Purchasing Route for next car, PCP or Loan?

infernouk

Tarambor wrote: »

And I'm quite sure many people on the DFW and Bankruptcy boards on this site said exactly the same as they signed on the dotted line for their latest consumer fix.

You're also talking about renting your own place when you get your £10k wage rise, which is roughly an additional £7k take home but I bet the cost of the rent alone will eat all of that, certainly the cost of rent, council tax and utility bills will and then some. So actually when you move out on £40k you'll have LESS disposible cash to spend than you do currently on £30k. If you could afford this then you'd be paying in cash given you appear to be living at home on a £30k wage. But you can't so it suggests you can't afford it.

Your career path may be on a certain trajectory now but that doesn't mean that you'll be guaranteed to be in employment for the duration of the period of the deal, especially with the uncertainties of Brexit, and you take no account of lifestyle changes that may happen and that you're already planning a move giving you less money to spare than you have now. Moving from mummy and daddy's house to a flat of your own and being responsible for all of your bills will eat up ALL of your additional £7000 a year take home wage rise and then some. Then there's meeting a boy/girl, the costs of dating and the possibility of a baby infernouk. Do you really need the additional pressure of a £3000+ a year finance deal for something you don't actually need?


If that's the case then how come you've not managed to save up enough money to buy one over the last few years whilst you've been living at home?

As for very small part of your salary you're looking at payments at around 10% of your monthly take home pay. Not a problem but it won't be 10% of your disposable pay though will it, especially when you've got your own place. Its more likely to be 25% or more of your disposable pay after you've paid the rent and council tax. Chuck in food and all the frivolous crap you're currently tied into such as mobile phone, the gym, and the inevitable pay TV you'll get etc and it could form a very large percentage of your spare cash.

you sound like you have a massive chip on your shoulder sorry, i pay rent at home, i wont pay more when i leave, and i save 1k a month, i work in tech and my prospects are likely to put me over 80k within 5 years, i dont care about brexit, i build an in demand skill set to avoid that kind of vulnerability. Also wont be moving out alone, i have a partner of 2 years who is in law to split costs with...also i dont own or watch tv...i spend my time building my skillset to get even more pay...im not some stupid poor person who got tricked by PCP low monthlies..you should probably stick to the bankruptcy boards if you want to ride your high horse

I get your wider point, but your trying to tar me with a brush that doesnt stick, i have a maxed out credit rating, enough cash to buy the car outright if i wanted to, and no debts. Im in a strong position than most, i learned about the stuff your preaching at me years ago

infernouk

DUTR wrote: »

Many are, the STs do get targetted, just be mindful of that, you can search the web it's been near rife in the Midlands.

Yeah i expect they will have a higher premium, but i am in the home counties in a wealthy area so car theft isnt really all that common and there are MUCH nicer cars to steal if you were looking to do so!

k3lvc

infernouk wrote: »

you sound like you have a massive chip on your shoulder sorry, i pay rent at home, i wont pay more when i leave, and i save 1k a month, i work in tech and my prospects are likely to put me over 80k within 5 years, i dont care about brexit, i build an in demand skill set to avoid that kind of vulnerability. Also wont be moving out alone, i have a partner of 2 years who is in law to split costs with...also i dont own or watch tv...i spend my time building my skillset to get even more pay...im not some stupid poor person who got tricked by PCP low monthlies..you should probably stick to the bankruptcy boards if you want to ride your high horse

I get your wider point, but your trying to tar me with a brush that doesnt stick, i have a maxed out credit rating, enough cash to buy the car outright if i wanted to, and no debts. Im in a strong position than most, i learned about the stuff your preaching at me years ago

Bloody hell - given your obvious experience, vast wealth and superior lifestyle why the need to ask on here :rotfl::rotfl::rotfl:

infernouk

k3lvc wrote: »

Bloody hell - given your obvious experience, vast wealth and superior lifestyle why the need to ask on here :rotfl::rotfl::rotfl:

they were counter points to someone who clearly had an agenda not relevant to the OP, i never claimed superiority, simple that their vast number of assumptions were totally off course and they shouldnt be so judgemental

BeenThroughItAll

k3lvc wrote: »

Bloody hell - given your obvious experience, vast wealth and superior lifestyle why the need to ask on here :rotfl::rotfl::rotfl:

Indeed, and with enough cash to buy the car outright, why on earth would he consider taking out a loan?

DUTR

infernouk wrote: »

Yeah i expect they will have a higher premium, but i am in the home counties in a wealthy area so car theft isnt really all that common and there are MUCH nicer cars to steal if you were looking to do so!

I'm not looking to steal cars!
Just pointing out that ST's are the common flavour for theft at present, remember theives are likely to find pickings in more affluent areas than not and often they are after a particular vehicle type , but as said in an earlier post just go for it.

infernouk

DUTR wrote: »

I'm not looking to steal cars!
Just pointing out that ST's are the common flavour for theft at present, remember theives are likely to find pickings in more affluent areas than not and often they are after a particular vehicle type , but as said in an earlier post just go for it.

I went to speak to ford, as of 2 days ago every ST in the country is now pre reg and 'used' so isnt subject to any 'new' finance deals, meaning they would only offer pre reg or used on 10% apr HP or PCP, so i just walked out, 10% is pretty insane. Will probably go back early 2018 and grab the new ST !

gord115

I have just purchase a used Golf R from the main dealer.

I had the cash but they had an offer on whereby if you took out PCP they would give you 2 years warranty,2 years servicing 2 years breakdown cover and free mot cover.

The APR was 10% (the APR of a personal loan is 2.8%)

I got the car and paid off the PCP a week later using my savings, the total interest was £27. Saving almost £2000 and getting all those freebies.