18 Year Old PCP

Chiefdave135

I'm loving some of the replies on this post. I'm 20 and I bought my Polo GTi at 19 when it was 5 months old, insurance was expensive but for me it was affordable, this year I'm looking at renewing and I'm getting quotes back at £1000 less than this last year. I can tell you though that trying to insure the car at 19 was expensive and I do regret not waiting until I was 20 to buy the car. What your son did was exactly what I did, however, he went and bought a new one which was stupid. Has he not been saving money up for this year's insurance? That would have been the sensible thing to do. I left myself with less than 100 quid a week to enjoy myself with and that didn't include 45 quids worth of petrol, I know it's hard when you're a young lad and you want to do everything but there is a way, I've been there and done it and I personally don't regret what I did and I'm not looking at getting rid a year on. Your lad needs to make his own way in life and not have daddy looking after him all the time, he got himself into a mess, he needs to get out of his mess. End of.

missile

Mike967angus wrote: »

One year in and despite a clean record his premium has made the car virtually uninsurable
...?

That seems very strange?
What was premium at year 1?
What is his premium for year 2?

Mike967angus

To clarify I started the thread not my son. As an adult you make your own decisions and have to live with them. He is fully aware of this.As stated in my first post he signed on the dotted line.
He works hard as do lots of others and is by no means spoiled. We make mistakes when we are young even those who feel the need to lecture or preach on forums and we learn from them and move on.

As regards insurance it went from £1600 to over £3000 even with both parents and a black box and I always shop around.

As for the car he would have loved to keep it however it's not cost effective to do so and better to cut his losses. Because I'm old I can get insured for £200 fully comp and we will try and sell it or hawk it round the dealers/ webuyanycar etc was just wondering if a better solution was out there if there isn't there isn't end of.

There is an article on "this is money" re mis selling of PCPs which may be of interest.:D

Shaka_Zulu

Mike967angus wrote: »

I know you can vote and fight for your country at that age but you are still short of life experiences as he's found out the hard way.

Not if the government get their way they will all soon be able to vote at 16 (not just in Scotland) scary isn't it!!:eek:

JRDXN

One thing to check is disposable income on the agreement. Did they receive proof of disposable income? If not you might have a case going down the FCA route ? I only say this because when i signed up they didnt prove it and just made a figure up to fit within the guidelines?

Shaka_Zulu

Why don't you sell your car (your wife's car?) and take it on?

uknick

Mike967angus wrote: »

There is an article on "this is money" re mis selling of PCPs which may be of interest.:D

If you are referring to the 2016 This is Money article;

http://www.thisismoney.co.uk/money/cars/article-3644528/Claims-lawyers-looking-mis-selling-PCP.html

that people were not specifically told PCP may cost more than a bank loan, wouldn't that be covered under caveat emptor? Or, the fact it wasn't explained the balloon payment may be more than the car is worth, isn't a buyer expected to do due diligence anymore?

I did read the other day interest only mortgages are being looked at because people don't realize they have to find the capital to pay the mortgage off at the end of the loan period. What did they think would happen? The bank would write it off?

AnotherJoe

Mike967angus wrote: »

No you're not being harsh as nothing I haven't considered myself.
Totally take your point about the deal not being set in stone also.
I'm still of an option that any financial product needs to be the most suitable for that person and wonder if this should be fully explored by the dealership or are they trying to get people into cars for the lowest monthly payment regardless of the products suitability.

How on earth would you define "most suitable" ? In what of a 100 different respects?

All the finance company and dealer need be concerned with is have teh optiosn been clearly explained. Its not their problems that you and your son were careless / niave enough to not be abel to afford the insurance payments, thats his lookout.

PPI was entirely different and trying to equate it to that so you can escape the blame for a poor life choice, isn't on.

As someone said in a very early post, this is a great life lesson for him and losing a couple of £k now might be exactly whats needed to make him be more careful and cautious with money in future and repay the cost 100x over.

Were he actually to wriggle out of this, the lesson would likely be " it doesn't matter what i do i can always blame someone else for my screw ups just like dad told me"

Mike967angus

Partially agree people should check things out themselves although very few of these mortgages were sold without a hefty endowment (Which I'm sure someone received a hefty commission)
Regards the Buyer Beware on a PCP, I don't know...That's why I asked the question !!!55357;!!!56833;

Robisere

I am 72 now and my cousin (and lifelong best mate) almost 72, but years ago, we both bought thoroughly innapropriate ways to get mobile. At 17 I borrowed money I didn't have to buy a motorbike. At 18 my cousin borrowed much more to buy a beautiful yellow Ford Zephyr convertible*.

We both experienced problems paying back the HP and had to sell bike and car, then spent about a year each working off the difference. It was a salutory lesson to both of us and we each received our full share of parental "We Told You So." Neither of us bought anything that we could not comfortably afford, again.

The point is, we were young. We saw the shiny, 'chick magnet' vehicle of our dreams and every sensible consideration went out of the window. Sad realisation came when we no longer had the vehicles, money and the 'chicks' had gone, but we each had a short good time before crashing back to Earth. But 72 still remembers being 18: how many critics of the young man in question here, were always sensible when they were young? I think it took me to 23 and my first child, to show any signs of maturity.

The lad has learned the same lesson that my cousin and I learned. I hope it stays with him.

* Yes, before anyone tells me they were never made, Zephyr and Zodiac convertibles were made: converted by a company called Crayford Convertibles. And my cousin's was beautiful.