********Motors Chat - Round 8 ********

ShadowHearth

GvidoR wrote: »

Yeah, I know you said that, that's why I was a little surprised you asked him if he can do a white wheel render.

Yeah, just wanted to see it. I sow once classic red scooby with white and it looked okay, but nothing to write back home about if you know what i mean.
So far I still like lime, but aqua blue looks savage too!

Bpmull

OSI wrote: »

Wait, HP makes sense but PCP doesn't?

Well you walk in put down a 20% deposit they give you the car it's your own to do what you want with once you keep up repayments after 2/3/4/5 years it's paid off car is yours end of. No balloon payment just one final monthly repayment.

Pcp walk in put down small deposit get a car with bmw Ireland / vw Ireland whatever on the logbook. Your car in the fact you drive it outside that not your at all you must get it serviced with main dealer if you start going over milleage limits that's a few cents a km or increased repayments. You put a scratch on the door bring it in to bmw or whoever oh that's 1500 euro to fix oh sure I'll bring it elsewhere no you won't as its not your car to bring. Fine I won't fix it then they will just take it out of whatever equity you have in the car. Then after 3/4/5 years we will say with a few months left you lost your job well with Hp you would probably be able to keep up repayments and then own the car with Pcp you would be fcuked.

Chris_Heilong

ShadowHearth

Chris_Heilong wrote: »

About that pm lol

Chris_Heilong

As I said, they wont look the same as your ones as there is a lot of shadow.

ShadowHearth

Chris_Heilong wrote: »

As I said, they wont look the same as your ones as there is a lot of shadow.

Dude, it looks fantastic!!! Cheers! On next car meet I own you a pint or a cup of coffee. Your choosing!

166man

The green wheels on that Mazda look odd, but in a very good way. I think they are just the right amount of mad..!

UnknownSpecies

166man wrote: »

The green wheels on that Mazda look odd, but in a very good way. I think they are just the right amount of mad..!

Agree big time. Those green ones or the red both look pretty cool.

JoeA3

Bpmull wrote: »

Well you walk in put down a 20% deposit they give you the car it's your own to do what you want with once you keep up repayments after 2/3/4/5 years it's paid off car is yours end of. No balloon payment just one final monthly repayment.

Pcp walk in put down small deposit get a car with bmw Ireland / vw Ireland whatever on the logbook. Your car in the fact you drive it outside that not your at all you must get it serviced with main dealer if you start going over milleage limits that's a few cents a km or increased repayments. You put a scratch on the door bring it in to bmw or whoever oh that's 1500 euro to fix oh sure I'll bring it elsewhere no you won't as its not your car to bring. Fine I won't fix it then they will just take it out of whatever equity you have in the car. Then after 3/4/5 years we will say with a few months left you lost your job well with Hp you would probably be able to keep up repayments and then own the car with Pcp you would be fcuked.

You're talking an awful lot of rubbish tbh! You are way over thinking the whole thing.

PCP / HP, it's all the same thing! The crucial difference is the APR rates on PCP tend to be far more attractive. For a new VW for example, the APR can be as low as 0%, whereas it's 5-7% on the more "traditional" HP agreement.
Both HP and PCP are similar finance arrangements, it's just that PCP repayments are just structured in a way that makes a higher end car more affordable to the masses.
Whether you buy the car on HP/PCP, the car is yours. Your name will be the first name on the logbook. It really isn't complicated or some conspiracy to fool people out of money. It's actually quite a simple and very cost effective way of getting your arse into a decent set of wheels.

UnknownSpecies

JoeA3 wrote: »

You're talking an awful lot of rubbish tbh! You are way over thinking the whole thing.

PCP / HP, it's all the same thing! The crucial difference is the APR rates on PCP tend to be far more attractive. For a new VW for example, the APR can be as low as 0%, whereas it's 5-7% on the more "traditional" HP agreement.
Both HP and PCP are similar finance arrangements, it's just that PCP repayments are just structured in a way that makes a higher end car more affordable to the masses.
Whether you buy the car on HP/PCP, the car is yours. Your name will be the first name on the logbook. It really isn't complicated or some conspiracy to fool people out of money. It's actually quite a simple and very cost effective way of getting your arse into a decent set of wheels.

