Hi all!

I visited my local bike dealer a few weekends ago, and they were offering a £10k bike for just under £120/month with a £1k deposit on PCP!

I decided a few years ago I would never buy anything on HP again. If I cant afford to pay it in full, I don't buy it! But, the PCP deals seem to be worth a bit of thought............

I know how PCP works, but does anyone have anything good or bad to say about it?

Cheers in advance!

No one?

Never tried it myself Kris but I guess it's just an easy way of enabling people to get a newer car/bike than they would normally by lowering the monthly payment. Of course, this is offset by a balloon payment but this is not always a problem if you are looking to switch to a new vehicle at the end of the term. It's just like an expensive mobile phone contract isn't it!?

I cant say I have even heard of it to be honest!

Really James? It offered as an alternative to HP almost everywhere these days. Especially on the lower end motors.

http://www.telegraph.co.uk/motoring/how-to/10339529/How-to-understand-PCP-finance-plans.html

I don't think it would benefit me with my cars. My bikes are a different story. I buy new/nearly new and keep them 3 years ish.

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aaah, that makes sense, I call it the Company Car policy :p

Never tried it myself Kris but I guess it's just an easy way of enabling people to get a newer car/bike than they would normally by lowering the monthly payment. Of course, this is offset by a balloon payment but this is not always a problem if you are looking to switch to a new vehicle at the end of the term. It's just like an expensive mobile phone contract isn't it!?

Looking at some of the other pcp deals going around, it seems that the one I was looking at was a particularly good one.

The balloon payment/guaranteed value was stupidly low. It was based on 12k miles per year, which very few people do on a bike. So, in theory, the bike would be worth a fair bit more than the balloon payment at the end of the 3 year term.

Meaning, you'd never really lose your deposit because you'd be in positive equity. I think.....

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Thats still pretty good!

Looking at some of the other pcp deals going around, it seems that the one I was looking at was a particularly good one.

The balloon payment/guaranteed value was stupidly low. It was based on 12k miles per year, which very few people do on a bike. So, in theory, the bike would be worth a fair bit more than the balloon payment at the end of the 3 year term.

Meaning, you'd never really lose your deposit because you'd be in positive equity. I think.....

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Sounds like a reasonable deal!

Only one way to find out if it works I suppose.....

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I have a very nice RC8 if you fancy it it Kris ;)

I'm trying to stay away from "race replicas" for a year or two. I chucked my R6 down the road a few years ago at a fair old speed. Some kind of fertilizer had been spilt a few days before....

I needed something to get my confidence back with sharp and precise handling, hence the street triple R. The fact that it's naked was also appealing, keeps the speed down a bit ;)

If your desperate to get rid of it, I'll easily keep it safe for a day or two? :D

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Nah I'll keep hold of it lol.

I'm going back to a z1000 I think. Great fun. Don't get me wrong the KTM is awesome but I fancy going naked again.

Sheriff... my OH is after an RC8 ;)

Also, pcp is good if you don't want to keep the vehicle for 5+ years. Brings the payments down and you have the option to re - finance the end payment if you want

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Becca is he in the market now?

Sheriff... my OH is after an RC8 ;)

Also, pcp is good if you don't want to keep the vehicle for 5+ years. Brings the payments down and you have the option to re - finance the end payment if you want

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Have you had pcp before becca?

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Have you had pcp before becca?

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I've not, I thought I did but apparently it's actually HP lol but my OH works for Ford :)

Sheriff he doesn't want to spend 14k on a new one but can't find a decent second hand one so has given up lol.

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I've not, I thought I did but apparently it's actually HP lol but my OH works for Ford

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Will you nicely ask him if he hears many horror stories about it? It seems to good to be true.....

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I wrote a really long comment and it didn't send :'(

Basically he's 20 and has had 4 finance agreements, I think 2 were PCP, and he's already paid both of those off and the other 2 will be paid off this year.

Finance sounds a lot scarier than it is lol, I think if you go in and talk to your local dealer, discuss your options you'll know whether it's for you or not.

My OH and I think finance is a brilliant thing lol but it's really a personal choice! What works for one might not work for another but I think as long as you get a good deal and keep your act together it's a really helpful tool.

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Stick as a favoured customer with your bank and you can get a lot more from it. Car finance is good, but when I took out a loan to repay all my former finance agreements, it was a much lower rate of interest. Both touch your credit score, the difference is, if you do anything screwey on finance, you lose the car. Do it on your loan, and you just have to ask for help, work with people to get things back on track and you keep the car.

Stick as a favoured customer with your bank and you can get a lot more from it. Car finance is good, but when I took out a loan to repay all my former finance agreements, it was a much lower rate of interest. Both touch your credit score, the difference is, if you do anything screwey on finance, you lose the car. Do it on your loan, and you just have to ask for help, work with people to get things back on track and you keep the car.

I don't know about other branches but I know where my OH works they promise to match whatever interest rate you can get from your bank! My friend took out a bank loan and pays 30% interest and I pay 7% lol

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thats nott oo bad at all!