Lexus Luxury Motoring
So you’re looking for new car, but want quality for the money you spend. A long-standing customer Charles Lewis came to see us a few weeks ago saying that he wanted to get a new car, but was reluctant to be obligated to a PCP car buying deal. A PCP (Personal Contract Purchase) is the most popular method in the UK for motorists buying a new car & now accounts for 82% of all new cars bought in the UK.
Basically a PCP customer would pick a car they liked and sign a 3 year personal lease contract with a car dealer. There are a number of benefits to taking out a PCP deal when buying a new car. You can get flexible terms, with low monthly payments and usually a low APR interest rate. However, there are a few negatives also.
These include financial penalties for excess mileage and minor damage to the car, and also, it is often cheaper for you to take out a hire purchase agreement instead. You need to be fully armed with the facts when taking out a PCP.
Standard Lexus LS460
Not wanting to be tied to monthly repayments, Charles asked if we could suggest an alternative, and once we swung into action, he has never looked back. Being armed with roughly £10000.00, we suggested he bought a well maintained Luxury motor and used some of the money he’d have left over to customise the car to his liking.
Once Charles had considered his options, he decided to explore buying a luxury pre-owned car, so we found a few examples for him which he went to look at. He found a car he fell in love with and asked us to cast our expert eye over it before he committed to buying. The car was mint! It was a 2006 Lexus LS460 with full service history and with 87000 miles on the clock.
How a standard Lexux LS460 can look
Once we were happy with the condition of the car, Charles paid £6200.00 and asked for a further £2000.00 of customisations to be carried out by Autotek, and he’s never been happier. The car is as tight as the day it was first registered and only a Petrolhead would know it wasn’t the latest model.
We’ve found several other examples of motorists doing the same. Its great owning a new car, but depreciation means from the moment the car is delivered to you and hits the tarmac, it’s already worth less. There’s no right or wrong way to buy a new car, & we would always advise to do what suits you best, BUT there are some brilliant deals to be had.. If being tied to a monthly PCP repayment plan for a car you’ll probably never own seems a waste, then buying a much-loved, pre-owned Luxury Classic car should make absolute sense.
Luxury motoring better than new
Client: Charles Lewis
Date: 23rd October 2017