[paulmaddocks]

Had our Velar on order since they first came out, with the intent to trade in our 65 Evoque in the process (on PCP finance). Had a great test drive and dealer advised that car is built, in the factory parking lot and should be release for collection on the 1st of September.

Unfortunately, things went a bit down hill from there as they were calculating that we would be ~£2.5k short on old car, based on what he thought he could do. When we first looked into the Velar, we were about £1k short, and the positive message was that hopefully with a few more payments, we will break even on it.

There was no chance I was going to pay that much extra for the new car, so asked the dealer to find the £2.5k somewhere in the deal, or at least get it closer than where it was.

In the end, nothing was really forthcoming so I walked away with a deposit refund. Hopefully someone else will be able to benefit from the car being literally ready to order / collect brand new, but for me it stopped making fiscal sense so had to walk away.

Maybe another time it will add up more, it does not seem like waiting lists are quite as long as when the Evoques first came out, and maybe waiting another couple of years will mean I can get more of a contribution out of the old car, rather than just handing it back.

Its great to see you all getting your cars, or committed dates and will look forward to following your feedback.

I'll be back at the dealers in the future no doubt, just a shame they couldn't meet up on the total cost of the deal price in the end.

 

[Lancer]

I'm new to this finance thing but Im really interested in your story. You had a PCP yes? The residual of your Evoque didn't provide you with the necessary deposit for your Velar? In order to take delivery and continue payments? It was £2.5K short?
I'd also be interested to know, had they found the £2.5k, what sort of monthly payment you would have been committed to?
Oh, I should say I am a first time potential client of LR.....well, I had a brand new first edition Discovery in 1992 (a terrible car!!)....and Im being badgered by my dealer to take one of these PCP things. So, this is why Im interested. Thanks in advance.

 

[dc44back]

In my view, PCP seems to be a reasonable option as although the 6.9% seems to be on the high side, it does compare to the residual loss you make if you bought outright and looked to part exchange 3 years later. If you anticipate keeping it for the long term, then outright purchase should be preferable.

My understanding is that you can put down what you want as a deposits to make the monthly payment fit your budget. They always have a minimum 3 months to attract buyers.

My dealer has offered me a fairly poor part exchange deal on my Q7. Indeed, online valuations tell me that I could get perhaps another 3-5k if I sold privately but to be honest, the hassle of that vs the difference divided monthly over 36 months is manageable for me.

Unlike other Jaguars and Land Rovers, they aren't offering deals on finance or outright purchase, such is he demand at the current time.

It's all about desirability with a luxury car like this because they ain't cheap to buy or run.

I'd be interested too in any mathematical detail on PCP vs outright after the 3 year period.

 

[Lancer]

Just so you know, I was offered (1) 5.9% not 6.9% for a PCP over 3 years and (2) a mid range (reasonable I thought) exchange price for my A6 Avant Bi-Turbo.... a car which has performed fantastically well for 5 years. It is super fast, comfortable, economical, roomy, and I have always owned it outright. I hope to God I don't super-regret selling it, even if my 2012 version with 57K mileage is now worth a miserable £18.2K. This despite being as good as new. Sadly though, it can only continue to decline in desirability as its successor will be launched at the next Frankfurt show.

On another tack, I haven't yet fallen into the finance trap, at least not yet lol. I have preferred instead to have enjoyed a succession of beautiful cars knowing they are all paid for, once I could afford them. If you like, as a reward for hard graft and toil at work. Not, as it seems elsewhere, as status symbols whose cost seems to sit at odds to the very houses they are actually parked outside!! It seems extraordinary to me to see Porsches or £85K Range Rovers sitting in the driveways of homes which, as we have seen here, look barely more valuable! I understand what being a petrolhead is but this juxtaposition between expensive car, and crummy house, I think takes things to extremes. All too common these days I fear. You are right though, it is all about simple "desirability". Priorities too. Yet, the availability of cheap finance shores up massive future disruption for the financial services industry, based on huge levels of "never-never" personal debt. If it gets out of hand, as surely it will, it threatens the whole of our car industry too, particularly at this time of massive political uncertainty.

Maybe I'm just old fashioned ! Actually, I probably am.

 

[Rob]

PCP is like any other loan really, but if you try and change it part way through you need to have paid enough off so that your outstanding loan amount is less than the trade in price of the car, if it's not you'll end up with an additional cost to pay. So in this case say he had £20k outstanding in payments but the trade in price was only £17.5k.

That factored in with the Velar's demand and likely waiting list means they are unlikely to offer any deals I'm afraid.

 

[Lancer]

Is the offer I have received from a LR main dealer of 5.9% rather than 6.9% on a PCP not a 'deal"?

 

[VelarMan]

Lancer were you offered 5.9% on a Velar and was it through JLR finance or another broker?

 

[Lancer]

JLR finance from a main dealer.

 

[VelarSam]

Had our Velar on order since they first came out, with the intent to trade in our 65 Evoque in the process (on PCP finance). Had a great test drive and dealer advised that car is built, in the factory parking lot and should be release for collection on the 1st of September.

Unfortunately, things went a bit down hill from there as they were calculating that we would be ~£2.5k short on old car, based on what he thought he could do. When we first looked into the Velar, we were about £1k short, and the positive message was that hopefully with a few more payments, we will break even on it.

There was no chance I was going to pay that much extra for the new car, so asked the dealer to find the £2.5k somewhere in the deal, or at least get it closer than where it was.

In the end, nothing was really forthcoming so I walked away with a deposit refund. Hopefully someone else will be able to benefit from the car being literally ready to order / collect brand new, but for me it stopped making fiscal sense so had to walk away.

Maybe another time it will add up more, it does not seem like waiting lists are quite as long as when the Evoques first came out, and maybe waiting another couple of years will mean I can get more of a contribution out of the old car, rather than just handing it back.

Its great to see you all getting your cars, or committed dates and will look forward to following your feedback.

I'll be back at the dealers in the future no doubt, just a shame they couldn't meet up on the total cost of the deal price in the end.

Very sorry to hear this. If you definitely won't be proceeding, I would be interested in finding out the spec of the car as I may be interested (if it's still available that is).