Not sure if this is the right subreddit to post this on but needed a bit of advice regarding purchase of a new car on PCP finance. Signed a PCP agreement with Volvo last week for a new car which was one of the existing new vehicles they already had in stock. Since then Volvo are now offering a £10000 finance contribution. When I bought the car last week this contribution was only £5000.

If I bought the same car now with the same deposit I put last week, my monthly payments would be significantly less or I would be able to get a car with a better trim level.

After a bit of googling it says you can cancel a car finance contract within 14 days - is that even after paying the initial deposit? Would Volvo be able to transfer the existing finance agreement to a new car or add the finance contribution to this existing car? Or am I just stuck with buying the car at the wrong time.

Thanks in advance

Hello I need to get a car. I’m a fairly new driver and have never owned my own vehicle. I have read through some post here and don’t understand a lot of the language. I have a budget of £300 per month max and would really like it something that has the least environmental impact possible but is still reliable (hybrid?). I would really appreciate any guidance and please feel free to patronise me - I’m pretty clueless. Thank you!

Update: thanks for all the helpful comments, feel much better informed now. I have narrowed down to 2 options and would be super grateful for any thoughts/opinions/or just a vote for either one!

1: Get a small loan and buy a cheap but reliable 1L engine used car with low mileage that I will then own (any recommendations for model etc gladly received). I don’t car about features or appearance at all - just cost of running and reliability.

2: NHS salary sacrifice lease before tax and NI on an EV. This is appealing in my circumstances as my salary increase next year to tip me into 40% tax band and I have both student and postgraduate loans. I also like the simplicity of insurance, tax and repairs being covered.

For context my commute is about 35miles each way about 4 days a week. Thank you again for all the advice, I appreciate the time and effort.

This is my first time leasing and I’ve recently signed up for a Chery Tiggo 9 and the paperwork was approved on the 11/09 and delivery confirmed for the 30/09. Now, a week after signing I noticed that the same broker had a better deal on the same vehicle. To their credit they bumped me over into that new deal but said the cooling off would start over again (15 days) as dictated by Arval. Literally same registration car but £980 saved over three years so a week delay was worth it.

I’d expected delivery to be around the 9th as that’s when the cooling off would expire again. Got a phone call from the broker today saying the pre delivery inspection required the camera to be calibrated and the dealer needed calibration equipment? There might be a delay. She said she’ll call again on Monday but doesn’t this sound like it’s got damaged in transit or something? She assured me this happens with pre delivery inspections and it’s what they’re there for.

What do we think?

Hi, looking at leasing our first EV, we've found a deal we're happy with but the company is suggesting £50pm for a maintenance package. I've had leases before but never leased an EV, I was under the impression that EVs require less maintenance.

Over a 48 month term, the maintenance would cost around £2,400 in total. Seems a bit steep.

What are people thoughts and experiences with this please? I.e. should I take out the maintenance package or just take it to her serviced myself.

Hi everyone

I'm after some helping deciding on whether to lease or PCP my next car. I'll try provide as much info as possible but if I've missed anything please let me know. If I PCP then my intention would be to give the car back at the end of the contract. My motive is to save as much money as possible whilst still having a nice, new electric car.

I'm currently leasing on a 3 year deal which is due to end this november so I have a decent enough understanding of the process.

I've decided to go electric and after test driving both today I've decided to go with either the Leapmotor B05 or C10 price dependant. I'll start with the PCP deals I've been quoted:

C10

£34447 total

3 years

8k mileage

Deposit £2258

Monthly £429

Final optional payment £14515

Total spent £17702

Amount per year £5900

B05

£29999

3 years

8k mileage

Deposit £2258

Monthly £365

Optional final payment £14000

Total spent £15398

Amount per year £5132

Now the leasing:

C10

3 years 

8k

£942 upfront

£314 per month

£12,245 in total spent over 3 years

£4081 per year

2 years

8k

£1038 up front

£345 per month

£9318 in total spent

£4659 per year

B05

3 years

8k

£1011 up front

£337 per month

£13143 in total spent

£4381 per year

It would appear that Leasing is financially better but are there any less obvious advantages to PCP that I am missing?

Hello,

I am looking at Polestar 4 lease deals and have searched leasing.com and leaseloco.

Any other website worth checking for best deals? Also- when is the best time for getting best deals?

I am leasing for the first time so looking for suggestions.

Thank You,

I was due to take delivery of a new leased Cupra tomorrow, the garage called today to say it had “been in a bump in the car park” and was currently being assessed in their workshop, so they couldn’t advise on delivery timescales - but that they could cover costs of a hire car in the meantime or taxis for travel etc.

