Car PCP deals

Looks like there are some decent deals out there, but I am worried about when you give the car back in “good” condition to avoid extra charges?

Anyone got any experience good or bad?

http://singletrackworld.com/forum/topic/pcp-idiot-content

I’d look very carefully at the complete cost of ownership, if this is what you want to achieve.

If you have a monthly payment mindset, then go right ahead – and do compare PCP to lease costs. But if you want to own the vehicle at the end of 24-48 months, then there will probably be cheaper ways to do so (e.g. hire purchase or bank loan) – even accounting for lower upfront discounts.

Over 10 years and, say 120k miles of use, someone paying £1k upfront and £250 per month for a modest new car every 3 years on PCP will spend £33k – and have no car at the end.

Over the same period and mileage, picking a £10k used car once every 5 years will cost £20k (assuming £3k retained value after 5 years for both cars and a pessimistic £6k of repair costs over 10 years) – and have a car at the end of 10 years.

£13k buys a lot of bikes over 10 years!

but I am worried about when you give the car back in “good” condition to avoid extra charges?

Do you look after cars or wreck them?

Small deposit ie max £500, dont expect equity in the car when at end of the agreement.

Thanks – I look after cars, but others in the home have a tendency to modify with scraped alloys, trolley dents etc. Just wonder if anyone has an example of what that costs at the end.

I run an 09 diesel golf just now, bought 3 yr old. Getting fed up of £2k + per year depreciation and random repair costs equating to not far off a monthly PCP deal when added up and divided out.

I would hand back a PCP, wouldn’t buy at end.

Try trading in (or selling privately) a car you own with every wheel kerbed, each corner scraped or door dented and see how much less you get.

Carelessness and not fixing your damage only works out if you don’t mind looking at it, and will run the car into the ground.

All I’ll say further is that the cost of car ownership is far more complicated than Ben_H makes it out to be. Lots of options and what may have been the case 5 or 10 years ago may not be any more.

Wow – really? So you’ve owned the car 5 years and it has depreciated over £10k? Next year’s depreciation must be ~0 then unless you paid an awful lot for it at 3yo.

Bought for £13k, now worth circa £4K – average £1800 depreciation.

I accept I am now at the better end of the depreciation curve and should really run this car into the ground.

Checks in…