Please Please Help - Personal Loan vs PCP Citroen Deal

ChumLee

neil.woos wrote: »

A car being 10 years old doesn't mean anything. Being 55 plate doesn't really mean a car is 'old'. By your own admission, there is NOTHING wrong with your current car so why get rid of it? You say you want to treat yourself to a newer car but why? You aren't exactly upgrading a huge amount from your Seat. Unless you wanted a convertible, nice coupe, a performance car why do you want to 'upgrade'?

Seems to me you are more worried about the age of your car and want to keep up with your friends who are all on PCP. Completely foolish.

Because unlike you they can actually afford what they want.

WellKnownSid

Hintza wrote: »

Look at all the options Lease, PCP, HP, nearly new etc and do the sums.

If leasing looking for the best deal and be flexible on make and model. If leasing take the money you get for yours and stash it awy for a deposit if you ever want to buy again.

Go and have some fun and get a new car if you want, your priorities change throughout your life from kids, to expensive hobbies to increasing your pension to retire earlier etc. You might decide your next car will be a banger.

This. Between PCP and leasing there will be a suitable deal out there...

WellKnownSid

neil.woos wrote: »

A car being 10 years old doesn't mean anything. Being 55 plate doesn't really mean a car is 'old'. By your own admission, there is NOTHING wrong with your current car so why get rid of it?

Aside from the new car smell, the warranty, the lower CO2 emissions and hence road tax, the statistically better reliability, the better fuel economy, the need not to worry about an MoT for three years or buy new tyres for two, the reduced likelihood of an accident due to improved active stability technology and the fact that in the event of a serious accident you're more likely to walk away?

On the plus side, erm, well...

nickpe

Hi All -

Well, after lots of haggling i made a decision -
I went back to another dealer and have after all the advice decided on a PCP deal and will be getting a brand new car afterall.

I know it wasnt everyones cup of tea but i thought i would explain in the event others are considering it....

Im 34 years old and have worked all my life since 17, for the first time in my life i wanted to treat myself to be able to drive a new car and this was the the most current affordable way for me to do it.
The deal i have opted to was to NOT trade my car in - i will now be selling this privatly and keeping the cash in my ISA should i ever need access to it.
The monthly payments i will be paying are very affordable to me and i only had to put it £250 deposit..... the dealer has put in £1,500

I guess everyones cirucmstances are different and in an ideal world we would all save and buy the things we want but i felt after much debating this was the best circumstance for me.

Before anyone says - after 3 years i will not own the car and will have to hand it back, thats not exactly true - i have 5 friends who all after 3 years changed the car for a new car and their monthly payments went DOWN.

I guess its something you have to try sometimes and just take a chance - if it turns out to be a bad experience i simlpy wont do it again, im hoping however that this is not the case.

WellKnownSid

You'll be fine, the car will be great, and you'll get the new car smell. Most important of all - you pushed for a decent deal, leaving you ££ in pocket.

zippy1973

nickpe wrote: »

Hi All -

Well, after lots of haggling i made a decision -
I went back to another dealer and have after all the advice decided on a PCP deal and will be getting a brand new car afterall.

I know it wasnt everyones cup of tea but i thought i would explain in the event others are considering it....

Im 34 years old and have worked all my life since 17, for the first time in my life i wanted to treat myself to be able to drive a new car and this was the the most current affordable way for me to do it.
The deal i have opted to was to NOT trade my car in - i will now be selling this privatly and keeping the cash in my ISA should i ever need access to it.
The monthly payments i will be paying are very affordable to me and i only had to put it £250 deposit..... the dealer has put in £1,500

I guess everyones cirucmstances are different and in an ideal world we would all save and buy the things we want but i felt after much debating this was the best circumstance for me.

Before anyone says - after 3 years i will not own the car and will have to hand it back, thats not exactly true - i have 5 friends who all after 3 years changed the car for a new car and their monthly payments went DOWN.

I guess its something you have to try sometimes and just take a chance - if it turns out to be a bad experience i simlpy wont do it again, im hoping however that this is not the case.

Good for you, kinda similar to myself as I was mulling over options and not sure what to do but I have just decided to go down the PCH route. If after the 3 years I decide it's not for me then I will review again....if not it will be another PCH deal and another new car! Happy motoring!

Timgilp

I just got a BMW X3 two months ago and was convinced a PCp made sense. I then went to see the Nationwide ( personally rather than on the web site ) the APR was half that of BMW finance and because ( admittedly) you pay more per month you are eating into the debt quicker. Believe it or not I think I will save 3,500 quid over 36 months. I just cannot see unless you are getting a massive discount on the car or a very low APR that a pcp makes sense. I am normally so canny with money I cannot believe I was duped so easily.

BeenThroughItAll

Timgilp wrote: »

I just got a BMW X3 two months ago and was convinced a PCp made sense. I then went to see the Nationwide ( personally rather than on the web site ) the APR was half that of BMW finance and because ( admittedly) you pay more per month you are eating into the debt quicker. Believe it or not I think I will save 3,500 quid over 36 months. I just cannot see unless you are getting a massive discount on the car or a very low APR that a pcp makes sense. I am normally so canny with money I cannot believe I was duped so easily.

A better way of looking at it is 'you're eating into the debt'. Many people on low-payment PCP are only just covering interest payments and hardly touching the capital amount at all.