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Thoughts on PCP

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  • System
    System Posts: 178,342 Community Admin
    10,000 Posts Photogenic Name Dropper
    Niv wrote: »
    my pcp APR is 0%

    The annual depreciation on your car you are financing via PCP will be £1000s a year.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Niv
    Niv Posts: 2,562 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Tarambor wrote: »
    The annual depreciation on your car you are financing via PCP will be £1000s a year.



    Thanks. I am fully aware car's depreciate over time and the greatest rate of depreciation occurs at the start of the term. Lucky for me, my company is paying though.
    YNWA

    Target: Mortgage free by 58.
  • Nasqueron
    Nasqueron Posts: 10,643 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If you get it on 0% finance go for it, save the cash in the bank and earn some interest.

    If you want to buy the car after 3 1/2 years ignore garbage depreciation nonsense as you are buying the car. If you want to trade it in after that time then depreciation is a real issue - make sure you get the correct mileage for the GMV and look after the car (service at official dealer etc). I bought mine on 0% and thought the deal was great but if I was buying second hand / ex-demo then I'd rather pay cash or get a loan

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

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