posted 5 years ago

Hyundai ix20 Active 1.4 Finance

Hyundai ix20 Active 1.4 Personal Contract Purchase Plan

The Hyundai ix20 Active 1.4 can be bought for less effort than having a massage. Why? Because it is available via a personal contract purchase plan and a 0% interest conditional sale plan. Terms for the former - that relate to the manufacturer's representative example - include the £3,841 deposit of which Hyundai pays £250. This precedes thirty-six monthly instalments of £199. At the end of the term there are three options. One, pay the £3,655 final payment to own this compact people carrier. This totals £14,660 which includes £1,190 interest (representative APR 5.9%). The motorist then continues to benefit from the sure-footed handling, low running costs, modern styling and pleasing equipment specification that includes: reversing sensors, air-conditioning, sixteen-inch alloy wheels, MP3 connectivity and Bluetooth. This mid-specification trim is therefore nicely equipped considering its low price tag. Option two is to return it and find a new way to get to the massage parlour. There should be nothing else to pay assuming it is in fair condition and has not exceeded its 10,000 mile annual allowance. Excesses cost 14.9 pence per-mile and damage/excessive wear is charged according to severity. As such, it is in the motorist's interest to treat the ix20 properly. Option three is to part exchange via a new personal contract purchase plan whereby any value beyond the final payment goes toward the replacement car's deposit.

Hyundai ix20 Active 1.4 Conditional Sale Plan

And that brings us to Hyundai's 0% interest conditional sale plan. Terms for the manufacturer's “representative example” include the £7,026 deposit which represents about fifty percent of the list price. Unlike the personal contract purchase plan, the motorist therefore requires a large lump sum before signing the contract. This comparatively large deposit is then followed by thirty-six monthly instalments of £179 at 0% representative APR. The total cost is therefore £13,470 which includes delivery, the first registration fee, number plates and a twelve month tax disc. Assuming the motorist wants to own the ix20 at the end of the contract, the conditional sale plan is therefore cheaper than the personal contract purchase plan as there are no interest charges. It is, however, also less flexible as the ix20 cannot be returned without negotiating a trade-in or sale. This is not necessarily against the owner's interest but it is another step. Either way, the pros and cons of Hyundai's finance plans are best evaluated on a massage table.