MY24 Yaris Cross

[Yugguy1970]

I'm a fan of PCP however I may duck out as a) I can warranty my 3 year old car for another 7 years and b) a new RAV is hideously expensive and interest rates are high.  My Excel AWD has everything I want in a car, so I am very minded to keep it until it's 10 years old.

[Rhymes with Paris]

2 hours ago, Stopeter44 said:

Bangernomics ? I love it! It's the word of 2023, mind you one has to wonder if we're talking about the price of sausages, or something else 🤔

I cannot claim originality on the bangernomics word though, some may remember a printed car magazine in the 80s called "buying cars".

And instead of just mega bucks brand new car reviews in it, there was a lot of useful stuff across the whole range of car subjects, including running older cars for very little money.

Quentin Wilson was one of the writers.

Shame it disappeared, it saved me a lot of money.

More recently the HJ website used to be very good for information too, but sadly now hardly worth reading IMO.

[dcweather]

I'm sure each method of purchase has its own advantages except I don't see buying a brand new car outright over buying via a PCP has any advantages?

[Mojo1010]

Interest on PCP payments. My interest rate were 9.9%, over 24 months PCP cost approx £2400 in interest, in my case on 14500 loan. Paid it all off as planned to save on the interest.

[Stopeter44]

15 hours ago, Mojo1010 said:

My interest rate were 9.9%

Yikes, I'd run away from that, too! I financed my Yaris over 5 years with my own money, that is, I put a fixed amount into my savings account every month to cover what I borrowed from myself to buy the car. At the time even with interest rates at about 2% IIRC, I calculated I would be better off doing it that way. 

[anchorman]

A pcp is a good way to buy a car as long as the terms are reasonable.  It gets people into a modern car with all the latest safety features and a clean efficient engine.  It also should (we know this isn’t always true Toyota) does away with replacement batteries, exhaust and MOT.  Whether it is a good deal depends on the interest rate and any other incentives.  For instance, you can have a 5.9% deal but then if you take Lexus at the time of doing mine, had a £2000 loyalty payment and a £2000 dealer contribution.  That £4000 can equal zero interest if you choose the right payment period.  It never ceases to amaze me how many people fall into the monthly payment trap.  It’s so naive to think you’re getting a new car for nothing because the payments stay the same or nearly the same. You are going to pay for it somewhere without any doubt.  The only thing that matters is the amount of interest you’ll pay, not the payments because as sure as eggs are eggs, if the payments stay the same, either the length of time you pay or the final payment will change and if you weren’t watching carefully any equity you have in the car won’t pay the final payment leaving you with a big bill at the end or no deposit on the next car.  You can see the effects in the “choose different terms” calculator that accompanies any example.  The lowest interest you’ll pay is with the maximum deposit and the shortest term and if you don’t want to be hit with a final big bill, choose the highest annual mileage - usually 40k.  If you lower the deposit or extend the period the net result is more interest or bigger final payment.  So you can make 5.9% zero interest if the incentives cover and you choose the right plan but if you get lured in with a new car for the same payment which is dead easy to manipulate by the daftest salesman, what you need to know is how much interest you’re going to pay.  It might be you are satisfied and it gets you the new car with the benefits above but just be aware of it and if you are offered an early new car at the same payments you WILL be paying for it somewhere.   Now having said all that, if you choose to play the cheap banger game, don’t be wittering about emissions charging because you can’t have your cake and eat it either.  All these victims around the cities that are being penalised as they claim can either shut up and put up the charges or get a cleaner car and it doesn’t matter where your elected lefty governor has stashed the money, if it deters you from running round a city in an unnecessarily smoky vehicle, it worked.  The lefty wet blanket in Manchester threatened many of us into cleaner cars but then sat on the fence after seeing the effect on London.  More draped over the fence for a spineless wimp.  

[Graham47]

10 minutes ago, anchorman said:

choose the highest annual mileage - usually 40k.

Do Toyota FS ‘penalise’ you for claiming a far higher mileage than you actually do ?
What happens at the end of the term ?

[Mojo1010]

19 minutes ago, Graham47 said:

Do Toyota FS ‘penalise’ you for claiming a far higher mileage than you actually do ?
What happens at the end of the term ?

No. 

End of term: 

1. Pay balloon payment and you now own the car

2. Use any equity towards another car

3. Hand the car back 

 

[Gren]

I think annual mileage is the interesting thing.  Years ago I got a new company car, which I was told at the time was leased for 3 years and 60,000 miles.  I said "you do know where I live?  I'm about 22,000 miles a year just to commute to work", and was told, don't worry, it's ok.

Fast-forward 3 years, new HR woman: "your car goes back to the leasing company at the end of the week, can you tell me the mileage?".  And I said "yes, that's easy, I had it MOTd yesterday, it's got 98,000 on the clock". 

