PCP: How many people actually pay the balloon
Discussion
Porsche911R said:
the thing is it gets people into cars they cannot afford, hence they cannot get a loan over the PCP and why 85% have to give the car back.
So 85% of people have to give the car back do they? You any evidence of that? I'd have put it at 5 or 10% tops that go back to the finance company and the bulk of those are because it suits people to, rather than because they "have" to.HumanDoing said:
Mandat said:
Can anyone show any examples of the bullying, doxxing or abuse that HD claims he has suffered on this thread, as I don't recall seeing anything of this nature?
I'll put a 'greatest hits' of the some of the most appalling abuse I've received together later and post it. Some of it borders on hate speech. Maybe we should put together your "greatest hits" too?
You seem very good at dishing it out but once someone challenges you or makes a quip you whip out the "bullying" card.
Rawwr said:
That's the way I think of PCP. It's a two step process, which is brilliant:
1) I get to specify a new vehicle to my requirements and tastes and then in three years time;
2) I get to buy a second-hand vehicle which meets my requirements and tastes of which I know the full history.
It's genius!
But if that is your starting point end goal why not pay off more of the capital as you go rather than defer that whilst paying interest on it, and then pay interest on it AGAIN at end of the PCP? In my case swapping to a loan saved me about £12k over the PCP term for the same goal. The only reason can be monthly affordability. Having a nice car is very important in life (!) and life is short, so no issues with that at all if it gets you in a nicer car and makes you happier. But pay £110 a month more to save £12k over the term? That's a chunk of wedge so no contest! Forget Waitrose do Lidl - pay more for the right things - job done wink!1) I get to specify a new vehicle to my requirements and tastes and then in three years time;
2) I get to buy a second-hand vehicle which meets my requirements and tastes of which I know the full history.
It's genius!
OHH AND TARTAN...WELL SAID DAD!!!!! Squabbling kids!
Ken Figenus said:
But if that is your starting point end goal why not pay off more of the capital as you go rather than defer that whilst paying interest on it, and then pay interest on it AGAIN at end of the PCP? In my case swapping to a loan saved me about £12k over the PCP term for the same goal. The only reason can be monthly affordability. Having a nice car is very important in life (!) and life is short, so no issues with that at all if it gets you in a nicer car and makes you happier. But pay £110 a month more to save £12k over the term? That's a chunk of wedge so no contest! Forget Waitrose do Lidl - pay more for the right things - job done wink!
OHH AND TARTAN...WELL SAID DAD!!!!! Squabbling kids!
What horror of a PCP deal did you sign up to that had you paying £12,000+ in interest?OHH AND TARTAN...WELL SAID DAD!!!!! Squabbling kids!
Ken Figenus said:
Rawwr said:
That's the way I think of PCP. It's a two step process, which is brilliant:
1) I get to specify a new vehicle to my requirements and tastes and then in three years time;
2) I get to buy a second-hand vehicle which meets my requirements and tastes of which I know the full history.
It's genius!
But if that is your starting point end goal why not pay off more of the capital as you go rather than defer that whilst paying interest on it, and then pay interest on it AGAIN at end of the PCP? In my case swapping to a loan saved me about £12k over the PCP term for the same goal. The only reason can be monthly affordability. Having a nice car is very important in life (!) and life is short, so no issues with that at all if it gets you in a nicer car and makes you happier. But pay £110 a month more to save £12k over the term? That's a chunk of wedge so no contest! Forget Waitrose do Lidl - pay more for the right things - job done wink!1) I get to specify a new vehicle to my requirements and tastes and then in three years time;
2) I get to buy a second-hand vehicle which meets my requirements and tastes of which I know the full history.
It's genius!
I really like cake.
Porsche911R said:
the thing is it gets people into cars they cannot afford, hence they cannot get a loan over the PCP and why 85% have to give the car back.
all while the loan company make the money on the balloon !!
IF people are happy to see that as "rent a car" for £600 or what ever it's fine, but PCP is the single most expensive way to lose a load of money very quickly.
No. That thinking has been beaten down repeatedly and deservedly in this thread.all while the loan company make the money on the balloon !!
IF people are happy to see that as "rent a car" for £600 or what ever it's fine, but PCP is the single most expensive way to lose a load of money very quickly.
It depends on the situation being considered.
Porsche911R said:
the thing is it gets people into cars they cannot afford, hence they cannot get a loan over the PCP and why 85% have to give the car back.
all while the loan company make the money on the balloon !!
IF people are happy to see that as "rent a car" for £600 or what ever it's fine, but PCP is the single most expensive way to lose a load of money very quickly.
Have you any evidence to back up those ridiculous statements?all while the loan company make the money on the balloon !!
IF people are happy to see that as "rent a car" for £600 or what ever it's fine, but PCP is the single most expensive way to lose a load of money very quickly.
Porsche911R said:
but PCP is the single most expensive way to lose a load of money very quickly.
