can i cancel a PCP car within 14 days to secure a lower car price?

Ukraj

Hiya

I noticed that when shopping for new cars the dealers will discount a car graeter if you get Finance-- ie they make more money

It reminds me of the trick of buying a TV at Currys wher the extended warranty makes more money than the sale.
People have sneakily advised to get a currys warranty and then get porice knocked down--- and cancel the policy


Can i do this with a PCP? get the price cheaper and then cancel and pay the lower sum outwright?

Basil_Hume

My parents did this when buying a new car two years ago. In fact, it was the dealer who advised them to do this!

At the time, the manufacturer was running a finance scheme whereby the car was discounted below RRP for those buying via the manufacturer's finance scheme - but in reality cost about the same as the RRP when finance charges were added.

The dealer advised my parents (who were cash buyers) to opt for the finance scheme, make a first monthly payment and then settle the loan. I recall my dad saying that although it was still quite a lot cheaper, it wasn't as dramatic as it had sounded at the dealer.

plane_boy2000

The deposit you pay will usually include set up charges before you leave the garage plus if you sign the agreement in their showroom I think the cooling off period may be different so you would not be canceling the agreement, but settling it which in turn could end up with discharge fees etc so you may save something but do your sums carefully!