Current Toyota Finance Options

[Benn1991]

At some point in the near future I would ideally like to swap my 2022 Corolla GR Hatchback for a Corolla Touring Sports (Design spec most likely). My current car was bought when there was 0% APR PCP available so I am hoping there should be some equity in it..

 

My local dealer is stating that until 30th September 2024 they are offering £2650 deposit contribution and 2.9% APR. I appreciate this is still a low percentage however the price of the vehicles has risen massively in the last couple of years.

Will 0% APR ever return? And after 30th September, are the offers likely to be any better? Can anyone advise what the usual pattern of offers is like? I am trying to gauge when is the best time to approach them to negotiate a new deal.

 

[FROSTYBALLS]

Depends what happens with the Bank of England base rate, etc. It is thought there may be a small percentage reduction announced today, but probably not enough to affect car finance much.

Come offers after 30th September, who knows?

[forkingabout]

Until Toyota see sales drop down they have no incentive to drop the finance rate on a certain model range. 

FWIW Toyota currently have 0% finance available on the bZ4X - I wonder why that is? 🤔

Anyone would think that Toyota are struggling to sell them. 

[Red_Corolla]

The deposit contribution might  actually be worth more than a 0% finance rate if you do the maths. The important thing is not to let the dealer try and use it to worm out of offering any discount on the sale price. Never, ever agree to pay full list price on a new car - aim for around 10% off and use carwow to find out what the benchmark deals are.

The best point to negotiate a new deal? Financially, that would be when the wheels fall off the one you're driving now!😆

[trashman1965]

5 minutes ago, Red_Corolla said:

The deposit contribution might  actually be worth more than a 0% finance rate if you do the maths. The important thing is not to let the dealer try and use it to worm out of offering any discount on the sale price. Never, ever agree to pay full list price on a new car - aim for around 10% off and use carwow to find out what the benchmark deals are.

+1

 

Carwow usually quotes including any deposit contributions, but however you get there, talk new car price first, then part ex deal if applicable then finance/incentives. If they are cagey or slow go elsewhere. Plenty of dealers who want your business and happy to do a deal.

Be clear up front that you are keen to buy, want the best they can offer first time and carwow is your starting point. Get carwow quotes ahead of time and use as a lever to get them to match or come super close to the best deal. 

[fred88]

I bought a new VW Passat from a non Carwow VW dealership who agreed to price match Carwow. Couldn't really afford a new one but got it for the same price as a one year old. Think I got lucky too cos they were reeling a bit from the emissions scandal too. Tried the same with my current Corolla but nothing like the same discount through Carwow, so had to settle for a one year old. Very happy with the car though.

[sportse]

I've bought two cars from carwow now, both came from main dealers using the site.

It's easy to compare the prices, and any finance discounts/etc. currently available.

Most times the offers I've found to be similar, but you do get dealers needing to hit a target/get rid of stock who offer better deals occasionally.

[TonyHSD]

Bz4x sells well only on Nhs fleet and similar company car sites and make sense really. Although this is the worst new Toyota to buy privately, there are still some people who buy them. 

[Cyker]

I think the perceived increase in EV sales is driven primarily by fleet purchases - Private ownership is not doing so well depending on what sources you read...

I am curious to see some of the new models they've touted on the horizon - The 3-4x the range they claim would do me, esp. if they can fit it in a Yaris and not another behemoth road-boat  

[Red_Corolla]

2 hours ago, Cyker said:

I think the perceived increase in EV sales is driven primarily by fleet purchases - Private ownership is not doing so well depending on what sources you read...

I am curious to see some of the new models they've touted on the horizon - The 3-4x the range they claim would do me, esp. if they can fit it in a Yaris and not another behemoth road-boat  

I think the EVs are coming along now - Teslas seem to be everywhere and there's more and more charging points being installed. I'm intending to stick with what I have for now but, when I do make the move away from pure liquid energy, I expect it will be full EV rather than plug-in. I don't commute, I only do either very short local journeys or long ones to another part of the country altogether, so plugging in isn't much good to me unless I can get a couple of hundred miles from each charge.

