Does motability cover the monthly payments?
The initial deposit amount doesn't impact the final optional payment on PCP, also known as the "Guaranteed Minimum Future Value" (GMFV). Even if the car is worth less than the GMFV at the end of the agreement, the customer can hand the car back without paying anything more, so it's not in the finance company's interest for the GMFV to be more than the car is worth. If the deposit on this was lower, the monthly payments would be higher to counter it. The final payment would be the same either way.
We’re not in April again are we already?!
The description for this completely wrong, it's 42 monthly payments not 24. Deposit = £6,250 42 monthly payments of £219.35 = £9212.70 Optional final payment = £13,936.50 £15462.70 is the total you'll pay if you hand the car back after 42 months, equivalent to £368.16 per month If you pay the optional final payment to own the car, you'll pay £29,399.20 in total.
Yes I understand the initial depreciation on a new vehicle is vast, that’s why it’s usually more sensible to buy a low mileage 3/4 year old car when it’s reached the point where the depreciation levels out to around £500- £800 per year. My figures are based on buying and selling privately and experience.