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Old 09-08-2017, 14:50   #1
Husbandofstinky
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Question The PCP time bomb?

I noticed this Q & A in Honest John's usual regular emails.

https://www.honestjohn.co.uk/askhj/a...-roads-lately-

Have never done one yet (always saved up and paid cash) The Skoda being the last one at £23k+. However, have never ruled out the possibility and always interested in the views of those experienced in this situation. From all the people I know who have spoken about them, all I can say is the views are very varied indeed. Some say they are the best thing since sliced bread, some wouldn't go anywhere near them again and there are others are quite indifferent.

I understand a lot depends on your personal circumstances (how long to keep a car for, mileage etc) but this Q & A does on the face of it shows a potential problem.

A Daily Mail exaggerated opinion or considered thoughts?
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Old 09-08-2017, 21:54   #2
weasley
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I've had several cars on PCP. Most go back at the end and a new one gets set up. My Yeti I paid the balloon payment at the end and kept it. I think it's a great way to drive a new car. However, I do it safe in the knowledge that if push came to shove, I could find the outstanding balance if I had to. Interest levels are so low at the moment and if you choose well and find a car with high residuals it can be genuinely cost-effective. For example, the balloon payment on my Yeti was about £2k less than what it was worth at the time.
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Old 09-08-2017, 22:38   #3
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I've usually always done PCP, but when I realised I could hand my 280 back early - get over 2K back in the bank and lease a 300 for less a month than I was paying for the 280 and still have the 2K in the bank it was a no brainer.

I'll probably lease from now on.
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Old 21-09-2017, 00:38   #4
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It appears that Dealers are pushing PCP and you can get a better deal via PCP than Cash these days.
Have a look at the policy & see if they have an early repayment rule(s). In some cases this will not cost you anything to repay all the money and the Balloon. So if you do this very quickly e.g. within a month you will not pay very much interest at all.
Depending on the Deal you can get by taking PCP you could end up with a better deal and still own your car after a few weeks.
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