My god that’s shocking!! I’ve never used PCP before but is it anymore expensive than finance or buying outright and swallowing the depreciation? Probably not a lot in it.
Are you getting rid of ALL your BMWs then? On a serious note, there's nothing to stop you selling the car privately or trading it in against a non-BMW. Being on a PCP doesn't limit your options at all. The only stipulation is the PCP deal will have to be settled and that's the sum of the remaining payments plus the balloon less a discount for early settlement.
Reason I'm quite chilled about it is that I got 13k off the car, put 2k in and 0% apr. So its a real rental deal. Only bugger is I can't change until end of term, and I want a different vehicle now.
PCP you can return the vehicle once you have paid half the original total finance , as long as its a personal PCP and not a business PCP.
It does mean that the financial pain can be shared between the buyer and the lender. Certainly on expensive vehicle purchases, there is no way I would buy new on anything but PCP now as long as the interest rate is low.
It has been a long time since I used a PCP, but at that point you were limited to handing back like this 3 times, then you would not be eligible for another scheme. Ok for a few vehicles I guess.
I hate buying and selling vehicles with a passion. When I paid for the Trump the other week on my debit card I saw the deal for PCP and knowing that I could just un build it from track spec and juat hand it back, I wish I hadn't told them it was a track bike. Unless it's a limited edition Porsche or something I'm not paying out right on anything again. PCP, get that money working in the market instead and just hand it back when done. Sorted.
PCP for a SFS is £195/month with a £3500 deposit. I won’t be buying new bikes outright going forward.
On an appreciating asset too. Worked for us and let us bail out of the rat race. Are interest only mortgages still available?
I don’t know how this pcp works in the UK. But I’m old school, the only thing I lone is a mortgage on the house, because that’s one thing I can’t save and buy cash. For the rest I save monthly and buy when I can. Yeah that’s mostly a bike second hand, with some miles, but I don’t care. This pcp thing who benefits? You or the big London office? Cheers Nick
I had one until recently on a rental property but not sure if it's still available for your main residence.