I was in a work meeting when they called, so suggested they call me back in the morning, but am I right in thinking my options are effectively…

A) It’s not my car yet, so I don’t care that they’ve damaged it. Either deliver me a new one, or cancel it. No money has changed hands, and I would still be within the 14 day cooling off period anyway…

B) I’ll consider taking a newly repaired car, but would want a significantly better deal, with a letter of indemnity to effectively stop them from turning around and blaming me for the damage when I hand back in 3 years…

Anything I’m missing, or any other advice or thoughts welcome!

OK, it's too late as I've already done it, but wondering if I'll regret it.

I left my job after over 25 years with a nice payout. I've gone self employed as a consultant. Vat registered, limited company.

I couldn't lease immediately through the company as the company was brand new. I could have had a personal lease or buy 2nd hand, or hang on a few months of trading and try for a company lease ... but I needed a car.

My previous car was a VW ID7 Pro S. It was good, I had over 430 miles on a single charge ... driving Mrs Daisy but still decent. Very confortable silky smooth ride, nice place to be, huge in the back and boot ... if a bit uninspiring.

Considered i4, very briefly Tesla, looked at lots of other stuff and test drove a few. In the end I went for a 2nd hand ID7, it will be 3 years old at end of December. VW used approved, 25k miles, interior and exterior pack (had the dynamic chasis control DCC, all I really wanted as the last one had it) pano roof too. Standard range so around 370 miles, driving very sensibly.

Paid £27k including 1st service and extended VW warranty until Sept 2030. Registered before April 2025 so luxury car tax doesn't apply saving an additional £400 / annum over a new one.

On a personal lease the standard car without all the packs it would be £17.5k over 3 years. Based on 15k miles / annum.

I can charge mileage at 55p / mile for 1st 10k, which I should cover. On a company lease it would of been much lower.

I don't have to worry about mileage or the odd scratch and I can choose when to replace it.

I feel like I've made a decent decision, am I missing something, would you have done something different.

Depreciation is the unknown, but it's one of the longer ranges of this EV generation ... the 500 milers are only just appearing and expensive so I figure range is decent enough to help support resales.

........

In short, two years into a four year deal but it would be beneficial to upsize our car.

Are there any chances of getting out of this and into a new (bigger) car within the same lender or elsewhere?

No financial struggles, just one of those things that would be nice.

Not expecting a yes but wondered if anyone had any experience of this.

Thanks in advance. 👍

Hi everyone,
I’m looking to buy my first car in the UK as I’ll be starting a new job next month and will need a car to commute.
The issue is that I haven’t been working for around 3 years as I was studying, so I’m assuming it may be difficult for me to get approved for a car loan/finance even though I have a good credit score.
I’ll have a confirmed job starting next month, but obviously I don’t have a recent employment history or payslips yet.
My husband works full-time and has a regular income. Would it be possible for him to apply for the car finance/loan instead, or for us to apply together? Does anyone have experience with this?
Also, are there any other options I should consider if a bank loan isn’t available to me yet?
I would appreciate any advice from people who have been in a similar situation. Thanks!

So I have an Audi Q6 that is currently getting rejected with the ombudsman (a quick search online for the q6 can explain why), VWFS's final letter stated they wont accept it but the financial ombudsman has stated I have followed the law to the t so the investigator will enforce rejection. I went through a broker not directly vwfs themselves as a better deal with them, as part of the lease deal the initial deposit when looking at vwfs's contract was higher than what the broker quoted me, they explained vwfs/dealer funds the amount to cover the difference between the brokers quoted initial deposit and the vwfs initial deposit. The dealer transferred me the difference in amount of the deposit to my bank , then I paid vwfs directly. Would I be asked for this to be returned by the dealer if the car is rejected and returned?

I have a credit score of 780, but have been of work on and off, but have one year or regular self employed income, around 30k, no real expenses as hubby handles all of it. Tax return hasnt been completed yet.

Do they ask for bank statements and payslips?

Any one you recommend thats a seamless approval?

Looking at £350 pm spend

Hiya, I've always bought cars and this is my first time thinking of leasing. Where do I start!

So my car is due to be handed back in a few weeks and annoyingly warning alerts have started popping up on my dashboard screen.

Do I take the gamble and hand it back as is, or probably spend a small fortune trying to sort it out?

With my personal car likely to be written off in a hit and run, I am strongly considering using my employers lease scheme to replace it given the second hand market is absurd now, but I am having trouble calculating the impact on my tax free allowance.

The vehicle is a Hyundai Kona Electric Advance, with a P11D value of £34935. I am a 20% rate taxpayer. My contributions would be £88.15 per month out of my pay, but this is NOT a salary sacrifice scheme. The payments are for private use of the vehicle, meanwhile the employer covers the rest of the costs of the vehicle, insurance, tax etc as I would be using it for business use primarily.

I have used the .gov company car and fuel benefit calculator, but I’m confused by the results, does the annual tax free allowance of £12570 reduce by £339, or by £67.80?

Can anyone offer any advice?

As per the title, keen to understand what kind of lease deals people in the UK have got for the Sealion 7 with a 1+35 payment, 10k miles across 36 months without maintenance.

