End of PCP repairs - more issues!
Discussion
grumpy52 said:
I do love how if anybody says even the slightest thing against sombody renting a car then all the renters jump on the guy .
It does make me chuckle .
Yes they are renting them .
It's a thread where somebody is asking for input on an issue with returning a PCP car. Quite what use or relevance it is when the legions of the finance haters appear and wIt does make me chuckle .
Yes they are renting them .
k on about PCP and rentals I don't know.Imagine a thread where someone put something like "My child is going through a tough time at school, has anyone got any input or experience with something similar" and the second response was "I haven't got any kids, they're stupid".
It is just asinine and I assume driven by some ridiculous desire to show off to a bunch of strangers who really couldn't give a s
t anyway.Jonno02 said:
Wouldn't want to own a depreciating asset. I did once and it stung me for far more than if I had rented and known exactly what I was going to be paying...
I 2nd that. I've been stung violently up the arse with a couple of cars over the last few years, so I'm leasing (renting) my current car and it's now exactly a year old.List price of the car new £21,500
2nd hand value now £14,500
It has depreciated by £7k
Lease cost to me so far... £2880
The maths make sense to me. There are some cracking lease deals out there if you're prepared to look.
Regular monthly payment, no unexpected horror bills....etc. etc.
chow pan toon said:
grumpy52 said:
I do love how if anybody says even the slightest thing against sombody renting a car then all the renters jump on the guy .
It does make me chuckle .
Yes they are renting them .
It's a thread where somebody is asking for input on an issue with returning a PCP car. Quite what use or relevance it is when the legions of the finance haters appear and wIt does make me chuckle .
Yes they are renting them .
k on about PCP and rentals I don't know.Imagine a thread where someone put something like "My child is going through a tough time at school, has anyone got any input or experience with something similar" and the second response was "I haven't got any kids, they're stupid".
It is just asinine and I assume driven by some ridiculous desire to show off to a bunch of strangers who really couldn't give a s
t anyway.Integroo said:
I'm not anti-PCP. It isn't right for me, and I think a lot of people focus on the monthlies rather than the real cost, and end up spending a lot more money than the need to or possibly should on a car, but that's their business.
The biggest advantage (and my circumstances show) is that if you lease or PCP you are bound in. If you own you can chop and change at your merriment (subject to the depreciation loss). You can also sell and get out easier if your circumstances change.
Agreed. The biggest advantage (and my circumstances show) is that if you lease or PCP you are bound in. If you own you can chop and change at your merriment (subject to the depreciation loss). You can also sell and get out easier if your circumstances change.
I would maybe consider a PCP deal again at some point, but a lease wouldnt work for me as you are committing to keeping a car for pretty much an absolute time period.
daemon said:
Integroo said:
I'm not anti-PCP. It isn't right for me, and I think a lot of people focus on the monthlies rather than the real cost, and end up spending a lot more money than the need to or possibly should on a car, but that's their business.
The biggest advantage (and my circumstances show) is that if you lease or PCP you are bound in. If you own you can chop and change at your merriment (subject to the depreciation loss). You can also sell and get out easier if your circumstances change.
Agreed. The biggest advantage (and my circumstances show) is that if you lease or PCP you are bound in. If you own you can chop and change at your merriment (subject to the depreciation loss). You can also sell and get out easier if your circumstances change.
I would maybe consider a PCP deal again at some point, but a lease wouldnt work for me as you are committing to keeping a car for pretty much an absolute time period.
Plus, who knows where I might be in 30 months time, what I might be doing, how much money I may or may not have? Not me. Yes, I bought using a loan, but the car was always likely to depreciate more slowly than I paid off the loan, so I should never have been upside down, which means I could get out at any time.
Integroo said:
The biggest advantage (and my circumstances show) is that if you lease or PCP you are bound in. If you own you can chop and change at your merriment (subject to the depreciation loss). You can also sell and get out easier if your circumstances change.
PCP and lease are two separate finance methods, although a lot of people seem to incorrectly conflate the two.With PCP you are at liberty to chop & change, as you put it, and you are also able to sell and get out if your circumstances change.
PCP is just like a regular HP loan, expect with an option to either make the final payment or hand the car back at the end of the term.
Integroo said:
I think that was because the gist of the post was "I entered into this agreement and don't want to pay the costs I agreed at the outset".
The costs werent agreed at the outset, paying for any damage was, which is not being disputed.Its how much they are trying to charge that is contentious
Integroo said:
Which is to say, you owned neither of them.
On the basis that I have a sales invoice in my name, and also I'm the RK on the V5 (not that this shows ownership), I'm happy to consider myself an owner, in the plain English & usual sense of the word.The fact that a finance company has a lein in the form of a loan secured on the car, in the same way as regular HP or other secured loan, does not prevent me from being an owner.
Edited by Mandat on Thursday 21st September 16:31
Integroo said:
Indeed. If I had PCP'd a brand new Civic for similar monthlies and decided six months later it wasn't the right car for me, I would have to grin and bear it for the next 30 months.
Plus, who knows where I might be in 30 months time, what I might be doing, how much money I may or may not have? Not me. Yes, I bought using a loan, but the car was always likely to depreciate more slowly than I paid off the loan, so I should never have been upside down, which means I could get out at any time.
