PCP finance.

ECO_Mental

R.O.R wrote: »

Colour is a very particular thing. There's colours I hate but others like and vice versa, but I will never order a Urano Grey for a customer unless they have seen it in the flesh as it looks a lot different in real life to how it looks in pictures.

Yeah I was unsure with the color also, I was going to go with that Navy Blue they have, but when I went into the garage they had only had a Golf Estate in that color and I didn't like it. The previous passat was black oak brown which I loved but I wasn't going to get the same color again. But they did have a high spec passat in the urano grey there and it looked unusual so I went with it. I didnt also like the other colors all very boring. I think you have to have a high enough spec car for it to work eg a good bit of chrome. I went in later and they had that new fancy artheon in there in Urano grey and it looked great.

JaCrispy

Wow, some people here spend more on a PCP payment in 1 month than I spend in 24 months on car maintenance :eek:

R.O.R

ECO_Mental wrote: »

Yeah I was unsure with the color also, I was going to go with that Navy Blue they have, but when I went into the garage they had only had a Golf Estate in that color and I didn't like it. The previous passat was black oak brown which I loved but I wasn't going to get the same color again. But they did have a high spec passat in the urano grey there and it looked unusual so I went with it. I didnt also like the other colors all very boring. I think you have to have a high enough spec car for it to work eg a good bit of chrome. I went in later and they had that new fancy artheon in there in Urano grey and it looked great.

Airside by any chance?

ECO_Mental

R.O.R wrote: »

Airside by any chance?

No Cork City Blackwater Motors

maidhc

JaCrispy wrote: »

Wow, some people here spend more on a PCP payment in 1 month than I spend in 24 months on car maintenance :eek:

People could buy a 18 Mth old Passat in the U.K. with tiny low miles, clear it and own 100% of it in 3 years for the same price as renting one on pcp!

jca

maidhc wrote: »

People could buy a 18 Mth old Passat in the U.K. with tiny low miles, clear it and own 100% of it in 3 years for the same price as renting one on pcp!

Yea dream on... Before I bought on PCP I trawled the net high and low all over the hallowed UK for one of these "miracle cars" Oh there are some there alright but you'll pay highly for them. You're still left beating away the tyre kickers and time wasters when you try shifting your Irish car.

ECO_Mental

maidhc wrote: »

People could buy a 18 Mth old Passat in the U.K. with tiny low miles, clear it and own 100% of it in 3 years for the same price as renting one on pcp!

Wow that's amazing!......do people know this

jca

maidhc wrote: »

People could buy a 18 Mth old Passat in the U.K. with tiny low miles, clear it and own 100% of it in 3 years for the same price as renting one on pcp!

You mean rent it for 3 years and own a 4.5 year old car at the end of the tenancy.

maidhc

jca wrote: »

You mean rent it for 3 years and own a 4.5 year old car at the end of the tenancy.

Owning a 4.5 year old Passat is considerably more valuable than an unquantifiable (allowance-gmfv)+Discount, probably 7-10k more, which is a high proportion of the cars value.

I think most cash buyers are doing this at the moment, people who are looking to finance are more restricted given the high Apr on personal lending.

dil999

maidhc wrote: »

Owning a 4.5 year old Passat is considerably more valuable than an unquantifiable (allowance-gmfv)+Discount, probably 7-10k more, which is a high proportion of the cars value.

I think most cash buyers are doing this at the moment, people who are looking to finance are more restricted given the high Apr on personal lending.

It's much more valuable to have 10k in the bank and having a car outside financed by pcp than it is to having your own car outside that has a nominal 10k price tag. It could take 6 months to access the cash in the car. 10 minutes to access the cash in the bank

DaveyDave

Can people stop using this thread to give reasons why PCP isn't an option for them? For Christ sake, yes you can get whatever Passat you want and have it paid off in 3 years. Someone getting the bus in Dublin could also save €1,800 a year on bus tickets and get a nice bicycle. Or, save a small deposit and spend €1,800 a year on PCP on a brand new Polo. There's a million ways you could spend that money, everyone is different.

It depends on what you want to do, but can we please stop saying "at least my 2k banger is mine and I'm not spending all my money each month". Some of us want to have a new, top of the line car rather than something that you own that has a cd player as an extra feature.

