PCP/Finance - The facts

[Littlepeahead]

If you really want depreciation buy a nice BMW 7 series all shiny and new. I bet mine was £50k+ out of the showroom. Ten years later and still in great condition I bought it as my little runabout for less than £5k and it's been no less reliable or expensive to maintain than other friends' Meganes and Focuses but so much more comfortable and fun. I might buy a Bentley next

[NTECUK]

Thing is cars generaly last a long time.
Bikes get thrashed, wheelied and chucked down the road.
If you can get it new, cheap enough and known you can unload it 2 to 3 years down the line knowing what it's going to cost (like my car) It looks like a fair way to get a Shinny new bike.

[Littlepeahead]

You've not seen me take my car down the twisties. Then again I did manage to put my bike onto its side today in a dry river bed. If I had it on pcp I might not take it down the byways like I can at the moment.

[NTECUK]

Ops.
But if you had it on PCP you couldn't have its suspension and exhaust modified either

Bought yesterday a Brand New SV650S put down 1k deposit (which I got from mis sold card protection) and it's £30 odd quid a month for 3 years. I've just sold a Tiger and Wife said get a cheaper bike for 2k cash to keep your hand in, but this is a no brainer to me even if I pay the GFV the total payments are less than the RRP. Pick up Weds

Originally Posted by NTECUK

Ops.
But if you had it on PCP you couldn't have its suspension and exhaust modified either

Yes, you could. The only time stuff like this would affect the contract is if you decide to hand it back at the end. This is so unlikely that any modifications (if done sensibly) would only add to it's value.

Originally Posted by shurm

Bought yesterday a Brand New SV650S put down 1k deposit (which I got from mis sold card protection) and it's £30 odd quid a month for 3 years. I've just sold a Tiger and Wife said get a cheaper bike for 2k cash to keep your hand in, but this is a no brainer to me even if I pay the GFV the total payments are less than the RRP. Pick up Weds

Perfect example of how it should work. And the chances are that you will have equity at the end so if Suzuki come out with anything decent during the next few years you will have the chance to do the same again at the end. You may, however have put in a bit too much deposit.

[Littlepeahead]

Originally Posted by shurm

Bought yesterday a Brand New SV650S put down 1k deposit (which I got from mis sold card protection) and it's £30 odd quid a month for 3 years. I've just sold a Tiger and Wife said get a cheaper bike for 2k cash to keep your hand in, but this is a no brainer to me even if I pay the GFV the total payments are less than the RRP. Pick up Weds

I misread that and thought you'd sold the Tiger and your wife to pay for a new bike! Now there's some on here have probably already tried that

Originally Posted by Littlepeahead

I misread that and thought you'd sold the Tiger and your wife to pay for a new bike! Now there's some on here have probably already tried that

£4k for the tiger, £3k with the wife included.

[Wideboy]

Originally Posted by yorkie_chris

I take issue with your comments that nobody needs to own anything. It's this throwaway society attitude that isn't good. The only winners in that game are the bankers and insurers.
Owning something that depreciates, or paying for the depreciation and never owning it! If I bought a new un I'd expect to keep it until it was fooked and the average depreciation wouldn't be too painful.

Nail on the head. There is so much wrong with societies attitudes towards goods these days. People now aspire to drive PCP Audi's and live in their new barratts "made from cheese" house, then spend their life living out of paying monthly payments. All really for the sake that they care what people think when they look at them. That might get some people's backs up but it's true. No one NEEDS to buy a new car or bike they just want to, which is fine, but then when they loose their income it's the governments fault for not paying enough job seakers.

Buying something on a loan/credit card fair enough if you can afford it, as SP1 said if all goes t!ts up you actually own the vehicle with no loans/finance secured against it, if you can still keep it great but if not just flog it to cover the repayments or pay it off. Purchasing things on finance on the other hand i just don't see the appeal. You don't own it until the end, you're locked into owning it until the end, realistically not many people will buy it off you until the finance is cleared, if it's written off you loose **** loads of money... ect ect.

I think alot of people look at buying stuff on finance because it's easy. The credit checks are easily passable for a child, everything gets arranged around you and all you have to do is sign your name and you never get to see what you're paying over the odds for.

As i said in the other thread, maybe I'm just old fashioned but I like owning stuff 100% and I like to hand over my money when I buy it.