End of PCP repairs - more issues!

[Sa Calobra]

The differences are over time your house rises in value and you end up with more for your money.

Plus on a loan you own the car but owe the money to the bank/loan company. You don't need permission to alter it, take it out of the country or scratch and dent it.

[valiant]

Ah, I see this has turned into the weekly finance thread and we've even had the usual Daemon/Granfoldo handbagging. Good work chaps.

For the record, I have a PCP. I have no other debts. I've PCP'd this time as its a bigarsed diesel and with all the scaremongering going on, I thought I'd like a guaranteed value at the end should I chop it in. I like the car though so I well may keep it. Does that make me an indebted mug? So I pay a bit of interest - so the fk what? I can afford it and I buy the car I want at that time rather than some 10 year old clunker that is one mot away from the scrap heap - but hey, you own all of it, right?

With leasing, on some cars you'd be a mug to buy cash new rather than lease. Remember the BMW 7 series deals or the Audi A8 deals?

It's called horses for courses. What's right for one is wrong for another. Some are scared of debt and have a fixation on owning stuff, some are comfortable with finance in its various forms. It's what works for YOU.

[Shore]

daemon said:

Luckily for you, not everyone wants to drive a 7 year old fiesta, so i'd imagine you didnt need to save up much. Especially one leaking oil from the gearbox and with the cooling fan stuck on

Edited by daemon on Thursday 21st September 13:50

Oh I didn't buy that one. You need to tread carefully as you know. After reading some of the comments on here I think I would only PCP performance cars. I want to try out a Golf R but for the spec I want it is £20k. So 2 years motoring on that car will cost £5k in depreciation (for talking sake). Due to the type of car it is it would have been hammered and may need costly repair work. I can lease one and it will cost me £6-£7k for the that amount of time. For that type of car id much rather be the first owner. For cars like fiestas and similar motors I'd much rather buy outright. So yeah I might be a future mug....

[Mandat]

Sa Calobra said:

The differences are over time your house rises in value and you end up with more for your money.

Yes, but what has that got to do with the price of fish, or the price of PCP finance?

Sa Calobra said:

Plus on a loan you own the car but owe the money to the bank/loan company. You don't need permission to alter it, take it out of the country or scratch and dent it.

It looks like you are also confusing PCP with a lease.

This is exactly the situation that I was in when I had my previous cars on PCP, which after all is just a form of secured loan.

I didn't need anyones permission to take the cars aborad, to alter them, to scratch or dent them, or even to sell / part exchange them when changing cars.

[Sa Calobra]

I was referring to leasing a car. Hence my analogy, rent a house, is like leasing a car.

You missed that part?

I'd never have a PCP. I had a lease once and I was lucky on handback.

[RobDown]

Sa Calobra said:

The differences are over time your house rises in value and you end up with more for your money.

Plus on a loan you own the car but owe the money to the bank/loan company. You don't need permission to alter it, take it out of the country or scratch and dent it.

Nope, no difference. I think you're just conflating the issue of buying a new car (likely to be a depreciation asset) with how it is financed.

We can have a debate about whether people should be buying new cars (but frankly it's got tedious as hell on this forum). Or we can have a debate about whether people should be taking out finance. But that's also tedious

So maybe, just maybe we can either stick to the original topic and the PCP-hating wkfest can migrate to a different forum altogether because I think 99% of the PH forum are bored to death with it now

[daemon]

Shore said:

daemon said:

Luckily for you, not everyone wants to drive a 7 year old fiesta, so i'd imagine you didnt need to save up much. Especially one leaking oil from the gearbox and with the cooling fan stuck on

Edited by daemon on Thursday 21st September 13:50

Oh I didn't buy that one. You need to tread carefully as you know.

Really?

https://www.pistonheads.com/gassing/topic.asp?h=0&...

Shore said:

I have a 2010 fiesta zetec s which has a gearbox oil leak.

https://www.pistonheads.com/gassing/topic.asp?h=0&t=1683469&mid=101804

Shore said:

I have just bought a 60 plate Ford Fiesta S1600 (basically a special zetec s). I have noticed that the radiator fan is always on.

[Mandat]

Sa Calobra said:

I was referring to leasing a car. Hence my analogy, rent a house, is like leasing a car.

You missed that part?

I'd never have a PCP. I had a lease once and I was lucky on handback.

I'm sorry. The topic is about PCP, and we are talking about PCP loans and it being secured agaisnt the asset, like a mortgage is.

Perhaps you should have been clearer that you were talking about something different.

[daemon]

Shore said:

I want to try out a Golf R but for the spec I want it is £20k. So 2 years motoring on that car will cost £5k in depreciation (for talking sake). Due to the type of car it is it would have been hammered and may need costly repair work. I can lease one and it will cost me £6-£7k for the that amount of time. For that type of car id much rather be the first owner. For cars like fiestas and similar motors I'd much rather buy outright. So yeah I might be a future mug....

