that’s how I bought my Multi, got an MBNA CC with 0% on purchases (made within the first 6mths) for 26mths, set up direct debit to pay it off over the term. Not even a new customer, had an old MBNA card I’d used a few years back for a balance transfer but had been dormant since, just applied to transfer to the new deal. As soon as I bought the bike they upped the credit limit £3k. A good way to borrow if you have a solid credit score but you have to be vigilant with this type of credit, start spending on it and things spiral out of control pretty quickly.
That's the issue where we are now, no one generally buys a bike (or car) with cash now, a bike could cost £100K but you can rent it for £200-300 per month who wouldn't?
Which means that I am paying around the same price as the exhaust system for a Panigale for a WHOLE motorcycle I can't see it being an issue personally. My finance amount is around the 14k region. The list price for the bike is £16,999. It's probably worth what I originally financed it for nearly a year ago now... and I've obviously paid that down. Plus you can get GAP if you're touchy about it. Although I've never had an issue. I can't find any on bike trader at the age of mine for sale that aren't new or pre reg and they're still over 14k. Normal wear and tear doesn't matter as the bike is mint. If I crash it I'd repair it like anything else and it's maintained MUCH more than any road bike. The only issues come if you bend the frame, but then that's why you have insurance. The last payment is sub 8k from memory (which I won't pay I'll just hand it back and walk away). I might even make money on it like I did when I got rid of my 899. As said previously, I've been offered more money than I paid for the bike on a few occasions now. So many of these bikes are raced as well meaning stock parts are EVERYWHERE. I got offered a whole set of brand new fairings for £350 haha
Panigale v4s prices are mental,(maybe due to PCP) I could buy one cash..but cannot see extra the 10k value over a gsxr/r1. Here we go..14k 0 miles 70plate https://www.ebay.co.uk/itm/2020-70-...309026?hash=item5495e8b622:g:ShcAAOSwcFxgJ9jW My question was with regards to bridging the cost between insurance payout and what the dealer believes is worth after 1 year. (if crashed to bits) GAP insurance makes sense. IMO your PCP makes a lot of sense, the one that Joe mentioned where the V4S would end up costing 28k is a bad deal.
Yep agreed. There's good PCP and there's ofcourse bad PCP. Just like most things and it doesn't automatically qualify it to be a bad thing. My old dear had a new fiesta as a run around years back. That was on PCP. When she handed it back she also made money on it.
I understand that to survive, consumerism has to continually sell products. If people only bought what they could afford and didn’t replace things until they were beyond economical repair, this world would be an entirely different place. I also recognise in this day and age, I am an anachronism. Mortgage aside, which on the two houses I have owned over the last 40 years, I only ever borrowed 2 x my annual salary, I have never purchased a car, a bike or a large consumer item on credit. If the money wasn’t under the mattress, it didn’t get bought and I don’t see me changing any time soon. Andy
Some people seem to be under the illusion that a bike that has been used on track is something to avoid. There's a stark difference between a bike that's used on track and one that's been raced. And even then most of the time the bikes used for either of those uses are enormously over maintained. I'd sooner buy a bike like my GSXR which has been used on a clean race track however it's not been thrashed and has the oil changed every 5 minutes as well as any other fluid or serviceable item, is always warmed up (not just the water, the oil and the block), ridden with mechanical sympathy and doesn't have a single stone chip on it. Than a bike that's barely been ridden and when it does get ridden it's bimbled about on by some plonker, or thrashed from cold and doesn't get hot or just goes down to the cafe. It's been maintained by the book which is MILES away from what I do with mine which is near enough everytime it goes anywhere near a track. When buying used, it's always a gamble. There's a lot of 'mint' showroom condition bikes that get sold that used to be race bikes.
