Latest News: Suzuki GB PLC is very pleased to announce Special Edition models of Ignis and Vitara that are now on sale. The two new models are Ignis Adventure and Vitara Kuro which makes a return to the UK range following a very successful limited production run in 2017. Ignis Adventure is based on the SZ-T and adds a selection of the most popular and distinctive personalisation options available. SZ-T standard specification includes rear view camera, 16-inch alloy wheels, roof rails and individually sliding rear seats and Adventure adds a further specification of rear spoiler, side mouldings, front and rear skid plates, coloured front grille centre bar, side decal set and colour keyed front fog lamp bezels. The added value of these personalisation options is £1,900 and with Adventure priced at £13,999 it represents a premium of just £1,000 over the SZ-T. A zero per cent APR PCP (Personal Contract Purchase) agreement is available at just £159 per month over 43 months. This requires a deposit of £2,216 and an optional final payment of £5,105 to keep the car. A limited number of Adventure models are being produced and four colours are available which are Fervent Red (Solid paint) and Boost Blue Pearl, Pure White Pearl and Super Black Pearl as optional metallic colours at £465. The Vitara Kuro makes a return to the range through customer demand and a further 1,000 units are now being produced. Based again on the 1.6-litre SZ-T 2WD manual transmission model with auto air conditioning, satellite navigation, Smartphone link audio and rear privacy glass as standard equipment, Kuro offers a unique specification and £1,700 added customer value for a premium of just £750 over the SZ-T. Kuro offers a very high and unique specification including ‘Misti’ satin black alloy wheels, Black front bumper and side body moulding set, Black door mirrors, Black rear upper spoiler, Black front grille and side trims and Kanji ‘Kuro’ badge. For the interior, the colour design theme continues with Piano Black to dashboard, ventilation trim ring set and centre console trim. A Carbon effect centre analogue clock is also included as standard. Kuro is available in four colours which are Superior White as a solid colour and Cosmic Black, Galactic Grey and Silky Silver as optional metallic colours available at £500. Vitara Kuro is also available with zero per cent PCP at a monthly rate of £199 payable over 43 months if an initial deposit of £3,390 is made with a £7,001 final optional payment required to keep the car at the end of the term.
Finance Plans Explained at Motorvogue
From PCP to hire purchase, here's everything you need to know about financing your next car.
Car finance might seem daunting, but in reality it's just a simple two-stage process.
The first stage is to decide on the type of car deal you want: loan, lease, hire purchase, or dealer finance. Then it's a simple matter of choosing the provider whose product best suits your needs.
Personal Contract Hire (PCH)
The word 'Hire' tells you what PCH is all about. Basically you're renting a car for (typically) two or three years, with an agreed mileage limit of (typically) 10,000 miles a year. There's no option to buy the car at the end of the contract; you just hand the keys back to the finance provider. In effect, your payments are only covering the car's depreciation.
While you're running it, you're responsible for the car's upkeep. On the plus side, the deposit is low (three or six months' rental is common), as are the fixed monthly repayments, and you can blunt the impact of repair bills by incorporating a maintenance element into the agreement. Check that a separate manufacturer servicing package won't be cheaper before you tick that box, however.
Cars that hold their value well are a good PCH option, because the difference in their new and three-year-old values will be smaller, so you'll repay a lower amount. Cars that plummet in value from new are a bad choice, because you'll repay a much larger amount.
Just as with PCP, you'll need to make sure the car is in good condition when you hand it back, or you could face additional fees as the finance firm cleans it up.
Go for PCH if you say yes to one or more of these statements:
You don't want to own a car, or suffer its depreciation
You like being able to change cars frequently
You like the idea of driving better cars than you could normally afford
You don't mind looking after cars
Personal Contract Purchase (PCP)
It's a bit like HP in that there's a deposit to pay, a fixed interest rate, and monthly repayments over a choice of lending terms, which are usually between 12 and 36 months.
Where PCP differs from HP is at the end of the term. Then you'll have three choices. You can:
- Return the car to the supplier
- Keep the car
- Trade the car in against a replacement
The first option, returning the car, costs nothing, unless you've gone over an agreed mileage or failed to return it in good condition. In either case there'll be an excess to pay.
Keeping the car means making a final 'balloon' payment. This amount is the car's guaranteed future value, or GFV, which is set at the start of the agreement.
The GFV is based on various factors, including the length of the loan and the anticipated mileage as well as the car's projected retail value. If you exercise this final buying option, you can of course keep running the car, or you can sell it, pocketing any equity above the GFV that you've paid back to the lease company.
If you're trading the car in, any GFV equity can be used as a deposit towards the next one.
Just bear in mind that the GFV doesn't always contain a huge amount of equity at the end of the term - so when you're working out monthly costs, it's probably wise to factor in a few extra pounds per month that you can put away in preparation for the next deposit at the end of two or three years.
If the car has gone into negative equity – which can happen – you'll have to find all of that deposit if you want a further PCP. Shorter leases are more likely to come with more accurate GFVs and manufacturers are quite proactive in trying to get you out of a car early if they think there's scope to get you into a new one on a decent monthly rate; it's not uncommon dealers to call customers on three-year deals about a year early - because doing a new PCP keeps the buyer tied to that manufacturer for a further period of time.
Go for PCP if you say yes to one or more of these statements:
- You want lower monthly repayments
- You like the flexibility of options at the end of the agreement
- You can confidently and accurately nominate your mileage
Under HP agreements, there's a deposit to pay – typically 10% – followed by fixed monthly payments. The car is owned by the HP company until the final payment – and any 'option to purchase' ownership-transfer fee – has been paid. Up to that point, the person making the payments has no legal right to sell the vehicle.
Nevertheless, some 'owners' do sell 'their' cars before the final payment. The good news for buyers of these 'non-paid-up' HP cars is that the law clearly protects private purchasers who buy without notice of any undischarged HP agreement.
No matter what the police or anyone else might tell you, you'll get a good title to the car if you buy an HP car under these circumstances. The finance company can take action against the seller if they wish, but it's not your problem.
The credit on an HP agreement is secured against the car, so it's like dealer finance in that the only the car can be seized in the event of a default. If you need to sell the car before the end of the agreement, you'll have to repay the outstanding debt first – and 'early settlement' fees may apply.
Go for HP if you say yes to one or more of these statements:
- Eventual ownership is important to you
- Your budget and circumstances suit fixed monthly repayments
- Your disposable income is likely to decrease over the agreement term (eg if you're planning a family)
- You like low-risk credit secured against the car only
- You don't mind not owning the car until the debt is fully repaid
CONSUMER CREDIT & GENERAL INSURANCE
Motorvogue (Northampton)Ltd is an Appointed Representative of Automotive Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows Motorvogue (Northampton)Ltd to act as a credit broker, not as lender, for the introduction to a limited number of finance providers and to act as an agent on behalf of the insurer for insurance mediation activities only.