Big change in a matter of hours...

Shore said:

No you silly boy that is not right. 3 years old onwards cars. They depreciate at a slower rate and the good thing is the mug buys it new usually adds optional extras.

[Shore]

daemon said:

Deal was not completed. I had every intention and walked away in the last seconds. Went out and bought another much better example.

[Sa Calobra]

Sa Calobra said:

Well we'll see within the year if that's true for those who offered over strong 'valuations'. Long-term you'll be alright but those that offered/accepted over asking price and run expensive pcp/monthly leases will be at risk.

This isn't the topic the op asked for though

@mandat see above post that I posted a couple of pages back. Try to read and follow old chap. You might be better off rereading your PCP terms too if you confuse yourself

[Shore]

daemon said:

Shore said:

I want to try out a Golf R but for the spec I want it is £20k. So 2 years motoring on that car will cost £5k in depreciation (for talking sake). Due to the type of car it is it would have been hammered and may need costly repair work. I can lease one and it will cost me £6-£7k for the that amount of time. For that type of car id much rather be the first owner. For cars like fiestas and similar motors I'd much rather buy outright. So yeah I might be a future mug....

Big change in a matter of hours...

Shore said:

No you silly boy that is not right. 3 years old onwards cars. They depreciate at a slower rate and the good thing is the mug buys it new usually adds optional extras.

Well some of the points raised got me thinking. I would feel like a mug but for that type of car anyway there isn't much of a difference price wise. With the state of the used car market I would much rather keep it for the lease period and then hand it back or if I liked it buy it outright.

[Shore]

Shore said:

Well some of the points raised got me thinking. I would feel like a mug but for that type of car anyway there isn't much of a difference price wise. With the state of the used car market I would much rather keep it for the lease period and then hand it back or if I liked it buy it outright. I just prefer owning my things but I can see how people are attached to leasing.

[wyson]

Would be interested to know how much they are going to charge if anything at all.

[Wacky Racer]

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.

Fair comment but:-

Did your "cost" so far include any up front deposit? (If there was any)

Some people say "My car only costs £300pm, but omit to say they have had to put £4k deposit in)

Many cars are not sold at "list".....a £21,000 vehicle could possibly be bought for £19,000 for example.

[corozin]

I think that if any PCP company sent a man round to try and knock down the value of a repaired car using a paint depth gauge as the sole basis of his argument would be sent off with the message "I'll see you in court"

That is frankly beyond a ridiculous treatment and I can't see a court in the land upholding that as a reasonable way of behaving.

[Integroo]

corozin said:

I think that if any PCP company sent a man round to try and knock down the value of a repaired car using a paint depth gauge as the sole basis of his argument would be sent off with the message "I'll see you in court"

That is frankly beyond a ridiculous treatment and I can't see a court in the land upholding that as a reasonable way of behaving.

Why? If the repair was so good, he wouldn't notice it. By virtue of him noticing it, the car is not in the condition it should be in. Why didn't the driver check with the owner of the car before doing repairs?

[bad company]

valiant said:

Ah, I see this has turned into the weekly finance thread and we've even had the usual Daemon/Granfoldo handbagging. Good work chaps.

For the record, I have a PCP. I have no other debts. I've PCP'd this time as its a bigarsed diesel and with all the scaremongering going on, I thought I'd like a guaranteed value at the end should I chop it in. I like the car though so I well may keep it. Does that make me an indebted mug? So I pay a bit of interest - so the fk what? I can afford it and I buy the car I want at that time rather than some 10 year old clunker that is one mot away from the scrap heap - but hey, you own all of it, right?

With leasing, on some cars you'd be a mug to buy cash new rather than lease. Remember the BMW 7 series deals or the Audi A8 deals?

It's called horses for courses. What's right for one is wrong for another. Some are scared of debt and have a fixation on owning stuff, some are comfortable with finance in its various forms. It's what works for YOU.

This. - ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

PCP works for me and thousands of others. Are we all mugs, possibly.

[daemon]

Integroo said:

Why? If the repair was so good, he wouldn't notice it. By virtue of him noticing it, the car is not in the condition it should be in. Why didn't the driver check with the owner of the car before doing repairs?

He only noticed it because he used a paint thickness instrument. It wasn't visible to the naked eye. That's my understanding anyway

[liner33]

I bought an E Class new back in 2001 (Paid cash btw;)) but found out about 5 years later, when the rust started to show that the roof had been resprayed in the factory or at least prior to me taking delivery, the paint was 240 and the rest of the car was 140 , MB tried to chuck out the warranty claim for that.

Without having paint readings from new how could anyone be certain that the repairs hadn't happened before the car was delivered, its hardly unheard of ?