To buy, or not to buy (a new car)

Sorry to jump into this thread, but I did not wish to start a new one and duplicate what's being discussed here.

I have a Mazda 2 GTI Sports etc etc nearly 3 years old. Nearly 12,000 miles on the clock. (approx 4,000 each year).

I brought it via the Griffin/MoD/Blue Light/CSMA deal and paid cashed.

Car supplied via the local Mazda garage.

No issues other than trying to purchase a new full size spare wheel.

Looking to sell and buy a new car with a little more interior room (carrying the Grand Kids/car seats etc).

Looked at a new Mazda 3 which I like.

Dealer suggest buying it with a PCP Contract.

Deal is:

Car new on the road £27,425.00

Deposit of £3,500

Mazda Contribution of £1,500

Amount of credit £22,425.00

Total charge for credit (over 36 months) £2003.34 (2.01%,3.9% APR)

Repayment of £364.19 a month (36 month)

(Outstanding owed at the end £11,317.50)

Guaranteed future value is £11,317.50 (same as outstanding credit)

Able to sell the car back to the dealer at the 3 year point for £11,317.50 plus????

But if I keep the car over 3 years and sell back at ONLY £11,317.50, it appears to be an expensive way of buying a new car. i.e. It has COST me £16,107.50 plus servicing, running costs, etc.

Mazda 2, I currently owned cost £17,000.00 in 2019 (cash payment).

Been offered £14,000.00 by the tele ad company we buy your car and a very similar figure from the Mazda Main Dealer.

Therefore the Mazda 2 has cost me around £3,000.00 plus servicing, running costs, etc over the last 2 and a bit years.

Am I over thinking this proposed new purchased.

Other than buying outright with cash any other solutions out there, i.e. HP, Bank Loan, PCL, etc.

Confused from Milton Keynes!!!!!

(Worse case situation I keep the Mazda 2 for another few more years and the Grand Kids go on a diet)

Edit: I have looked at electric cars but decided to wait for a few more years until the miles per battery charge is increased.
 
Last edited:

FrosteeMARIA

LE
Gallery Guru
Surprised that there's no 0% apr offered, dealerships are struggling to get new cars out the door. Maybe a negotiating point? I doubt that you'd get a lower apr with a bank loan though.
 

Robme

LE
Have you thought about a hybrid? Could you get one?
I took delivery of a Hyundi Ioniq Permium a month ago, visited the outlaws for a brief holiday and so far around 850 miles done. £70 worth of fuel since picking it up, which according to my calculations is 11gallions of fuel or 77mpg. Not bad in my estimation.
have to say, it’s all a bit complicated to get to grips with, as it has all manner of mod-coms, but it’s a three year deal so plenty of time to get to grips with it.
it also has the most amazing Cruise Control, I’ve ever come across. Not only does it keep me speed legal, but in traffic slows me down and speeds up as the flow of traffic ebbs and flows. It also has light control over the steering following the white lines, although if you take your hands of the wheel Tesler style, then you told off . Hope this helps
 
Sorry to jump into this thread, but I did not wish to start a new one and duplicate what's being discussed here.

I have a Mazda 2 GTI Sports etc etc nearly 3 years old. Nearly 12,000 miles on the clock. (approx 4,000 each year).

I brought it via the Griffin/MoD/Blue Light/CSMA deal and paid cashed.

Car supplied via the local Mazda garage.

No issues other than trying to purchase a new full size spare wheel.

Looking to sell and buy a new car with a little more interior room (carrying the Grand Kids/car seats etc).

Looked at a new Mazda 3 which I like.

Dealer suggest buying it with a PCP Contract.

Deal is:

Car new on the road £27,425.00

Deposit of £3,500

Mazda Contribution of £1,500

Amount of credit £22,425.00

Total charge for credit (over 36 months) £2003.34 (2.01%,3.9% APR)

Repayment of £364.19 a month (36 month)

(Outstanding owed at the end £11,317.50)

Guaranteed future value is £11,317.50 (same as outstanding credit)

Able to sell the car back to the dealer at the 3 year point for £11,317.50 plus????

But if I keep the car over 3 years and sell back at ONLY £11,317.50, it appears to be an expensive way of buying a new car. i.e. It has COST me £16,107.50 plus servicing, running costs, etc.

Mazda 2, I currently owned cost £17,000.00 in 2019 (cash payment).

Been offered £14,000.00 by the tele ad company we buy your car and a very similar figure from the Mazda Main Dealer.

Therefore the Mazda 2 has cost me around £3,000.00 plus servicing, running costs, etc over the last 2 and a bit years.

Am I over thinking this proposed new purchased.

Other than buying outright with cash any other solutions out there, i.e. HP, Bank Loan, PCL, etc.

Confused from Milton Keynes!!!!!

(Worse case situation I keep the Mazda 2 for another few more years and the Grand Kids go on a diet)

Edit: I have looked at electric cars but decided to wait for a few more years until the miles per battery charge is increased.
Up date on second hand car prices:

I was offered 14,000.00 a few weeks back by webuyanycar, now being offered £14,400.00.

Cars are sold on via cinch and a similar model to mine with similar mileage is being sold by cinch for £15,500.00.

Rate they are going up, I will be getting more back than I paid for it 3 years ago.

The second hand prices will crash once more new cars come into the country.
 

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