To think car payments and pcp’s will be the next crisis to hit the U.K. and the world

[Lardlizard]

Yes or no

Financial situation, yes. Not a crisis as such, more a financial scandal. Along with leasehold properties.

I used it for my used car. I wanted a reliable car for my 80 mile commute. They asked me what my estimated mileage was and I was honest so it was calculated off that. I intended to trade in for another car at the end of the term.

I've just had the end of agreement offer and still think my car is in good shape so i'm going to continue to pay it off for another two years. I could pay if off sooner but I want to reduce the payments due to upcoming mat leave.

I haven't found it a problem.

Few realise that a PCP can be terminated after 24 months, without financial penality. Read the contract small print. So PCP unlikely to be a debt problem for the future.

You can get second hand cars on pcp. I do a lot of mileage for work and need a reliable car. I use my co car allowance and finance a car via pcp that way.

DH and I were having a conversation about this over Christmas hols - how you don't see the number of 'old bangers' on the roads these days - cars of 10 years+. My real concern is environmental, if everyone on a PCP gets a new car every 3 years, where are all the 2nd hand cars going? Well, I know where one of them went because we bought a 3 year old car for a fraction of the price it would have cost new , probably a model bought under PCP which was traded in at the end of the PCP period.

I love my pcp. I get a brand new car. No massive deposit you tak about? I don’t pay MOT. No Tax. It’s covered under warranty. Anything breaks. It get fixed for free. I have roadside coverage within it

When it’s getting old. Put it in. Get a new one!

It’s worked out cheaper for us.

Old car £2000 outright to buy £275 tax. Not was about £500 per year. Broke down. Cost me £1900 for fix it after 8 months. Broke down on the side of a motorway. Where I had to walk my children. Who were both under 2. Down the side of a motorway!!!! Turned out to be a death trap. Insurance was way higher too. £600 per year. It cost me lots in fuel.

My new car. It’s £240 a month. That’s cheaper than my old car. I might buy tyres once in 3 years. It’s cheaper in fuel. It’s great. To be fair. We’ve had the same company for our new cars. So we get great deals. Because we get 3 new cars every 3 years. So they want to kee us.