You are confusing a lease with PCP.Plus, who knows where I might be in 30 months time, what I might be doing, how much money I may or may not have? Not me. Yes, I bought using a loan, but the car was always likely to depreciate more slowly than I paid off the loan, so I should never have been upside down, which means I could get out at any time.
Don't worry, many people make the same mistake. Hopefully, you'll learn something from this thread.
Shore said:
Exactly what this gent says. I suppose we need mugs to take the hit on depreciation for us so we can buy them outright at good prices.
Just about everything except property depreciates. Do you buy your clothes, TV set, computers etc., second hand?I like to buy new as I want exactly the right spec for me. I also know the maximum depreciation from the start.
The mugs buy second hand without really knowing what they're getting.
Mandat said:
Integroo said:
Indeed. If I had PCP'd a brand new Civic for similar monthlies and decided six months later it wasn't the right car for me, I would have to grin and bear it for the next 30 months.
Plus, who knows where I might be in 30 months time, what I might be doing, how much money I may or may not have? Not me. Yes, I bought using a loan, but the car was always likely to depreciate more slowly than I paid off the loan, so I should never have been upside down, which means I could get out at any time.
You are confusing a lease with PCP.Plus, who knows where I might be in 30 months time, what I might be doing, how much money I may or may not have? Not me. Yes, I bought using a loan, but the car was always likely to depreciate more slowly than I paid off the loan, so I should never have been upside down, which means I could get out at any time.
Don't worry, many people make the same mistake. Hopefully, you'll learn something from this thread.
Edited by Integroo on Thursday 21st September 16:48
Mandat said:
Integroo said:
Which is to say, you owned neither of them.
On the basis that I have a sales invoice in my name, and also I'm the RK on the V5 (not that this shows ownership), I'm happy to consider myself an owner, in the plain English & usual sense of the word.The fact that a finance company has a lein in the form of a loan secured on the car, in the same way as regular HP or other secured loan, does not prevent me from being an owner.
Edited by Mandat on Thursday 21st September 16:31
Whereas if you finance through an unsecure loan, you own the car. You can drive it into the sea, you can sell it and spend the proceeds on ice cream, and there is nothing the finance house can do about it.
Integroo said:
No, you are wrong. You do not legally own the car if you hire purchase or if you purchase through personal contract purchase. Whether you consider yourself to own it or not is irrelevant. You cannot sell it without the finance houses permission.
Whereas if you finance through an unsecure loan, you own the car. You can drive it into the sea, you can sell it and spend the proceeds on ice cream, and there is nothing the finance house can do about it.
Yes hence the word "unsecured" you are still liable for the debt though Whereas if you finance through an unsecure loan, you own the car. You can drive it into the sea, you can sell it and spend the proceeds on ice cream, and there is nothing the finance house can do about it.
People get awfully hung up about this "ownership" thing.
At the end of a pcp deal you can buy the car , a lease you cant.
Integroo said:
A PCP is a lease by another name - though I accept you have a little more flexibility, you still need the finance houses permission to sell it.
Absolutely incorrect. You PX it whenever your heart desires. As long as the finance is paid off, you need nobodies permission at any stage.Edited by Integroo on Thursday 21st September 16:48
liner33 said:
Integroo said:
No, you are wrong. You do not legally own the car if you hire purchase or if you purchase through personal contract purchase. Whether you consider yourself to own it or not is irrelevant. You cannot sell it without the finance houses permission.
Are you sure he is wrong? I thought on all financed options (not lease) you could sell it whenever you chose - so long as the finance is settled at point of sale.Integroo said:
A PCP is a lease by another name - though I accept you have a little more flexibility, you still need the finance houses permission to sell it.
No, it really isn't. Edited by Integroo on Thursday 21st September 16:48
Also, when I traded in my last PCP car for my current HP car, I didn't need to get anyone's permission to do so.
andyxxx said:
Integroo said:
No, you are wrong. You do not legally own the car if you hire purchase or if you purchase through personal contract purchase. Whether you consider yourself to own it or not is irrelevant. You cannot sell it without the finance houses permission.
Are you sure he is wrong? I thought on all financed options (not lease) you could sell it whenever you chose - so long as the finance is settled at point of sale.Buzypea said:
I 2nd that. I've been stung violently up the arse with a couple of cars over the last few years, so I'm leasing (renting) my current car and it's now exactly a year old.
List price of the car new £21,500
2nd hand value now £14,500
It has depreciated by £7k
Lease cost to me so far... £2880
The maths make sense to me. There are some cracking lease deals out there if you're prepared to look.
Regular monthly payment, no unexpected horror bills....etc. etc.
I've nothing against leasing or pcp etc but what I would point out is the 'i must have that' mentally that clouds both cash, PCP, lease, loan customers. Must get into a car. Rather than look at what you need and how much it really costs you. List price of the car new £21,500
2nd hand value now £14,500
It has depreciated by £7k
Lease cost to me so far... £2880
The maths make sense to me. There are some cracking lease deals out there if you're prepared to look.
Regular monthly payment, no unexpected horror bills....etc. etc.
Close to £3,000 a year to rent something is alot of money. Alot of lease customers don't realise that if a recession happens and their situation changes they can't walk away from the commitment.
Like I say I'm not against any method, it's whatever works best however spending that much is still as daft as monstrous initial depreciation
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