PCP isn't MSE

dipsomaniac

epthree said:

I should be asleep but I am really enjoying this thread, so much in fact that after 6 years of lurking without logging in I felt like I had to recover my password to add my two cents.

First of all, let me add - I've never bought a car on PCP other than once to claim a free servicing plan and £1000 deposit contribution, which I then paid off with a loan after the first month as I understand how it works and it doesn't suit my circumstances.
But, @dipsomaniac while PCP does have lots of downfalls, with the main one in my opinion that lots of people are mis-sold it and/or choose to ignore the finer details before signing, used wisely it can be a good way to get into a car that is reliable, safe, and enjoyable with less stress worrying about unexpected repair bills or getting stranded somewhere.

You surely understand that for lots of people cars mean more to them than a method of transport, they are freedom, they are fun and for lots of people, essential.
While it might not be the best way to save money, advising people who post about PCP if they are getting a good deal, the pitfalls to be aware of, and the things they need to consider, is very MSE.

In addition, MSE to me is not about taking a million to the grave, it's about making sure the decisions I make on the things I want to buy is sensible, affordable and if I can save money on my bills by lurking here to get a nicer car, that would be a bonus.

Driving a £200 banger is fun if you don't rely on your car to get you to work and you can walk to the shops when it's broken  - if you don't particularly care about cars and realistically, you don't care too much for yours and your passenger's safety but - for most people, it isn't ideal or suitable, arguably, being in a position where you can do it by choice, is a luxury in itself.

Glad you are enjoying the thread. 

Have to take exception to your last paragraph.  I have used my £200 focus to get to work every week for the past 17 months and it has never broken down.  As i work at different bases some days I would have a 120 mile round trip and have clocked up >12k miles since i have owned it.  I would have no problem getting in it now and driving 800 miles.  Safety is not a problem and all family members are happy passengers.  its just gone through its second MOT since i have owned it costing £70.  It would have been cheaper if they had not fixed the headlight without telling me as I had a spare (£15ish from ebay) in anticipation of it failing.

We will have to agree to disagree as I still maintain PCP isn't MSE, not even if you get a discount (perceived or real) and pay the final figure in full as you still suffer depreciation.  I got no problem with people buying new cars, someone has to but its not MSE in my opinion. 

What next Philip Green on here looking to save a couple of quid on a new mega yacht? or whatever they call a £100m yacht these days.  There has to be a limit to someones extravagance to take up a thread on here?  Doesn't there?

btw. my 24 year old galaxy is a lot nicer to drive than the new vehicles i have driven recently and my 25 year old zx7r ninja still keeps up with its new counterparts

BOWFER

£200 on a car.....LUXURY!!
We used to have to go down't scrapyard and weld together parts every t'morning, then put our feet through t'bottom and push it like t'Flinstones.

Herzlos

dipsomaniac said:

We will have to agree to disagree as I still maintain PCP isn't MSE, not even if you get a discount (perceived or real) and pay the final figure in full as you still suffer depreciation.  I got no problem with people buying new cars, someone has to but its not MSE in my opinion.

So your problem isn't actually PCP, it's people buying new cars? And being able to do so in a cost effective way?
That sounds a bit like the green eyed monster.

Edit: Welding? That's luxury. We just had to hold them together with old string and hope for the best!

dipsomaniac

Herzlos said:

dipsomaniac said:

We will have to agree to disagree as I still maintain PCP isn't MSE, not even if you get a discount (perceived or real) and pay the final figure in full as you still suffer depreciation.  I got no problem with people buying new cars, someone has to but its not MSE in my opinion.

So your problem isn't actually PCP, it's people buying new cars? And being able to do so in a cost effective way?
That sounds a bit like the green eyed monster.

Edit: Welding? That's luxury. We just had to hold them together with old string and hope for the best!

nope.  have been in a position in the past to buy a new car cash or could pcp now but choose not to.  definately, no green eyed monster.  not saying i wouldn't like a nice car but all the really nice cars are well out of my price range (£100k+),  especially as i still have a mortgage.

was enjoying a pint the other day in a pub garden on a busy roundabout.  must have seen 70% of all makes of current car in that hour and have come to the conclusion that there are 4 types of car - small ones, medium ones, large ones and those that 99.9% of us can't afford.

dipsomaniac

BOWFER said:

£200 on a car.....LUXURY!!
We used to have to go down't scrap metal merchant and weld together some parts every t'morning, then put our feet through t'bottom and push it like t'Flinstones.

i agree it is a luxury to know its paid for and i can park it in any space in the supermarket car park without worrying about scratches or big repair bill

Grumpy_chap

dipsomaniac said:

What next Philip Green on here looking to save a couple of quid on a new mega yacht? or whatever they call a £100m yacht these days.  

Nothing wrong with that at all - I suspect Philip Green is actually very MSE to have got to what he has got.  It would not be suitable for the motoring forum though, maybe the holiday & travel forum?

fred246

For me it's not the PCP it's buying a new car every 3 years. What other item do you do that with? House? washing machine, TV? You are buying a highly depreciating asset whose depreciation is inversely proportional to it's age. Just when the depreciation is levelling out you swap it for another one with the highest depreciation possible. Crazy.

dipsomaniac

i would argue very corrupt but thats a different forum/section also

Herzlos

fred246 said:

For me it's not the PCP it's buying a new car every 3 years. What other item do you do that with? House? washing machine, TV? You are buying a highly depreciating asset whose depreciation is inversely proportional to it's age. Just when the depreciation is levelling out you swap it for another one with the highest depreciation possible. Crazy.

Always in warranty, doesn't need an MOT and nothing should need replacing.
If you view cars as a service and can afford it then it's fine.

fred246

Herzlos said:

fred246 said:

For me it's not the PCP it's buying a new car every 3 years. What other item do you do that with? House? washing machine, TV? You are buying a highly depreciating asset whose depreciation is inversely proportional to it's age. Just when the depreciation is levelling out you swap it for another one with the highest depreciation possible. Crazy.

Always in warranty, doesn't need an MOT and nothing should need replacing.
If you view cars as a service and can afford it then it's fine.

It's a MASSIVE waste of money. That is the whole point of the thread.