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Toyota GT86 - Lease/PCP/HP/Cold hard cash?

11
Found 16th Jun 2013
Boredom has set in, so it's new car time, and pending bagging a successful extended test drive I quite fancy the new Toyo GT86. Life has changed somewhat since I bought my last car - then the best option was an unsecured loan for a 9mth old 118D - now I'm not sure and wondered what people's experiences of the different purchasing options were and what might suit best. I've only ever bought old or nearly new cars for cash / cash from an unsecured loan.

For info I'll probably only cover about 10k pa in this, I don't plan on keeping it beyond 24 months but I'd consider 36 if it made more sense to do so. Deposit wise for hp/pcp it would suit best if it was less than what my current run arounds worth - so say 8k max. Lower overall cost is most appealing to me.

Not fussed on spec - there's not really much choice anyway - whatever's a good deal.


thanks
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AskHPToyotaCar Lease
11 Comments
You can hire one for £299 per month (10k pa)

Deposit of £1796.82 on a 2 year term.

Total cost for 2 years is £8972.82 inc VAT and inc Roat Tax.

So it will cost you £4500 per year. You need to weigh that up against what you would lose buying one new.

You are looking at about £25k new. At a year old they are approx £20k so have lost about £5k in their first year. It's your guess as to whether or not they will lose more than £4k in the second year or not.

Don't forget to factor in interest, if you buy outright I take it there will be a loan and you will need to factor in how much extra that interest is going to cost, whereas the hire option means no loan required.


From the limited details you give - the contract hire option would probably be the cheapest and allows you to just give the car back after two years with no worries about selling etc.


rrgcontracthire.com/toy…ual
Edited by: "nbuuifx" 16th Jun 2013
Original Poster
Thanks, if I bought outright it'd be hard currency, no loan.
Banned
Don't blow £8k on a PCP deposit. PCP's work best with minimal deposit - they were designed to keep the bulk outlay til the end as opposed to the start.

Example 1 - deposit £500, GFV £5000. At the end you need the car to be worth at least £5500 to get your money back

Example 2 - deposit £5000, GFV £5000. At the end you need the car to be worth at least £10k to get your money back

Example 1 is far more realistic.
capriboycraig

Thanks, if I bought outright it'd be hard currency, no loan.



Still probably better to go for the hire, just depends on your guess of what a 20k mile 2 year old one will be worth! If you think it will be worth £16k or less then the hire is a cheaper option for you plus it lets you earn some piddly amount of interest on the £25k you have spare.

As 1 year old gt86s with 4k on the clock are only fetching £20k I would have thought that it would be most likely that a 2 year old one with 20k on the clock would fetch less than £16k - but that is the guess you need to make.

Given the details you have given I would probably go for the contract hire option with a company like the one I linked to, just check you do get the road tax included as you used to but I couldn't see any mention.
Original Poster
nbuuifx

Still probably better to go for the hire, just depends on your guess of … Still probably better to go for the hire, just depends on your guess of what a 20k mile 2 year old one will be worth! If you think it will be worth £16k or less then the hire is a cheaper option for you plus it lets you earn some piddly amount of interest on the £25k you have spare.As 1 year old gt86s with 4k on the clock are only fetching £20k I would have thought that it would be most likely that a 2 year old one with 20k on the clock would fetch less than £16k - but that is the guess you need to make.Given the details you have given I would probably go for the contract hire option with a company like the one I linked to, just check you do get the road tax included as you used to but I couldn't see any mention.



I'm erring towards contract hire - I've just never done it before and i'm aware of the horror stories ppl share re giving it back at the end and being charged hundreds of ££ for things like stone chips etc.

I've found a contract deal for 6+23 at £280 pcm that includes rfl - obv the manufacturer covers warranty (5yrs iirc) but I'd have to sort servicing - something to investigate when I take the test drive.

Unlike a pcp there's supposedly no concrete 'right' to buy the car at the end (if for eg it was worthwhile to do so) - COntract hire your supposed to be explicitly NOT able to but I've heard ppl say that they could buy the car if they wanted but it had to be someone else's name on the paperwork.
Banned
They'll generally offer you the car at the end for a cost of a CH deal if you ask.
Original Poster
dimebars

They'll generally offer you the car at the end for a cost of a CH deal if … They'll generally offer you the car at the end for a cost of a CH deal if you ask.



thanks, it's just in case i fall in love with it and can afford to keep a 2nd full size toy.
dimebars

Don't blow £8k on a PCP deposit. PCP's work best with minimal deposit - … Don't blow £8k on a PCP deposit. PCP's work best with minimal deposit - they were designed to keep the bulk outlay til the end as opposed to the start.Example 1 - deposit £500, GFV £5000. At the end you need the car to be worth at least £5500 to get your money backExample 2 - deposit £5000, GFV £5000. At the end you need the car to be worth at least £10k to get your money backExample 1 is far more realistic.



That being said, the monthly repayments would surely be higher in example 1.
I was given the option to buy mine about 2 months before the contract ended, it wasn't a realistic price though (about £2k too much) I didn't try to barter with them as I didn't want to keep it.

With regard to the horror stories, I had a bit of one myself. They arranged to collect the car at 11am from my work, so I thought perfect I would wash the car the night before then hoover it at work in the morning (I worked for myself then!). I rolled in to work at 9.30 to find 5 men waiting to collect the car. The 5 men were very rude and they had to do an assessment of the car (the car was in mint condition) they put down loads of bits which I disagreed with and said I had to sign. I refused and they said they would leave then and I would get fined. I wouldn't back down, in the end they phoned their boss and then he got all shirty on the phone with his boss, then ripped up the sheet and told me I'd got to do it, which I did - then he signed it and got in to go.

He then complained that the fuel light was on and he didn't have to take it if the fuel light was on so threatened to leave again, he said it was in the paperwork so I asked him to show me and it said that I had to return it with atleast the same amount of fuel - it came with the fuel light on and an urgent message to fill up on the dash (so less).

They ended up taking it, and I phoned the company to make on official complaint - I never heard anything else and didn't have to pay anything else.

I just felt very intimidated by having 5 men basically shouting at you and telling you, you have to sign or you'll get a fine. If they do just hold your ground!
Banned
Hamonk

That being said, the monthly repayments would surely be higher in example … That being said, the monthly repayments would surely be higher in example 1.



Yes they would, however you're doing nothing but blowing money using example 2
dimebars

Yes they would, however you're doing nothing but blowing money using … Yes they would, however you're doing nothing but blowing money using example 2



Thats true. You could invest the money saved on the deposit and put it towards the GFV
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