End of PCP Contract

[Taz]

On the 25th June my 4 year pcp contract will be complete. My OCD is keeping a running spread sheet on all cost associated with the car, not a wise thing to do when you sit back and look at the figures

In summary the vehicle as cost me:

£1500.00 Deposit
£21544.90 Monthly payments
£9333.60 Final payment

£32378.50 Total cost

The big question, was it worth it, in truth no

 

[aquazi]

Was that new taz? If so its a very good price! Buying outright even with a good discount from the dealers would have been upwards of 35k, plus extra's


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[Taz]

yes that's one plus, the car was new, it only had 20 miles on the clock, it was being sold cheap cos the new z4 was being launched, I have a copy of a invoice for the car that puts it at £36.5k

amazing to think its now probably worth about 11k

 

[Bing]

To be honest, ignoring what you've paid out (because the money's gone, so forget it) at 4 years old with only 15k miles on it you'd struggle to buy it now for less than £13/14k, so I reckon you're quids in Taz. You could settle up, sell up and make a profit if you really wanted to. But that would just be insane

 

[Taz]

then there's all the other associated cost

tax, service, mot's, petrol etc

 

[Ewazix]

No good can come from this sort of analysis, where does it end? My Dad's PCP on a Hyudai i10 was £1k deposit, £4k payments, £3.5k final, I'll pop a brochure in the post

On a serious note those final sums are pretty tough to swallow but I suppose it depends on your disposable income, responsibilities and intangible value you put on your Zed? I had the means to go new but opted for a well kept older car and after 3 years I suppose it's lost £4.5k and cost about £1k in maintenance and repairs which is OK for me and passes the Mrs Ewazix test :roll:

Anyway what's the plan for the end of the PCP?

 

[Bing]

then there's all the other associated cost

tax, service, mot's, petrol etc

Those costs all apply to any vehicle - they don't count in your assessment of the Z specifically

 

[Taz]

end of pcp I will pay the final payment and then just keep the car

i'm hoping in many years to come it will be worth what I paid for it

 

[Taz]

then there's all the other associated cost

tax, service, mot's, petrol etc

Those costs all apply to any vehicle - they don't count in your assessment of the Z specifically

they do lol, this is a toy and if I did not have it I would have not spent on other associated things

previous to buying the zed I was always careful with my money, the money I have spent on it I really should have been buying a second house but hey ho whats done is done

 

[aquazi]

yes that's one plus, the car was new, it only had 20 miles on the clock, it was being sold cheap cos the new z4 was being launched, I have a copy of a invoice for the car that puts it at £36.5k

amazing to think its now probably worth about 11k

I'd be happy with that!

Yours in similar spec to mine (bi colour interior, nav etc) and the original owner payed £40k+ for mine, only for me to buy it a year and a bit later for half that!

So you've done better then someone who would have sold it say 2 years.


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[aquazi]

then there's all the other associated cost

tax, service, mot's, petrol etc

Those costs all apply to any vehicle - they don't count in your assessment of the Z specifically

they do lol, this is a toy and if I did not have it I would have not spent on other associated things

previous to buying the zed I was always careful with my money, the money I have spent on it I really should have been buying a second house but hey ho whats done is done

Well good thing you didnt buy a second house when you got the car... Would have lost most its value the following yr :lol:


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[mr wilks]

Interesting post Taz , look at it now a different way , the hard work is done . Now you have a sought after performance car built in low numbers that's going to be relatively cheap to run & doubt its value will drop much as the years roll by :wink:
There's not that many motor's out there with similar virtues .

Now get on with the property purchase ! A sleeping fox catches no poultry "

how about a 6 bed mansion in 3 acres of land for £125,000 ? http://i1164.photobucket.com/albums/q576/beaucostil/mansion001_zps736d625e.jpg
My neighbours house in normandy & they've lopped 100k euros off the price in 18 months

 

[Taz]

Wow that sounds very cheap. Ten years saving i could buy it cash lol

 

[Carol M]

Taz, like Bing said, the money's gone now and look at what you've got. A stunning motor that you are going to keep and hopefully will pay you back in the future.
It's never a wise move to add up what's been paid out.

 

[SteveD]

If you try to do some kind of cost benefit analysis on a new car, I doubt it often works out from a financial point of view. I tried this a number of years ago. I lived in central London at the time and given I would have had to rent a parking spot it worked out cheaper to hire a car every second weekend and take a cab everywhere else - and that was comparing to a second hand car.

So on the plus side, you have had the tangibles such as basic transport, convenience etc but also the pride and enjoyment of a new car. A very nice new car.

On the other hand, as someone else said, all this makes no difference now. That money has gone and you can't change your mind. So the equation is that you now have a car that you can enjoy. When buying another you can calculate the likely cost of new vs old vs 1 litre Kia. Probably end up making the same decision as before 8)

 

[Ewazix]

end of pcp I will pay the final payment and then just keep the car

i'm hoping in many years to come it will be worth what I paid for it

Phew, for a horrible mo' I thought you were swapping out :wink:

 

[Taz]

end of pcp I will pay the final payment and then just keep the car

i'm hoping in many years to come it will be worth what I paid for it

Phew, for a horrible mo' I thought you were swapping out :wink:

i'm here to stay

 

[cj10jeeper]

Numbers like this always frighten. Remember though that PCP's are designed to get you into a car you can't afford by back end loading everything and adding way more interest.

For most another PCP is the only way to go forward, else they have to finance the residual debt over another few years and end up with the same car for 6 or 7 years.

I got out if that new car cycle a decade ago. Buy second hand now, let someone else pay the heavy first 2-3 year depreciation and with the money saved now have that second home.

 

[Mowflow]

Trade up.

 

[tomscott]

My 2 year is up in November I'm going to pay it and keep it