E220 PCP Offer - Any Good ?

[armerc]

Hello all - great forum.

I am looking into buying a brand new Mercedes and am looking at E220 CDI AMG 7 sp Auto 4dr Saloon on a PCP.

One offer I have had is for £320 / month, deposit £5,800, for 3 years and 10k miles per annum.

I have been through lease vs PCP discussions and do want PCP option. So for those in the know on here, is this a good deal being offered to me ?

And any pro/cons of this model to consider ?

 

[RWDpetrol]

Deposit and monthly payments all depend on your circumstances.

The only comparison really is the interest rate and then comparing total cost over 3 years with other deals.

On a new car you should be offered less than 5% APR. (BMW are doing 2.9% on 3 series GT)

 

[armerc]

Official price at the Merc dealer and on Merc website is £369/month, £5,200 deposit for same terms. APR is 6%.

Think I have haggled them down, but want to see if the deal they are offering me is good or not as I do want to go for this model (if the price is right).

 

[Dryce]

The only comparison really is the interest rate and then comparing total cost over 3 years with other deals.

I think the best comparison is to simply add up the deposit and payments and any admin/document charges.

Make a realistic estimate of anything left in the deal over and above the final payment - and subtract that from that number.

Then you have one simple number that doesn't hide the total cost in a monthly.

 

[LTD]

10k pa is not a lot of miles.

I'd be looking at a 4 or 5 year outright HP to see if that becomes viable. Then any mileage won't be an issue and you get to keep the car outright without a final balloon payment.

You can still trade in during the term if you so wish.

 

[ghibbett]

Just for the sake of the numbers, and appreciating what you said about not wanting to go down the lease route, however:

Your PCP quote
Total cost over 3 years = £17,000 (£5,667 p/a)

Lease for 3 years
Total cost over 3 years = £2984 deposit & 35 x £291.58 = £13,189.30 (£4396 p/a)

 

[armerc]

I am intending to buy the car at the end of the year term, hence going down the PCP route. Leasing does not give me the option.

I just really want to know if the PCP offer is a good one compared to dealer list price, or should I aim to reduce further ?

 

[Truffs]

It depends what the GFV or ballon to pay is

 

[Bobby Dazzler]

I am intending to buy the car at the end of the year term, hence going down the PCP route. Leasing does not give me the option.

I just really want to know if the PCP offer is a good one compared to dealer list price, or should I aim to reduce further ?

I always thought that too. However I've recently taken out a contract hire (always bought in the past) and some brokers I looked at say they will approach the finance company at the end of the term if you wish to buy. That may be a bit wooly if you know you will definitely want to buy it, but worth a thought.

 

[Davidfbmw]

bought a new E class on pcp last year,we got the money ready and will be buying it after 3 year term, also took the service plan as well

 

[armerc]

bought a new E class on pcp last year,we got the money ready and will be buying it after 3 year term, also took the service plan as well

Are you pleased with it - what spec did you get ? And what mthly payment / deposit did you agree to pay - is the deal I am being offered good ?

 

[stevehg]

I'd say you could do better. My e220 auto amg sport estate with ~£2K options, on same 3 year 10K PCP from MB with a £3,400 deposit is £370 p.m.

So taking into account your extra deposit you could get my estate at less than your per month. I placed my order via drivethedeal.com, who intro you to an MB dealer and you buy from them. My car was ~£7500 off list.

cheers, Steve