PCP isn't MSE

fred990

Financial wheezes always fascinate me. I wonder how PCP will be replaced and with what innovative 'product'?

fred246

motorguy said:

fred246 said:

Of course people can do what they want with their money. The whole point of this website is that it's for people to SAVE money. Having a new car on PCP every 3 years is without doubt the most expensive way possible to own a car. So on a money SPENDING website it should be highly promoted. On a money SAVING website it must be advised against.

Really?

Do MSE advise against it?

https://www.moneysavingexpert.com/car-finance/personal-contract-purchase/#pcp

"If you need a new car, but don't have the cash to pay for it, then car finance could be a way to get behind the wheel of one – though it's a big commitment."
MSE don't recommend it. It's an option for people who don't have money.

motorguy

Sea_Shell said:

motorguy said:

Sea_Shell said:

motorguy said:

BOWFER said:

As I see it, cars have just become glorified mobile phones.
You choose a 'tariff' you're happy with and upgrade every few years.
No repair costs to worry about and you're always in the latest tech.
No problem with that at all.
Only problem, IMO, tends to be 'stick in the muds' who have this desire to 'own' stuff.
I'm 54, but these folk make me feel young.

You're not wrong with your analogy.

People have got used to paying for things monthly.  They get paid monthly, they have monthly mobile phone bills, pay their mortage monthly, electric bill, pay their broadband monthly, etc.

Those things are effectively a "service" to them - telecoms, housing costs, utility, comms.

So why not their car also?  Its just providing a function for them like a house, mobile phone or electric bill is doing for them.

A life, with only X easy monthly payments!!

Dont tell me, you have £0 monthly outgoings?

Of course not, I have bills, obviously.   But I do also have assets!

If you rent your life, fine, if your happy to end up with nothing to show for it.

As do i (and no cars on PCP or any form of loan for that matter), however i wouldnt be so crass as to judge others whos finances i know nothing about.

motorguy

fred990 said:

Financial wheezes always fascinate me. I wonder how PCP will be replaced and with what innovative 'product'?

Yes, we best stick to wisely buying brand new top end Alfas.  Definitely the way to go for the financially astute.

motorguy

fred246 said:

motorguy said:

fred246 said:

Of course people can do what they want with their money. The whole point of this website is that it's for people to SAVE money. Having a new car on PCP every 3 years is without doubt the most expensive way possible to own a car. So on a money SPENDING website it should be highly promoted. On a money SAVING website it must be advised against.

Really?

Do MSE advise against it?

https://www.moneysavingexpert.com/car-finance/personal-contract-purchase/#pcp

"If you need a new car, but don't have the cash to pay for it, then car finance could be a way to get behind the wheel of one – though it's a big commitment."
MSE don't recommend it. It's an option for people who don't have money.

They dont hypenate need - you did that to change the emphasis

It can well be an enabler for someone to have a new, reliable car at the door that takes them to work safely and reliably, and perhaps carries their kids too.  

That could be their need.

Sea_Shell

motorguy said:

Sea_Shell said:

motorguy said:

Sea_Shell said:

motorguy said:

BOWFER said:

As I see it, cars have just become glorified mobile phones.
You choose a 'tariff' you're happy with and upgrade every few years.
No repair costs to worry about and you're always in the latest tech.
No problem with that at all.
Only problem, IMO, tends to be 'stick in the muds' who have this desire to 'own' stuff.
I'm 54, but these folk make me feel young.

You're not wrong with your analogy.

People have got used to paying for things monthly.  They get paid monthly, they have monthly mobile phone bills, pay their mortage monthly, electric bill, pay their broadband monthly, etc.

Those things are effectively a "service" to them - telecoms, housing costs, utility, comms.

So why not their car also?  Its just providing a function for them like a house, mobile phone or electric bill is doing for them.

A life, with only X easy monthly payments!!

Dont tell me, you have £0 monthly outgoings?

Of course not, I have bills, obviously.   But I do also have assets!

If you rent your life, fine, if your happy to end up with nothing to show for it.

As do i (and no cars on PCP or any form of loan for that matter), however i wouldnt be so crass as to judge others whos finances i know nothing about.

Just observations. 😉

fred246

I prefer to spend my money on property instead of cars. I don't like unreliable old houses so I buy a new one every 3 years.

fred246

I don't really. Just illustrating how daft it is to buy a new car every 3 years.

JamoLew

I think its daft that people go out on a Saturday night (or any other night) and spend £xx on booze or eat out and spend £yy on a nice meal when they could cook it themselves for half (or less) the cost

Each to their own

Grumpy_chap

Sea_Shell said:

I'd wager that where I live, they'd be hardly a single new Mercedes, BMW, Audi, or Jaguar on anyone's driveways without PCP.

As it is, we seem to be awash with them.

You'd think some of them would choose a decent car 
Some must be company cars.

motorguy said:

BOWFER said:

As I see it, cars have just become glorified mobile phones.
You choose a 'tariff' you're happy with and upgrade every few years.
No repair costs to worry about and you're always in the latest tech.
No problem with that at all.
Only problem, IMO, tends to be 'stick in the muds' who have this desire to 'own' stuff.
I'm 54, but these folk make me feel young.

You're not wrong with your analogy.

People have got used to paying for things monthly.  They get paid monthly, they have monthly mobile phone bills, pay their mortage monthly, electric bill, pay their broadband monthly, etc.

Those things are effectively a "service" to them - telecoms, housing costs, utility, comms.

So why not their car also?  Its just providing a function for them like a house, mobile phone or electric bill is doing for them.

The car and everything else monthly is one choice.
It also seems a high risk choice as if anything happens to disrupt the monthly income, the outgoings become a problem.