Go and tell that to my mate who has just bought his PCPed 981 at 20% less than its market value. When the tax free "profit" is amortised over the term, the montly cost makes interesting reading, in a good way. And he got to own a car that he care for since new. Happy days.This may or may not happen of course, as always, IT DEPENDS, which anyone with a modicum of critical thinking can grasp.
daemon said:
What horror of a PCP deal did you sign up to that had you paying £12,000+ in interest?
The maths are earlier in the thread. Based on paying extra £110 per month over term as a loan not PCP + a few extra months = no £18k balloon. Its not just interest saved it's the no £18k to pay (or loose the car) due to simply paying about £6k extra in capital. Some man maths here? Genuinely here to understand better. Have I smoke and mirrored it myself? LOL 
Porsche911R said:
the thing is it gets people into cars they cannot afford, hence they cannot get a loan over the PCP and why 85% have to give the car back.
all while the loan company make the money on the balloon !!
IF people are happy to see that as "rent a car" for £600 or what ever it's fine, but PCP is the single most expensive way to lose a load of money very quickly.
Have you any evidence to back up those ridiculous statements?all while the loan company make the money on the balloon !!
IF people are happy to see that as "rent a car" for £600 or what ever it's fine, but PCP is the single most expensive way to lose a load of money very quickly.
HumanDoing said:
I'll put a 'greatest hits' of the some of the most appalling abuse I've received together later and post it. Some of it borders on hate speech.
I think you should if you feel that way.For what it is worth if I thought you genuinely had been a victim of “hate speech” I would be standing right alongside you and happily pressing the report button as I think such things are bang out of order.
However from what I can see nothing remoteky of the the sort has happened and you have been argumentative, provocative, obstreperously unyielding and downright rude throughout.
RSK21 said:
HumanDoing said:
I'll put a 'greatest hits' of the some of the most appalling abuse I've received together later and post it. Some of it borders on hate speech.
I think you should if you feel that way.For what it is worth if I thought you genuinely had been a victim of “hate speech” I would be standing right alongside you and happily pressing the report button as I think such things are bang out of order.
However from what I can see nothing remoteky of the the sort has happened and you have been argumentative, provocative, obstreperously unyielding and downright rude throughout.
HumanDoing said:
I'm not angry about anything sir. I first came on Pistonheads in order to have a bit of a laugh and discuss cars but unfortunately quickly learned it's (for the most part) populated by a bunch of overgrown bullies who act and behave as if the highlight of their lives was picking on kids at school and now hope to recapture that 'glory' by abusing people on the internet. So I only have two choices - take it lying down or come out fighting.
I've discussed it with my wife and she agrees that the right thing to do is not to be a coward and to come out in defence of my views, in defence of my right to express myself, in defence of common decency in fact. So that's what I'm doing.
This was your first post on this thread. I've discussed it with my wife and she agrees that the right thing to do is not to be a coward and to come out in defence of my views, in defence of my right to express myself, in defence of common decency in fact. So that's what I'm doing.
HumanDoing said:
Close to 0% as PCP appeals to the sort of people who don't even register it's possible to own a phone outright, or in some cases are paying for a TV/toaster on the monthlies.
If they could afford it they wouldn't be PCP'ing it whilst strutting around pretending that entering a deal that puts bread on the table for the dealer and finance company is somehow 'the most efficient way of purchasing'.
'Get a PCP, it's cheaper' - said no financial expert ever. Someone please find me a financial analyst/guru/expert who advocates PCP, please. It's only on Planet Pistonheads that's people have such ego that they can't accept they're paying more for shinier metal than they could otherwise afford (which is fine). What is not fine is having such a collossal ego that they also have to lie to themselves that doing so makes them financial geniuses as well.
What sort of reaction were you expecting to get? Were you expecting to be congratulated on your expose? Were you expecting people with PCP deals to immediately VT them and buy Fiestas instead? What did you expect the outcome of saying that to be?If they could afford it they wouldn't be PCP'ing it whilst strutting around pretending that entering a deal that puts bread on the table for the dealer and finance company is somehow 'the most efficient way of purchasing'.
'Get a PCP, it's cheaper' - said no financial expert ever. Someone please find me a financial analyst/guru/expert who advocates PCP, please. It's only on Planet Pistonheads that's people have such ego that they can't accept they're paying more for shinier metal than they could otherwise afford (which is fine). What is not fine is having such a collossal ego that they also have to lie to themselves that doing so makes them financial geniuses as well.
So you launched that little hand grenade (along with a tyrade of abuse on this thread and others), were challenged on your opinions and given real world examples to the contrary THEN immediately you wave the "bullied" card?
Genuinely, if cant take it, dont dish it out.
Edited by daemon on Wednesday 25th October 12:15
InitialDave said:
Mmm, HumanDong has been more than a little combative in his posts, so I can't say I have much sympathy for his claims of victim status.
His views have also been shown to be wrong but he doesn’t accept it.So the conclusion is clearly that HD is right and everybody else has it wrong.
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