Needless to say the company wasn't amused, at 7p/mile penalty!  But I was looking for a new job anyway, and I bought the car quite cheaply off the leasing company and ran it to 12 years old and 212,000 miles before giving it to a family member.    It never gave me a day's bother in all these miles, not bad for a Vauxhall.

[Bob66]

10 hours ago, anchorman said:

A pcp is a good way to buy a car as long as the terms are reasonable.  It gets people into a modern car with all the latest safety features and a clean efficient engine.  It also should (we know this isn’t always true Toyota) does away with replacement batteries, exhaust and MOT.  Whether it is a good deal depends on the interest rate and any other incentives.  For instance, you can have a 5.9% deal but then if you take Lexus at the time of doing mine, had a £2000 loyalty payment and a £2000 dealer contribution.  That £4000 can equal zero interest if you choose the right payment period.  It never ceases to amaze me how many people fall into the monthly payment trap.  It’s so naive to think you’re getting a new car for nothing because the payments stay the same or nearly the same. You are going to pay for it somewhere without any doubt.  The only thing that matters is the amount of interest you’ll pay, not the payments because as sure as eggs are eggs, if the payments stay the same, either the length of time you pay or the final payment will change and if you weren’t watching carefully any equity you have in the car won’t pay the final payment leaving you with a big bill at the end or no deposit on the next car.  You can see the effects in the “choose different terms” calculator that accompanies any example.  The lowest interest you’ll pay is with the maximum deposit and the shortest term and if you don’t want to be hit with a final big bill, choose the highest annual mileage - usually 40k.  If you lower the deposit or extend the period the net result is more interest or bigger final payment.  So you can make 5.9% zero interest if the incentives cover and you choose the right plan but if you get lured in with a new car for the same payment which is dead easy to manipulate by the daftest salesman, what you need to know is how much interest you’re going to pay.  It might be you are satisfied and it gets you the new car with the benefits above but just be aware of it and if you are offered an early new car at the same payments you WILL be paying for it somewhere.   Now having said all that, if you choose to play the cheap banger game, don’t be wittering about emissions charging because you can’t have your cake and eat it either.  All these victims around the cities that are being penalised as they claim can either shut up and put up the charges or get a cleaner car and it doesn’t matter where your elected lefty governor has stashed the money, if it deters you from running round a city in an unnecessarily smoky vehicle, it worked.  The lefty wet blanket in Manchester threatened many of us into cleaner cars but then sat on the fence after seeing the effect on London.  More draped over the fence for a spineless wimp.  

Zero interest....you're having a laugh.....the loyalty bonus was paid ...whichever way that you bought the car....so was just a lure , but really only a discount.  The only way to get a better deal, was to take their PCP....its incentive + loyalty money...then pay off asap...thus not accruing interest on balance.

[Cyker]

Funnily enough I had a call from the dealer trying to sell me another car as my PCP is coming to the end - I enquire about the new model with the 130 engine and HUD, but they thought the Premiere edition was only available in blue when I asked what was the extra cost of it in silver, and said it wasn't likely to arrive here until March 2024 and that they didn't think they were going to get any demo models for me to look at.

Because of the high cost of the new car, the PCP interest, and the reduction in equity on mine from the above average mileage, my payments would have doubled and I'd have to buy the car blind.

This is not very enticing...

 

[Bob66]

23 minutes ago, Cyker said:

Funnily enough I had a call from the dealer trying to sell me another car as my PCP is coming to the end - I enquire about the new model with the 130 engine and HUD, but they thought the Premiere edition was only available in blue when I asked what was the extra cost of it in silver, and said it wasn't likely to arrive here until March 2024 and that they didn't think they were going to get any demo models for me to look at.

Because of the high cost of the new car, the PCP interest, and the reduction in equity on mine from the above average mileage, my payments would have doubled and I'd have to buy the car blind.

This is not very enticing...

 

Was he offering a Cross?  I spoke to my local dealer today....no orders being taken as yet for the 130 engine Cross....and apparently the Premier Edition...will only be available in Khaki Urban colour.

[Cyker]

Oh sorry, no, it was for the non-Cross (Forgot this was the cross thread  )

AFAIK the cross will be out later, after the new Yaris so more waiting I'm afraid!

[anchorman]

3 hours ago, Bob66 said:

Zero interest....you're having a laugh.....the loyalty bonus was paid ...whichever way that you bought the car....so was just a lure , but really only a discount.  The only way to get a better deal, was to take their PCP....its incentive + loyalty money...then pay off asap...thus not accruing interest on balance.

That’s what I said 🤷🏻‍♂️

[Bob66]

23 hours ago, anchorman said:

 For instance, you can have a 5.9% deal but then if you take Lexus at the time of doing mine, had a £2000 loyalty payment and a £2000 dealer contribution.  That £4000 can equal zero interest if you choose the right payment period.  It never ceases to amaze me how many people fall into the monthly payment trap

Oh no ...you didn't .

