Will you keep yours at the end of your PCP Deal?

[TitanTim]

I'm not knocking anyone here for cleaning their car, but in some respects the paintwork on a 3 year old car that has been washed 6 times might actually be the same or better than a car that has been regularly washed with a poor technique.

Like Breaker said, put two cars together, one washed every week and one washed every 6 months, give them both a good clean, and they'll probably look the same.

Afraid thats not quite how it works, a vehicle correctly washed on a weekly basis and waxed will look far better than one washed twice a year. The paint finish dulls with surface contaminants, pollution etc. Thats unless you wash it weekly with brillo pad My view is I don't see the point of buying new if you can't be bothered to look after it. May as well buy an old banger.

Tim.

 

[Wondermike]

Tim I agree about a correctly washed car, but I was meaning one washed with an old sponge etc - it might be better for that person to not wash it at all.

I agree with you and even with lease cars I have tried to look after them even though they'll be going back.

 

[ronk]

My view is I don't see the point of buying new if you can't be bothered to look after it.

But you're not buying it if its on a PCP jobbie and you intend to ditch it and get another at the end of the contract - its a hire car! :lol:

 

[TitanTim]

Tim I agree about a correctly washed car, but I was meaning one washed with an old sponge etc - it might be better for that person to not wash it at all.

I agree with you and even with lease cars I have tried to look after them even though they'll be going back.

Oh I agree then Mike

Tim.

 

[TitanTim]

My view is I don't see the point of buying new if you can't be bothered to look after it.

But you're not buying it if its on a PCP jobbie and you intend to ditch it and get another at the end of the contract - its a hire car! :lol:

Or you could look after it and potentially bag a well kept bargain once the PCP is up. Like I said earlier I take pride in looking after the car PCP or not, plus it would be a shame to think of the Zed as just a mode of transport and not look after it if you just view it as a hire car. There should be a clause in the PCP contract, "Do not sign unless you are prepared to wash and wax your vehicle weekly"

Tim.

 

[ewwimbledon]

Isn't part of the point of cleaning the car because it is nicer to have a clean car especially the inside. The £5 jobs serve a purpose but often leave smeary windows etc.

 

[ronk]

Or you could look after it and potentially bag a well kept bargain once the PCP is up......

Can you specify who gets your end of contract cars?
You will get a queue of folk when yours is due to end.

 

[TitanTim]

Or you could look after it and potentially bag a well kept bargain once the PCP is up......

Can you specify who gets your end of contract cars?
You will get a queue of folk when yours is due to end.

lol the Zed is the first car I've ever had on a PCP, on previous cars I've always taken out a loan, I think it was just a better feeling when I traded in my 118d M Sport in against the Zed to have the trade in value as cash in hand for a rainy day. The dealer always says when I trade in my cars are better than when they left the factory

Tim.

 

[morry100]

My plan was always to hand the car back - I appreciate all points made in the posts so far but simply put the BMW deal in March 2012 was too good to pass up and allowed me to "own" albeit for 4 years a very nice car indeed.

I am sure that the dealer I purchased the car from will be in touch before the 4 year term ends to offer a new deal or whatever incentive happens to be on at the time.

If I thought there could be an affordable deal on the M135i at some point I would certainly look into it (and would be willing to put up with the looks as the rest of the car should be superb).

PCP's are not for everyone and having PCP'd many cars I like to think I have a good handle on the plus's and negatives - it does not greatly bother me about never owning the car as such. I like shiny new every 3 or 4 years

In saying that I do not wash mine quite as often as I should.....sorry TitanTim <hangs head in shame>

 

[Z4 Beemer]

I'm a fan of PCP's and bought the Zed in May 2009 on a 3 year PCP deal. Last May I thought long and hard about what to do, but given that the car had only done 12000 miles, was fault free, carefully looked after and in great condition, I decided just to buy it outright. I thought about going for a 20i 4 pot but think the 2.5i 6 pot is just a much nicer smoother sounding engine.

I also knew that a face lift was imminent and didn't want a "new" Zed that would soon be the "old" model. I extended the warranty and at the moment its only running costs I need to worry about. I also maintain there is nothing else on the market to replace the Z4 with at the moment (possibly an SLK), but I'm waiting eagerly to see what the Mk3 Audi TT looks like next year.

