What are the best PCP rates just now?

[Chlub Hibernian]

Any ideas what the best PCP rates are just now? When I got my Cupra last year we got a competitive 3.6% from Seat Finance when the car was 6 months old. My wife is changing her car and fancies a Cupra Ateca to replace her Ateca and the illustrations seem to be 7.6%, big difference.

 

[Hag]

Pre lockdown Contract Hire rates I think were pretty good on the Cupra Ateca.


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[Damo H]

Sure I saw 0% being offered on Skoda's for used cars as well, so I'd assume SEAT are doing something to encourage people back.

 

[Chlub Hibernian]

Both dealers I have contacted about a MY19 Cupra Ateca are offering 7.3% PCP deals, both with significant deposits. No one in their right mind would pay that with interest rates so low and the biggest financial downturn ever known about to set it. It might be worth waiting until the market begins to struggle, looks like we will be holding off. Big difference from the 3.6% in September.

 

[motty225]

Have you looked at leasing instead of pcp? I used to pcp now just lease for 2 years at a time, currently got a 68plate s4 saloon on 2 year lease for 2k down £280 a month and that includes some options, plus you don't pay the road tax on top which is a good saving a month

 

[Chlub Hibernian]

I felt that the best leasing deals were very expensive...

https://www.selectcarleasing.co.uk/...0-tsi-5dr-dsg-4drive-comfort-plus-sound-pack/

 

[motty225]

I felt that the best leasing deals were very expensive...

https://www.selectcarleasing.co.uk/...0-tsi-5dr-dsg-4drive-comfort-plus-sound-pack/

Yeah I'd agree that's very expensive, I'd also never lease for longer then 2 years, I especially wouldn't lease outside of warrenty, I expect some decent lease deals to be about once this lockdown is all over as company's ramp up production again

 

[Chlub Hibernian]

Might be a case of just sitting back and letting the nearly new car sales market slump before making a move.

 

[Invertigo]

Interest rates are low but financial risk is higher than before lockdown, hence the higher rates being offered on credit to the consumer. It's the same with personal loans/credit cards currently too.

You'd think, however, that a PCP is a secured loan so doesn't have the same risk factors, so perhaps the increased rates currently are either a way of managing demand when supply is so low, or a response to demand outstripping supply.

 

[Chlub Hibernian]

My wife mentioned it in her work group chat, her colleague's husband worked at a Seat/Hyundai dealership until around February and he is now working at our local Audi dealership. He believes that it will be around September/October time that there will be a change in direction with regards sales and finance etc. We are going to hold off until then.

 

[Mike the_cupra]

In early March I got 4.9% on a new Cupra. The deals were different for Seat & Cupra vehicles at that time. The dealership near me sells Skoda and Seat (and Cupra), and they tended to vary between 4.9 and 5.9%. Though I was looking at personal loans yesterday, and they're now capped at about £15k before you hit 6/7% APR. I'm sure there will be some good lease deals out there atm where people haven't sold stock, but I don't know what has changed with PCP.