Probably because of the high deposit and it's only usually a good price if your taking the car standard. Once you start adding options the prices go up quicklytommy10101 said:
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Bank loan, PCP, Hire purchase or Leasing - how did you buy your M140?
My M140i shadow edition with 2k miles on clock, ex demo car, registered may 2018 was £31,000
I pay £492 a month for 4 years with 1000 deposit
I can't find any lease deals on m140s otherwise I would have gone for that because more than anything else I want low monthly repayments and smallish deposit, I don't care about owning the car afterwards
How did you buy your car? And what is the lowest monthly repayment possible for a car like this? PCP or lease?
I pay £492 a month for 4 years with 1000 deposit
I can't find any lease deals on m140s otherwise I would have gone for that because more than anything else I want low monthly repayments and smallish deposit, I don't care about owning the car afterwards
How did you buy your car? And what is the lowest monthly repayment possible for a car like this? PCP or lease?
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Yeah, as above. Also with leasing, you have to find the full deposit every time you take out a new lease as well as being tied in for the full term of the agreement.tommy10101 said:Why is there no one leasing rather than PCP?
I am led to believe leasing gives lower monthly payments? Am I wrong?
Sorry, quite new to car finance
Although with PCP you may generally have slightly higher monthly payments, the benefit is that you can part exchange the car at any point after the halfway mark in the agreement (if it's worth more than the outstanding finance). That way you can 'cash in' when there is most equity in your car and cut down your next deposit.
There's also the added bonus of having the option to pay off the remaining balance at the end of the agreement to own the car outright.
There were some amazing 2 year lease deals on the M135i a few years back, those days are long gone but to put into perspective a base spec 3 door manual could be had for £1.5k initial and £249 per month.
There hasn't been anything near those figures since so pcp seems to be the way to go.
There hasn't been anything near those figures since so pcp seems to be the way to go.
Can someone explain how the positive equity works at the of pcp term?
If I want to use it towards a deposit for new pcp do I have to stay with the same dealer or if I go elsewhere will they give me the money to take away for another deal?
If I want to use it towards a deposit for new pcp do I have to stay with the same dealer or if I go elsewhere will they give me the money to take away for another deal?
If you have positive equity in your car, you can use it to trade in against a new car at any dealership, you just take the car and part ex it for any new car. They won't hand you cash. The rules are that at the end of your PCP term, you can part ex the car for something else or hand it back and walk away with nothing or pay off what's left on the finance and then you own the car. With a PCP it's like a long term rental because you're not financing the whole car like you would with a Hire Purchase, you're only financing a percentage of the car. That's how there is such good deals and low monthly payments to be had.tommy10101 said:Can someone explain how the positive equity works at the of pcp term?
If I want to use it towards a deposit for new pcp do I have to stay with the same dealer or if I go elsewhere will they give me the money to take away for another deal?
I saw a few good lease deals on the 140 a few months back, they were posted on here a few times but haven't seen any recently and they're usually on stock vehicles so base spec. They're usually cheaper but I personally prefer the flexibility of a PCP so am happy to pay a bit more for that.
I did same as you just to get the sizeable PCP discount. I did think about paying off the remaining balance within 14 days, but like you say it would have only saved me about £1400 in interest over 2 years, so I took the challenge that I could make more than £1400 by investing the £18k elsewhere. A secondary benefit is that if anything annoys me with the car that BMW refuse to fix (eg whiney gearbox, rattling exhaust etc) I can just hand the car back at the end of the PCP and not have to worry about it.moulin12 said:I did part cash, part loan (about half and half). Lowest rates on personal loans are about 3% (and often greater if borrowing more than 15K), so I can't see how a car entirely financed on a personal loan can 'save thousands'. Maybe about 1500 max?clarkeysntfc said:PCP from TRL to get the best discount.
I then took a personal loan and cleared the PCP finance within 14 days, paying about £5 in interest to BMW.
Overall this will save £ thousands in interest over PCP as a method of buying a car.
I know some people are dead against it, and I understand their reasons why.. but I think with some of the low rate PCP's around it's an ideal way to get into a new car.
I also fully understand it also makes new cars appealing to people who in reality are not in a financial position to have a new car, but that's their decision..
If you can comfortably afford the monthly payments and they don't leave you penniless for any emergencies/unforeseen outgoings each month I don't see the problem with it.
Obviously if you've got the money to buy outright that's great, but the majority of people haven't!
