but some are left wanting. If you add an extra you lose the discount and have to pay more. As someone on here pointed out extras are better for pcp but for pch your better off staying vanilla (if you want to save money that is, if you can afford it..go for a lease with extras!)
 
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Lawrence27 said:
One problem I have is I am current 18 months into 36 month pcp with VW I am not to sure how to get out of it without having any cost.
Click to expand...

OST said:
Getting outnof your current one will be the main prob but you can techincally give your car back half way through, which may be an option. I would be a little wary though as vw may not like you doing that and not sure how it will affext future finance
Click to expand...
Not 100% correct mate, it's half the total amount payable.

Audi Bairn said:
Although you're 50% through the duration you aren't quite possibly 50% though the payments. If you are, you can hand it back free of charge subject to a condition survey with no effect on your credit rating.
Click to expand...

As above, on your paperwork it will say "Total amount payable". Take that figure minus 50%, out of that figure take your deposit and the amount of payments you have made up to now, if you are on £0 or -££ then you can VT it and walk away.
 
Thanks for all the replies.

Dr Eskimo I agree I will be looking into a shorter term if I opt for leasing.

Has anyone else gone for leasing and be happy with a basic spec as I may go for that?

The prices I have had from a couple of dealers can't get near the lease quote at the moment. My 18k per annum really doesn't help, I do 225 miles a week to and from work.

I now need to decide if I am to pull the trigger and order before end of the quarter or to sit tight to see if a better offer come up in the quarter?
 
Another option you have is to simply sell your existing car (private or We Buy Any Car etc) and then pay off the PCP finance - you'd obviously need to disclose it is under finance when selling it and would possibly need to supply proof the finance has been cleared once sold to the new owner otherwise they are liable to have the car repossessed from them if you chose not to repay the finance - so that all gets a bit murky.

EDIT: Not sure if you can sell mid-term, this may only be an option at the end of the PCP; perhaps someone can clarify this point please?

Something else you could consider - take the VW to an Audi dealer who also happens to hold the VW franchise too (Robinsons in Norwich as an example). They may be more willing to help get you out of the PCP and into an Audi as your business would stay within their group.
 
I have looked at we buy any car and they will currently offer me just £300 short of my settlement figure I requested Friday.

I did purchase through Robinsons VW and I am within 30 minutes of Norwich Audi so I may have to give that a shot on Saturday.

I have no intention of keeping the s3 after a 3 year period as I would of racked up 50,000 + miles that is why I have considered leasing.
 
Lawrence27 said:
I have looked at we buy any car and they will currently offer me just £300 short of my settlement figure I requested Friday..
Click to expand...

And when you take your car to them they'll offer you even less after having picked a fault here and a dent there etc.

I'm frankly amazed they still exist.
 
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Buy it outright, works out much cheaper. Then you can do what you like with it and sell it when you like too.
 
steeve said:
Buy it outright, works out much cheaper. Then you can do what you like with it and sell it when you like too.
Click to expand...

Not everyone can afford to (or wants to) buy outright. But a lot of people can afford £300 a month.


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Best thing you can do is contact your salesman and ask to pop in for a coffee and chat with him. He will be interested to take your VW back off you for stock. He will discuss your equity ect. If you're negative equity theirs nothing you can do as you signed into the finance agreement. But you shouldn't be far off being square really depending on spec/model and deposit
 
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