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Returning a PCP car

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Comments

  • #242
    monkeysnapper
    Registered Users, Registered Users 2 Posts: 2,584 ✭✭✭monkeysnapper


    monkeysnapper wrote: »
    Now you said it.....

    I bought a 9 year old car that looked like brand new, had 80k miles , full service history .

    I put a deposit of 2000 down on it and got to keep car with no repayments ....

    3 years later I'm still driving that same car , just keep servicing it on time or earlier ...

    My neighbor earns way less than me and has a 25k car in drive , he told me he pays 350 a month....I think I'd cry ...every month ...


    Aaaaaaaaand the car breaks down today .......

    Who feels like a prize turkey now!!!!

    If I'd just kept my big typing fingers away from my phone my car would probably be OK .

    Must call to neighbor and see if he'll give me lift to work....;)


  • #243
    Dakota Dan
    Registered Users, Registered Users 2 Posts: 3,781 ✭✭✭Dakota Dan


    monkeysnapper wrote: »
    Aaaaaaaaand the car breaks down today .......

    Who feels like a prize turkey now!!!!

    If I'd just kept my big typing fingers away from my phone my car would probably be OK .

    Must call to neighbor and see if he'll give me lift to work....;)

    Of course new cars never break down, they're immune to breaking down.


  • #244
    Jobs OXO
    Closed Accounts Posts: 887 ✭✭✭Jobs OXO


    Dakota Dan wrote: »
    Of course new cars never break down, they're immune to breaking down.

    Perhaps not but they are under warranty


  • #245
    mugsymugsy
    Registered Users, Registered Users 2 Posts: 1,569 ✭✭✭mugsymugsy


    I think this thread is very useful if it opens people eyes to ensuring they know what they are signing up to. Bit like tracker mortgages etc.

    Consider the deal go away and think and ask others around your parents or friends with finance knowledge or whoever and then make an informed decision.

    It's not a blanket PCP is good or bad...it depends


  • #246
    Dakota Dan
    Registered Users, Registered Users 2 Posts: 3,781 ✭✭✭Dakota Dan


    Here's a bit on the pros and cons of pcp.

    https://www.ccpc.ie/consumers/money/loans/paying-for-your-car/pcp/

    To pcp or not to pcp

    https://www.google.ie/amp/s/www.irishtimes.com/business/personal-finance/buying-a-172-car-with-a-personal-contract-plan-read-this-1.3148532%3fmode=amp


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  • #247
    mickdw
    Registered Users, Registered Users 2 Posts: 23,903 ✭✭✭✭mickdw


    monkeysnapper wrote: »
    Aaaaaaaaand the car breaks down today .......

    Who feels like a prize turkey now!!!!

    If I'd just kept my big typing fingers away from my phone my car would probably be OK .

    Must call to neighbor and see if he'll give me lift to work....;)

    Visions of monkeysnapper running to dealer and scrapping his car for 5k via a pcp deal and telling nobody.


  • #248
    ShadowHearth
    Registered Users, Registered Users 2 Posts: 22,924 ✭✭✭✭ShadowHearth


    mugsymugsy wrote: »
    I think this thread is very useful if it opens people eyes to ensuring they know what they are signing up to. Bit like tracker mortgages etc.

    Consider the deal go away and think and ask others around your parents or friends with finance knowledge or whoever and then make an informed decision.

    It's not a blanket PCP is good or bad...it depends

    I was saying it for ages in other thread: "pcp is a product and like all products it suits some people and doesn't suit others"
    Screaming and shouting that pcp is evil reminds me whole mortgage crash a few years ago. Everyone's fault, but not Timmies fault, who took out 300k mortgage on 2 bedroom apartment, while being on social welfare.


  • #249
    ofcork
    Registered Users, Registered Users 2 Posts: 5,491 ✭✭✭ofcork


    There is a credit union in cork advertising loans specifically aimed at people who want to pay off the balloon on their pcp offering 2.5% rate.


  • #250
    mickdw
    Registered Users, Registered Users 2 Posts: 23,903 ✭✭✭✭mickdw


    ofcork wrote: »
    There is a credit union in cork advertising loans specifically aimed at people who want to pay off the balloon on their pcp offering 2.5% rate.

    Now that is good to be fair and the kind of lending a CU should be doing imo.


  • #251
    rustynutz
    Registered Users, Registered Users 2 Posts: 802 ✭✭✭rustynutz


    I have been on both sides of the fence on new car vs driving an 8-10 year old one. When I was driving a car myself for work, I always bought a good condition used car for little money, and drove it for several years. That was grand when the cars were mid ninties to mid 00's, when the technology was mostly mechanical rather than electrical, and cars were generally more reliable. Fast forward a few years and I got a company vehicle to drive myself and I tried the same routine of 8-10 year old car for the missus and kids, between yearly nct's and frequent breakdowns (leaving the missus and very young kids stranded several times) and higher tax of the older car, this way of motoring wasn't working out as cheap as it had in the past, I was also working away from home a lot at the time so we could do without the hassle of the car letting us down all the time with often large repair bills.

