New 0% APR PCP offers for MG4 - from £49/month!?

[Miles Roberts CG]

Hi all,

We've got some new 0% APR PCP offers available on the MG4. These are 24 month PCPs, based on 6k miles per annum, and a minimum deposit of 30% of the vehicle price.

Examples:

MG4 LR SE
List Price: £29,495.00
Chorley Group Price: £28,894.25
Customer Deposit: £10,000.00
24 Payments: £49.00
GFV: £17,718.25
0% APR
14.9ppm excess mileage fee

MG4 Trophy
List Price: £32,495.00
Chorley Group Price: £31,742.75
Customer Deposit: £11,000.00
24 Payments: £69.00
GFV: £19,086.75
0% APR
14.9ppm excess mileage fee

If interested, please call Burnley MG on 01282 507780 or Chorley MG on 01257 448899

 

[Sutts]

It's cheaper to lease. 24 months lease on a Trophy would cost £357.98 over 2 years.

This would cost:
£11000 initial payment, plus £1656 (24×£69) so £12656 in total, divided by 24 = £527.33 per month. Why is this attractive?

 

[Miles Roberts CG]

It's cheaper to lease. 24 months lease on a Trophy would cost £357.98 over 2 years.

This would cost:
£11000 initial payment, plus £1656 (24×£69) so £12656 in total, divided by 24 = £527.33 per month. Why is this attractive?

This is a better option for people who were thinking of keeping the car at the end of the term, perhaps they have a part exchange which is valued around £10k or so, and they want to spread some of the cost (at zero percent Apr) with the safety net of a gfv if they think their circumstances could change in a couple of years time. Rather than a cash purchase where you've tied up all of your capital immediately, or a bank loan where you'd pay interest. You're likely to have some equity after those 2 years too.

If you lease, you don't have any option of ownership, and you won't have any equity in it at the end of the term.

 

[Sutts]

Perhaps I have missed an initial payment on the lease? OK, maybe not so bad.

 

[Sutts]

Thanks for the reply and good luck in selling a few!

 

[Monty]

Hi all,

We've got some new 0% APR PCP offers available on the MG4. These are 24 month PCPs, based on 6k miles per annum, and a minimum deposit of 30% of the vehicle price.

Examples:

MG4 LR SE
List Price: £29,495.00
Chorley Group Price: £28,894.25
Customer Deposit: £10,000.00
24 Payments: £49.00
GFV: £17,718.25
0% APR
14.9ppm excess mileage fee

MG4 Trophy
List Price: £32,495.00
Chorley Group Price: £31,742.75
Customer Deposit: £11,000.00
24 Payments: £69.00
GFV: £19,086.75
0% APR
14.9ppm excess mileage fee

If interested, please call Burnley MG on 01282 507780 or Chorley MG on 01257 448899

It’s a tempting offer ! I am in two minds about just getting the Trophy or waiting for the extended or dual motor range !

 

[Sutts]

I guess the payments to be made of £12656 over 2 years would be no more than the depreciation on the car. I suppose if you had a car worth 10k as a deposit it would be worth doing, if you could cope with the fact that in 24 months, you have nothing left. Ok, there might be a little to come back from the gfv and maybe that could be the deposit on the next one...and essentially that's how it works.

I had PCPs a few years ago and if you are working, it's all ok, but if you are nearing retirement, it's not such a good idea...but yeah, this is a good way into a new electric car.

 

[Monty]

I guess the payments to be made of £12656 over 2 years would be no more than the depreciation on the car. I suppose if you had a car worth 10k as a deposit it would be worth doing, if you could cope with the fact that in 24 months, you have nothing left. Ok, there might be a little to come back from the gfv and maybe that could be the deposit on the next one...and essentially that's how it works.

I had PCPs a few years ago and if you are working, it's all ok, but if you are nearing retirement, it's not such a good idea...but yeah, this is a good way into a new electric car.

The way I view it is that there is zero interest charged. Honda are charging 8.9% APR and most others 7.99%. For any type of deal involving credit, now is not the right time, in a year (or two) from now these rates may have halved. Unless you pay cash, this deal with 0% APR translates into a significant discount.

My thoughts on the MG4 is that it’s such an attractive proposition it will flood the market and 2nd hand values will fall. Six months back I got a Nissan Quashqai Tekna list price £38.5k, it’s such a popular car that after 6 months it’s now worth £28k at best and as low as £26k with 3k miles on the clock and as new, whilst this may tail off it shows that depreciation will always hit popular cars !

 

[Sutts]

I think that there is an element of profiteering in EV sales at the moment and at some point soon the prices will have to fall dramatically. I saw a Fiat 500 EV on Autotrader for 36k! A Fiat 500 with a battery cannot possibly be worth 36k! Given that the car is like 16k with an engine (and that alone is a saving!) it just doesn't seem to equate. Who on earth would pay so much for such a basic car?

