I really like my Trophy

[tonybridge]

I’ve just ordered a Trophy from Bulldog Dealers ion Twyford. 30% deposit (10k), interest-free over 2 years (£168 per month), then a final payment of getting on for £20k (this is fixed, and may well be different for someone else). No point in making a bigger deposit as the loan is interest-free, and I’ve transferred that final payment into my Chase Savings Account, which at the moment is earning 3.8% interest.

You also have to declare your expected annual mileage, and the lower that is, the lower the monthly payments. If you go over this mileage, there is a charge per mile, which looks quite high, but if you keep the car, then you, naturally, don’t have to pay the charge.

All in all, this deal has allowed me to be able to afford electric motoring, and I’m very happy ?

 

[KH11]

I’ve just ordered a Trophy from Bulldog Dealers ion Twyford. 30% deposit (10k), interest-free over 2 years (£168 per month), then a final payment of getting on for £20k (this is fixed, and may well be different for someone else). No point in making a bigger deposit as the loan is interest-free, and I’ve transferred that final payment into my Chase Savings Account, which at the moment is earning 3.8% interest.

You also have to declare your expected annual mileage, and the lower that is, the lower the monthly payments. If you go over this mileage, there is a charge per mile, which looks quite high, but if you keep the car, then you, naturally, don’t have to pay the charge.

All in all, this deal has allowed me to be able to afford electric motoring, and I’m very happy ?

I did a similar thing with Chorley Group at 0% interest. As I intend keeping the car I went down the low mileage route of 12000 miles over the 2 years and my payments came a fraction over £81 per month for 2 years and then just over £19000 to pay in 2 years time. I part exchanged and added too for the deposit. Will be picking the car back up today from having some PPF protection applied and ceramic coated.

 

[Shez879]

I’ve just ordered a Trophy from Bulldog Dealers ion Twyford. 30% deposit (10k), interest-free over 2 years (£168 per month), then a final payment of getting on for £20k (this is fixed, and may well be different for someone else). No point in making a bigger deposit as the loan is interest-free, and I’ve transferred that final payment into my Chase Savings Account, which at the moment is earning 3.8% interest.

You also have to declare your expected annual mileage, and the lower that is, the lower the monthly payments. If you go over this mileage, there is a charge per mile, which looks quite high, but if you keep the car, then you, naturally, don’t have to pay the charge.

All in all, this deal has allowed me to be able to afford electric motoring, and I’m very happy ?

I did my test drive at that place as they were the nearest dealer to me. I'm getting mine on a lease with salary sacrifice as out work just started this. I know at the end of 3 years I'm not going to own the car but crunching the numbers, what we are using in fuel alone doing school runs, groups, short trips with our Focus, is pretty much the same we'll be paying every month for the MG. And the lease also includes insurance, maintenance, tyres etc plus a free charger including installation. It's worth looking into that side of things as well.

Car's being delivered next week! Can't wait!

 

[tonybridge]

I did a similar thing with Chorley Group at 0% interest. As I intend keeping the car I went down the low mileage route of 12000 miles over the 2 years and my payments came a fraction over £81 per month for 2 years and then just over £19000 to pay in 2 years time. I part exchanged and added too for the deposit. Will be picking the car back up today from having some PPF protection applied and ceramic coated.

£81?? Wow!

 

[KH11]

£81?? Wow!

The offer was supposed to run to the end of June which is today. It would have been cheaper if I hadn’t have chosen the Camden Grey as there was extra to pay for that colour.

 

[tonybridge]

The offer was supposed to run to the end of June which is today. It would have been cheaper if I hadn’t have chosen the Camden Grey as there was extra to pay for that colour.

Have you missed out a digit somewhere?

 

[KH11]

Have you missed out a digit somewhere?

If you need it more precise then it’s £81.16 but don’t forget I part exchanged and added too to make a 30% deposit

Have you missed out a digit somewhere?

What miles per year have you gone down? I left it at 6000 miles per year. If I had gone to 8000 miles per year it would have bumped it up quite a bit and as you have recognised that if you exceed the mileage then it’s 14.9 pence per mile excess but that’s only going to come into play if you hand the car back after the 2 Years. I am not intending doing that I am intending keeping it as long as everything is running okay with no issues.

Miles from Chorley Group had publicised through the forum the offer started at £69 per month but as I said I opted for the Camden Grey which cost extra from the basic colours.

 

[Gilbotron]

MG Motors UK Affinity go here and register, then when asked for Affinity partner, select the MG car club or MG owners club ( both are about £50 a year membership)....well worth supporting one of the clubs to receive your discount on a new MG4. My local dealer was very backwards in coming forward with this Affinity scheme, so I travelled elsewhere to obtain a decent saving and get the car I wanted.

Can confirm, dealers don't seem to like doing things through Affinity - mine tried their best to avoid it, even sent me a quote without it included and ignored me when I chased it. They also then didn't have any type 2 cables in stock when I collected, and it took another 5 weeks of chasing to get one sent to me!