There's plenty of reasons why we choose PCP. In fact, there's just as many different reasons why we all choose PCP, as there are reasons why the rest of you didn't.

Just because some of you think paying X a month is too much doesn't mean everyone else does. There's plenty of people out there getting nearly new second hand cars with bank or credit union loans also spending X a month for the next few years but seemingly that's not an issue, even though it's similar financially.

If people want to keep talking down about why PCP is a bad idea can we just start a separate thread?

Sorry it's just getting on my nerves. Yes, one month PCP will pay for your cars servicing for two years but on the flip side we don't go into the bangernomics thread saying how you should get PCP because you'll never need to do the NCT. To each their own.

Fol20

dil999 wrote: »

It's much more valuable to have 10k in the bank and having a car outside financed by pcp than it is to having your own car outside that has a nominal 10k price tag. It could take 6 months to access the cash in the car. 10 minutes to access the cash in the bank

It depends on the person. I’m neither for nor against pcp. In some situation it can make sense to pcp it especially if it’s 0pc interest but on the other end if there is extra fees and interest. That his money you can potential save if you buy it outright. I think neither option are right or wrong it just depends on what is better for the person.

maidhc

DaveyDave wrote: »

If people want to keep talking down about why PCP is a bad idea can we just start a separate thread?

The title of the thread is "PCP Finance"; it is pretty broad. If that includes people thinking PCP is a bad idea compared to other ways to buy a car, so be it. I'm also one is neither for it nor against it. However I think it is a very niche product and not something that should be used as broadly as it is.

26000 Elephants

DaveyDave wrote: »

Can people stop using this thread to give reasons why PCP isn't an option for them?

Different opinions give people a better insight to the market. If it wasn't for dissenters, a lot more people would still believe that the GMFV of their car was the deposit for their next one.

I think PCP is a great idea for those who can easily afford it. But you really need to understand the pratfalls, because no salesman will explain it to you.

hanky2016

Just sorted my new car upgrade on PCP. Old car was 152 A3 saloon S-line upgrading to new A4 S-line, €6000 to come up with and new payment is €373 while the monthly on the A3 was 343.

acronym Chilli

hanky2016 wrote: »

Just sorted my new car upgrade on PCP. Old car was 152 A3 saloon S-line upgrading to new A4 S-line, €6000 to come up with and new payment is €373 while the monthly on the A3 was 343.

Do need to mention the GFMV/balloon-payment for anyone to know if the deal is good. Full price also of interest.

Nonoperational

JaCrispy wrote: »

Wow, some people here spend more on a PCP payment in 1 month than I spend in 24 months on car maintenance :eek:

'Tis great to have money all the same

dil999

dil999 wrote: »

It's much more valuable to have 10k in the bank and having a car outside financed by pcp than it is to having your own car outside that has a nominal 10k price tag. It could take 6 months to access the cash in the car. 10 minutes to access the cash in the bank

This 100%.

Even many of the very wealthy still get mortgages and finance/lease their cars as it's bad financial management to tie lots of money up in things that can be financed and paid back over time while keeping the buck of your cash in savings and/or investments.

JaCrispy

Nonoperational wrote: »

'Tis great to have money all the same

So it's a visual representation of how much money you make?

In a one mile radius from me, there is a unemployed family driving a 171 Avensis and a successful GP (probably earning a 6 digit+ salary) driving a 99 Octavia. So who is doing right here? Serious question.

mickdw

The gp is an idiot
The unemployed family shoukdnt be able to afford a new car but are obviously working the system and can possibly well afford it.

air

mickdw wrote: »

The gp is an idiot

Quite the leap

Brian Scan

mickdw wrote: »

The gp is an idiot.

There's a lot of it about.

Nonoperational

JaCrispy wrote: »

So it's a visual representation of how much money you make?

In a one mile radius from me, there is a unemployed family driving a 171 Avensis and a successful GP (probably earning a 6 digit+ salary) driving a 99 Octavia. So who is doing right here? Serious question.

Couldn't care less what other people do to be honest.

JaCrispy

Nonoperational wrote: »

Couldn't care less what other people do to be honest.

