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SetH

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Registered: 15th Jul 01
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28th Mar 12 at 19:05

http://www.contracthireandleasing.com

John

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Registered: 30th Jun 03
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28th Mar 12 at 19:10

I think we can conclude from this thread that models no one wants = bigger discount.

Colin

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28th Mar 12 at 19:12

quote:
Originally posted by deanmcreynolds26
How much depOsit did u have to put down? Do you have to pay a final fee at the end?

1 month payment as deposit. Final optional fee but I'll prob hand it back and get another one instead.

Corsa_Sport21

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Registered: 13th Apr 08
Location: Leven, Fife. Drives : 205 GTi
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28th Mar 12 at 19:19

People who do this sort of thing, will they ever own any of the cars in say 20 years time??

Or is it just a vicious circle where you keep paying money and get a newer model every few years, but don't actually have anything to show for it in say 20 years time.

MarkM

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Registered: 11th Apr 01
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28th Mar 12 at 20:48

Cars depreciate. If you keep one long enough it will be yours yes but it will eventually be worth nothing.

Corsa_Sport21

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28th Mar 12 at 20:55

Im just thinking, £350 a month for 3 years is £12600.

Say you opt to trade it in after 3 years for a newer model, does that £12600 get taken into account or do you basically start all over again??

MarkM

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28th Mar 12 at 20:57

Hand it back and start again.

Liam

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Registered: 19th Jan 06
Location: Stafford
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28th Mar 12 at 20:59

start over again I think.

Corsa_Sport21

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Registered: 13th Apr 08
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28th Mar 12 at 21:00

Lot of money to through away just to drive a semi-flash car.

MarkM

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28th Mar 12 at 21:02

Say you buy a car for £10,800 over three years at £300 a month. Forget interest for the example.

In three years time it will be worth say just over a third of the price at £4,000. You'll be left with a 4k car that is your. But you're not going generally going to get a nicer/newer car as you would in the finance scheme.

So over the three years you'll be 4k worse off going finance route but you'll be driving a nicer car. The premium you're paying for that is £1,333 a year.

Obviously the above is simplified.

Sunz

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Registered: 12th Jan 07
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28th Mar 12 at 21:03

keeping up appearances !

Is no way to win unless your mechanically minded with cars and have space.

Buy a new car and get raped.

Buy something second hand and pay for any repairs.

whitter45

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28th Mar 12 at 21:11

quote:
Originally posted by Corsa_Sport21
Im just thinking, £350 a month for 3 years is £12600.

Say you opt to trade it in after 3 years for a newer model, does that £12600 get taken into account or do you basically start all over again??

Should be equity in the car. Ie if he's paid out 12.6k he should gt around 15k trade in which is his deposit for his next car

Corsa_Sport21

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28th Mar 12 at 21:17

quote:
Originally posted by whitter45

quote:
Originally posted by Corsa_Sport21
Im just thinking, £350 a month for 3 years is £12600.

Say you opt to trade it in after 3 years for a newer model, does that £12600 get taken into account or do you basically start all over again??

Should be equity in the car. Ie if he's paid out 12.6k he should gt around 15k trade in which is his deposit for his next car

So in turn what does that do?? Lower the monthly payments quite a bit if he were to go for something of around the same value after the 1st 3 years is up?? And after say 6 years of this scheme, where would you stand in terms of money after paying over £20k??

[Edited on 28-03-2012 by Corsa_Sport21]

whitter45

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28th Mar 12 at 21:22

quote:
Originally posted by Corsa_Sport21

quote:
Originally posted by whitter45

quote:
Originally posted by Corsa_Sport21
Im just thinking, £350 a month for 3 years is £12600.

Say you opt to trade it in after 3 years for a newer model, does that £12600 get taken into account or do you basically start all over again??

Should be equity in the car. Ie if he's paid out 12.6k he should gt around 15k trade in which is his deposit for his next car

So in turn what does that do?? Lower the monthly payments quite a bit if he were to go for something of around the same value after the 1st 3 years is up?? And after say 6 years of this scheme, where would you stand in terms of money after paying over £20k??

[Edited on 28-03-2012 by Corsa_Sport21]

I don't disagree with what you are saying. PCP allows somebody who wants a new car to basically just pay off the depreciation. some want a new car others are happy with second hand and buy what they can finically afford. All I would say is people on PCP can afford the payments so technically they can afford the car

There are no right or wrongs. It's very much like buying or renting a property. No way would I rent at 800 a month but yet loads do? Everyone's circumstances are different

Colin

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29th Mar 12 at 00:26

I've paid cash for cars before and all you end up doing is fretting about how much it's dropping in value.

