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EP3 Buying/financing your Type R

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29
Since these are still brand new, are most of you getting these on PCP or old car as a decent deposit and cash the rest? I'm seriously tempted and the test drive was great I just need to see if the maths work. I've never PCP'd and always gone cash, although I could loan the difference this time as it may end up being the cheapest option but good for credit rating later on as my only borrowing was a credit card I use occasionally.
 
It is whatever suits you. You have to pay for the car in the long run anyway, so whether that is lower payments with a big final payment or larger payments with it paid off at the end is up to you.

Just be careful on the APR on PCP as it is often calculated on the whole amount outstanding which includes the bit you don't pay off, so it can be expensive from an interest and total amount repayable point of view. As a rule, the least amount you can borrow the better.
 
1. Do you plan on owning the vehicle outright at the end of your finance deal?

2. Do real world calculations of your running costs over the period of owning/leasing the vehicle. Consider your mileage, servicing, fuel, tyres, brakes etc. A Type R can eat up all the above relatively quickly.
 
Only once I've every bought a brand new car outright and that was when Skoda had the No VAT offer so made sense to do it, kept it 4yrs and didn't lose that much as I got my money's worth out of it. My issue with PCP is I like to own my cars so if I want to modify I can. But then for the first 3yrs I'd be happy enough stock I think as it's so capable. If the interest is on the full amount am I better off putting in more at the start as deposit and that means less to pay at the end?
 
Also running costs with the exception of the tyres being a bit more being that they are 20"s I think the running costs should be the same for me as my current car.
 
General rule of thumb I go by is - a set of front tyres every 6k miles. Rear tyres 10k. Brakes are 25k.

I used to be exactly the same. I wanted to own my vehicles outright. That's what I always aimed to do. My first 7 vehicles were all large deposits and bank loan the rest. I couldn't get my head around PCPs.

Now, I genuinely don't think it makes much financial difference in the long run. There are good incentives in both ways of financing the vehicle.

The black-and-white of it is, unless you can buy the car outright, if you're financing it, it's going to cost you roughly the same.
 
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PCP has its ups and down. The downside being that big ‘balloon’ payment at the end. But the idea is you never pay this and upgrade your vehicle with the equity in the vehicle you have. It’s important to buy a car with in mind that it needs to have good resale value. So keep it in top condition and spec it well (no unusual colours or trim specs).
You can also at the end of the term just give the car back and move on. You can even give the car back earlier providing you’ve paid £1 over half the finance agreement with no hassle (obviously they don’t tell you this).
If you see owning a car as a monthly outgoing and not an asset then beside leasing (which has its pros and cons) it’s the way to go. End of the day your monthly payments is just paying off the depreciation of the vehicle with a bit of interest.


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Went into my dad's local dealer for another look at it and the salesman came over, wanting to do figures, value my part ex, even though it wouldn't have been used as he did a quote for PCP. 3yrs at 12000 miles he had for £500 down and about the same again per month. The part ex quote was a joke as expected so I'll sell that privately. Oddly when he mentioned the monthly even he said that's like a mortgage and didn't really do much to make things more appealing. It's far more than I was expecting tbh and when the Honda site mentions around £299 @ 8k it seems a bit odd. My plan is to save and wait to see how things are in March. Should be some demo's about hopefully. Must be a Japanese manufacturer thing to struggle to get a deal out of them, although I understand it's a new model. Had similar with Mazda and Toyota in the past.

Read the Evo road test against the Focus and it's good to see it going so well. This is the only car in a long while I've really wanted and could see owning for 5 years+. It's got potential.
 
3 years later I thought I'd revive this. Lots happened in that 3 years, mainly my workplace moving 50 miles back home and me buying a house. Type-R is back on the table. I know the facelift is just out so won't be meant deals out there but what are standard figures people are getting? Think I still play to buy it at the end of 3yrs but then again a lot can happen. What deals have people been getting on the facelift?
 
My last seven cars I’ve had on a PCP. Next year I’ll return my CTR for a new one. I’ve also found that other makes will take your car as a deposit on another car too.
 
I doubt anyone’s getting any deals to be honest. I think peoples attitudes have softened on the looks, backed up fantastic reviews so prob more demand than supply

I just paid my balloon payment, mixture of savings plus a loan so now much cheaper than the Honda payment. Means I can wbac the car, pay off the loan and have enough for deposit for something else on pcp, but to be honest nothing I want to replace it.
 
I doubt anyone’s getting any deals to be honest.

Like to think I did :p - 27K on a year old ex-demo with 900 Miles, with the carbon exterior pack :D

In the WBAC Bubble a few weeks ago I could've sold it for more than I paid for it after putting on 14000 Miles! - I'm liking the residuals thus far :)
 
Like to think I did :p - 27K on a year old ex-demo with 900 Miles, with the carbon exterior pack :D

In the WBAC Bubble a few weeks ago I could've sold it for more than I paid for it after putting on 14000 Miles! - I'm liking the residuals thus far :)

Oh yeah defo on used cars, cant see them budging on a new one
 
3 years later I thought I'd revive this. Lots happened in that 3 years, mainly my workplace moving 50 miles back home and me buying a house. Type-R is back on the table. I know the facelift is just out so won't be meant deals out there but what are standard figures people are getting? Think I still play to buy it at the end of 3yrs but then again a lot can happen. What deals have people been getting on the facelift?

I got about £3k off the cost of my brand new 69 plate Type R on PCP. It was hard work, much harder than previous BMW's I've bought but don't think I could have done any better. Honda definitely not as willing as BMW in this regard.
 
£2355 discount on a factory order for a Racing Blue FK8 GT within 20 minutes of a Carwow enquiry. I'm sure you can do a bit better with some haggling, or considerably better if you can find a dealer with pre update cars in stock.

Try December for the best deals in stock cars - typically dealers will sell their own family to shift cars by the end of Q4.
 
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