I need to get a car for work and I'm trying to decide whether to take out a PCP lease on a new VW Polo, or buy a used 2013 Honda Jazz. Not sure which makes more sense.**
Everyone's saying to go PCP but it doesn't make sense;
- New Polo 2016 (worth £14,000)
- £2000 upfront deposit (non-refundable)*
- £160/month for 48 months (£7680 total)
- 12,000 miles/year limit.
- *At the end of the 48 months, either give back the Polo or pay £6000 to keep it.
- 2013 Honda Jazz with 20,000 miles on the clock.
- One payment of £5000 and the car is mine.
- I can choose to sell the car at a later date if I wish, possibly recovering around £3000.
Judging by this I just can't work out how PCP leasing is better value for money?*
Should I still go?