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Author Topic: So what have you done to your car today?  (Read 2982914 times)

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Doctor Gollum

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Re: So what have you done to your car today?
« Reply #17550 on: 07 January 2019, 12:37:51 »

The PCP cost includes depreciation, paying off the PCP either upfront or full term sees you paying three years depreciation upfront and then by refinancing, you extend that a further two years... Yes you have the asset(car) at the end, (the only bit that makes sense).

Playing with the numbers is all well and good, but ultimately, if you have to finance it you can't afford it, and if you need to finance it over a longer period, you really can't afford it. Appreciating assets are a different matter.
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Viral_Jim

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Re: So what have you done to your car today?
« Reply #17551 on: 07 January 2019, 12:55:04 »

The PCP cost includes depreciation, paying off the PCP either upfront or full term sees you paying three years depreciation upfront and then by refinancing, you extend that a further two years... Yes you have the asset(car) at the end, (the only bit that makes sense).

No, because you are paying the loan over a period, yes you have an obligation, but its only realised over the 60 months you are paying it. I do understand that PCP gives you the option to get out (under the halves and thirds rules), but so does selling the car. A kia picanto is hardly a rare beast and its values are predictable at various points in its life.

The PCP cost also includes interest on the bullet payment, which you never bring down (obviously), which is part of the reason why you pay more in interest over 3yrs to kia than under the 5yr loan. The only thing that actually matters when its all washed up is the total cost of ownership on a monthly basis. Doing it under pcp (assuming you got an identical deal in month 37 as in month 1) would give you a total cost of ownership of £269 pcm plus fuel. Under a loan its £170. So, taking that saving of £99pcm vs pcp gives a saving of £5940 over 5yrs. So, unless I get less than £60 for the 5yr old picanto, you are in the money doing it my way.

Playing with the numbers is all well and good, but ultimately, if you have to finance it you can't afford it, and if you need to finance it over a longer period, you really can't afford it. Appreciating assets are a different matter.

You can't compartmentalise like that, it just doesn't work. Taking this example, we *could* buy it in cash from funds in a savings account, but that money is part of the proceeds of sale of our house that has been earmarked for the self build that is coming up, so by your 'logic' I should buy the kia in cash, then borrow the same amount in a loan to fund the home renovations (an appreciating asset). That's all good by your rules, but would see us missing out on the  £1000 discount from kia, for absolutely no reason.
« Last Edit: 07 January 2019, 12:57:21 by jimmy944 »
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Doctor Gollum

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Re: So what have you done to your car today?
« Reply #17552 on: 07 January 2019, 13:06:24 »

Have you actually asked what the cash discounted price is? I suspect that you could walk out with it for less than £11k...
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tunnie

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Re: So what have you done to your car today?
« Reply #17553 on: 07 January 2019, 13:08:23 »


Now have Virgin's own Money/Mastercard for air miles.

Are they about the best of the schemes left now? I am on the look for a new one as my MBNA Miles & More account folded up in November (same time as your Virgin one I guess) and the new cashback scheme is bobbins. I had looked at AMEX gold, but its complicated to transfer the points and the fees are really high  :o

For me, yes, as I wanted to take MrsT to NYC and this Virgin card worked well. They had a good bonus miles, if I switched from MBNA backed one to Virgin Money, I could get "up to" 11,000 bonus miles.

I managed to get the max! It's about 20k for a return flight to NYC on points.

Already bought and paid for 2x return flights to NYC on points and still have 21k points banked.  :D

I looked at others, but like new MBNA deal, worth sod all.  :(
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aaronjb

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Re: So what have you done to your car today?
« Reply #17554 on: 07 January 2019, 13:14:49 »

I'm contemplating getting the same card as you, Tunnie - currently have a BA Airmiles Amex which has given us plenty of trips to Europe over the last couple of years (put everything on the card, pay it off every month), and it made sense when I flew BA for work but now we are flying Virgin, my miles are split between two carriers..

