PCP ends in Spring, Stick ( buy ) or twist?

[davidd]

I bought mine at the end of the pcp deal, I'd negotiated a reasonable balloon then refinanced from Lloyds.
At some point I'll finish paying for it

[Moss]

Well if you want an upgrade to a V8 then that’s very different to swapping to a newer similar model and a good reason to do it at the end of the PCP.
Aside that I cannot see any reason to swap. It’s a barely run in known from new car. All you’d be doing is taking on another raft of credit and related interest, more depreciation and a second hand unknown car. I’d stick with the car you know and clearly like.

IMHO, as having been in aspects of consumer finance all my life, PCP’s are the crack cocaine of car purchasing. Interest on the decreasing balance and the balloon for the full term. Limited exit options for most people and at some point, to escape they need refinancing for several years or pay off the PCP from savings (which few have) and keep the existing car. For many people they are a way to get into cars they cannot afford and then struggle to get off the treadmill. They are a delight for dealers though..

I couldn’t agree more, summed up to a tee.
PCP are a dealer dream and consumer nightmare.
And also the reason why motor vehicles are way, way more expensive than they ever should be, or are even worth IMHO.

The OP has a very nice car but if there’s a V8 itch he wants to scratch, his P300 will always be second-best.

[scm]

The OP has a very nice car but if there’s a V8 itch he wants to scratch, his P300 will always be second-best.

Third best - don't forget the V6s!

[Keith666]

It’s Horses for courses, surely you’d buy the best car with your budget and for your lifestyle ? Which I did at the time., . Im sure the guys driving around in V8 F Types, aspire for more…
A Ferrari Roma perhaps? , it’s human nature to have a “ want”

[scm]

I'm sure the guys driving around in V8 F Types, aspire for more…
A Ferrari Roma perhaps? , it’s human nature to have a “ want”

Nope. I like the practicality of the F-Type, the Roma is just the rich man's Jag.

[Moss]

Nope. I like the practicality of the F-Type, the Roma is just the rich man's Jag.

Ahh, yes. The practicality aspect.
That’s how I sold it to my better half….

[cj10jeeper]

It’s Horses for courses, surely you’d buy the best car with your budget and for your lifestyle ? Which I did at the time., . Im sure the guys driving around in V8 F Types, aspire for more…
A Ferrari Roma perhaps? , it’s human nature to have a “ want”

I suppose it depends how you decide on budget. For some it’s the most that they can scrape together for a car and survive on what’s left. That was me at 17 with a Mini..
For me these days it’s a value proposition. My now near 10 year old F Type scratches that itch and short of a massive cash injection I could not get more fun or pleasure from a later model or another sports car. That money goes into Jeeps, overseas home and other lifestyle aspects.

I suspect op has run the numbers and the V8 or newer model costs don’t stack up well against the existing 3 year old car, given current interest rates and levels of depreciation.

[Jaguandy]

It’s Horses for courses, surely you’d buy the best car with your budget and for your lifestyle ? Which I did at the time., . Im sure the guys driving around in V8 F Types, aspire for more…
A Ferrari Roma perhaps? , it’s human nature to have a “ want”

Not me. I'm very happy with the F-type even though I could afford a Bentley Continental. Thinking now.......

[Keith666]

As I said , it’s all relevant, every F type, whether it has one, two or four tailpipe's, is most drivers dream, I’m living that dream… Merry Christmas

[Moss]

I suspect op has run the numbers and the V8 or newer model costs don’t stack up well against the existing 3 year old car, given current interest rates and levels of depreciation.

A V8 will never come through the “financial” wash smelling of roses. But, boy, what fun they are
Similarly, nearly every other car will depreciate to varying degrees but it’s how you can justify that depreciation to yourself and your own circumstances.

PCP are good if you can get zero interest rate on them which Mercedes were running about ten years ago, as they weren’t shifting any metal (can’t recall the reason why sales were slow, back then?) but effectively on zero percent, you were getting a new car with interest-free loan.
Just so long as you realised there was an end balloon.

Current PCP rates are honky daft at 10% and upwards. Maybe they’ll reduce now that inflation has dropped sharply? Something drastic needs to happen otherwise no one will be selling any cars, at all.