Why did I do it !

Ooh I'd rather own it!

 

Simples, finish kitchen and save in the meantime. Then buy bike next year

 

Ade that's a good bit of working out. My stepson gets sucked into those deals every time and we tell him not to bother but he's a tit that liked to be 'seen' in a nice car. He tells us we can do the same and have new but it never washes with us as I must be the most frugal around (Yorkshire)

 

Quite disturbing to think that you would still have a huge lump sum to pay at the end of the term, in theory you are just leasing the vehicle. I always smile at the TV ads where the small print along the bottom of the screen gives all the figures and then says "you will not own this vehicle" wtf is that all about? Don`t worry Tig we are just as frugal down saath lol.

 

If it's not cash then I'd be looking at bank loan and if the payment were to high buying used. At least you end up with the goods, loans cost more than cash but to me an expensive bike is better than giving it back. Each to their own but the thought of paying and giving it away at the end of the period doesn't appeal to me. I know plenty of people who just pay £xxx per month and change every 3 yrs but after 3yrs my car bike or whatever is still like new and I don't want to give it back. I've never worked out the maths of pcp and then a loan or cash to pay the balance compared to loan from the start though.
Good luck with the kitchen

Andy

 

Credit card with zero interest on purchases over a couple of years is another way, seriously! But you have to pay it off by the time the deal runs out!

 

I've done the PCP versus HP calculations a few times and there isn't a big difference if you work on the apples for apples comparisons.

However, it can all go tits up for the PCP if you exceed annual mileage - that is included in the PCP calcs - at the end of the 3 year period.

 

Have done this!
Works a treat, if offer runs out, just transfer to another 0% card.

 

Age is only a number tigerted, my beef is the "you won`t own this vehicle" nonsense, at least if you own it you can sell it, makes sense to get a good secondhand one. Too many T&C`s for my liking.

 

On the plus side for PCP, there are some very low interest rates to be had (a lot lower than a bank loan in some cases). When you factor in depreciation and the fact you can add optional extras , PCP can sometimes work out a cheaper option. I do it for my wife's Mini as it would take me years to save up the £16000 to purchase outright. We are now on our third.
As with everything, to get the best deal you have to shop around and negotiate. And as The Big Lad says, watch your annual mileage.