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Thread: PCP or Finance

  1. #1
    Regular Member markm's Avatar
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    Default PCP or Finance

    Hi Guys ,

    I'm thinking of upgrading the Vectra to a newer one, I've had a pretty good offer on a 3 year PCP, it saves a few pennies over the standard monthly finance and would allow me to change again in 3 years and not 5,

    Has anyone had any experience of PCP's, good,bad or ugly,

    I've been told the best thing to do at the end is sell the car privately and pay off the PCP which will give me some deposit for a new car,

    Has any one done one and got any comments over a standard loan

  2. #2
    Regular Member pogo's Avatar
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    Vehicle : Audi

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    ive used pcps in the past mate and they IMO are very good and i will be lookin into doing it again as you can get some cracking deals and you dont have to keep the car for 3 years, i didny, mind you it was a renault clio lol

  3. #3
    Regular Member m8internet's Avatar
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    PCP and part-payment HP are good value for money if you are a low mileage driver and you regularly change vehicles
    However, be aware of the excess mileage charges, they can be VERY high!

    They do not make sense for high mileage drivers, in this scenario it is better to pay off all the cars value within the term of the finance
    Any residual value (usually under £2000) can then be used as a deposit for the next vehicle

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    When I replaced my car lat this was something I looked into

    It does give you some extra advatages over a personal loan[1] but for me at least this did not warrant the extra amount I would have to pay over a personal loan. rememer when comparing to a personal loan to factor in the end balloon payment of the PCP to get the equiv loan value as at the end of each term you would own the car and can use it to trade in again.

    [1] if the car fails spectacularly then the finance company owns it and you can just return the car and walk away. Likewise if the cars value falls below what you owe on it. (exluding and excess milage you need to pay and damage to the car)

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    Regular Member m8internet's Avatar
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    Agreed, but the only way to compare PCP, HP, and bank finance is to look at the "total payable"
    Ironically, Bank Finance is the cheapest (if you shop around), but you need to arrange everything yourself, and if the car goes wrong then you will need to rely wholly on any warranty

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    Regular Member MLC's Avatar
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    Don't forget that when you hand the car back, they will bill you for any damage. Your idea of fair 'wear and tear' can be different to theirs. They will try it on and stitch you for stone chips and the like. It's VERY important to read ALL the small print.

    In my view, PCPs are only worthwhile for cars that have good residual values (Audi TT etc)...the Vectra certainly ain't one of those

  7. #7
    On a Sabbatical VauxVeteran's Avatar
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    Yuck..Yuck and double Yuck to both of them, only one way to buy a car, straight up the bank and tack a personal loan, 6% to 7% and it's 100% yours with a residual at the end of it.

    Many a cabbie falls for this sort of deal, we get a mag saying... example.. Vectra exclusiv 1.9 CDTi £55pw + vat, then you read into it and it ends up being £1000 deposit and £63 pw over 5 yrs resulting in a £17.5 basic Vectra, which compared to going down the bank route and dealer which would be £12k for the car OTR, with £1k down and £11k over 5 yrs being a TAP of around £14k.

    And yes I have tried to educate several of my work mates about this, but do they listen? got 2 of them still owing over 10k on 04 plate cars, and they say bunking off school doesn't pay

  8. #8
    Regular Member martind511's Avatar
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    Quote Originally Posted by VauxVeteran View Post
    Yuck..Yuck and double Yuck to both of them, only one way to buy a car, straight up the bank and tack a personal loan, 6% to 7% and it's 100% yours with a residual at the end of it.

    Many a cabbie falls for this sort of deal, we get a mag saying... example.. Vectra exclusiv 1.9 CDTi £55pw + vat, then you read into it and it ends up being £1000 deposit and £63 pw over 5 yrs resulting in a £17.5 basic Vectra, which compared to going down the bank route and dealer which would be £12k for the car OTR, with £1k down and £11k over 5 yrs being a TAP of around £14k.

    And yes I have tried to educate several of my work mates about this, but do they listen? got 2 of them still owing over 10k on 04 plate cars, and they say bunking off school doesn't pay
    Thats what I did with my car in the end - 7% loan from the bank and my car allowance just covers the repayments. This way, I am free to do what I want with the car should I change about it later on.

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