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2LeaP • View topic - Thinking of doing the PCP thing, what are the cons here?

Thinking of doing the PCP thing, what are the cons here?



Thinking of doing the PCP thing, what are the cons here?

Postby Lucretia » Mon Aug 27, 2012 6:47 pm

Just bought a
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Re: Thinking of doing the PCP thing, what are the cons here?

Postby muse fan » Sat Sep 01, 2012 8:27 pm

Hi Lucretia,

I think for me personally the main con with PCP is that you have to pay a balloon payment at the end which unless you have the money to set aside, you are then left with two choices- to return the car or trade it in for a new car but have the same manufacturer. The car is never really your car at the end of the agreement. Some people are ok with this and never like to keep the car for more than 3 years but if you think you will keep the car for longer, paying for the car to own it at the end of the agreement (no balloon payment) might be a better option but it's really a personally preference.

If you decide at the end of the agreement to return the car, someone comes around to inspect it and each item that has any problem with (e.g. scuffed alloy) then then charge you for that problem. If you decide to trade in the car for another car you may be happy with the manufacturer but after three/ four years, I personally tend to be a bit bored and want to try something else.

Also with mileage, if you exceed the mileage allowance, they charge you for going over. They do say when you take out the agreement how much it is and it does vary.

On the plus side, the PCP agreement does help keep your monthly costs down each month and you don't need to put as big a deposit upfront.

Best of luck with your new car purchase.
theory test- 28/4/05 PASSED 35/35 and 63/75
Passed 4th test- 1st November 2005 (5 minors) woo hoo!
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Re: Thinking of doing the PCP thing, what are the cons here?

Postby Jimmy Maxwell » Thu Sep 13, 2012 7:24 pm

After many years (passed test in 1980) I've never bought a new car -most are bought by fleets anyway. Get some finance and buy something within your budget at 2 or 3 years old. Finance it yourself (personal loan?) and avoid anything but an interest free credit scheme from the dealer. If you can't produce the deposit then you can't afford to drive a car. If you don't own the car at the end of the deal then walk away. They need to sell and you can force the bargain since you don't need to buy. Haggle hard - there are other dealers out there.
Make sure you include road tax and insurance with the loan repayments and work it into an annual costing. Petrol and servicing are additional and should be added on top.
Do not be in the debt (or good thoughts) of car dealers - they are out for themselves only. Question everything.
Ultimately buying a car costs pretty much the same whether used, clapped out or split new.
If it's split new you have to suffer the catastrophic drop in value as you drive it off the forecourt. If it's clapped out you're suffering the repair cost and lack of reliablility.
I had the benefit over many years of a reliable, faithful and skilled local mechanic who kept my 3 to 8 year old cars in good nick (as long as I kept bringing them for regular service). I didn't stint on paying him since I got excellent reliability with this premier service. In the end you want the car to go without question. ( lived and drove in the rural Highlands of Scotland for 20 years).
BTW I now live in a city where parking is a nightmare and I do not own a car - I use the bus and hire a car when I really want one. It's much cheaper and I can relax on the bus.
Think about it.
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Re: Thinking of doing the PCP thing, what are the cons here?

Postby rbl248 » Fri Oct 12, 2012 10:04 am

With a PCP you have to keep a car is a condition commensurate with it's age and mileage. They are not going to worry about the odd scratch, door ding or a curbed wheel - obviously handing the car back with it's door hanging off or no glass in the windows won't go down well and they will charge you! Be sensible with it, and they will be too.

Musefan doesn't know what he's talking about. There is nothing stopping you changing makes once you've reached the end of the term of the finance, or at any stage for that matter. As long as the value of the car matches or exceeds the settlement figure (outstanding finance, guaranteed future value or ''balloon payment'') you can sell it. Even if it doesn't match up, all it means is you have to top it up so it does.

PCP is the best way of buying a car particularly if you're worried about costs. Once a car is 3 it becomes more expensive - FACT - and a PCP allows you to give it back at that stage and the majority are designed to work equity back in to the agreement so you should get some deposit back too. Most modern cars don't need servicing for 2 years anyway so you probably won't have to worry too much about the cost of it.

Hope that helps.
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