Just what they think of you.

Nonoperational

JaCrispy wrote: »

Just what they think of you.

No. I buy a new car because I like new cars. It doesn't impact one whit on other people, or on my finances. It suits me down to the ground to do it by PCP because I'm going to get a new car every 3 years for the foreseeable future. God forbid I might actually enjoy it, sure one would only buy a new car to impress other people. Ridiculous frame of mind.

What's with people thinking they know what's best for other people.

bidiots

Nonoperational wrote: »

No. I buy a new car because I like new cars. It doesn't impact one whit on other people, or on my finances. It suits me down to the ground to do it by PCP because I'm going to get a new car every 3 years for the foreseeable future. God forbid I might actually enjoy it, sure one would only buy a new car to impress other people. Ridiculous frame of mind.

What's with people thinking they know what's best for other people.

You new here?

mickdw

There is no excuse for a seasoned gp to be driving around in a 300 euro car. Its just being a tight arse. Even if they have zero interest in cars, a gp should retain a car of reasonable quality to ensure reliability if nothing else.
No excuse whatsoever to be running such a car.

Comhrá

mickdw wrote: »

There is no excuse for a seasoned gp to be driving around in a 300 euro car. Its just being a tight arse. Even if they have zero interest in cars, a gp should retain a car of reasonable quality to ensure reliability if nothing else.
No excuse whatsoever to be running such a car.

My own gp drives a 2000 Avensis.He seems to be managing fine with it. He's not an idiot by any stretch of the imagination but he has no interest in cars.

mickdw

The gp here relies on his car for emergency house calls. I think running an 18 year old car in that situation is bordering on reckless.

mickdw

The gp here relies on his car for emergency house calls. I think running an 18 year old car in that situation is bordering on reckless.

limnam

mickdw wrote: »

The gp here relies on his car for emergency house calls. I think running an 18 year old car in that situation is bordering on reckless.

If it's that much of an emergency it's not a GP you need.

mickdw

I'm taking about rural ireland. Gp has to call out in emergencies. It is very common. Ambulance can be 1 to 2 hours away regularly. There is an excellent helicopter service to be fair but generally as I say, doctor will make that decision.

limnam

mickdw wrote: »

I'm taking about rural ireland. Gp has to call out in emergencies. It is very common. Ambulance can be 1 to 2 hours away regularly. There is an excellent helicopter service to be fair but generally as I say, doctor will make that decision.

Maybe we can ask the government to finance 172 Mercs for rural GP's.

Two incase he needs to leave one for a service.

dil999

There are plenty of people driving cars they can't afford. They're not all financing them through PCP. There are people who have taken out bank loans, Credit Union loans, used savings and have no money in reserve if a financial emergency befalls them. I know a doctor who drives a 171 Merc and an unemployed family who have a 2004 Focus.

acronym Chilli

mickdw wrote: »

The gp here relies on his car for emergency house calls. I think running an 18 year old car in that situation is bordering on reckless.

That's hyperbole and/or a lack of mechanical understanding.

What might be reckless is if he fails to do 60 second check on vehicle each day, a weekly inspection including fluid levels, and regular services. Or e.g. runs a diesel on short duty cycles.

Brand new vehicles break down too. No vehicle is immune to tyre damage. A well maintained older vehicle can be as reliable as any other.

And anyway, GP doesn't run blue lights. If she's concerned and cannot get to patient she'll bring ambulance into fray.

mickdw

limnam wrote: »

mickdw wrote: »

I'm taking about rural ireland. Gp has to call out in emergencies. It is very common. Ambulance can be 1 to 2 hours away regularly. There is an excellent helicopter service to be fair but generally as I say, doctor will make that decision.

Maybe we can ask the government to finance 172 Mercs for rural GP's.

Two incase he needs to leave one for a service.

They already do tbh as our local gp practice takes tops the table for payments for medical card customers. They can certainly afford to run a decent car. Back to my first point... it's just the doctor being a tight arse.

JaCrispy

mickdw wrote: »

Back to my first point... it's just the doctor being a tight arse.

That's a fairly simplistic way of looking at it. Even though he could afford a 172 car what makes him a tight arse for not buying one. Perhaps he is saving for a new practice, kids college fees or early retirement instead of spending 500euro a month to show off to the neighbours, family and friends how much money he is making.