The only thing that puts me off is (and I haven't checked this), I am assuming the Virgin Atlantic miles will only work on long-haul trips, and we're taking mostly short-haul holidays at the moment.

.. but I have ~£8ks worth of engine & gearbox bits to buy and put on a card (that I'll then balance xfer off to a 0% card) soon ;D
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Doctor Gollum

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Re: So what have you done to your car today?
« Reply #17555 on: 07 January 2019, 13:17:37 »

How much did you spend to get your 'free' flights?
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Re: So what have you done to your car today?
« Reply #17556 on: 07 January 2019, 13:19:19 »

Finally collected a couple of bits ordered before Christmas... Now have a functioning cup holder to match the armrest :D
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STEMO

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Re: So what have you done to your car today?
« Reply #17557 on: 07 January 2019, 13:21:16 »

How much did you spend to get your 'free' flights?
I think you're just determined to be awkward. It's normal, everyday spending on a credit card, paid off monthly so no interest. So they really are 'free' miles.
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tunnie

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Re: So what have you done to your car today?
« Reply #17558 on: 07 January 2019, 13:23:11 »

I'm contemplating getting the same card as you, Tunnie - currently have a BA Airmiles Amex which has given us plenty of trips to Europe over the last couple of years (put everything on the card, pay it off every month), and it made sense when I flew BA for work but now we are flying Virgin, my miles are split between two carriers..

The only thing that puts me off is (and I haven't checked this), I am assuming the Virgin Atlantic miles will only work on long-haul trips, and we're taking mostly short-haul holidays at the moment.

.. but I have ~£8ks worth of engine & gearbox bits to buy and put on a card (that I'll then balance xfer off to a 0% card) soon ;D

I do the same, I also purchase and expense quite a bit each month. So rack them up nicely!

Yes, it's Virgin only. That said, my NYC flight is with Delta. As they are in a share/partnership, when browsing flights, the Delta backed ones were lot cheaper on fee's. So you could do Delta in USA, but not in Europe.
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Re: So what have you done to your car today?
« Reply #17559 on: 07 January 2019, 13:23:49 »

Have you actually asked what the cash discounted price is? I suspect that you could walk out with it for less than £11k...

I have, you cant. I checked 2 dealerships in person, plus Broadspeed, Car Wow, Drive the Deal and Coast2Coast cars. All the prices shown and what I was told in person bottomed out within £50 of the price we bought ours for. So I have no reason to believe they weren't the best available at the moment. There was a garage that was around £50 less, but it was significantly more than £50 worth of fuel away and neither place we visited would price match.

The £1000 finance incentive is from Kia UK plc (or whoever) and not the dealer, so they can't make it up if you buy in cash. It doesn't even hit the invoice, its totally separate and is shown on our finance agreement. It comes off the finance amount at the inception of the agreement.

For me, yes, as I wanted to take MrsT to NYC and this Virgin card worked well. They had a good bonus miles, if I switched from MBNA backed one to Virgin Money, I could get "up to" 11,000 bonus miles.

I managed to get the max! It's about 20k for a return flight to NYC on points.

Already bought and paid for 2x return flights to NYC on points and still have 21k points banked.  :D

I looked at others, but like new MBNA deal, worth sod all.  :(

Considering the US is one of our favourite destinations, I'll give it a go I think  :y. Do they do a "companion award" like the BA scheme (basically BOGOFF on your tickets)? And do you get both a visa and an amex card?
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tunnie

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Re: So what have you done to your car today?
« Reply #17560 on: 07 January 2019, 13:26:04 »

How much did you spend to get your 'free' flights?
I think you're just determined to be awkward. It's normal, everyday spending on a credit card, paid off monthly so no interest. So they really are 'free' miles.

Exactly, all my fuel, maintenance cost for cars, goes on it and it's paid off fully each month. I just use it as a debit card really, with added benefit of work expenses.