I was just going to ask this in response to BPs post. I always thought that your own name does in fact go on the log book and that you'd be entitled to sell the car privately however you like, just as long as you meet your contractual obligations.

JoeA3

dorgasm wrote: »

I was just going to ask this in response to BPs post. I always thought that your own name does in fact go on the log book and that you'd be entitled to sell the car privately however you like, just as long as you meet your contractual obligations.

Exactly. It's complete nonsense to suggest otherwise. It's a finance agreement. Not all that different to HP. As long as you clear the finance, the dealers won't give a hoot what you do with the car. You own the car from the outset.

Bpmull

dorgasm wrote: »

I was just going to ask this in response to BPs post. I always thought that your own name does in fact go on the log book and that you'd be entitled to sell the car privately however you like, just as long as you meet your contractual obligations.

You definitely can't sell the car until you have paid it off that would be the same for Hp though infairness. Sure if you sold off the car and they went to repossess it. Anyone I know with Pcp it has the manufacturers name on the logbook although none of them are with vw finance. Apr rates are generally the same for both. Cheap way of owning a new car sure but then if you but a 10k balloon payment on HP it would be cheap same with your house mortgage through a 50k balloon payment on then end that would bring down the repayments. My mother has done figures on it when my dad bought his van and it would off worked out to be more money on Pcp and tbh she isn't wrong when it comes to figures she Is head of accounts and payroll for a big enough company. I also know an accountant that bought on HP over Pcp as it was cheaper arguably not much in it.

Anyway I've probably said too much not trying to fill this thread with Pcp vs HP sh!t I just found it suprising that someone would get rid of a less than 2 year old car because it needed brakes and tyres. I am really not trying to down it or down anyone that has bought a car on it it just wouldn't of been my preference.

YbFocus

Well the proof is in the pudding as i always say bp!

Personally i would never hp or pcp a car myself but each to their own!

JoeA3

The manufacturer/distributor does not go on the logbook of a brand new car. That simply doesn't happen and if it did, well then it wasn't any PCP arrangement that I am familiar with.

As for cost, it's basic maths. If the PCP is 0% and the HP is 6% (fairly typical with VW bank at the moment), well then no matter how you cut it, the PCP arrangement is cheaper, balloon payment or not. You obviously do need to use some common sense - e.g. squirrel away a few quid every month for the 3 years so that you do have enough to cover the balloon, if that's the route you want to take.

If your circumstances change while in the middle of your 3 years, well then just sell the car. You clear off the PCP the same as any other loan with the proceeds.

Typically, the amount outstanding owed after 3 years will be a good bit less than the car is worth on a trade in. So the option should be there to trade in and use that equity as the deposit on the next car...

YbFocus

Makes sense Joe, it's something i never really knew how it worked!

Bpmull

@JoeA3 Id completely agree with you on throwing a few bob aside every month for the balloon payment then you at least have options. As for the name on the logbook 3 different people on bmw Pcp have told me that it is bmw finance Ireland on the logbook I can't understand why they would lie about that.

My whole original point about Pcp is that people who have no money for the balloon payment that take it out it backs them into a corner.

As for the apr rates you are seriously fiddling them to back up your point maybe at the moment it's like that but to suggest that not that you did (you were referring to vw) apr rates for all manufacturers are permanently 0% there not the average would be 3-4 % the same way the average for HP with the manufacturers would be 3-4 %. Vw haven't charged 6% HP in years my dads is paying under 3% on the but he owes on his golf you'd often get 2% hp with skoda vw audi seat renault dacia etc etc.

YbFocus

BP you must have some set of lungs man!

Sorry I'm not adding anything that's all I've to say!

JoeA3

Bpmull wrote: »

As for the apr rates you are seriously fiddling them to back up your point maybe at the moment it's like that but to suggest that not that you did (you were referring to vw) apr rates for all manufacturers are permanently 0% there not the average would be 3-4 % the same way the average for HP with the manufacturers would be 3-4 %. Vw haven't charged 6% HP in years my dads is paying under 3% on the but he owes on his golf you'd often get 2% hp with skoda vw audi seat renault dacia etc etc.

