Please Please Help - Personal Loan vs PCP Citroen Deal

WellKnownSid

neil.woos wrote: »

I wonder how many of these MSE posters went to a Russell group university or the average income is like amongst them.

Now now...

BeenThroughItAll

neil.woos wrote: »

This is probably one of the most stupidest things I have ever heard. Are any of your friends high flyers with a good job and income? I would doubt it.

It's a perpetual cycle for the stupid so don't get drawn in. I wonder how many of these MSE posters went to a Russell group university or the average income is like amongst them.

Presumably you consider yourself a 'high flyer', do you Darkmatter?


Which University did you attend and what did you study? If your level of maturity, attitude and approach are reflective of even a tiny proportion of Russell Group graduates, I fear for our country's future.

neil.woos

BeenThroughItAll wrote: »

Presumably you consider yourself a 'high flyer', do you Darkmatter?


Which University did you attend and what did you study? If your level of maturity, attitude and approach are reflective of even a tiny proportion of Russell Group graduates, I fear for our country's future.

I went to UCL, studied Mechanical Engineering, MEng. However, I work in finance (management consultancy). No I don't think I'm a high flyer. If I were I would have got into companies like Mckinsey or Bains or even in Investment Banking in M&A or Structuring. I'm just your run of the mill typical Big Four grad

DominicH

Back to the OP, by my back-of-an-envelope calculations, the PCP option would cost about £1K a year more.

You say that the PCP option has a low Guaranteed Future Value, but that could be offset by them charging you closer to list price for the car. It depends what precise model it is. For example, I just put two DS3s into Drive the Deal, a lowish-spec one and a mid-spec one, both with typical options like metallic paint. They quoted £11.5K and £13.5K respectively. So your figure of £13,760 could be reasonable, or it could be £2K over the odds, depending on the spec.

WellKnownSid

neil.woos wrote: »

I went to UCL, studied Mechanical Engineering, MEng.

What was your thesis on?

neil.woos

Investigating the lateral forces of laparoscopic surgical tools in pneumatic systems. Essentially, I used a laser, a camera and weights to investigate moments, tensile strength and so force and Matlab for positional tracking.

LandyAndy

I wouldn't recommend anyone took out finance that ended when the car was seven years old.

nickpe

Hi Guys - i understand some peoples views on why not to do PCP but in its basic format my friends do it as they pay £180 a month and get a brand new car which they are happy with every 3 years, personally i think if they can afford it and are happy with that knowing it will be under manufactuers warranty all the time they have it then whats wrong with that? They like getting a brand new car every 3 years so if it works for them whats the problem???

As for somebody suggesting i want to keep up with them - lol, thats not the case!
As i said ive put the scenario out on here to give me a better informed insight so that when i make my own decision it will be with the help of some of the experts here on MSE !

Another scenario im considering at the moment is doing PCP but NOT trading my car in as part of the deal - this will no doubt mean if i only put say £500 cash in as deposit that my payments each month will be higher, however i get to sell my current car privatly and get access to the £3,000 that i should sell it for rather than see the £3,000 dissappear as part of a finance package.

dannyrst

Why do you want to get rid of the Leon? If it still works, I would suggest saving your money until you afford to buy without a loan.

neil.woos

nickpe wrote: »

Hi Guys - i understand some peoples views on why not to do PCP but in its basic format my friends do it as they pay £180 a month and get a brand new car which they are happy with every 3 years, personally i think if they can afford it and are happy with that knowing it will be under manufactuers warranty all the time they have it then whats wrong with that? They like getting a brand new car every 3 years so if it works for them whats the problem??

Because its an expensive way to, in effect, rent a car. That too, low end French cars. If there is nothing wrong with your existing car, keep it. Case closed.