    After getting stranded on the M4 two hours from home with herself and the kids after the engine siezed in our 10 year old corolla ( supposedly bulletproof) I eventually gave in 4 years ago and bought a brand new car on PCP, nothing extravagant, a Seat Toledo petrol for less than 20k, the monthly repayments were 216€ a month, but that was it after petrol, insurance and tax. Free servicing, no unexpected repair bills, no NCT, the only money I spent was on two tyres. I'm not saying it has been without its problems, it developed a rattle in the engine after been serviced and again we were on the side of the road pulled in, but rang the garage and they were down in half an hour with a replacement car on the back of a car transporter, allowing us continue our journey without any repair bill.

    My point is, I think PCP is a great way of buying a car as long as you understand it fully and don't overstretch you self financially, remember the salesman is just that, there to sell you as much as possible without your interests at heart, like the bank managers giving out mortgages during the boom, they will try and convince you to go for a higher spec etc. to maximise commission. I dont think you ever fully own a car, even if you drive an old banger you need to save weekly to cover any unexpected repair bills, and to have enough money to buy a replacement when it eventually dies.


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  • #252
    Dakota Dan
    Registered Users, Registered Users 2 Posts: 3,781 ✭✭✭Dakota Dan


    rustynutz wrote: »
    I have been on both sides of the fence on new car vs driving an 8-10 year old one. When I was driving a car myself for work, I always bought a good condition used car for little money, and drove it for several years. That was grand when the cars were mid ninties to mid 00's, when the technology was mostly mechanical rather than electrical, and cars were generally more reliable. Fast forward a few years and I got a company vehicle to drive myself and I tried the same routine of 8-10 year old car for the missus and kids, between yearly nct's and frequent breakdowns (leaving the missus and very young kids stranded several times) and higher tax of the older car, this way of motoring wasn't working out as cheap as it had in the past, I was also working away from home a lot at the time so we could do without the hassle of the car letting us down all the time with often large repair bills.

    After getting stranded on the M4 two hours from home with herself and the kids after the engine siezed in our 10 year old corolla ( supposedly bulletproof) I eventually gave in 4 years ago and bought a brand new car on PCP, nothing extravagant, a Seat Toledo petrol for less than 20k, the monthly repayments were 216€ a month, but that was it after petrol, insurance and tax. Free servicing, no unexpected repair bills, no NCT, the only money I spent was on two tyres. I'm not saying it has been without its problems, it developed a rattle in the engine after been serviced and again we were on the side of the road pulled in, but rang the garage and they were down in half an hour with a replacement car on the back of a car transporter, allowing us continue our journey without any repair bill.

    My point is, I think PCP is a great way of buying a car as long as you understand it fully and don't overstretch you self financially, remember the salesman is just that, there to sell you as much as possible without your interests at heart, like the bank managers giving out mortgages during the boom, they will try and convince you to go for a higher spec etc. to maximise commission. I dont think you ever fully own a car, even if you drive an old banger you need to save weekly to cover any unexpected repair bills, and to have enough money to buy a replacement when it eventually dies.

    I can't ever figure out how the tax on older cars puts people off. I've a 2007 1.8 car 636 yearly tax post 2008 probably half that. So I'm saving 300 a year or 82 cent a day, hardly life changing. Also how well do you maintain your cars? A Toyota Corolla with the engine seizing screams poor maintainence to me.


  • #253
    ForestFire
    Registered Users, Registered Users 2 Posts: 2,982 ✭✭✭ForestFire


    Dakota Dan wrote: »
    I can't ever figure out how the tax on older cars puts people off. I've a 2007 1.8 car 636 yearly tax post 2008 probably half that. So I'm saving 300 a year or 82 cent a day, hardly life changing. Also how well do you maintain your cars? A Toyota Corolla with the engine seizing screams poor maintainence to me.

    Road tax on Toledo petrol is 120 per year. That's a 500euro per year saving. 2k over 4 years he has had the. That's enough for next deposit on road tax savings alone.

    Not many left coming from the old tax system left these days though.


  • #254
    Dakota Dan
    Registered Users, Registered Users 2 Posts: 3,781 ✭✭✭Dakota Dan


    ForestFire wrote: »
    Road tax on Toledo petrol is 120 per year. That's a 500euro per year saving. 2k over 4 years he has had the. That's enough for next deposit on road tax savings alone.

    Not many left coming from the old tax system left these days though.

    There's still plenty pre 2008 cars around.


  • #255
    acronym Chilli
    Registered Users, Registered Users 2 Posts: 527 ✭✭✭acronym Chilli


    ForestFire wrote: »
    Road tax on Toledo petrol is 120 per year. That's a 500euro per year saving. 2k over 4 years he has had the. That's enough for next deposit on road tax savings alone.

    Not many left coming from the old tax system left these days though.
    If you buy it used, you will have have paid for that money upfront though purchase price. Bump in car values as you cross the old-tax/chape-tax discontinuity. Doesn't necessarily wipe out the benefit, but definitely whittles it down.


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