PCP - would it be a huge mistake?

bigjl

Don't believe in PCPs.

You are pretty much financing a car you couldn't afford to and paying that figure in one big lump at the end.

They may suit some people but I feel they are more of a way to get you changing your car regularly.

mad_rich

LittleWonder wrote: »

It's a brand new car - 15 plate.

I'm getting the general consensus that this is a bad deal. I really do appreciate the advice as I'm extremely risk averse when it comes to money. Those who I have spoken to who already do PCP have described it as a lifestyle choice - the only way to regularly have a new car.

It's not risk, as such, it's just the fact that new cars don't come cheap, however you finance them. Nothing wrong with that lifestyle choice if you have the cash (either saved up or in spare income), but only if you're happy to pay the heavy premium.

The proposition is "Give me £7.7k (or your Juke) and I'll let you rent a Qashqai for £70/ month for 2 years". That doesn't appeal to me as good value!