Also the reason I saw the PCP deals as preferential over the bank loan was that the monthly payment was lower, less money committed every month.. in reality I intended on continuing to save during the PCP period so I wouldn't have to take further finance to buy the car at the end, whether that would have happened or not is anyone's guess..
I also fully understand it also makes new cars appealing to people who in reality are not in a financial position to have a new car, but that's their decision..
If you can comfortably afford the monthly payments and they don't leave you penniless for any emergencies/unforeseen outgoings each month I don't see the problem with it.
Obviously if you've got the money to buy outright that's great, but the majority of people haven't!
Also the reason I saw the PCP deals as preferential over the bank loan was that the monthly payment was lower, less money committed every month.. in reality I intended on continuing to save during the PCP period so I wouldn't have to take further finance to buy the car at the end, whether that would have happened or not is anyone's guess..
I did PCH with local BMW dealer (delivered early April). 5 door shadow, auto, metallic, adaptive suspension, grey shade band and heated seats. 8k miles per annum, 24 month term, 12 month deposit, £266 per month.
How much deposit did you put down?hulahoopian said:I did PCH with local BMW dealer (delivered early April). 5 door shadow, auto, metallic, adaptive suspension, grey shade band and heated seats. 8k miles per annum, 24 month term, 12 month deposit, £266 per month.
12 x £266 ?
I think another factor is whether you're in for changing cars every few years. In my situation, the purchase of a decent new car was a sort of once in a lifetime thing, with the intention to keep it at least 6 or 7 years. If I was in and out of cars and had decent enough long run income, I could see me doing pcp and try view it as rental. Has to be said though, I'd find difficult the thought that I was paying 100-125 quid a month (depending on loan period) simply on finance.baderlfc said:I know some people are dead against it, and I understand their reasons why.. but I think with some of the low rate PCP's around it's an ideal way to get into a new car.
I also fully understand it also makes new cars appealing to people who in reality are not in a financial position to have a new car, but that's their decision..
If you can comfortably afford the monthly payments and they don't leave you penniless for any emergencies/unforeseen outgoings each month I don't see the problem with it.
Obviously if you've got the money to buy outright that's great, but the majority of people haven't!
Also the reason I saw the PCP deals as preferential over the bank loan was that the monthly payment was lower, less money committed every month.. in reality I intended on continuing to save during the PCP period so I wouldn't have to take further finance to buy the car at the end, whether that would have happened or not is anyone's guess..
Correct.phipse said:How much deposit did you put down?hulahoopian said:I did PCH with local BMW dealer (delivered early April). 5 door shadow, auto, metallic, adaptive suspension, grey shade band and heated seats. 8k miles per annum, 24 month term, 12 month deposit, £266 per month.
12 x £266 ?
Awaiting delivery for my AW F20 SE just now.
Read the above discussion about leasing/PCP, never had a BMW so unsure of experience with their FS, but, VW's is attrocious. Feels like I've had a ball and chain attached to my ankle for the last three years. My mate got stung on PCP with negative equity of 7/8k (approx) switching from a Fiesta to a GTD within a year of the PCP so been off put by that, think he's roughly paying 32k in total for at the time a year old GTD that came with 10k on the clock
. Went through Arnold Clark for the first car but was immediately bored with it after 6 months and stuck with it until the present where I can VT the contract. Going from a Polo 1.4 diesel to an M140i 
3 year lease deal, roughly 1k initial and 36 x 340. May seem high but happy with that as I was paying £200/month for a 3cyl 1.4 Polo. Was originally after a Golf GTI/R but M140i deals were working out cheaper than a spec'd Golf by about 200 quid, couldn't resist the last hatchback with RWD and a 6cyl either
Read the above discussion about leasing/PCP, never had a BMW so unsure of experience with their FS, but, VW's is attrocious. Feels like I've had a ball and chain attached to my ankle for the last three years. My mate got stung on PCP with negative equity of 7/8k (approx) switching from a Fiesta to a GTD within a year of the PCP so been off put by that, think he's roughly paying 32k in total for at the time a year old GTD that came with 10k on the clock
3 year lease deal, roughly 1k initial and 36 x 340. May seem high but happy with that as I was paying £200/month for a 3cyl 1.4 Polo. Was originally after a Golf GTI/R but M140i deals were working out cheaper than a spec'd Golf by about 200 quid, couldn't resist the last hatchback with RWD and a 6cyl either
What company was that from?Jmjwhitt said:Nov 2017, new M140i Shadow 5 dr auto, Melbourne Red, adaptive, heated seats, pro nav, dimming mirrors. Run craps (!!!!)