I probably buy around 5-10k's worth of work stuff per month, this gets expensed. So it really is free miles  :)
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aaronjb

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Re: So what have you done to your car today?
« Reply #17561 on: 07 January 2019, 13:26:27 »

How much did you spend to get your 'free' flights?

Does it matter? I'm not likely to stop buying milk and eggs or diesel to get to work...

[edit] .. and don't suggest it would be more cost effective for me to buy a cow and chickens  :P :P
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STEMO

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Re: So what have you done to your car today?
« Reply #17562 on: 07 January 2019, 13:26:46 »

Have you actually asked what the cash discounted price is? I suspect that you could walk out with it for less than £11k...

I have, you cant. I checked 2 dealerships in person, plus Broadspeed, Car Wow, Drive the Deal and Coast2Coast cars. All the prices shown and what I was told in person bottomed out within £50 of the price we bought ours for. So I have no reason to believe they weren't the best available at the moment. There was a garage that was around £50 less, but it was significantly more than £50 worth of fuel away and neither place we visited would price match.

The £1000 finance incentive is from Kia UK plc (or whoever) and not the dealer, so they can't make it up if you buy in cash. It doesn't even hit the invoice, its totally separate and is shown on our finance agreement. It comes off the finance amount at the inception of the agreement.

For me, yes, as I wanted to take MrsT to NYC and this Virgin card worked well. They had a good bonus miles, if I switched from MBNA backed one to Virgin Money, I could get "up to" 11,000 bonus miles.

I managed to get the max! It's about 20k for a return flight to NYC on points.

Already bought and paid for 2x return flights to NYC on points and still have 21k points banked.  :D

I looked at others, but like new MBNA deal, worth sod all.  :(

Considering the US is one of our favourite destinations, I'll give it a go I think  :y. Do they do a "companion award" like the BA scheme (basically BOGOFF on your tickets)? And do you get both a visa and an amex card?
Kinnell, Jimmy! Would you like a private jet direct to the airport of your choice?  ;D
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tunnie

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Re: So what have you done to your car today?
« Reply #17563 on: 07 January 2019, 13:27:05 »

Have you actually asked what the cash discounted price is? I suspect that you could walk out with it for less than £11k...

I have, you cant. I checked 2 dealerships in person, plus Broadspeed, Car Wow, Drive the Deal and Coast2Coast cars. All the prices shown and what I was told in person bottomed out within £50 of the price we bought ours for. So I have no reason to believe they weren't the best available at the moment. There was a garage that was around £50 less, but it was significantly more than £50 worth of fuel away and neither place we visited would price match.

The £1000 finance incentive is from Kia UK plc (or whoever) and not the dealer, so they can't make it up if you buy in cash. It doesn't even hit the invoice, its totally separate and is shown on our finance agreement. It comes off the finance amount at the inception of the agreement.

For me, yes, as I wanted to take MrsT to NYC and this Virgin card worked well. They had a good bonus miles, if I switched from MBNA backed one to Virgin Money, I could get "up to" 11,000 bonus miles.

I managed to get the max! It's about 20k for a return flight to NYC on points.

Already bought and paid for 2x return flights to NYC on points and still have 21k points banked.  :D

I looked at others, but like new MBNA deal, worth sod all.  :(

Considering the US is one of our favourite destinations, I'll give it a go I think  :y. Do they do a "companion award" like the BA scheme (basically BOGOFF on your tickets)? And do you get both a visa and an amex card?

No, Visa/AMEX deal with MBNA has ended, which was a shame as AMEX was more points and work expenses took it. eg Apple products.

This one is Mastercard, with Virgin Money.
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aaronjb

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Re: So what have you done to your car today?
« Reply #17564 on: 07 January 2019, 13:28:28 »

Do they do a "companion award" like the BA scheme (basically BOGOFF on your tickets)? And do you get both a visa and an amex card?

They do on the one I looked at - only on the card with an annual fee, though (so to answer Al's question, I guess the flights cost me £165 .. for six business class, British Airways, flights to Paris, and two business class BA flights to Berlin)
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