 

[KH11]

This is a better option for people who were thinking of keeping the car at the end of the term, perhaps they have a part exchange which is valued around £10k or so, and they want to spread some of the cost (at zero percent Apr) with the safety net of a gfv if they think their circumstances could change in a couple of years time. Rather than a cash purchase where you've tied up all of your capital immediately, or a bank loan where you'd pay interest. You're likely to have some equity after those 2 years too.

If you lease, you don't have any option of ownership, and you won't have any equity in it at the end of the term.

It is tempting but what are you allowed to do to the car? I was thinking when I get one that I would get the body protected with ceramic coating etc. can you do that on a PCP deal?

 

[IanMK]

can you do that on a PCP deal?

I don't see why not. Plenty of dealers sell (high margin) paint protection as an add-on with such sales.

 

[KH11]

I don't see why not. Plenty of dealers sell (high margin) paint protection as an add-on with such sales.

Never done PCP before so not sure of limitations as to what you can do. I was thinking when I go for a MG4 of a mixture of a car loan and a raid of my pension pot and I would have a car to part exchange. I was intending keeping the car and getting the body protection because of this intention. I can see the attraction of the deal being offered as I wouldn’t have to raid the pot or get a loan at least for 2 years as my part exchange would cover quite a bit of the deposit.

If after the 2 years I was happy with the car I am assuming the final payment would be what is shown as the GFV.

 

[RobQuads]

If after the 2 years I was happy with the car I am assuming the final payment would be what is shown as the GFV.

Yup at the end of the deal you either pay the final payment and it's yours or hand back. Normally the GFV is lower than the real value because this means a) your loan is for more thus more profit and b) when you come to get your next car there is equity to give you a deposit on the next car but when its 0% it really makes no difference. its a no brainer if you have got the money. You would be even better taking out a small loan to get the deposit to get 0% on the main bulk of the loan

 

[Buchanty]

I think that there is an element of profiteering in EV sales at the moment and at some point soon the prices will have to fall dramatically. I saw a Fiat 500 EV on Autotrader for 36k! A Fiat 500 with a battery cannot possibly be worth 36k! Given that the car is like 16k with an engine (and that alone is a saving!) it just doesn't seem to equate. Who on earth would pay so much for such a basic car?

I couldn't agree more. Mind you, I've never understood why someone would want the RHD variant that doesn't accommodate the driver's left foot!

 

[Sutts]

I had my two week old MG 4 valued at 17k at that very point in time!! They must know what they are doing with these gfv's, but they seem a bit over-generous to me.

Still, if you are about to pay cash for an MG4, this is quite a good deal if you are going to keep it for some time. Might as well keep the other 20k in the bank earning 4% interest for the 2 years.

I had a Hyundai Kona EV and a Peugeot 206 EV and the Peugeot was a lovely little car, just that the range was not really good enough.

 

[KH11]

I had my two week old MG 4 valued at 17k at that very point in time!! They must know what they are doing with these gfv's, but they seem a bit over-generous to me.

Still, if you are about to pay cash for an MG4, this is quite a good deal if you are going to keep it for some time. Might as well keep the other 20k in the bank earning 4% interest for the 2 years.

I had a Hyundai Kona EV and a Peugeot 206 EV and the Peugeot was a lovely little car, just that the range was not really good enough.

I suppose it depends on what you intend doing after the 2 years if you intend keeping the car then 17k is less to pay for it than 19k.

 

[bowfer]

As someone who’s done both, I’d recommend PCP over lease any day.
With a lease, you’re really stuck with the car for the duration or face penalties.
With PCP the car is yours and you’re free to sell it any time you want, as long as you settle the finance.
You may even end up with equity even though you’re settling early, I did on my polo GTi and Leaf 40.
This freedom to sell is very important and a valuable distinction if the car is a pain or you just get fed up of it.

 

[KH11]

Hi all,

We've got some new 0% APR PCP offers available on the MG4. These are 24 month PCPs, based on 6k miles per annum, and a minimum deposit of 30% of the vehicle price.

Examples:

MG4 LR SE
List Price: £29,495.00
Chorley Group Price: £28,894.25
Customer Deposit: £10,000.00
24 Payments: £49.00
GFV: £17,718.25
0% APR
14.9ppm excess mileage fee

MG4 Trophy
List Price: £32,495.00
Chorley Group Price: £31,742.75
Customer Deposit: £11,000.00
24 Payments: £69.00
GFV: £19,086.75
0% APR
14.9ppm excess mileage fee

If interested, please call Burnley MG on 01282 507780 or Chorley MG on 01257 448899

Are these in stock cars or to order. If they are to order what is the turn around time.