Buying a car for a daughter on pcp.

Iceweasel

Helm108 wrote: »

I bought a brand new Aygo as my first car in April (I'm 23, new driver).

Sorry Helm108 - but what you've done is not at all comparable.

1. You bought your car - not your parents. And you are paying for it.

2. You are 23 - the girl who's going to get the new car in this thread is 18 - that's a world of a difference - in attitude and life experience.


Dave5416 - I've read this thread a 2nd time - no-one mentioned the word 'fool' until you did yourself.

Your response to the money saving advice offered shows that perhaps it's you who should join some other forum.

I also note that there were no criticisms of you - only warnings and suggestions to look at other options.

But it's your money spend it as you wish and be happy with the result.

Finally - what has a political forum have to do with anything?

motorguy

Just had time to read the title but you really shouldnt be buying your daughter a new car if shes on PCP.

Shes needs help to kick this addiction, rather than be rewarded by buying her a car at this stage.

Plus she could harm herself or other road users if she were to drive while on PCP.

HTH.

oliverr

Not telling you what's right or wrong but I know with PCP deals that they can charge you an arm and a leg for any sort of damage (be it big or small) and most contracts state just general "wear and tear".

It is inevitable that at some point she will get a few scratches and scrapes here and there which you will end up paying for to keep the car in a good condition. On an older car (not old, just older maybe 5 or 6 years old) it won't matter as much.

At the end of the day it's your money and for you to spend it however you want but people on here were only trying to advise you in what could potentially become quite expensive (some have learned from experience), but its certaintly not neccessary to react like you did. It's a forum, so expect people to give their opinions and advice.

It's your decision and I hope it all works out in whatever you choose.

OddballJamie

motorguy wrote: »

Just had time to read the title but you really shouldnt be buying your daughter a new car if shes on PCP.

Shes needs help to kick this addiction, rather than be rewarded by buying her a car at this stage.

Plus she could harm herself or other road users if she were to drive while on PCP.

HTH.

Someone say PCP?

Strider590

Some confusion here regarding PCP...... lol

Buying stuff you can't afford, seems to be the norm these days, but putting yourself into debt is one thing, dropping your daughter into it at such a young age, is something else entirely.

Beachview wrote: »

She would be more likely to be extra careful with a new car than someone might be with an old banger.

I think you got that backwards/sideways...... People are likely to be more careful with something they had to earn through hard work.

CKhalvashi

neilmcl wrote: »

Is this her first car? Wouldn't it be better getting a cheaper, second-hand car that you could live with getting the odd, inevitable knock or two, then when she's finally got some experience under her belt you could look at getting something newer?

I'm with this opinion; I had a little old Renault 19 when I was 17. It picked up some dents and scrapes, but something I will state, is that it still seems to be doing the 6th form circuits each year.

When I moved for Uni (to Russia), I bought an old Merc, as it was the only car I could find for 100000 rubles that seemed a little safe. This lasted another 400000km (it had around 500k on it already) and 4 years before my first major crash.

Something that was picked up was a bigger car being better for first drivers from an insurance perspective. My niece has a '53' plate Peugeot 406 HDi with spaceship miles, estate car (so practical), but brilliantly maintained. The end result was a lot of metal between her and whatever she hits, and insurance more than £2000 cheaper than a 206 1.4 (just over £1400 for the year). It also does 40mpg, where I wouldn't expect this from the 206.

I made a post about old Mercs a few months back, with a CL500 being cheaper than a Ford Fiesta to insure. These may sound expensive, but for low mileage drivers, they can be a bargain!

CK

martmonk

GAZ237 wrote: »

Wow. That's some reply.

Yes this is a money saving advice forum. The majority of people here advised you that buying a new car is a waste of money (which it is).

The fact you state LOOK AT ALL THE OPTIONS. When clearly you have not. Added to the fact you clearly state you ignore other peoples opinions if they contradict yours.

Certainly makes you the FOOL.

Edit to add--I think the expression A FOOL and his money are easily parted, comes to mind.

See bold above. I think that statement is entirely incorrect. The advise given was almost unanimous in saying don't buy new for an 18 yo first time driver. Not - 'a new car purchase is a waste of money.'

If you beleive that buying a new car on a pcp deal is a waste of money then say it, with reasoning.

OddballJamie

I'm on the fence with this. I wouldn't be getting finance to buy a child a car, but I don't see too much of an issue with young drivers having new/newish cars. If I had an 18 year old daughter I'd rather her be driving something which less likely to break down on a dark country lane and have more advanced safety features to either reduce the chance of a crash and/or raise her chance of survival in the event of a collision.

Although she would either have to pay for it herself or hopefully I'll be minted by then and help her out.

Maybe it's because I lost a friend in a crash years ago, he was 20ish doing 50mph in a 205 and someone hit him doing 100mph in the rain. He might have survived if he had been in a safer car.

motorguy

Strider590 wrote: »

Buying stuff you can't afford, seems to be the norm these days, but putting yourself into debt is one thing, dropping your daughter into it at such a young age, is something else entirely.

Not sure where to start with this. Budgetting a set amount every month to pay for a depreciating asset does not mean you cant afford it. It can make a lot of financial sense. You can buy a new car from £99 a month - offset that against say, "saving up" £1,000 for an older car, perhaps nearing the twilight years of its life, and factoring in onging maintenance, MOT's repairs, breakdowns, etc. You might only get a couple of years out of a car like that before its reached end of life.

You are not necessarily "putting yourself in debt" because that debt is against an asset. If your circumstances change dramatically there are options as to how you can handle it.

The finance is not against the O/P's daughter, but against the O/P so hes not "dropping his daughter in it"

Strider590 wrote: »

I think you got that backwards/sideways...... People are likely to be more careful with something they had to earn through hard work.

People who PCP a car work hard too. They are happy though to use a set amount of their hard earned every month to pay for a car.

motorguy

oliverr wrote: »

Not telling you what's right or wrong but I know with PCP deals that they can charge you an arm and a leg for any sort of damage (be it big or small) and most contracts state just general "wear and tear".

It would be quite rare for a car to be handed back at the end of a PCP deal. Generally you'd trade it in and use the equity remaining as a deposit for next time around, OR pay the balance and keep the car (effectively meaning you're buying a 3 year old car at trade price) OR sell the car and pocket the equity from the deal.

Things would have to have went horribly wrong in the used car market for a car to be worth less than the balloon figure - and if thats the case you'd be glad you didnt buy with cash.