PCP offer

greenmars

Hi all,

I am halfway through my current PCP which is 4 years long.

The dealership have tried to offer/ sell a new car which is the exact same as my current model but new, for more money and a much higher interest rate.

Has anyone had the same experience recently? There are no incentives to purchase a new car as it is the exact same plus their customer service is really poor so there are no loyalties at all.

Therefore, it looks better for me to continue with my current car until the term is up as I am unlikely to pay 50% of the value prior to that.

If anyone has any advice or guidance it would be appreciated.

Brie

They are trying to lure you with something that's shiny and new but of no real value to you.  They make their money from sales and add ons like finance.  Don't fall for it.

MrFrugalFever

greenmars said:

Hi all,

I am halfway through my current PCP which is 4 years long.

The dealership have tried to offer/ sell a new car which is the exact same as my current model but new, for more money and a much higher interest rate.

Has anyone had the same experience recently? There are no incentives to purchase a new car as it is the exact same plus their customer service is really poor so there are no loyalties at all.

Therefore, it looks better for me to continue with my current car until the term is up as I am unlikely to pay 50% of the value prior to that.

If anyone has any advice or guidance it would be appreciated.

That’s how (we) make our money. It’s up to you if you want to change, if not, don’t. What you can almost say for certain though is that in a year or two all cars will be more expensive….

RogerPensionGuy

MrFrugalFever said:

greenmars said:

Hi all,

I am halfway through my current PCP which is 4 years long.

The dealership have tried to offer/ sell a new car which is the exact same as my current model but new, for more money and a much higher interest rate.

Has anyone had the same experience recently? There are no incentives to purchase a new car as it is the exact same plus their customer service is really poor so there are no loyalties at all.

Therefore, it looks better for me to continue with my current car until the term is up as I am unlikely to pay 50% of the value prior to that.

If anyone has any advice or guidance it would be appreciated.

That’s how (we) make our money. It’s up to you if you want to change, if not, don’t. What you can almost say for certain though is that in a year or two all cars will be more expensive….

Worth noting that Tesla is talking/indicating they will be dropping prices again. 

Ulez non compliant vehicles and the various other growing similar zones could possibly get chunks cheaper. 

Next year we could see see more new pre-reg (commision driven) vehicles being offered at way lower than RRP.

Time will tell.

martinbainbridge1975

greenmars said:

Hi all,

I am halfway through my current PCP which is 4 years long.

The dealership have tried to offer/ sell a new car which is the exact same as my current model but new, for more money and a much higher interest rate.

Has anyone had the same experience recently? There are no incentives to purchase a new car as it is the exact same plus their customer service is really poor so there are no loyalties at all.

Therefore, it looks better for me to continue with my current car until the term is up as I am unlikely to pay 50% of the value prior to that.

If anyone has any advice or guidance it would be appreciated.

I am at the same stage 2 years in, I have been weighing up a newer car but not doing it solely because the interest rates and pricing of cars is ludicrous.  I have gone down the route of extending my warranty, the car has been recently serviced and mechanically is sound.

if I was to change in the future the route I potentially would look at is a bigger deposit and personal loan as opposed to a PCP as last look I saw one or two personal loans 5.1apr, the lowest used car finance I have seen is 8.7 and that is likely to go higher yet