Is PCP a good idea or should I invest my money better?

[lewishollings]

99dndd said:

My turn:

I left the board meeting early so I could drop cold hard cash on a new white S-Line with my cringeworthy mis-spaced custom plate.

1st dealership didn't believe me so I turned on my heel, you should have seen their faces half an hour later when I was doing burnouts on their lot!

The lads at the gym weight room (you don't get powerfully built with cardio) were well impressed when I pulled up in it.

How'd I do?

A++ Great effort.

[nickfrog]

HumanDoing said:

you're not good for mental health

Classic Freudian projection : shall I add to the list ?

[Justin Case]

The question is academic. As we all know, people only take out PCPs when they can't afford to buy a car, so they don't actually have any money to invest in the first place

[lee_fr200]

Justin Case said:

The question is academic. As we all know, people only take out PCPs when they can't afford to buy a car, so they don't actually have any money to invest in the first place

Not true!

[Rat_Fink_67]

swerni said:

And the ONLY reason they do it is to impress their neighbours.

But only if they're also a "pompous gasbag"

[Stick Legs]

lewishollings said:

I know this is a troll post, a really poor effort by the way! But I think you misunderstand the point in general, PCP helps me afford a car I may not be able to otherwise, I get to chop in every 2-3 years and I "own", very loose sense of the word, a car that I will actually enjoy.

It works for me but I understand it doesn't work for everyone which is absolutely fine, a Fiesta ST isn't going to impress the neighbours anyway.

It wasn't meant to be a troll post. I thought I had made is so deliberately-hit-you-over-the-head-obvious!
It was intended as a bit of light hearted dig at the kind of people who get wound up by car finance threads.

Actually kind of offended that you think my trolling skill are so lame.

I PCP my cars so there!

[Stick Legs]

swerni said:

Rat_Fink_67 said:

swerni said:

And the ONLY reason they do it is to impress their neighbours.

But only if they're also a "pompous gasbag"

But neighbours are so impressed with shinny new cars

PCP is very much like making love to a beautiful woman...

When I only bought cars I could afford I couldn't get laid in a brothel, now all my friends wives what to sleep with me, and they are cool with that, because I have a new car that looks well beyond my means!
It's not a new car I'm driving, oh no, it is a dream, a vison, an extension of yourself.

Women love a new car Paul.

[lewishollings]

Stick Legs said:

It wasn't meant to be a troll post. I thought I had made is so deliberately-hit-you-over-the-head-obvious!
It was intended as a bit of light hearted dig at the kind of people who get wound up by car finance threads.

Actually kind of offended that you think my trolling skill are so lame.

I PCP my cars so there!

Damn...

I missed this part "Really interested in other peoples opinion about how I plan to spend my money"

Doh.

[nealeh1875]

I have PCP, i always have. and probably always will as i can't afford to purchase outright.

I initially went and got a 12 plate VW polo as they was doing 1st year free insurance, which as a 21 yr old from Birmingham who had his license for two years was a godsend as quotes was 4/5/6k plus!

That was initially around £200 per month, if i remember right.

I have then always kept my PCP around that mark. I did buy a 57 mini cooper S on a HP last june. £150.00 a month plus insurance etc , worst thing i ever did. car ended up costing me over £2000 in repairs and from that EXP i will always buy new and on PCP. I don't need the hassle and now i have a lease Seat Leon 1.4 eco and it's lovely.

I like PCP/Lease and if people can afford it then why not

[kayzee]

swerni said:

Justin Case said:

The question is academic. As we all know, people only take out PCPs when they can't afford to buy a car, so they don't actually have any money to invest in the first place

And the ONLY reason they do it is to impress their neighbours.

I realise you're saying this in jest, but there's a girl that works in my department who's a bit younger than me... I guess late 20s. She has a brand new M4, and when I had a conversation with her about it, stating that I didn't realise she was 'into' cars, she replied that she isn't really, but it just looks good on the driveway

I did find it funny in a way, but also frustrating that someone that doesn't even care has a car I could only dream of!

As a side note... we earn roughly the same money! She must just have more disposable income lol (she pays more per month for that car, than I do on my mortgage)

[treeroy]

Has it occurred to you that people get these new cars for reasons other than looking rich?

I have a new car lease, why? Because it was the most affordable way of having a car. If you have no savings to purchase a car, but you have regular income, then it makes plenty of sense to pay monthly for your car. A new car does not throw up expensive bills. It's under warranty. You can get service packages for even more peace of mind.

I had sunk several thousand pounds in running costs over just 1 year with my previous car, and it got to the point where it would have cost £2K+ just to be road legal and get through the MOT. I decided it was not worth it. I did the maths and it was significantly cheaper to get a brand new car. I preferred to be paying one set fee per month for all my motoring expenses (except petrol), rather than worrying about what was about to cut another hole in my bank account.

Don't be so quick to judge...