[Cyker]

Alright chaps it's not Panto season yet!!  

 

 

[anchorman]

9 hours ago, Bob66 said:

Oh no ...you didn't .

Oh no you didn’t what?

[Rhymes with Paris]

2 hours ago, Cyker said:

Alright chaps it's not Panto season yet!!  

 

 

Oh yes it is.😃

Widow t****y is in full flow apparently.

 

[dcweather]

On 12/4/2023 at 5:57 PM, Stopeter44 said:

Yikes, I'd run away from that, too! I financed my Yaris over 5 years with my own money, that is, I put a fixed amount into my savings account every month to cover what I borrowed from myself to buy the car. At the time even with interest rates at about 2% IIRC, I calculated I would be better off doing it that way. 

Could well be in some cases. But not everybody can finance maybe £25k, the full cost of the car and then driip feed back into a savings account. Did you calculate that if you drip feed that amount over 5 years you will only get 3% over 5 years instead of 6% you would get if you didn't lay out the capital?  Alot of people miss that because you are starting the drip from zero. If the price of the Yaris was say 25K my experience is that they are not intersted in a cash discount. On a PCP plan if you got through a broker you would get a little or no dealer contribution with an 0% interest deal and then the broker discount. If  you get an interest deal you will get a dealer contribution as well plus the brokers discount giving at least 10% off the RRP price... Of course you don't really get it back because the interest rate brings the total cost back up to near the RRP. But if you only keep the car for the term you will only pay the depreciation. Because they want you to come back again they usually under estimate the depreciation so you usually end up with at least a couple of grand equity. You then sell the car through Motorway (not the dreadfull WBACD.C) or sell it privately and have your deposit ready to go again. I've done this for he last 9 years approx and have paid £250-£335 p.m (One was an Audi A3!) and I have had 4 new cars and not touched any of my savings. (Admittedly I got lucky during Covid when 2 year old cars kept their price more than normal) It's also wise to put less mileage than you normally do (within in reason) as it keeps the monthly payments down and it makes no differenc if you don't give it back and sell it yourself.
Like I said,it might not work for you if you like to keep your cars a long time or work your finances differently.

[dcweather]

On 12/5/2023 at 10:05 AM, anchorman said:

A pcp is a good way to buy a car as long as the terms are reasonable.  It gets people into a modern car with all the latest safety features and a clean efficient engine.  It also should (we know this isn’t always true Toyota) does away with replacement batteries, exhaust and MOT.  Whether it is a good deal depends on the interest rate and any other incentives.  For instance, you can have a 5.9% deal but then if you take Lexus at the time of doing mine, had a £2000 loyalty payment and a £2000 dealer contribution.  That £4000 can equal zero interest if you choose the right payment period.  It never ceases to amaze me how many people fall into the monthly payment trap.  It’s so naive to think you’re getting a new car for nothing because the payments stay the same or nearly the same. You are going to pay for it somewhere without any doubt.  The only thing that matters is the amount of interest you’ll pay, not the payments because as sure as eggs are eggs, if the payments stay the same, either the length of time you pay or the final payment will change and if you weren’t watching carefully any equity you have in the car won’t pay the final payment leaving you with a big bill at the end or no deposit on the next car.  You can see the effects in the “choose different terms” calculator that accompanies any example.  The lowest interest you’ll pay is with the maximum deposit and the shortest term and if you don’t want to be hit with a final big bill, choose the highest annual mileage - usually 40k.  If you lower the deposit or extend the period the net result is more interest or bigger final payment.  So you can make 5.9% zero interest if the incentives cover and you choose the right plan but if you get lured in with a new car for the same payment which is dead easy to manipulate by the daftest salesman, what you need to know is how much interest you’re going to pay.  It might be you are satisfied and it gets you the new car with the benefits above but just be aware of it and if you are offered an early new car at the same payments you WILL be paying for it somewhere.   Now having said all that, if you choose to play the cheap banger game, don’t be wittering about emissions charging because you can’t have your cake and eat it either.  All these victims around the cities that are being penalised as they claim can either shut up and put up the charges or get a cleaner car and it doesn’t matter where your elected lefty governor has stashed the money, if it deters you from running round a city in an unnecessarily smoky vehicle, it worked.  The lefty wet blanket in Manchester threatened many of us into cleaner cars but then sat on the fence after seeing the effect on London.  More draped over the fence for a spineless wimp.  