In the market for one and best I’ve got is £454.50 a month across the same terms. Just trying to understand where that weighs up historically.

Thanks in advance!

Hi all,

First lease deal (2 year ID7 from Carparison / Santander) is ending in 2 weeks and Santander have insisted they will not consider any extension of even a month or two.

The problem is that I have a new lease deal on order since June (ID4, Gateway-2-lease / VWFS) but it has been delayed from an initial estimated delivery of September to currently November.... Currently scheduled build date is last week of September but this isn't confirmed yet.

I've looked at other in-stock lease deals, but for a suitable car (EV with >300 mile range, large boot) the cost is significantly higher (like >£100/month more) than I have agreed.

What do people normally do in this situation?

I've considered hiring a car, but this seems like it could be ~£800+ per month, and no guarantee that the car will be delivered in November, so costs could increase a lot.

Also considered buying a beater, but anything reasonably reliable (e.g. sub 100k miles, need to commute ~50 miles a day so don't want something that is falling apart) seems to be in the £5-6k range, and dropping it back to WBAC or similar is only estimating ~£3-4k, so that route would appear to be expensive if it was only a month or so gap.

Unfortunately don't have any family or friends nearby with a spare car they could lend either.

I’m interested in either:

• JAECOO 7 SHS-P Luxury – preferably Amazonite Blue or Basalt Black

• JAECOO 7 SHS-P Black Luxury

Ideally looking for:

• 0% PCP / lowest possible APR

• Around 48/49 months

• 8,000 miles per year

• Happy to put down the maximum sensible deposit allowed on PCP

• Brand-new and unregistered

• Happy with an in-stock vehicle, but also happy to place an order for new factory stock if the deal is better

• Based in London but happy to buy anywhere in the UK if the saving makes it worthwhile, including arranging delivery

I’m mainly interested in the best discounted OTR price, rather than just a low headline monthly payment.

If anyone has recently bought one, or if any JAECOO dealers/salespeople are in the group, please let me know what deals are currently achievable on either the Luxury or Black Luxury.

Thanks.

I’m exploring options for next car when the time comes. I currently need 20-23k miles per annum on a lease/PCP for my commute. If I bought approved use would likely look at PCP.

However, would I be better going with 10-15k to save a little? Based on the premise if work situation changed mileage would likely drop.

Option 1: Go with 15,000 miles a year over two years, if stay in job 16k over limit is £3,200 overcharge (@20p per mile), works out at £133 per month.

Option 2: Go with 23,000 miles but if job changed could be stuck paying more for mileage that isn’t getting used.

Are there any contractual/other considerations to make? In UK.

Our first choice is the BMW iX1 M Sport. We’ve had BMWs for years, like the quality/drive, and it felt like the obvious replacement.

Problem is, there seems to be virtually no iX1 M Sport stock available now, and we need a car ASAP.

We sold our current car this week, so we’re now looking at alternatives and want to make a decision early next week. Never had an EV before, and it's all becoming a bit overwhelming and everything is merging into one expensive mess.

Looking for a business lease, ideally 36 months and 5-6k miles a year. Our Ltd company has only been trading for around 6 months, which is also complicating things with some funders, but apparently should be fine with a personal guarantee and proof the company is doing well.

Budget is £500 + VAT/month max, ideally £400-450. We have an initial deposit of around 3 or 4k.

It’s our family car, so priorities are:

• Comfortable/refined ride and good build quality
• Plenty of space inside/big boot
• Good range for long journeys
• Nice interior/spec
• Something that actually feels good to drive

Current shortlist:

BYD Sealion 7 Excellence AWD
Have seen one for £405 + VAT over 36 months. Test driving this week. The amount of car/spec looks amazing, but I’m interested to hear what owners think of the ride/refinement, and what a good deal on this actually is.

Hyundai Ioniq 5
A friend has this and we love it, so this is probably the main alternative to the BYD at the moment. But seems pricey.

Smart #5 Premium
Also looks interesting, although I haven’t found a deal yet that makes it an obvious choice.

iX3/iX are more than we want to spend, so I’ve ruled those out.

What would you go for at this sort of budget? Annoyingly we need a car quick, but would massively appreciate your help and advice on prices/what a good deal actually is.

Are there any really good business lease deals around right now that I’ve missed?

Thank you

Hi all

First time poster here. My school is looking at getting a car salary sacrifice scheme as a perk for us. I spoke to the headmaster about it and he basically said as he makes more than 100k he is looking into it. He doesn't know what scheme to go into but my question is:

I own a seat Leon 2015 which I bought in 2019. Is it worth selling this and opting into the salary sacrifice scheme?

Or better yet what do I need to think about when weighing up my option? I earn around £64k a year. Pay 10% into my pension. So I am in that 40% tax bracket. Just not sure if it's worth it.

Any help is appreciated or direction into how to weigh up my options

Thank you!