[Niky]

Think best time to buy a car is between Christmas and New Years eve. This should be the time when some dealers will be pushing to hit targets and give really good discounts to do so!!! I did order mine on 31st of December 2021 and got a really good deal offered through CarWaw. 

[Mojo1010]

15 hours ago, Cyker said:

I think the perceived increase in EV sales is driven primarily by fleet purchases - Private ownership is not doing so well depending on what sources you read...

I am curious to see some of the new models they've touted on the horizon - The 3-4x the range they claim would do me, esp. if they can fit it in a Yaris and not another behemoth road-boat  

Start price £35k in a Yaris would you buy?

[twintopp]

the price of EV`s is still shocking at the moment, however we saw a big merc. on sale at a shopping center reduced by 31k . and still way out of mr. average price range. will be sticking to what i have until forced to make the change .

[Cyker]

On 8/2/2024 at 9:32 AM, Mojo1010 said:

Start price £35k in a Yaris would you buy?

I could have bought maybe 8-10 Mk1 Yaris D4Ds for what I paid for this one so apparently it's possible  

The thing is, if it has better handling, performance and lower p/mile like this one did over its predecessors, and overall has significantly better utility over the current vehicle, then it has a strong chance. 

TBH if I was buying a car new, the price would be very low down the rankings of importance over things like specs and what I'm getting in the car and what I can option etc..

This is not because I have bags of money to throw around (I really don't  ), but because I've always felt buying a new car is kinda stupid as you can get similar for much less on the used market, but I've also felt that if you are going to buy new you should go all-in - Go for the highest spec, pick your colours, options, all the stupid add-ons you could possibly want - and not worry about price, because if the price is a big factor then you should absolutely not be buying a new car in the first place.

TBH I think my switch to EV will not be motivated by choice, but by another draconian legislation change; I wouldn't be surprised if the ULEZ becomes a NEZ/ZEZ in the not too distant future, and I'm just hoping to smeg someone makes a decent EV that isn't a giant land boat with half the range of even the least efficient car I've ever owned (Toss-up between the Fiesta and the Mk2  ) before that happens!

(Or I reach retirement age and can gtfo of London...)

 

[SV1991]

Previous Lexus salesperson here. The reason the offer is valid until the 30th of September is the plate change. The months to buy a new car are September and March when the new plates come into place as the dealer targets are almost double those of any other month. I agree with the Carwow comparison, the maximum discount we would have offered was if someone came in with a Carwow offer - the Carwow deal was almost all the time the whole profit in the chasis, we would give it just to get an extra unit sold . Just to give everyone an idea, the chassis margin for a Lexus is 7%. A discount higher than that would be given only if we had to hit some targets and the Dealer Principal was willing to take a loss on that car just to hit the number target and get the other payments from Toyota GB. Regarding the 0% APR, it’s really based on the market and BOE interest rate, or if a model is coming to an end, i.e., 2022 was before the facelift. For the bz4X, it's probably because each manufacturer has to hit a target of electric cars sold every year.

[Kieranm9091]

On 8/1/2024 at 2:57 PM, sportse said:

I've bought two cars from carwow now, both came from main dealers using the site.

It's easy to compare the prices, and any finance discounts/etc. currently available.

Most times the offers I've found to be similar, but you do get dealers needing to hit a target/get rid of stock who offer better deals occasionally.

I also support the use of Carwow. I had several offers when buying my Corolla a couple years ago, including my local dealer who were the most expensive, the furthest away was the cheapest.

I showed the quotes I got and they matched the cheapest offer, saving a round £3,000. Plus it was 0% like yourself which was just the luck at the time, the week after I placed my order, the total car price went up and a fairly high percentage.