I’ve always been fortunate to buy all my bikes outright but with another new bike looming I’m thinking of possibly using the Trioptions facility. What’s the pros and cons....
Pros - you’re only really renting and it’s a low rental way to work Cons - you’re only really renting it and it’s loaded with interest
Pcp in general . If your expecting to trade in for a new bike at the end of pcp be prepared for lowball offers even from the supplying dealer that may only match the final payment value some may say no ta if they are flush with stock leaving you to do a hand back to the finance co if no other dealers want to deal trade. Local dealers seem to play this way (Maybe only on certain brands they sell or previously sold). That maybe a plus for some (if your happy with the renting concep) as your not stuck with a bike waiting on private sale to get rid of it, but handback at the end of pcp will mean starting again vis a deposit for a new ride.
But they are 'designed' to leave you with some equity to use towards a new bike. Manufacturers want to tie people in so they want them to have a bit of money left over to then do a further deal and tie them in again for 2/3/4 years. By shafting all their customers it means they all leave for other brands and at best return in 2/3/4 years, or never.
It works if the interest rate is low and its a low deposit. Never put a large deposit in to keep the repayments low if you might want to do the same again in three years time.
It has been said in the press that the motoring industry PCP scheme is the next financial scandal in waiting and likely to dwarf PPI. Wouldn’t touch it with a barge pole. Bought my first new car on a 50% deposit/50% on 2 year interest free loan back in 1995 and still managed to get my fingers burnt. Nowadays, if what I want is not what I can afford to buy outright, it don’t get bought. Andy
Thing is you don't need to go without - for the price of the PCP deal you can buy a perfectly good Ducati that is far better than you are at riding - you don't need the latest and greatest as you will still be overtaken by a GPz500 at times. And after a while you will find it's worth more than you bought it for and you still own it! In fact you could do that over and over again and have a few, then retire early - now there's something I didn't realise
Oh, to have pots of cash in the bank to buy bikes and cars For the rest of us, PCP can be an affordable way to have something a bit better than you could on HP. God there is some snobbery in this world.
What a load of crap. I never said that and there is no snobbery. There are loads of bikes (and other things) I would buy if I had the money. I don't, so I do without. If you want to buy something on a PCP deal because you can't buy it with your own money or you want to have "something better", crack on. It's not for me.
