Fair enough bud. I would wait till next year and just go test ride lots of whats left of the summer. Then with cash in you sky rocket the world will be your lobster. Lovely jubley
Its a good option PCP as was looking at getting 1199 tricolor on it. Gotta shift my 1198 first though
I like it because its effectively a new bike every 3 years and with a decent deposit, the payments are dirt cheap. On the negative, it reduces the showrooms to purchase I.e marked up prices IMO cheers
Get a loan if you can. Far cheaper overall and worth taking over 5 yrs to bring cost down. Likley you'd still pay less overall than 3yr pcp
2nd hand 1199 tricolor 19,995 deposit £9200 ~ 3 years payments of £96. Final payment £10500. Trade in bike at end and might get a grand or 2 however you would loose the general deposit if you want to walk away. When you look at it like that not great.
I'd echo what Bradders said, loans are pretty cheap atm and you already have the deposit. Think if you look at between £5k and £15k the rates are lowest too I believe. Then you own the bike rather than having to find a big lump sum at the end or trading in and starting again. I don't think I'd go the PCP route again, works for some but I think you do pay for it.
Sainsbury's offer very competitive rate. Put it on a Credit card for 18 months 0 % and then swap to another at end. Some good ways to avoid paying interest.
Yikes, no way I'd be buying a bike on PCP. You'd be much better using a loan or dealer HP surely? Especially if you're looking to put down more than 50% as is suggested (?) At least then you've got something tangible if you have to sell or whatever later. And you can get the loan for the amount you want / need and pay it of if you want to when you're ready. Maybe it's just me, but I just couldn't justify PCP on a bike and can never see me buying a car on PCP either. With HP at least you're paying into it like with a mortgage and own something (even if it's just the equity) at the end of the day. I was lucky that I didn't need to do this for my 848, but I wouldn't ever have looked at it if I was having to take a huge loan or a PCP deal.
My 848 was on pcp. Own the bike outright now. Thinking about a 2nd bike. And that will be on pcp as it'll be a commuter type and will be changed every 2/3 years.
PCP is a great means to afford a bike or car which is nomrlaly out of reach. You can get really good deals occasioanlly, especially outgoing models (848s in a few months anyone?!) and then may be woprth a punt. Have looked several times at them and still cant justiofy it; bought a car that way once but would rather pay £200 pm on a loan for a 10k bike over 5yrs than £200 pm on a bike over 3 yrs and still have 30% of it left to pay at the end.
That's the point of pcp. Get to the end of the term, don't have the money for the lump sum, enter a new agreement with a new bike. (As you dont want to be without a bike) so more business for dealer and finance company. Anyone who goes into a pcp agreement with no plan on how to own the vehicle at the end is silly, outright finance a much better option. Unless you're me!:wink: i had the money for the balloon payment right from the start. instead of putting it down on the bike it sat in an isa for 3 years earning me money. got bored earlier in the year so settled early saving some cash. If however, you don't want to own, or want to change vehicle regularly then its a good option. PCP does give you lower monthly payments though. But be aware, finance companies don't like it if you just hand the vehicle back at the end of the agreement.
And the borrowing cost an be very high. 9%+ apr is common and payable on all of it, which grows massively on the bit thats not paid down. Bit like private equity lol
