How you paying?

[thevirtualrunner]

I'm buying my DS3 outright and will prob sell it or trade it in in about 4 or 5 years.

I did contemplate a personal contract hire agreement (basically renting) and also the other one Citroen does where you can pay a lump sum at the end and keep the car OR give it back.

How have decided to fund yours? I know it's nosey but I'm curious.

[floydy]

I Lease mine as the mileage will be around 75K after three years

[Rickzayne]

I was actually planning on Posting this thread as well!

I put my cooper down as part ex £3500 about i think

n 200 a month for 3 years then £7000 at the end....

but im thinking i might wanna refinance n try n get it payed off so i can keep it.... or maybe not.... hope they have another decent car in 3 years i can have.

[thevirtualrunner]

I'm 39 years old and this is my FIRST brand new factory ordered car ever. So, I decided I wanted to own it and not have a finance company waiting in the wings! lol

[Rickzayne]

well im 23 and dont have a spare £15k lying around 8-)

[ZACK]

Rick And His Monstorous Sig lol

Buying Mine, Finance Over 4 Years...

[Rickzayne]

haha i know ill sort it out >.>

[Sueds3]

It was my first factory fresh car that I bought myself - saved up for it though then luckily Citroen had a deal on and saved me £4,000! Bargain!

[Drecat]

Part ex'ed my C2 GT and have 3 years of payments before I decide whether I want to refinance the remaining £7k/part ex it/give it back. Trying to get a business up and running so will give it to the boyfriend when I make enough for a company car (optimistic I know). That way he can decide what he wants to do with it.

[kitt-2000]

I got a £500 PX and got the rest on a personal loan at the same rate as Citroen were offering for the PCP (6.9% with M&S) I figured that the car is mine as long as I want it. If I change after 3 years, I can pay off the loan or go to something else.

My main problem with the Elect3 type contracts is that they give you a good residual value, at the end of the 3 years you dont want to give the car back as you walk away with nothing; deposit gone and all of those monthly payments to basically rent the car. You could keep it and pay the lump sum but then you've got to get more finance so you're left with trading it and the value you were given 3 years ago gives you a deposit on your new car (surprise surprise) so you're back to square one taking another new car on a payment scheme.

I guess you could say thats a cynical view but I've been there before with my Saxo but felt completely trapped with it. Since then I'd always go for straight finance.

[Rickzayne]

i just like the idea of.. ill deal with it in 3 years xD

[studly]

Part ex'd my old car but still had some finance owing on it so got the rest with a very competitive loan from mark's and sparks @ 6.9%.....i felt the same about the elect 3 aswell kitt. I was originally going with the elect 3 over 2 years but felt a bit restricted with an 8k a year mileage limit and the whole pay the lump sum at the end or walk away etc malarkey so told them to stuff that and i would finance it myself lol, less hassle and i can still pay it off early if i wish.

[pauljack]

pcp's are really for those who want lower monthly payments, but true you never actually own the car unless you pay the big the amount at the end. For some people this the only way into a more expensive car as you are only paying for the rental part and not the car. Also not sure why someone was locked in to 8k a year mileage? you can set the mileage yourself, depending on hoe many miles a year you do, however, it does effect the residual value and makes your monthly payments slightly more, the higher the mileage - obviously. I took out a 2 year pcp with 20k mileage a year, i think the residual value is about 7 grand. But remember Citroen where (are?) giving you £500 deposit allowance on their 6.9 finance, so in theory you should be better off.

[jebrom]

I'm going down the finance route with mine. It means that i can get a brand new car without having to pay out thousands of pounds on one and even though i dont own it out right at the end of the 3 years it is still fine for me - i get bored with cars quickly so this works perfectly for me as you can give it back at any point in the contract

i part x'd my focus and got about £7k for it which paid off finance and gave me a nice deposit too. monthly payments about £300 as went for the top of the range model with chrome wing mirrors.

[Bigfeet]

Using Car finance is a much better way to fund your vehicle than with a personal loan. First off you get more legal protection and consumer rights with a credit agreement then a loan, secondly having the credit agreement frees up your credit line for a loan in the future for something else.

Also HP is not really the best way to buy a car, unless you plan to keep it past the end of the agreement. Why you would pay for a car outright only to Part Exchange it straight away - madness! PCP was designed by the motor industry for motor buyers and makes good financial sense if you are the kind of person that likes to change the car at regular points, plus you can not fell into any negative equity trap with PCP which can happen with HP.