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Downsides to PCP?

  • 22-01-2017 8:39pm
    #1
    v638sg7k1a92bx
    Closed Accounts Posts: 2,913 ✭✭✭


    Have been looking into this recently. Anyone have any input on their downsides to the PCP. The ones that seem to be most prevalent are:
    • |"Losing your deposit" - I don't see this as a deal breaker as everyone ultimately loses their deposit with the depreciation of the car
    • Leasing - if you decide to hand back the car then you've effectively leased it for 3 year


Comments

  • #2
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,520 ✭✭✭✭colm_mcm


    The assumption with a lot of people is that after 3 years you can just swap for another car and continue paying what you're paying. If that doesn't happen, I'd imagine it would be a downside.

    With your 'leasing' scenario, you've paid approx 70% of the cost of the car new and then hand it back.


  • #3
    thebiglad
    Registered Users, Registered Users 2 Posts: 1,672 ✭✭✭thebiglad


    There is a guaranteed return value but that assumes strict mileage limits and vehicle condition be aware particularly of the mileage limits.

    You can find yourself with penalties.


  • #4
    CountingCrows
    Registered Users, Registered Users 2 Posts: 1,832 ✭✭✭CountingCrows


    There's isn't really a downside if you are fully informed and you do the maths on your options after the 3 years. The problem occurs for people who only look at the monthly cost and then 'suddenly' have to stump up a big deposit (e.g 5K) to get a new model of the same car.

    Dedicated PCP thread - http://www.boards.ie/vbulletin/showthread.php?t=2057120240&page=47


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