JaCrispy

Nonoperational wrote: »

No. I buy a new car because I like new cars.

But why do you like new cars, as opposed to buying one that's 2-3 years old?

DaveyDave

JaCrispy wrote: »

But why do you like new cars, as opposed to buying one that's 2-3 years old?

Why buy new shoes when you can get nice pairs from a charity shop?

Casati

JaCrispy wrote: »

But why do you like new cars, as opposed to buying one that's 2-3 years old?

Why do some people buy new clothes rather than 2-3 year old clothes?

dil999

JaCrispy wrote: »

Nonoperational wrote: »

No. I buy a new car because I like new cars.

But why do you like new cars, as opposed to buying one that's 2-3 years old?

God only knows what the previous owners got up to in them.

Lantus

JaCrispy wrote:

But why do you like new cars, as opposed to buying one that's 2-3 years old?

Why buy 2 to 3 rather than 3 to 4?

Nonoperational

JaCrispy wrote: »

But why do you like new cars, as opposed to buying one that's 2-3 years old?

Lol.

vintagevrs

mickdw wrote: »

The gp is an idiot
The unemployed family shoukdnt be able to afford a new car but are obviously working the system and can possibly well afford it.

mickdw wrote: »

There is no excuse for a seasoned gp to be driving around in a 300 euro car. Its just being a tight arse. Even if they have zero interest in cars, a gp should retain a car of reasonable quality to ensure reliability if nothing else.
No excuse whatsoever to be running such a car.

mickdw wrote: »

The gp here relies on his car for emergency house calls. I think running an 18 year old car in that situation is bordering on reckless.

Jaysus,

I often see you posting in here, and you are one of the better ones at explaining PCP to those that ask or have misconceptions about PCP.

But your opinion on a GP driving a 99 Octavia is a bit out there. Calling someone you don't know, or know anything about a tight arse?

Really?


As stated, no one knows, or needs to know why he/she chooses to drive an older car.

I would guess the Skoda is serving them well and they have no need to change it.

DaveyDave

I wouldn't have thought a Skoda that old would be running well compared to a typical Toyota, but if it's running like clockwork, feck it why not.

I know a few people earning good money but drive 10 year old cars, I don't know their personal or financial situation. It's possible they weren't in good jobs prior and want to get some money together. One of the them is doing lots of work on his house. It's possible they just want a car to get from A to B, if they break they'd probably just replace it with another comparable second hand car.

Someone could have a gambling debt, or maybe just likes going to the states yearly or has an expensive hobby they'd rather put money into. Lots of people have several bicycles worth more than their car.

I wouldn't call someone tight because they're on good money and don't drive a flash new car. Plenty of other things to spend money on

Lantus

A car is primarily a tool to accommodate travel primarily for economic reasons.

The social standing or profession of the owner is irrelevant in relation to the financial product being used to purchase.

Pros and cons of PCP are what we are interested in surely?

limnam

limnam wrote: »

Maybe we can ask the government to finance 172 Mercs for rural GP's.

Two incase he needs to leave one for a service.

Most gps drive proper cars so no need for the condescending stuff.

My gp has always driven a golf gti, upgraded regulalry another gp in the area drives a Range Rover. I don't know many gp's driving rubbish old cars.

ELM327

Andres Slimy Staircase wrote: »

Most gps drive proper cars so no need for the condescending stuff.

My gp has always driven a golf gti, upgraded regulalry another gp in the area drives a Range Rover. I don't know many gp's driving rubbish old cars.

As opposed to those fake skodas :pac:

veryangryman

Due to pay my balloon payment this week so then i own car outright.

What happens next? Do they send me a receipt, call me etc?

Toyotafanboi

JaCrispy wrote: »

That's a fairly simplistic way of looking at it. Even though he could afford a 172 car what makes him a tight arse for not buying one. Perhaps he is saving for a new practice, kids college fees or early retirement instead of spending 500euro a month to show off to the neighbours, family and friends how much money he is making.

Maybe he's owned th car from new, it has a FSH and it's as fit as a flea.

There's no reason an "older" car can't be dependable.