PCP, HP or owning your car outright

mercmancdi

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2009 E250 cdi 08 cls320 cdi ,2007 e280 cdi '2005 E 280 CDI ,VW TOUAREG ,JAGUAR S AND xTO NAME A FEW
I have a daughter bought a near new car for work , but doing big mls it ended up worth nothing even taking into account she got a mileage allowance it was no good so she went down the rental Rd and on to her second now it works for her. But if for personal use and doing average mls then buying good second hand would be my choice. I have bought cars for £2000-3000 in the past and put thousands of mls on them and still
sold on for 5-600 3 yrs later. but they were NOT MBs they’d were usually fords when parts were for buttons and anybody could work at them
 

A.J.

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UnMerc - 2020 VW Polo 2.0t GTi Plus, DSG. Flash Red, Traditional VW GTi Tartan seat trim.
You want an Evoke Drop top you do :p

There is a Black one local to me and it is 'orrible. Looks like a Bath tub on stilts :eek::D
 

LostKiwi

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'93 500SL-32, '01 W210 Estate E240 (RIP), 02 R230 SL500, 04 Smart Roadster Coupe, 11 R350CDi
between the two of we have 4 cars :oops: ... ML350, Smart Roadster, Smart Fortwo & a C3 all owned outright :)

what's a mortgage? :rolleyes:
Similar here... 5 cars, 4 owned outright. Three houses, 2 mortgages (the French house was purchased outright).
 

EmilysDad

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ML350
Similar here... 5 cars, 4 owned outright. Three houses, 2 mortgages (the French house was purchased outright).

You've top trumped me with 3 houses ..... that's just showing off :D:D:D

PS Forgot to mention my motorbike .... does that count? ;)
 

Blobcat

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R171 SLK280, Smart R451, Land Rover 110 County SW, 997 C2S, R1250 GSA TE 40th, CBR600FP
There is a Black one local to me and it is 'orrible. Looks like a Bath tub on stilts :eek::D
Black one, even more perfecter for our lost antipodean :D:p:cool:
 

Blobcat

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R171 SLK280, Smart R451, Land Rover 110 County SW, 997 C2S, R1250 GSA TE 40th, CBR600FP
You've top trumped me with 3 houses ..... that's just showing off :D:D:D

PS Forgot to mention my motorbike .... does that count? ;)
I give houses, cars and motorbikes away, that doesn't count it just hurts (financially...)
And no, I've no more to give away in case anyone's asking...:rolleyes:
 

sonic

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E350CDI, SLC250d, FJR 1300
2 cars & a motorbike owned outright, paid off mortgage 18 years ago.
2 public sector final salary pensions, life is good.
 

LostKiwi

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'93 500SL-32, '01 W210 Estate E240 (RIP), 02 R230 SL500, 04 Smart Roadster Coupe, 11 R350CDi
I give houses, cars and motorbikes away, that doesn't count it just hurts (financially...)
And no, I've no more to give away in case anyone's asking...:rolleyes:
I gave away a massive 4 bedroom house some years ago so know how that feels...
 

rorywquin

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An old B-Class.
I think the whole industry is changing and doing everything they can to get drivers away from outright ownership.

I've always bought outright and been very lucky with no expensive bills so far... Looking at newer cars with £1,200 headlights and £4,500 ad blue systems as well as a myriad other 3 and 4 figure repairs it makes one wonder how good a 2 or 3 year old car will be to buy.

It is also the younger generation. My son sees a car as a consumable and never has one for longer than 3 years. His missus is at home with the kids and runs around in a 2018 Q7 and he has a 2019 E53 AMG. The way he works is to get the best deal he can on a finance deal (they seem to give better discounts if they think they are going to make money from the financing) and after a month or pays off the finance in full. His job is in finance so I assume he knows what he is doing.

Except when I was young, with a young family, I've always paid cash for my cars - I don't like making bankers richer.
 

PovertySpec

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E220 CDi 07/57
Buy it cash on a credit card.

How?

Use a credit card for s75 protection then pay it off with money you've already got in the bank when you're sure the car's a goodun. If you can 'tart' with 0% credit card deals you get double bubble. You get s75 protection and 0% interest while you're making sure you've not bought a lemon. I wouldn't buy new unless I was stinking rich and seeing as I'm not I waited a few years and let someone else take the 30k depreciation hit when I bought my "Stuttgart taxi"
 

d215yq

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1987 W124 300D 280k miles
With pcp deals id imagine its often the best way to buy even if you have cash and especially if you have a mortgage and pay that off with the cash instead.

I think the danger is if people use pcp to buy something they couldnt otherwise afford. Then by definition theyre relying on a job/future certainty to keep it.

Choose the car you want based on cash budget and then look at the finance cost of that option and see if pcp is the best way to get it. It seems most pcp (and where it gets a bad name) is people with zero assets using it to buy something 10x more than what they can afford.
 

rorywquin

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An old B-Class.
Buy it cash on a credit card.

How?

Use a credit card for s75 protection then pay it off with money you've already got in the bank when you're sure the car's a goodun. If you can 'tart' with 0% credit card deals you get double bubble. You get s75 protection and 0% interest while you're making sure you've not bought a lemon. I wouldn't buy new unless I was stinking rich and seeing as I'm not I waited a few years and let someone else take the 30k depreciation hit when I bought my "Stuttgart taxi"

Any car company I've dealt with will either not take a cc or only a small amount.
 

curious

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Only the Vito left! W639/1 OM646
...only a small amount is needed to get full protection of complete purchase price (up to £30,000)
 

AMGeed

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S204 C180K
I've bought all my cars with cash and only financed one, some years ago.
Just bought a 5yr old E63 that wasn't cheap, but I don't like paying interest if its not necessary.

#2 daughter however wanted a newish reliable car, so went the PCP route on a brand new Vauxhall Viva.
It's been costing her £108 pm over the last 3 years and will hand it back when the deal expires next year.
I'd bet that the car has lost a lot more than the £4k she has spent so far renting it.
PCP and HP works for some, cash for others.
 

Blobcat

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R171 SLK280, Smart R451, Land Rover 110 County SW, 997 C2S, R1250 GSA TE 40th, CBR600FP
I've bought all my cars with cash and only financed one, some years ago.
Just bought a 5yr old E63 that wasn't cheap, but I don't like paying interest if its not necessary.

#2 daughter however wanted a newish reliable car, so went the PCP route on a brand new Vauxhall Viva.
It's been costing her £108 pm over the last 3 years and will hand it back when the deal expires next year.
I'd bet that the car has lost a lot more than the £4k she has spent so far renting it.
PCP and HP works for some, cash for others.
I’m just surprised they brought the “Viva” name back...
 

AMGeed

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^ The original car wasn't Vauxhall's finest hour was it:D
 

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