And the answer is probably not.. of maybe £1000 to £2000 max..... if the market picks up (unlikely any time soon)
I guess these two things can both be true: PCP enables consumers to run vehicles they could never afford to buy outright PCP enables manufacturers to 'sell' vehicles at prices they would never command otherwise Whether or not that is a win/win scenario depends on your point of view...! I just bought my first ever brand new car (an Alpine A110) and looked at PCP but I only needed to finance about 1/3rd of the price and a 3% loan made more sense to me. PCP would have cost about £5k for the privilege of possibly walking away after 3 years. The loan interest is about £800. Having said that, I guess I am now be the proud owner of a steadily depreciating asset. But what the hell...!
Its only a bad deal if it’s not worth it to the person spending the cash! Whilst it’s an expensive way to buy an expensive bike to me I absolutely love it so they money is justified to my wallet. Plus I have an easy way out at the end. There’s not a huge amount of people who will drop £15k cash on a 3 year old bike so even if I bought out right I’d still probably have to sell to a dealer and take the trade hit anyway. If it’s worth less which it very well could be I can walk away with clean hands. Plus unless buying cash there will always be some interest to pay although that varies. I see a lot of Ducati’s sitting for sale for a longtime because they cost more than the equivalent bmw etc. You’ve got to really want a shiny red one to justify the extra cost. Having the time again I wouldn’t buy new or how I have with PCP but there’s not a single doubt in my mind about buying it because I love it, puts a smile on my face every time I think about riding it let alone seeing it.
It makes sense in your eyes, but you could have had the same model with say 500 miles on the clock but a slightly smaller deposit and 50% of your monthly payments, which is exactly what I did with the V4S. On the grand scheme of life, it is sod all but over 20 years, those crumbs will make a loaf. After my recent divorce, I am being super anal on costs and I can’t wait for my vehicles to go back.
Interesting that the car Lease/ PCP came up on BBC. Rockingham Motor Speedway Circuit, near Corby in Northamptonshire, is being used to store vehicles, many of which are former hire and ex-lease vehicles. Figures from the Society of Motor Manufacturers and Traders (SMMT) showed the UK's used car market contracted by 14.9% in 2020. It said Covid-19 lockdown measures and "turbulent consumer and business confidence" had dented vehicle sales. Sales of second-hand vehicles fell to 6,752,959 - down 1,182,146 on 2019. Cars stored at the Rockingham Motor Speedway circuit
Like I say mate I wouldn’t do it again, I’m just saying I’m getting my money’s worth. I actually tried to buy the demo but it was riddled with faults so just went for a new one in a moment of madness! But if I didn’t buy new then you wouldn’t have a second hand one to buy Plus I’m trying to be open and frank as it may help anyone else to go in with their eyes open.
The company I work for take on short term staff from recruitment agencies, they get to know each other from previous stints with us. One of our current ones told me he met up with a lad from a previous stint with us and asked what he’d been doing in the meantime and he said he was working for Mercedes delivering ex pcp cars to an airfield just like that, full of end of deal cars worth less than their GFV. He asked what’s going to happen to them, nothing they said, they’ll just sit here, that was over a year ago, before they had covid to blame it all on.
My beemer will be going back massively underwater. It’s worth about 20k ish now, has nearly 2 years to go and had a final value of 20k!
They all get punched thru auction. The issue is lack of used sales, if the stats quoted here are true
Question is, are they trying to kid themselves that the lack of used sales is due to the downturn in the market or because the used stock has over saturated the market, is it because used buyers generally hang on to their cars longer or maybe that more and more are buying new on pcp and so the used market is contracting whilst the used stock is expanding? It’s all very well for us handing back keys to a vehicle worth less than it’s GFV and walking away but it means it’s either an unsustainable model or we are being ripped off on the forecourt price of the vehicle to begin with? Maybe when you hand back your keys to your £20k GFV car that’s worth £14k it’s not the dealer or the finance company that’s making the loss because they sold you the car with a £10k Mark up in the first place? maybe that’s why the new price of vehicles is rising disproportionately, it’s not because people can afford to pay more on a pcp, it’s to offset the loss at the other end?
