PCP Finance

Anders71

Hi,
3 months into a PCP deal for a Ducati motorcycle, first bike as I only passed my test 4 months ago.
Anyway it was a bit of a impulse purchase and I didn't go out and try other bikes, I'm now finding that the bike doesn't suit me for a number of reasons and want to change. Dealer told me that I would be able to trade in early however I'm concerned that I will face all sorts of charges from the finance company and also potentially lose money on the trade in value against another bike.
Anyone else had any similar dealings with Dealers or finance company's on this issue?
Stressed out over the whole thing 😰

EssexHebridean

Was this a brand new bike? If so then you will have taken the depreciation hit as soon as you rode it from the showroom, so the likelihood is that there will be a loss there on what you'll get back on trade in value.

Next time you want to buy a bike, save in advance, or get a standard loan from your bank for the cost of a cheaper one until you've saved for the one you REALLY want. In any event - performance bike straight from test, not really a good plan.

StopIt

You need to take a look at what you agreed to, along with what the balloon payment was, when the VT point is, etc etc.


As stated, if you bought a new bike, you'd be losing 30%+ of the value right off the bat, before taking into account the interest payable.


You may well be able to trade the bike in but you'll be left to pay the shortfall in finance and have another set of finance for the new bike.


Sit down, take everything in and see just how much changing bikes will cost you in total and work from there.

EssexHebridean

...and then, in any event, buy something cheaper for a first bike. There's a decent chance it may not end up the shape it started anyway - much as keeping it shiny side up is always the goal, others can have other plans for you and as a novice rider you won't have the knowledge and experience to prevent it.

sourcrates

To me, Dukes are an aquired taste, there a bit of a marmite bike, you either love em, or you hate em, but I know what you mean.

I bought a brand new Suzuki bandit once, cheapest price in the country, had to go to south coast to collect it, couldn’t get on with it, no matter what I did, it gave me wrist ache from the off, didn’t help been tall I suppose, but ended up selling it for a loss.

Your never gonna win the money game where new bikes are concerned, best you can hope for is the smallest loss possible.

Try a 600 commuter bike instead for a while, Yamaha diversion or something of that ilk.