[swisstoni]

swerni said:

Stick Legs said:

swerni said:

Rat_Fink_67 said:

swerni said:

And the ONLY reason they do it is to impress their neighbours.

But only if they're also a "pompous gasbag"

But neighbours are so impressed with shinny new cars

PCP is very much like making love to a beautiful woman...

When I only bought cars I could afford I couldn't get laid in a brothel, now all my friends wives what to sleep with me, and they are cool with that, because I have a new car that looks well beyond my means!
It's not a new car I'm driving, oh no, it is a dream, a vison, an extension of yourself.

Women love a new car Paul.

PCP also allows the retention of cash to spend on trips abroad to maintain the tan.

You know it!

[nealeh1875]

treeroy said:

Has it occurred to you that people get these new cars for reasons other than looking rich?

I have a new car lease, why? Because it was the most affordable way of having a car. If you have no savings to purchase a car, but you have regular income, then it makes plenty of sense to pay monthly for your car. A new car does not throw up expensive bills. It's under warranty. You can get service packages for even more peace of mind.

I had sunk several thousand pounds in running costs over just 1 year with my previous car, and it got to the point where it would have cost £2K+ just to be road legal and get through the MOT. I decided it was not worth it. I did the maths and it was significantly cheaper to get a brand new car. I preferred to be paying one set fee per month for all my motoring expenses (except petrol), rather than worrying about what was about to cut another hole in my bank account.

Don't be so quick to judge...

Well Said

[HumanDoing]

treeroy said:

Has it occurred to you that people get these new cars for reasons other than looking rich?

I have a new car lease, why? Because it was the most affordable way of having a car. If you have no savings to purchase a car, but you have regular income, then it makes plenty of sense to pay monthly for your car. A new car does not throw up expensive bills. It's under warranty. You can get service packages for even more peace of mind.

I had sunk several thousand pounds in running costs over just 1 year with my previous car, and it got to the point where it would have cost £2K+ just to be road legal and get through the MOT. I decided it was not worth it. I did the maths and it was significantly cheaper to get a brand new car. I preferred to be paying one set fee per month for all my motoring expenses (except petrol), rather than worrying about what was about to cut another hole in my bank account.

Don't be so quick to judge...

Nobody is judging. We are just stating that people are entitled to their own opinions (preferring PCP, HP, lease, or outright purchase) but NOT their own facts (PCP is cheaper). It is not.

[InitialDave]

HumanDoing said:

people are entitled to their own opinions (preferring PCP, HP, lease, or outright purchase) but NOT their own facts (PCP is cheaper). It is not.

No, people are not entitled to their own facts.

"It is not" is your own "fact". You are not entitled to it.

[ghost83]

My pcp is cheaper than cash

If you walked into vw and paid cash for my gti pp with its options after discount it was £30k (£37k before discount)

My payment £329x48 = £15,792
Deposit £6000
This car will have cost me = £21,792

After 4 yrs I just go get another "new" car so I'm £8,208 better off it only costs me more if I pay the final payment and even then it would be only an extra 2k over which for the use of finance is neither here or there

and it negates another issue, I can drive the car in and drive another out and I don't have the hassle of trying to sell privately and wondering if someone is going to cave my head in for it's keys

[daemon]

ghost83 said:

My pcp is cheaper than cash

If you walked into vw and paid cash for my gti pp with its options after discount it was £30k (£37k before discount)

My payment £329x48 = £15,792
Deposit £6000
This car will have cost me = £21,792

After 4 yrs I just go get another "new" car so I'm £8,208 better off it only costs me more if I pay the final payment and even then it would be only an extra 2k over which for the use of finance is neither here or there

and it negates another issue, I can drive the car in and drive another out and I don't have the hassle of trying to sell privately and wondering if someone is going to cave my head in for it's keys

Ok.... I'm confused.

At four years old you hand the car back and walk away having paid £21,792? How much is the GFV?

Is a 4 year old GTI not worth around £14,000 ish?

[shavermcspud]

Personally I buy all my cars outright because I'm a rich tt with loads of cash.

[ghost83]

daemon said:

Ok.... I'm confused.

At four years old you hand the car back and walk away having paid £21,792? How much is the GFV?

Is a 4 year old GTI not worth around £14,000 ish?

My gfv is 11k but the dealer has said it will be worth in real terms between 15-16k with 35k on it which will give me 4-5k towards my next car, what I might do is pay the 11k then trade in at BMW or Audi and then I have 15k ish off my next car

[InitialDave]

ghost83 said:

My gfv is 11k but the dealer has said it will be worth in real terms between 15-16k with 35k on it which will give me 4-5k towards my next car, what I might do is pay the 11k then trade in at BMW or Audi and then I have 15k ish off my next car

Uhhhh... wouldn't that mean if you'd got it for the £30k you said it could be discounted down to for outright purchase, you'd be several thousand better off buying it like that, even with less than optimal loan rates if you needed to borrow the money?