Advice please on PCP deal.

[gazinho]

Bit of a decent thread to stumble across this as im looking into buying a car at the minute, never had a car on any kind of finance though so was weighing up the options of PCP or HP, guessing it all depends on individual circumstances but im leaning more towards PCP having read this thread.

Dont really fancy a brand new car but a reasonably new second hand one could be the best option

 

[tolmie's hairdoo]

Thanks for this thread.

Out of curiosity, thought I would get my car valued and come back £9k more than I thought.

I have a year left to clear the loan but wondering now if to cash in and bank the cash and then buy new on new bank loan or lease.

 

[oddfellows]

Thanks for this thread.

Out of curiosity, thought I would get my car valued and come back £9k more than I thought.

I have a year left to clear the loan but wondering now if to cash in and bank the cash and then buy new on new bank loan or lease.

Why do pcp going forward?

I do contract hire over 3 years put 3 months down and give the car back at the end of the contract.

Unless anyone can tell me different, pcp should only be for those who want to buy at contract end, I haven't got > £10k to buy outright.

I use Leasing Options in Manchester.

 

[117 M34]

Bit of a decent thread to stumble across this as im looking into buying a car at the minute, never had a car on any kind of finance though so was weighing up the options of PCP or HP, guessing it all depends on individual circumstances but im leaning more towards PCP having read this thread.

Dont really fancy a brand new car but a reasonably new second hand one could be the best option

How often would you want to replace the car?

 

[tolmie's hairdoo]

Why do pcp going forward?

I do contract hire over 3 years put 3 months down and give the car back at the end of the contract.

Unless anyone can tell me different, pcp should only be for those who want to buy at contract end, I haven't got > £10k to buy outright.

I use Leasing Options in Manchester.

It's not a PCP, wouldn't touch that. I got a personal bank loan and paid for car outright, more flexibility to sell, better rates.

I've used Contract Cars in Alty previously for leasing options and been very good. It's just the uncertainty because I am self-employed and even being tied in to two years lease before handing back comes with risks.

I would have to pay up the remainder of the lease to cut it short.

I actually bought my Mercedes I leased because I asked for a settlement figure from Mercedes finance and it was considerably lower than letting BCA come and collect it and see it back on a forecourt to buy at £5k dearer.

 

[Uncle Wally One Ball]

Why do pcp going forward?

I do contract hire over 3 years put 3 months down and give the car back at the end of the contract.

Unless anyone can tell me different, pcp should only be for those who want to buy at contract end, I haven't got > £10k to buy outright.

I use Leasing Options in Manchester.

This is my view on it. I would do neither personally, but if I was into having new cars every couple of years I would just lease.

Another issue to factor into PCP deals, as I understand it from a friend who uses them, is the issue of what happens if you are in a collision and the car is written off. If the insurance company pays you out less than you owe the PCP finance people then you have an issue. To counter this he has gap insurance to make up the difference. This is extra monthly cost too.

 

[117 M34]

It's not a PCP, wouldn't touch that. I got a personal bank loan and paid for car outright, more flexibility to sell, better rates.

I've used Contract Cars in Alty previously for leasing options and been very good. It's just the uncertainty because I am self-employed and even being tied in to two years lease before handing back comes with risks.

I would have to pay up the remainder of the lease to cut it short.

I actually bought my Mercedes I leased because I asked for a settlement figure from Mercedes finance and it was considerably lower than letting BCA come and collect it and see it back on a forecourt to buy at £5k dearer.

Not sure on the better rates. I always get a car on pcp and have always had 0% interest.

 

[Segga]

Yep, my PCP from Jaguar is 2.9%.
also with PCP my last 2 cars value held up against its final balloon payment meaning I had equity for the next cars deposit or cash back.

 

[MattD]

Normally PCP is a decent option if you actually intend on keeping it at the end, otherwise always PCH. Especially at the minute, PCP is usually on used and the pricing is through the roof. I do this for a living so if anyone needs help with anything always happy to answer a DM!