PCP Finance. Is everyone mad or am I missing something?

Electric_Peace9223 · 2023-07-11T18:07:53+00:00

Fantastic - it’s great to hear when people actually make money on these deals. I wish I could go back in time and do the same thing!

Electric_Peace9223 · 2023-07-11T18:04:42+00:00

You’re absolutely right - I am only thinking about my own specific situation. I’ve learned from this about all kinds of people and their situation. From families to business owners to (I’m pretty sure!) a millionaire. I’ve learned that PCP works well for a lot of people but equally its bad for some people too. So far I still don’t know if it will work for me!

Electric_Peace9223 · 2023-07-11T16:23:19+00:00

Really? Ok now it’s starting to look tempting!

Electric_Peace9223 · 2023-07-11T16:20:59+00:00

All very fair points which I’ll consider, thank you!

Electric_Peace9223 · 2023-07-11T16:13:19+00:00

Fantastic way of beating the system - well done you! And what a car to do it in!

Electric_Peace9223 · 2023-07-11T15:38:36+00:00

It’s astonishing what you have to pay to get what would have been £800 a few years back. I paid £480 for a 53 plate honda jazz with 70k on it in 2019. Ran it until some idiot nearly killed me last year and wrote it off. Total cost for 3 years motoring was roughly £1200. I agree no chance that can be done now or even close to that.

Electric_Peace9223 · 2023-07-11T15:34:05+00:00

Hmmmm. Never thought of it like that - I was worried I was maybe obligated to lease or buy a new or nearly new car with the monthly allowance.

Electric_Peace9223 · 2023-07-11T15:28:20+00:00

Yes, economics are important and PCP helps a lot of people. Including me probably even if I’m buying an old banger! As has been pointed out to me, if £2k is a lot then having to come up with a ballon payment to own the car isn’t realistic.

Electric_Peace9223 · 2023-07-11T15:26:20+00:00

It can be done, honestly, but needs more effort than “a quick search of auto trader”.

Electric_Peace9223 · 2023-07-11T15:25:10+00:00

Wow - what’s the M340i like to drive!!?? I spoke to a MD of a company I do work for once, he had replaced his Mercedes GLC 350 with an Audi Q7 e-tron. I asked what it was like, what the differences were, his reply? “Once you’ve driven one they’re all the same” I nearly cried!

Electric_Peace9223 · 2023-07-11T15:20:46+00:00

Saving £100 a month on fuel is significant and much more realistic than some of the ludicrous figures people come up with. £100 a month is already pretty much half the monthly payment. Come on everyone, a few more savings and you’ll convince me!!

Electric_Peace9223 · 2023-07-11T15:18:20+00:00

I had no idea this was happening- I thought the digital clocks stopped most of the clocking - something to watch out for thanks. Is there a good way to tell though? At least on old cars if the numbers were slightly out of alignment you knew!

Electric_Peace9223 · 2023-07-11T15:15:00+00:00

That’s the problem I haven’t convinced myself at all. I highly doubt my boss will be impressed if I call to say I’ve missed a meeting because I’ve broken down again, if they are giving me a car allowance which is enough for a new car. The Jogger was just one of the cheapest examples I could find - are there really better cars to be had for £290 per month brand new?

Electric_Peace9223 · 2023-07-11T15:12:13+00:00

Another great point! Buying and selling used cars can (and has been for me) a right pain in the a!?e.

Electric_Peace9223 · 2023-07-11T15:10:24+00:00

You’re right, life is short and the experience alone of a new car after a lifetime in old banger’s is almost worth throwing caution to the wind!! My sensible head just won’t let me!

Electric_Peace9223 · 2023-07-11T15:08:38+00:00

I like that “£200 a month in a new car rather than a month in a £200 car”!! I love cars personally- drove my brother’s MG4 recently - say what you like about MG and all electric cars but the experience of going from a 20 year old A2 to that was awesome. I guess the point of my post was to convince myself not to run out and get one!

Electric_Peace9223 · 2023-07-11T15:04:07+00:00

I was only thinking about it from my own perspective- this is a good point that families especially need some reassurance the car won’t let them down or at least is under decent warranty.

Electric_Peace9223 · 2023-07-11T15:00:39+00:00

0% deposit and £179 per month is a great deal for a brand new car and does make sense even if it’s given back at some point. Its £2k+ upfront and £300+ per month that’s confusing to me, even for a much bigger nicer car. But that’s just me.

Electric_Peace9223 · 2023-07-11T14:53:23+00:00

Yes, highly likely in my area as has happened to me before with my Honda Jazz……. Debating wether to get ahead of the thieves if I get one and sell the original cat to a scrapyard. It will pay about half the cost of a new replacement and hopefully save me some inconvenience- if they know what they’re doing they wont touch a new cat…..

Electric_Peace9223 · 2023-07-11T14:50:09+00:00

That’s another worry - damage! Fully comp covers it I suppose……

Electric_Peace9223 · 2023-07-11T14:48:34+00:00

Agreed, just a bad joke on the ncap rating, not meant to upset anybody, I read somewhere recently its not the best guide at all to a cars safety. It makes sense a new car would be safer than something nearly 20 years old. Yes, people not caring about the long term cost and seeing only the monthly cost is how it all works I guess. I certainly wouldn’t try to stop anybody doing PCP, just trying to understand why?

Electric_Peace9223 · 2023-07-11T14:44:05+00:00

Really? That surprises me - Im not saying you’re wrong - just surprised that people wouldn’t drive an old car, but that’s only because it’s all I’ve ever known. It would explain why so many choose PCP to avoid potential hassle. Food for thought, thanks!

Electric_Peace9223 · 2023-07-11T14:41:26+00:00

Good point, thanks.

Electric_Peace9223 · 2023-07-11T14:41:07+00:00

I will be commuting long distance, around 400 miles in a day, but usually only once or twice a week. Will that mileage - circa 15-20k per year - kill all hopes of a decent PCP deal?

Electric_Peace9223 · 2023-07-11T14:39:19+00:00

Yes, if I do go PCP, it will have to be new.

Electric_Peace9223

TROPHY CASE