NZ Equivalent of a Personal Contract Plan

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DickDastardly

226 posts

Master Geek

#215327 22-Jun-2017 12:46

Hi Guys,

Looking at getting a new family vehicle in NZ and I was wondering (I've asked this at various garages to be told this wasn't offered), does NZ offer an equivalent system to the PCP (Personal Contract Plan) like they offer in the UK.

For anyone not aware a UK PCP is driving huge new car sales in the UK, where you put a small deposit down (perhaps an old trade) and then for the next three years you pay a monthly figure to the dealer then after three years you can either pay the rest off and buy the car OR hand the keys back and get the latest model.

Its this handing the keys back and getting the latest model that's appealing. Yes there are usually mileage restrictions with a PCP but it stops paying off the huge outlay for a new car in its entirety. You can keep the monthly payments reasonable, mindful of the fact your never going to own the car and this is the appealing bit.

Is anything like this on offer here? I was told if I was a business car dealers may consider it? But sadly I'm not a business.

is the Kiwi car market missing a trick here by NOT offering this system?

I don't want no sugar in it - thank you very much

BlueShift

1528 posts

Uber Geek

#1805131 22-Jun-2017 13:11

So basically like what the mobile providers do - you pay $120 a month, and get the latest model phone every two years. But with more money, and a car.

wellygary

4684 posts

Uber Geek

#1805158 22-Jun-2017 13:42

They exist in NZ,

They are called consumer or personal leasing,

http://www.europeanfinance.co.nz/index.php/products/lease

http://www.europeanfinance.co.nz/index.php/products/operating-lease

They are more popular as a business option, but also exist for consumers..

DickDastardly

226 posts

Master Geek

#1805276 22-Jun-2017 15:27

BlueShift:

So basically like what the mobile providers do - you pay $120 a month, and get the latest model phone every two years. But with more money, and a car.

Exactly! Apparently over 90% of UK new cars are bought this way and it keeps the 3 year old used car market bubbling over nicely!

I don't want no sugar in it - thank you very much

DickDastardly

226 posts

Master Geek

#1805284 22-Jun-2017 15:33

wellygary:

They exist in NZ,

They are called consumer or personal leasing,

http://www.europeanfinance.co.nz/index.php/products/lease

http://www.europeanfinance.co.nz/index.php/products/operating-lease

They are more popular as a business option, but also exist for consumers..

Fantastic - thanks for confirming.

I'd spoken to a garage (one which operates with European Finance) and explained what I wanted.

They didn't offer me what I wanted, instead a whole full value repayment package.

I think ill phone European Finance myself, talk to the finance provider directly would seem a much more sensible approach!

I don't want no sugar in it - thank you very much

Geese

1267 posts

Uber Geek
Inactive user

#1805805 23-Jun-2017 17:43

Holden offer "add fuel and go". Approximately the deal is you pay say $99 a week for 3 years, which gets you a new car with servicing and insurance included. Then after 3 years you can either return it, or pay balloon payment to keep.