Cash, personal loan, HP, PCP or contract hire – find the cheapest way to drive your next car
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Car dealers and lenders sell on the monthly payment – but the cheapest monthly payment is rarely the cheapest way to run a car. This workbook puts up to five ways of getting the same car side by side: paying cash, a personal loan, hire purchase (HP), personal contract purchase (PCP) and personal contract hire (PCH, also called leasing). For each one it adds up everything you'd pay over the time you keep the car – deposits, monthly payments, final payments, fees, mileage charges, insurance, servicing, road tax and fuel – takes off what the car is worth at the end if you own it, and adds the interest your cash could have earned in savings. The result is one fair figure per option: the true total cost, per month and per mile.
See how it works
The sheets you will use most, in the order you will use them – shown with the sample data every workbook comes with.
Step 1
The car, your mileage and running costs, your savings rate and the depreciation curve. What you do: fill in the yellow cells.
Step 2
One column for each way of getting the car, plus everything worked out from each quote. What you do: fill in the yellow cells; grey cells don't apply.
Step 3
Every option side by side: cash out, value at the end, net cost, lost interest, total cost, rank, checks and charts. What you do: nothing to enter.
Step 4
Every month (0 to 60) for every option – finance payments, running costs and running totals. What you do: nothing to enter – use it to check any month.
Who it is for
Quick start
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Part of AML Finance Group
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