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PCP or finance?

  • 16-11-2017 10:57am
    #1
    never_mind
    Registered Users, Registered Users 2 Posts: 915 ✭✭✭


    Hi all

    I'm sure that there are loads of threads on this but what is everyone's thoughts on PCP?

    Current situation: I have a 2009 1.2 Polo w/ 114,000kms on it, prob worth around 4k on Donedeal or 2.5k or so in the garage.

    I am looking for something with lower mileage, around 2013+, something similar engine size and very reliable.

    I am in two minds - get PCP or finance. I have cash available but would prefer to not dip into it. PCP would be nice as car could be deposit and repayments of 200 is doable on my salary.

    What does everyone think?


Comments

  • #2
    who_ru
    Registered Users, Registered Users 2 Posts: 2,033 ✭✭✭who_ru


    It’s handy having spare cash at hand in case of emergencies but remember that cash will be required to pay pcp final payment after 3 years if you’re hanging onto it. I had a similar situation and went pcp in the end, the car I traded in was my deposit.

    PCP is no magic bullet, the car needs to be paid for at the end of the day. Just make sure you get the car you want and a good rate on finance. Remember if you go pcp you must have fully comprehensive insurance and get the car serviced every 15000km at a main dealer, at least that was part of my deal with SEAT.

    Good luck and enjoy the car.


  • #3
    bazz26
    Registered Users, Registered Users 2 Posts: 51,360 ✭✭✭✭bazz26


    OP have you done any maths on either method? That's the first thing I would suggest.

    Also PCP only really works on a brand new car or at least a nearly new one. Anything older than that, it becomes financially not worth it and regular finance because more suitable. BTW there is a huge megathread here on the in and outs of PCP.


  • #4
    Mrs cockett
    Registered Users, Registered Users 2 Posts: 470 ✭✭Mrs cockett


    171 demo polos being sold off at the moment by vw garages for around 14k. 1 litre petrol


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