Well worth it for the saving though - choice of colour at no extra cost is also a benefit

 

[tonybridge]

If you need it more precise then it’s £81.16 but don’t forget I part exchanged and added too to make a 30% deposit

OK

What miles per year have you gone down? I left it at 6000 miles per year. If I had gone to 8000 miles per year it would have bumped it up quite a bit and as you have recognised that if you exceed the mileage then it’s 14.9 pence per mile excess but that’s only going to come into play if you hand the car back after the 2 Years. I am not intending doing that I am intending keeping it as long as everything is running okay with no issues.

Miles from Chorley Group had publicised through the forum the offer started at £69 per month but as I said I opted for the Camden Grey which cost extra from the basic colours.

I declared 6000 too, it's the minimum - I intend to keep the car, so the extra mileage charge won't affect me.

Shame I hadn't spotted the Chorley deal, I've only just joined the forum.

 

[KH11]

I declared 6000 too, it's the minimum - I intend to keep the car, so the extra mileage charge won't affect me.

Shame I hadn't spotted the Chorley deal, I've only just joined the forum.

Yes I wasn’t intending changing my car till next year but when Miles publicised the deal I took a few days to work things through and decided it was a no brainier and started the ball rolling.

I originally was thinking about scraping the deposit together with my part exchange and was undecided then to go down a car loan route or dip into my pension pot and buy outright. The loan route would have meant paying interest or a PCP route which also meant paying interest. That was until Miles publicised the offer at Chorley Group of a 0% interest PCP deal.

It means I don’t have to touch my pension pot for 2 years.

 

[tonybridge]

I'm still a bit mystified (sure it's just me!) how you can pay a 30% deposit and a 19K Final payment, (just as I have) yet pay monthly half of what I'm going to be paying?

 

[KH11]

I'm still a bit mystified (sure it's just me!) how you can pay a 30% deposit and a 19K Final payment, (just as I have) yet pay monthly half of what I'm going to be paying?

It is puzzling me how much you’re paying especially if you’re doing same as me regarding the 6000 miles per year. How much is the car you’re purchasing? It could be that they have priced your car higher than mine.

 

[tonybridge]

£33K - Trophy with Camden Grey Metallic.

 

[KH11]

£33K - Trophy with Camden Grey Metallic.

Mine is £32332, same as you Trophy Camden Grey. The difference in monthly payments some of it would be down to your car being priced dearer than mine but although I have said I paid 30% deposit my deposit must have been a little bit more than that as I had paid a £99 reservation fee which came off the price plus my part exchange and deposit was £11300 so that could account for some of the difference too.

 

[tonybridge]

Mine is £32332, same as you Trophy Camden Grey. The difference in monthly payments some of it would be down to your car being priced dearer than mine but although I have said I paid 30% deposit my deposit must have been a little bit more than that as I had paid a £99 reservation fee which came off the price plus my part exchange and deposit was £11300 so that could account for some of the difference too.

Who understands Car Finance? ?

Just happy to get a great new electric car!

 

[KH11]

Who understands Car Finance? ?

Just happy to get a great new electric car!

I had never done PCP before so it took me a while to work things out but this deal works for me. Paying no interest and not having to pay the big payment for 2 years keeping it in my pension pot for a bit longer.

My local dealers PCP would have cost a lot more at 8% interest and making bigger monthly payments for 4 years instead of 2 and the big payment after 4 years would have been around 20k. Around a grand more.

 

[dcweather]

You can take out a bank loan at a much lower APR and pay for car direct at lowest price you can get. Added benefit is that you dont have to flaff about with mileage limits, balloon payments, and all that smoking mirror guff. You also own the car after loan ends. Just check the maths between the two.

Fine if you are actually buying it but PCP is really for people like me who want to change their car every two or three years and always have a fixed monthly payment a bit like a mortgage. You only buy the depreciation not the whole car hence the cheapness of the repayments.. I try not to pay more than £300 p.m and the last two changes haven't had to find a new deposit as I have had so much positive equity in the car. Because of deposit contributions and bigger discounts for PCP plans are cheaper than buying cash. Some people buy the car like this then settle the debt early with a bank loan thus getting the car cheaper. The thing I like is never having an MOT and the car is always under warranty. There are no smoking mirrors, it is all very open and clear what you are entering.

 

[siteguru]

Smoking guns

Smoke and mirrors

 

[bowfer]

I've always used this method. Gives me more bargaining power as a cash buyer and I own the car at the end.

I'm not clever enough to understand the PCP options, especially when it comes to changing to the next car at the end? Do you have to stump up another 30% deposit, or is there residual value in your non-owned part ex that covers this??

It’s a bit of an outdated concept that being a cash buyer means you have more bargaining power.
You can often get better deals taking out the PCP (free servicing, free chargers).
Then, if PCP scares you, pay it off after a couple of months and keep the bonuses.

 

[Deleted member 12821]

Given current savings interest rates, the overall cost of the 0% APR PCP deals available are slightly cheaper than even the discounted Affinity prices.