PCP finance.

Deleted User wrote: »

Yes laughable because too many people have said to me that because of your little rant that electrics are too expensive to run, creating way more damage than the proposed ESB charges.

You still don't accept the majority of driving will be done from the home charge point.

So if the occasional trip is as expensive as diesel who cares ?

By the time the majority of people change to EV there will be a minimum of 300 Km range, our little 120 Km range electrics will be the only electrics so dependent on the network. And they are very few on the road.

My little rant doing damage? That's funny considering how many EV owners messaged me thanking me for my work, but hey you know better than all of those people who have had EVs for years before you right?

You have gone from saying that "More expensive than diesel" was laughable to saying "So if the occasional trip is as expensive as diesel who cares ?"

So which is it, laughable or true?

roy rodgers wrote: »

Lads this has nothing to do with pcp finances so pi$$ off , get your own trend and stop wasting my time reading your horsesh1e.
I'm in the middle of buying a car and would appreciate other people's experiences of pcp and not listening to my car is better than your car crap.

Well if your thinking of buying an EV is worth considering

2nd hand market is stronger now than it will be in a few years I expect. Less cars sold 3 years ago so less supply of cars means higher prices. With new sales numbers high again this will negatively impact 2nd prices in a few years. This can be a good thing or a bad thing depending on if you are buying or selling obviously.

There is no wizardry with PCP if people understand what they are doing.

Buy a 30k car. Say 10k deposit so you finance the 20k through pcp over three years. That 20k finance is no different to any other loan. You just have more options. The main difference is it is broken into smaller monthly payments than a "normal" loan as there is a balloon payment at the end.

I do think customers are misled intentionally by how pcp works by dealerships though.

Many people think they pay their monthlies and will get a brand new car every year with no top up as it is sold that way. This may happen, but it is also very likely it will not. The is especially true as already mentioned, the 2nd hand market is likely stronger now than it will be when it is flooded in a few years.

vintagevrs wrote: »

There is no wizardry with PCP if people understand what they are doing.

Buy a 30k car. Say 10k deposit so you finance the 20k through pcp over three years. That 20k finance is no different to any other loan. You just have more options. The main difference is it is broken into smaller monthly payments than a "normal" loan as there is a balloon payment at the end.

You're not technically financing the 20k though as the full amount isn't factored into the monthly repayment. I'm sure you know this but just to clarify for people that are probably already confused reading this thread.

I noticed that in last two years all dealers were pushing a minimum value of car after 3 years. Now all of this is gone. They just talking about final payment or trade in for new car, but no mentioning of guaranteed minimum value.

I think dealers already feeling the pinch. As pyramid goes, those who took out those new cars few years ago with pcp were winning out, but those who taking now pcp might get a surprise after 3 years as they are late to the party.

I still strongly considering pcp right now, but at the same time being very careful. I wouldn't take on pcp something flashy like audi.
Something cheapish and small, where last payment is manageable might be better option if you plan 3 years ahead and not just blindly go for "new car with small payments!!! Who ****ing cares about future, future me will deal with that problem!!"

Another thing, how much is yearly millage allowance? I sow 10k km, which is really really tiny. Its like 30km per day.

carsfan wrote: »

Looking around at relatively new secondhands where previously there would have been value, all I see are expensive asking prices that seem designed to make the new car the more attractive option. I'm still not sure a lot of people realise what they are doing with pcp.

Was in a garage today and it was as if they were giving the cars away for nothing - swarms of people, nobody looking at the second hand, pretty much all just looking at the new cars. There was a forecourt bursting with second hand one/two/three year old cars but when I asked about those I was told it was pretty much the same cost to have the brand new. They're definitely pushing the new car option.

It all down to your own cash flow needs. I'm self employed and the pcp works for me.
I'm gonna buy a tuscon and put down 10.5k of a deposit.
My repayments are 270 a month and there will be about 11k to repay in 3 years time.
It will suit me better to pay off the rest of the loan in 3 years time but I suppose time will tell.

The key is to remember that if your getting a car for 30k it has to be paid back at some stage either in 3 years or 6 or 9 or 12 whenever.
Yes it's cheap finance now but in 3 years time I can also see that sizable deposits will be need for the 191 reg. I'm going into this very cautiously and it was to long ago that there was dark days and let's not forget that we were drunk on credit as enda says!!

Make it work for you and becareful