Current HP rates with VW bank are approx 5.9%.
PCP is 0% on the new Passat. It's 1.9% on the Golf. It's fairly clear cut in this case IMO. It's all on their website.

Fortunately I have no idea what Renault / Dacia do... :pac:

Bpmull

YbFocus wrote: »

BP you must have some set of lungs man!

Sorry I'm not adding anything that's all I've to say!

I know I've said way too much in this chat on a topic I have very little interest in. But in general Pcp vs HP hire rates average out the exact same both over 3 years you get the odd exception going either way.

For what it's worth I looked at it for the craic when I was getting the megane I could have got a brand new 151 golf tdi on Pcp and would have had the price of almost all the repayments and deposit everything bar the balloon payment which I would have had sorted by 3 years time but decided to stay out of debt and monthly repayments for another while I'll be paying them long enough when I get a house and mortgage :pac:

job seeker

Interslice wrote: »

You could use more wheels to make a bigger table. If you put one on top of the other and got them tig welded together it would make it higher too. Tig welding it would be nice and neat.

That's a solid idea. Cheers.. I must do a lot of planning first though... But as I haven't done anything like this before I was considering using the first idea as it was simpler and more straight forward and it would be a good stepping stone to start off..

beertons

JoeA3 wrote: »

It's 1.9% on the Golf

That's funny, when you look at it. All I'm seeing is Diesel.

Mycroft H

YAY

Bpmull

JoeA3 wrote: »

Current HP rates with VW bank are approx 5.9%.
PCP is 0% on the new Passat. It's 1.9% on the Golf. It's fairly clear cut in this case IMO. It's all on their website.

Fortunately I have no idea what Renault / Dacia do... :pac:

That deal ends 30th of June im saying on average Pcp vs HP for all manufactures there is nothing in it. Your picking one particular case and arguing how Pcp is cheaper for everyone based on that better if there going to buy of vw before June what about everything else.

A dig at renault and all aren't you too good.

Anyway I'm finished on this.

JoeA3

Bpmull wrote: »

That deal ends 30th of June im saying on average Pcp vs HP for all manufactures there is nothing in it. Your picking one particular case and arguing how Pcp is cheaper for everyone based on that better if there going to buy of vw before June what about everything else.

A dig at renault and all aren't you too good.

Anyway I'm finished on this.

... to be replaced by another similar-ish deal from what I've been reliably informed.

Wasn't having a dig at anyone or any car. I was simply trying to explain the facts on how PCP works, having had first hand experience of it. In my own case, I could choose between HP or PCP, as I have the necessary up front funds right now to go HP if I wanted to. However, despite borrowing far less with HP, it would work out much more expensive. That is generally the case at the moment with current finance rates.

Chris_Heilong

I guess the only argument against PCP is it encourages people to upgrade rather than pay the large sum of money and keep their cars, psychologically it seems better to upgrade and "spend less money" than pay the lump sum, weather that is the reality or not.

JoeA3

Chris_Heilong wrote: »

I guess the only argument against PCP is it encourages people to upgrade rather than pay the large sum of money and keep their cars, psychologically it seems better to upgrade and "spend less money" than pay the lump sum, weather that is the reality or not.

Yeah. It's really nothing new though. PCP has been around for a long time in the UK and elsewhere. It's new-ish in Ireland so there's some understandable skepticism towards it.

It's like the manufacturers have looked at other successful product models, such as mobile phones for example... very few people (apart from the hardcore fanboys) will shell out a grand for the latest iPhone. Most people will happily sign up to a contract where they effectively pay for it over 2 years.

GvidoR

Twin supercharged GT86. :eek:

ShaunieVW

They'll slap LS engines into just about anything it seems!

Foxhole Norman

LS swaps and Hoosiers for the track day bro!

dgt

What the unholy fudge did I walk into... Like an accountants slanging match!

Central locking module says to me im going into retirement, f*ck you! May Get onto the ebay and get a new one

Need to do a lot of things to it actually.... All revealed after its done