She is looking to pay for it herself and hasn't got enough to make a sizable deposit. At the moment we aren't in a position to help other than paying the insurance.
No need for big deposit, smaller is I fact recommended. Go to a Citroen garage ask about PCP - it's almost a lease. A chunk of the cars cost is defered to the end of the agreement.
3 options at the end.
1) pay that final figure and keep the car 2) hand the car back to the finance company and walk away from the agreement 3) part exchange the car. Anything the car is worth over and above that final figure will be used as deposit to start again.
Eg the car is worth 5k at the end and the final payment is 3k, you have 2k to use towards deposit.
Because of her age she will need a parental guarantor. Is she in employment?
Use CarWow google it. You put in what make of car and what car you want. They then put your details of name and car you're looking for and area you live for local dealers to contact (via a carwow inbox) with what deals they will offer you. No dealer can see others offers and they will all battle to win your business. They can knock off £1000+ from the cars price, offer free mats and tank of fuel etc. Give it a few days and you should have all the offers you need. You can message all dealers back and from that decide where you want to go for the car. Note that White cars are usually the cheapest as all other cars include the price on top for the car to be painted wherever you go. But over finance only adds £5 extra each month really.
No need for big deposit, smaller is I fact recommended. Go to a Citroen garage ask about PCP - it's almost a lease. A chunk of the cars cost is defered to the end of the agreement.
3 options at the end.
1) pay that final figure and keep the car 2) hand the car back to the finance company and walk away from the agreement 3) part exchange the car. Anything the car is worth over and above that final figure will be used as deposit to start again.
Eg the car is worth 5k at the end and the final payment is 3k, you have 2k to use towards deposit.
Because of her age she will need a parental guarantor. Is she in employment?
I have a new Hyundai i20 on PCP for 3 years. If looking to get a car on lease/finance, a PCP is probably the best way to do so as it gives you the options at the end of the agreement which are mentioned above.
It's important your daughter is in employment as you could potentially get all the way to the signing contracts, and the credit check fails; ending up with no car.
Most car dealers will have a PCP finance calculator on their official website. You can change and play around with how much deposit you want to put down, the length of contract and how many miles a year you would do. There's plenty to consider when getting a new car, especially on finance as of course, there is always an interest charge added on, unless you go with someone like Mazda who offer a 0% APR, or Vauxhall who are arguably leading the way with bargain offers at the moment for PCP deals.
Of course, you don't have to get a new car on PCP, it could work out cheaper for you going for one which is 2/3 years old, but most companies will throw in a deposit contribution on a new car with extensive warranty. With that, you could negotiate at getting free things, even a set of car mats is better than nothing! And if you're lucky they may even be kind enough to include a free of charge paint if she wanted a different colour.
Either way, have a good look around and work out what fits best for your personal situation. The different models will obviously have an effect on her insurance too, that's something to consider when putting a deposit down, budgeting is key.
Good luck and I'm sure you'll find the right car for your daughter.
No need for big deposit, smaller is I fact recommended. Go to a Citroen garage ask about PCP - it's almost a lease. A chunk of the cars cost is defered to the end of the agreement.
3 options at the end.
1) pay that final figure and keep the car 2) hand the car back to the finance company and walk away from the agreement 3) part exchange the car. Anything the car is worth over and above that final figure will be used as deposit to start again.
Eg the car is worth 5k at the end and the final payment is 3k, you have 2k to use towards deposit.
Because of her age she will need a parental guarantor. Is she in employment?
Ford used to do this, may still do so
Half the new cars in the country are bought this way...somebody check that statement...and you have to wonder why anybody would want to buy a new car outright these days...
Exactly, as soon as you take a new car off the forecourt it has lost 20% of what you paid just in VAT.
I've always heard this quoted but I've never seen it in reality. Pre regs don't tend to be that much cheaper once you factor in the loss of deposit contributions and free servicing etc.
Seems like it, although for some reason it is £400 cheaper to insure a new car than a 12 year old Micra
Because insurance companies view it that you are much more likely to treat a new car well and drive better in it than a rust bucket that cost £50 that you don't care about how you drive it or where you park it etc
Comments
Go to a Citroen garage ask about PCP - it's almost a lease. A chunk of the cars cost is defered to the end of the agreement.
3 options at the end.
1) pay that final figure and keep the car
2) hand the car back to the finance company and walk away from the agreement
3) part exchange the car. Anything the car is worth over and above that final figure will be used as deposit to start again.
Eg the car is worth 5k at the end and the final payment is 3k, you have 2k to use towards deposit.
Because of her age she will need a parental guarantor. Is she in employment?
It's important your daughter is in employment as you could potentially get all the way to the signing contracts, and the credit check fails; ending up with no car.
Most car dealers will have a PCP finance calculator on their official website. You can change and play around with how much deposit you want to put down, the length of contract and how many miles a year you would do. There's plenty to consider when getting a new car, especially on finance as of course, there is always an interest charge added on, unless you go with someone like Mazda who offer a 0% APR, or Vauxhall who are arguably leading the way with bargain offers at the moment for PCP deals.
Of course, you don't have to get a new car on PCP, it could work out cheaper for you going for one which is 2/3 years old, but most companies will throw in a deposit contribution on a new car with extensive warranty. With that, you could negotiate at getting free things, even a set of car mats is better than nothing! And if you're lucky they may even be kind enough to include a free of charge paint if she wanted a different colour.
Either way, have a good look around and work out what fits best for your personal situation. The different models will obviously have an effect on her insurance too, that's something to consider when putting a deposit down, budgeting is key.
Good luck and I'm sure you'll find the right car for your daughter.