What you say is true but it is based on somebody wanting to keep the car. But the case I was putting out was for somebody who wants to change their car at the end of the term. In this case you put in a low mileage figure which can considerably reduce the monthly payments and is only checked if you offer it back to the Finance Company at the end which youshouldneverdounless youhave negative equity. For example, my Yaris Cross Excel with City pack is going to be £262 p.m from my local main dealer who matched the Car Wow deal. That is with a 6k deposit funded by 4k equity from my previous over a 30 month period. I  don't have a mortgage anymore so this is like my new mortgage. I always drive a new car that is going to be at a known total cost of a relatively low deposit and £250-350 per month with just the cost of 1 or 2 services and 1-2 years road tax. So £4k per year.

[anchorman]

3 hours ago, dcweather said:

What you say is true but it is based on somebody wanting to keep the car. But the case I was putting out was for somebody who wants to change their car at the end of the term. In this case you put in a low mileage figure which can considerably reduce the monthly payments and is only checked if you offer it back to the Finance Company at the end which youshouldneverdounless youhave negative equity. For example, my Yaris Cross Excel with City pack is going to be £262 p.m from my local main dealer who matched the Car Wow deal. That is with a 6k deposit funded by 4k equity from my previous over a 30 month period. I  don't have a mortgage anymore so this is like my new mortgage. I always drive a new car that is going to be at a known total cost of a relatively low deposit and £250-350 per month with just the cost of 1 or 2 services and 1-2 years road tax. So £4k per year.

Yes you can play with the numbers in the finance calculator.  👍

[anchorman]

6 hours ago, dcweather said:

Could well be in some cases. But not everybody can finance maybe £25k, the full cost of the car and then driip feed back into a savings account. Did you calculate that if you drip feed that amount over 5 years you will only get 3% over 5 years instead of 6% you would get if you didn't lay out the capital?  Alot of people miss that because you are starting the drip from zero. If the price of the Yaris was say 25K my experience is that they are not intersted in a cash discount. On a PCP plan if you got through a broker you would get a little or no dealer contribution with an 0% interest deal and then the broker discount. If  you get an interest deal you will get a dealer contribution as well plus the brokers discount giving at least 10% off the RRP price... Of course you don't really get it back because the interest rate brings the total cost back up to near the RRP. But if you only keep the car for the term you will only pay the depreciation. Because they want you to come back again they usually under estimate the depreciation so you usually end up with at least a couple of grand equity. You then sell the car through Motorway (not the dreadfull WBACD.C) or sell it privately and have your deposit ready to go again. I've done this for he last 9 years approx and have paid £250-£335 p.m (One was an Audi A3!) and I have had 4 new cars and not touched any of my savings. (Admittedly I got lucky during Covid when 2 year old cars kept their price more than normal) It's also wise to put less mileage than you normally do (within in reason) as it keeps the monthly payments down and it makes no differenc if you don't give it back and sell it yourself.
Like I said,it might not work for you if you like to keep your cars a long time or work your finances differently.

I sold my Lexus to WBAC and they were fantastic.  I admit it was when car prices were high but when I took it he explained that every car was ranked from one to five, one being absolutely as new.  He said every online quote was priced as a two and you were allowed two smart repairs in that valuation.  As long as it was as described they just coughed up and only deducted when there were more than two smart repairs.   Five smart repairs dropped it down to three and so on.  He actually phoned the office and pushed mine up to a one and increased my valuation so I got £4000 less than I’d paid two years earlier.  I was delighted with it and it was £3500 more than the dealer offered who was desperate for second hand cars.  The only time WBAC are dreadful are when owners mis describe their cars.  There was a woman there when I took mine kicking off because he’d knock £500 off her valuation.  I would have knocked more off because the idle so and so couldn’t even be bothered washing it but you could see scrapes on it and every wheel wanted refurbishing.  

[Stopeter44]

15 hours ago, dcweather said:

Could well be in some cases. But not everybody can finance maybe £25k, the full cost of the car and then drip feed back into a savings account.

I caught the drift of your post. Interest rates were significantly lower, and other than speculating on the stock market, I didn't see a better option. I used a spreadsheet to see where I would be after say a 3 year plan, and it looked better to me. Yes, I was able lay out the cash, which I am well aware that not everybody can do. When I was (much) younger I put myself into serious debt wrt cars.

[dcweather]

20 hours ago, Stopeter44 said:

I caught the drift of your post. Interest rates were significantly lower, and other than speculating on the stock market, I didn't see a better option. I used a spreadsheet to see where I would be after say a 3 year plan, and it looked better to me. Yes, I was able lay out the cash, which I am well aware that not everybody can do. When I was (much) younger I put myself into serious debt wrt cars.

Yes, back in the day I used to dread having to change car due to the financial impact, not so now, a much more positive experience and the buyer is so much more in control. As they say, " money goes to money". !

[chazbri]

Any one had a Cross delivered recently or information about current lead times? I ordered a X GR on 24 Aug and was given an estimated delivery date of 31 Dec but as there's no movement from processing order on the app and with French Christmas holidays about to begin I think that estimate is optimistic to say the least.