Finance explained

[Vins]

I'm looking to get some help in Laymans terms about PCP's and buying new or approved Audi's. I don't have the foggiest when it comes to finance and want to understand what is what.

My Mum is looking at an RSQ3. There's an approved one for 42k, 1000 miles - 10.9% APR.

Also been offered a new stock one for 47k - 5.8% APR.

It will be PCP over 4 years.

Not being good at maths and having no idea on finance - which is the better buy and why?

Await the obvious replies which I just can't see.......

 

[Arcam]

I'm looking to get some help in Laymans terms about PCP's and buying new or approved Audi's. I don't have the foggiest when it comes to finance and want to understand what is what.

My Mum is looking at an RSQ3. There's an approved one for 42k, 1000 miles - 10.9% APR.

Also been offered a new stock one for 47k - 5.8% APR.

It will be PCP over 4 years.

Not being good at maths and having no idea on finance - which is the better buy and why?

Await the obvious replies which I just can't see.......

What are the monthly payments and deposits?

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[Vins]

@Arcam 7k down and the used one is coming out at £530PM

No figure on the new yet

 

[Scottyg]

My guess is the new one won't be far off that either.
All depends on the GFV of them. Given the APR is pretty much half the used I think your mum will walk out with a new car.

Also, if you go new, haggle haggle and haggle some more. I'd say aim for 10% off list. That seems to be pretty standard with new Audi's at the moment.

 

[Arcam]

@Arcam 7k down and the used one is coming out at £530PM

No figure on the new yet

I would need to see both but in principle based on the info at hand I would agree with Scotty with the exception of the amount of discount you might expect, I would say 5% was nearer the mark, maybe 6%.

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[gordie1973]

Just saw this on broadspeed, use it as your bargaining tool - close to 44k brand new factory order - so about 11/12% available.

Had a play on a pcp calculator too, and made a few assumptions, but should be possible with a 7k deposit to get around £500 per month, assuming future value after 3 years is around 25k (punchy I know!)

http://www.pcpcal.co.uk/

If you want to have a play around yourself......