PCP 0% APR £500 deposit, £355 per month, 10,000 per annum 48 months.
Very happy with that!
Sent from my iPhone using Tapatalk
I'd say after nearly 4 years, that deal will be long gone, along with the car too!!Hmc said:What company was that from?Jmjwhitt said:Nov 2017, new M140i Shadow 5 dr auto, Melbourne Red, adaptive, heated seats, pro nav, dimming mirrors. Run craps (!!!!)
PCP 0% APR £500 deposit, £355 per month, 10,000 per annum 48 months.
Very happy with that!
Sent from my iPhone using Tapatalk
Good thread revival though, interesting seeing what people paid back in 2018.
I bought mine two years ago for cash (I'm old fashioned and prefer to buy older good quality cars to take the depreciation hit). Currently at the ring with it and likely to keep it for many more. Not a fan of the G series.
I suspect this will be the norm for M140s / F2* M135is now?
I suspect this will be the norm for M140s / F2* M135is now?
I bought my M240i new via HP since I wanted to maximise my discount over list and the best discounts (with most dealer support) were via PCP and HP. I got a discount over list inc options of circa £11K that way and paid off the balance in 3 months. I have no intention of changing my car any time soon so this made sense for me. The discontinuation of the F22 (and its over complex and fat replacement) made the decision easy for me. That and the fact the replacement would have cost me an extra £10K like for like. I can see how leasing or maybe PCP makes more sense if you want a new car every 2 or 3 years, but for me buying outright made most sense.
Same here - just bought it outright.
Mine was an ex-BMW stock car (demo? Dealer? Who knows), so was officially Approved Used. Hence PCP rates were crazy, which I suspect is one of the reasons they were having to sell it for 35% off list. (At the time new orders were getting about 20-25% off)
Mine was an ex-BMW stock car (demo? Dealer? Who knows), so was officially Approved Used. Hence PCP rates were crazy, which I suspect is one of the reasons they were having to sell it for 35% off list. (At the time new orders were getting about 20-25% off)
A plus factor in buying in on pcp is that when you find yourself a bit tight on dosh you can look to go down the 'I was mis-sold' route, adding to the dosh received from when you were mis-sold ppi, your interest-only mortgage, your life endowment, your amigo loan, your brighthouse loan, your partner's diesel car and your life insurance.
Once done you should have enough for a Porsche GTS, though do remember to get it on pcp to take advantage of a later claim.
"Tom was struggling to keep up with his car finance repayments. When his lender told him that it was taking the car back and that it could affect his credit file, he took his case to the FOS.
Tom told the Ombudsman that he was 24 years of age, working, and living in rented accommodation. His take home pay was around £1,200 each month, he paid around £450 rent, £200 in utility bills and food, plus £200 each month to a credit card and previous car loan that hadn’t been cleared. His new car finance agreement cost £245 each month over three years.
The Ombudsman found that had more appropriate checks been carried out, the finance provider wouldn't have agreed to the credit and would have declined the application. To put things right, the finance company was told to take back the car, cancel the remaining finance amount, correct any adverse entries it had applied to Tom’s credit file, and refund his deposit with interest."
In the meantime, we'll keep making least risky choices and reading the fine print, and paying our fees so that companies can keep the payouts going
Once done you should have enough for a Porsche GTS, though do remember to get it on pcp to take advantage of a later claim.
"Tom was struggling to keep up with his car finance repayments. When his lender told him that it was taking the car back and that it could affect his credit file, he took his case to the FOS.
Tom told the Ombudsman that he was 24 years of age, working, and living in rented accommodation. His take home pay was around £1,200 each month, he paid around £450 rent, £200 in utility bills and food, plus £200 each month to a credit card and previous car loan that hadn’t been cleared. His new car finance agreement cost £245 each month over three years.
The Ombudsman found that had more appropriate checks been carried out, the finance provider wouldn't have agreed to the credit and would have declined the application. To put things right, the finance company was told to take back the car, cancel the remaining finance amount, correct any adverse entries it had applied to Tom’s credit file, and refund his deposit with interest."
In the meantime, we'll keep making least risky choices and reading the fine print, and paying our fees so that companies can keep the payouts going
21 - 40 of 45 Posts
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