Mine was 18k over 3 years. Did my best to get there, but only managed 10& a bit. this thread has got me thinking. After the rad splitting last week I've lost a bit of confidence in the bike regarding its durability. Luckily DUK paid for it. I fancy a diavel or SF1098. Might have to speak to MR.
In three years time you have three optiomns. You can buy the bike at the guaranteed mininum future value set out in the agreemnet when you bought the bike Or you can hand the bike back. You owe Ducati nothing and they owe you nothing. Or you can p/ex the bike against a new one. The GMFV will be the balance you owe on the bike if you want to buy it. Ducati or any other company will hopefully want you to take out a new agreement so they might offer you say £8000 for the bike on p/ex. Now if the GMFV was £7000, you would have £1000 as a deposit on a new one. Bear in mind though that the repayments may go up a jump if you put a big deposit down on the first agreement you took out.
Thing is, if I bought a multi I'd easily do 18k in 3 years, thats the point of one. re how it works, forget your px consider than cash deposit (made up figures) purchase 17000 deposit 7000 finance 10000 g'teed future value 6500 pay interest due on 10k but only pay capital of 3500 so you have balance of 6500, equal to GFV bike worth 9500 you have 3000 as trade in deposit on new bike, or walk away and owe nothing or sell it for 9500, pay 6500 and keep 3k so depreciation in your case is all picked up in your deposit hence your monthly payments are low make sense?
Whats the ppm Ozz? And is it just a reduction against the GFV or do you actually have to fund it eg if you pay the balance its on top?
Thanks mate yes that makes sense I think. That was what i couldn't understand as surely my pavements couldn't stay the same if in three years I was to trade the bike in against another multi the same price for example. Essentially all I would be doing is just borrowing and borrowing and owing nothing. Hmm not sure what to do for the best. I like the Idea of changing every three years but also don't really like the idea of never owning the bike and maybe tradionalnfinance would be best.
If you are going to give it back after three years, you owe nothing - but also you have spent three years worth of payments and have absolutely nothing to show for it. If you get another new bike for the next three years you will have paid six years worth of money, and still not own the bike at the end... Of course you could just carry on like that for the rest of your life, paying money to Ducati and never actually owning the bike - whatever floats your boat !
Thats only if the bike is worth the final payment. If my 848 is only worth £5900 after 3 years I will be very surprised. If you look at a normal non evo non corse 848 which is 3 years old t the moment you are looking at £8k plus so you would still have at least £2k to either have back by selling or as a deposit on a new one.....
6ppm plus vat for 1-4999 miles over, 12ppm 5k plus.... So if you went over by 4999 it would cost an extra £360....
Cheers. Didnt get chance to call Dave at Snells so going to nip in on spec tomorrow see if hey have anything to take for a spin
Here's a thought, how about saving your pennies and being patient, then in a few years you can buy a bike outright. You youngsters, it's all about the quick fix and easy come attitide :biggrin:
the more i look at it and understand it I'm not sure its the best idea for me. spoke to the dealership and the bike would have a px value of around 3k but id have put almost 10k into it with deposit and payements so not sure thats the way to go really. a finance deal over 60 months is £184 a month and then bike would be mine or personal loan from a bank and payements of 160 a month and would cost me about 1100 i think it was. either of the last two is cheaper in the long term i would think than pcp option
So old fashioned Andy..... To be honest this will be the first PCP I have ever done, always previously cash or cash and HP....
Pcp just keeps your monthly payment low. Of you can get a getter deal by a loan for the lotthat has to be better. I'm going to look at one myself because I want to put 3k in and keep paymnet low, knowing I will want to change in 3 years so no bighie and should have (quoting above) my deposit still left in the bike at exchange time.
It really does depend on what you want to use the bike for and whether it's a keeper or not for you. I personally use my 1199 to commute to the office rain or shine, and the odd weekend blast - I have no view in it being a keeper - so for me PCP made perfect sense to get a brand new bike for a low deposit and low monthly payments. I have no desire to keep it after 2 or 3 years and will likely chop it in for whatever it's replacement is. But if you are buying your dream bike to pamper and keep forever then PCP makes little financial sense.
thats this issue in my case as I'm putting down 7k as deposit and grant monthly payments are mega low I will have nothing to show for it and the end of three years and still have balloon payement left to pay of 8500. Not sure i could justify going from 10k to px value of less,than 3k doesn't make sense to me. If I wasn't putting big deposit down and simply paying around 180 for pcp then maybe but think I'd better of on bank loan or even just regular finance from dealer which will be 184 over 60 months.
