If any of you guys looking to save money have a car on PCP that's a huge saving to be made there.
PCP is singularly the worst way to buy the use of a car. You pay £250 a month £3k a year and the have to pay top whack for servicing and whatever for the life of the PCP as well as being hammered if it picks up a ding or a scratch or you go over the miles agreed. I ever hear of people paying £100 for an end of lease clean.
At the end of the three years you've paid £9k and you have to either hand the car back (and get nothing) or keep paying £3k a year and get a new car.
My colleague had a four year PCP at £3120 a year add in servicing and bits and it was costing her £3500 a year so over the life of the PCP she laid out £14k with nothing to show for it.
That car cost her £14k in four years. But it was new and looked nice in the drive.
We chatted she got and £9k personal loan bought an £10k car (not a flash car but a jolly nice sensible family wagon) she now puts the £250 into a car account, as every month goes by the loan payment comes out and leaves £60 extra each month, this pays the tax, insurance services** and MOT. (Insurance was an extra £40 on top of the PCP) the services can be at a proper garage, okay it won't include a free coffee and a valet but it'll be about a third of the price.
At the end of the four years she'll own the car, she can either sell it for £5k+ or keep it save the money.
That car will have cost her £6k (incl interest) there will like be money left in the car account too assuming no big bills come in for it.
**To give you a clue as to main stealers prices my SIL was quoted £900 for front and rear pads and disks on her Skoda. I costed the parts to about £200. I measured the disks and while the front needed changing after shed let the pads get so thin they'd damaged them, the rear disks were less than 20% worn. When questioned why the main dealer wanted to change them they said because modern pads are harder and wear the disks faster, a point I accepted, but the originals were only 20% worn ergo theoretically they'd take another 4 sets of pads the then changed to "cos they always recommended it"
A local reputable garage did the front pads disks and rear pads for under £300.
That car is still in the PCP window.