We’ve always paid cash for our cars , but as we change them on a regular basis ( bored really ) , cars are nearly new we loose 1,000,s and 1,000,s , never really fancied a pcp as you’ve got too pay a monthly payment and the a lump sum at end ( is it a balloon payment ) but I’m starting too wonder if the idea wouldn’t work better than keep outlaying 1,000,s then loosing 1,000,s when you come too trade in .
Mrs car is due too be changed , she keeps them 1/2 yrs , does about 4k p.a , just wondering would we better to pay say 200 p.m then hand it back at end of 2 yrs ( costing 5k ) , or she’ll out £8/10 ,000 and then loose x amount of thousands when we trade it in .
Just wondered has anyone bought a car this way , what are your thoughts , ta
Not done it myself, but I know a couple of people who’ve got these and got into problems with them especially with the over mileage and little dints - regardless of whether it’s your fault, you’ll end up paying for it quite expensively. Worst thing is the hit if you don’t have “gap insurance” which seems to result in you getting potentially hit very badly in the event of a writeoff.
Best having a look at this MSE page which seems to sum it up quite well:
moneysavingexpert.com/car-fi … t-purchase
Don’t want monthly payments. Hard to keep up with when you’re in the clink.
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