This way I get one brand new sensible car I'll never own but don't strictly wish for ownership that will never need money spent on mot's repairs services etc. Virtually no deposit, no stake in the car a heavly depreciating item just pay to use. Halfers with the mrs the cost is very little for us both and makes a lot of sense.

I also have a 2nd car paid off which doesn't depreciate is fun quirky and interesting but doesnt cost the earth to run either.....except fuel but it's low mileage use so couldn't really care.

This works for me, but I'm sure someone will still argue that I should have bought a 1998 escort lx cash and made do.

[Edited on 29-03-2012 by Colin]

Colin

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29th Mar 12 at 00:43

quote:
Originally posted by Corsa_Sport21
Lot of money to through away just to drive a semi-flash car.

Depends on each individuals circumstances really. 4k a year for a car isn't much for a new car all taken into account.

Tom

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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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29th Mar 12 at 09:43

Some people are so stupid, how hard is it to get your head around the idea of finance/pcp/hp etc? If you want to pay for a car outright and own it fair enough, if you want to pay for a car and swap if for a newer one every 2/3/4 years fair enough can't see any issue, it's something a HUGE number of people do

as long as you can afford it what is the problem?

Sunz

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Registered: 12th Jan 07
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29th Mar 12 at 10:01

quote:
Originally posted by Tom
Some people are so stupid, how hard is it to get your head around the idea of finance/pcp/hp etc? If you want to pay for a car outright and own it fair enough, if you want to pay for a car and swap if for a newer one every 2/3/4 years fair enough can't see any issue, it's something a HUGE number of people do as long as you can afford it what is the problem?

Is probably the small matter of not owning the car, having to stick to their miles limits and never allowed to edit anything as it will void the warrenty all the time whilst your paying them £1000s. (might as well rent it an get insurance )

It's obviously the only way for some people to have peace of mind with their driving but if you really could afford the car wouldn't you just buy it ? (Most people claim they can "afford" the car)
I wouldn't go and look at cars over my price range, seems like something for people who live behond their means, always relying on that monthly pay check, never having any savings.

Please dont kill me, just my views on the situation.

Would never buy a car new from a showroom or get one on finance even if I was a millionare.

But any way I hope the car is good for you Colin but I feel that £45 you saved by getting the petrol version per month will be taken away instantly by the cost of filling it will fuel anyway

John

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29th Mar 12 at 10:08

Hate people saying they wouldn't buy a brand new car if they were a millionaire. Yes you would.

Sunz

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Location: SE England
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29th Mar 12 at 10:17

quote:
Originally posted by John
Hate people saying they wouldn't buy a brand new car if they were a millionaire. Yes you would.

Must be a common saying

mwg

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29th Mar 12 at 10:19

What do you gain by owning a car outright instead of financing it? You have to stump up the whole lot in one go. I would never do that unless I had that much money I didn't know what to do with it. Or it was a car of only a few grand in value.

A lot of people that are very rich still use finance to buy their cars rather than invest a large sum of money in to something they are only ever going to lose money on.

Jambo

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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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29th Mar 12 at 10:25

quote:
Originally posted by Tom
Some people are so stupid, how hard is it to get your head around the idea of finance/pcp/hp etc? If you want to pay for a car outright and own it fair enough, if you want to pay for a car and swap if for a newer one every 2/3/4 years fair enough can't see any issue, it's something a HUGE number of people do as long as you can afford it what is the problem?

Chips on shoulders everywhere IMO

Jambo

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29th Mar 12 at 10:29

quote:
Originally posted by mwg
What do you gain by owning a car outright instead of financing it? You have to stump up the whole lot in one go. I would never do that unless I had that much money I didn't know what to do with it. Or it was a car of only a few grand in value.

A lot of people that are very rich still use finance to buy their cars rather than invest a large sum of money in to something they are only ever going to lose money on.

I purchased a £15k car outright.

Would never do it again unless I had mounds of cash sitting around. Its a depreciating asset, no point in buying outright unless you have mucchos cash.

CORSA NUT

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Registered: 3rd Aug 01
Location: Wirral
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29th Mar 12 at 10:40

The people we know with money don't 'own' any of there cars

As you'll find with footballers etc! They all still have mortgages FFS they can just afford the monthly payments.

The other bonus of PCP is the whole GAP insurance thing. If it gets wrote off etc you don't have a shit load of finance to pay back? I think these bm's look smart but I'd be wanting a 320d auto for £300 a month. Fuck getting a 318 petrol

no offence Colin obviously

John

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Registered: 30th Jun 03
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29th Mar 12 at 10:43

You can get GAP insurance without PCP.

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