The Zed has become a bit more of a weekend car for me, since I have a new Audi A3 2.0 TDI S Line as my "every day" car.

 

[jimmybell]

I've got to think about how best to finance my imminent purchase - PCP seems a bad idea to me.

I'm in a situation where i have a chunk of the cost for an M available, but not all of it, but i can afford the rest by monthly payment happily. .. And my heart overrides my head, so i don't want to wait another year to save for the full cost

I guess it's more about what you plan on doing at the end of it, i'm sure like all of my past cars i'll become attached to it - but i suspect after 2-3 years i'll want the M4 or maybe AMV8 or 911. Could potentially hand the M to the missus.

What other options are there? And how do they cope with early repayment should i throw another lump sum at it?

 

[ronk]

Have I got this PCP thing right?

So in very basic terms the deal is:-
Pay a deposit
Dealer pays his deposit contribution
The buyer pays £300 to £500 a month @ 5.9% apr (dependant on the car)
At the end of the period you give the dealer the car back?

Or have I missed something ?

 

[TitanTim]

Have I got this PCP thing right?

So in very basic terms the deal is:-
Pay a deposit
Dealer pays his deposit contribution
The buyer pays £300 to £500 a month @ 5.9% apr (dependant on the car)
At the end of the period you give the dealer the car back?

Or have I missed something ?

Basically yes, at the end of the PCP you have 3 choices, pay the balloon payment and the car is yours, give it back and walk away or trade in against new.

Tim.

 

[inkey$]

Basically yes, at the end of the PCP you have 3 choices, pay the balloon payment and the car is yours, give it back and walk away or trade in against new. Tim.

As somebody that buys second hand and pays outright to own my vehicles, I've never quite been able to get my head around this. Basically you're hiring the car and at the end of the hire period have the option to pay another £X to own it, walk away with nothing or use the hire funds you've paid to hire another car for 3 years.

 

[Alwilb]

Have I got this PCP thing right?

So in very basic terms the deal is:-
Pay a deposit
Dealer pays his deposit contribution
The buyer pays £300 to £500 a month @ 5.9% apr (dependant on the car)
At the end of the period you give the dealer the car back?

Or have I missed something ?

Pretty much, Ronk. Only things to add other than as mentioned in Tim's post are that you can often pay a minimal or no deposit yourself. Also, if you got a good deal at the time of buying, you might hope in 3 years time to have a bit of equity in the car which you can use as a deposit against the next deal. If you don't, you hand it back without penalty.

I'm on PCP and, personally, I'd rather get a new car specced to my exact liking on PCP rather than buy one a year or two old. Naturally, you'd rather buy outright a new car specced to your liking but not everyone is in a financial position to do that.

I still see the car as my car but, in practice, PCP can be very similar to leasing. Pretty sure I'd still consider a leased car to be *my* car though.

 

[ronk]

Sorry to be so numb but .....

The trade in value? is that the "future value" they talk about?

 

[Alwilb]

Yeah. At the end of the term, everyone on PCP has a specific figure which they either pay and own the car or don't pay and hand the car back. This is a number that won't change, it's written into your contract on day 1. If your car is worth more than that at the end of the term, you've got a bit of equity there. If it's worth less, hand it back.

 

[inkey$]

im toying with the idea of a 335 coupe next as it will be more comfy on my 40 mile commute to work each day and a tad more practical

335, The thinking man's M3

 

[ronk]

I understand now!

In "olden days" it was a choice of Save and pay cash, a Bank loan or Garage HP.

 

[TitanTim]

At the end of the day, leasing, hire purchase, loans its all the same, it just gives you more flexibility when buying new, I would only do a PCP on a new vehicle as invariably the dealer tends to do a higher APR on used. What made me do the PCP was I had already sorted out a bank loan to pay for the car outright with my trade in, when I mentioned this to the dealer he asked what APR the bank loan was at and said they would undercut it. I also liked how I could tailor my monthly payments depending on how much or little deposit I paid and decided with the 13K I received for the trade in to invest the money in other financial returns than waste it all on a depreciating new car. Horses for courses

Tim.