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Old 07-09-2016, 00:54   #1
Jasonh85
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PCP deals

Hi,

Can someone explain how PCP works? Basically I'm trying to weigh out whether it's better doing this than say get a load and buy a car outright - so I have some questions.

I currently do 30k a year which means diesel is best option but within the next year or so I hope my job situation changes, therefore may do less miles.

On a PCP deal I've been told mileage doesn't really matter unless I'm giving the car back at the end of term, in which I have to pay a penalty on mileage.

What does the GFV mean?
Say I get a Car and it's £25k new.
£5k deposit laid and I pay £3000 a year for 2 years based on 10k miles.


After 2 years I have paid £11k so I'd owe £14k
But after 2 years I've actually done 50k miles and the car is worth say £10k
What happens in this situation?
I hand car back and have to pay mileage excess? Or I still have to pay off the £14k

Of the other way round if I do much less miles and the car is worth £15k but I owe £14k - do I basically pocket the £1k?

How does GFV come into play? I've not given it as I don't realistically know what it is so I'm trying to understand different scenarios

Thanns
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Old 07-09-2016, 08:30   #2
m0rk
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http://www.moneysavingexpert.com/car...tract-purchase

I hope you've estimated your mileage correctly in your PCP. That said, you can just part exchange it and pay any difference between the GMFV and the actual price
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Old 16-09-2016, 15:00   #3
Husbandofstinky
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If you're going to keep the car then buy it yourself the old fashioned way.

As Mork said its all in the mileage. They do like to crucify you if you go over the predetermined figures and then any knocks and bumps too. This has helped the chips away franchise no end.

Be honest with the mileage quote at the start as it will bite you back later big time.

Personally I pay cash for a car but if I didn't have the readies then it would be a personal loan. From £7.5k to £25k are the best rates at 3.2% at the moment (Sainsburys)

http://www.moneysavingexpert.com/loa...l-loans#20k25k

Martin Lewis is cracking source of personal financial info.

Not happy with Santander as from 1 November (123 account interest rates down from 3% to 1.5 %)
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Old 23-11-2017, 03:18   #4
LarrycMason
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A simple guide to personal loans

If you are thinking about taking out a personal loan, this guide will explain what to consider and what to look out for before you apply. It explains the options you have and also has some useful background information. topratedpersonalloans.com/personal-loans/
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