PCP's

[Ian M]

PCP or leasing as its called over here is hugely popular as people can get a far better car than they otherwise could afford. (Cars are stupid expensive here).
One thing we have that might not be an issue for you is kilometres driven. You start the lease with an agreement on the number of kilometres you will drive . Many get a big shock when they get a bill for the extra kilometres. On the other side, you could get services, tyres and roadside help in the deal.
My wife looked into it but with a 300 km commute it worked out way to expensive.

[adt70hk]

Colin

Just to say in the UK leasing/hire agreements are NOT the same as PCP. PCP is actually IMHO quite a misleading name.

As I think Andy said earlier PCP in the UK is actually a form of hire purchase agreement with a large chunk of the capital deferred to the end in the form of the minimum guaranteed future value (again a potentially misleading term for the average person as that is what the company will guarantee its value at on return not what the market thinks it's worth), it is often commonly called a balloon too.

PCP deals in the UK also do not normally cover things such as tyres etc. Also, As Ian said make sure you build enough of a mileage allowance into the contract. Excess mileage charges typically start at 6p PER mile and so can quickly rack up. I saw one the other day where the excess mileage charge at the end of the contract was £1,800......

I hope it works out for your daughter.

ATB

Andrew

[colin m]

Colin did you build this model as I think its fantastic an what scale an is it big plastic kit ? as I built a big shackelton but one with tricycle undercart with about a 8ft wing span as the shac was one of my fav planes an have you got an can you show any more pics of it ?
chris

Hi Chris, there's a few more pictures here. It's the Revell 1:72 AEW. It's not too big, about 12 / 13 inches wing span.

[colin m]

Hi Colin

I work in the compliance team for an automotive financial services company and so know a thing or to about this topic. If you want to know more and want to have a person to person chat send me a PM and I'm more than happy to give you a call.

ATB

Andrew

Thanks for the offer Andrew, very kind. It turns out a number of our friends who have a new car every 3 years are doing so on PCP's ! So it is a lot more common than I thought. Dau No 1 has settled and signed a deal with Hyundai, so I didn't get a chance to respond to your offer earlier. But thanks anyway.

[adt70hk]

Thanks for the offer Andrew, very kind. It turns out a number of our friends who have a new car every 3 years are doing so on PCP's ! So it is a lot more common than I thought. Dau No 1 has settled and signed a deal with Hyundai, so I didn't get a chance to respond to your offer earlier. But thanks anyway.

Colin

No problem at all. The vast majority of new car sales in the UK are now actually PCP. I know from my employers perspective that pure HP is a very small set of our portfolio now

Also, another thing to bear in mind is that due to the nature of agreements secured on the car, as this will be, the finance house is as equally responsible for the mechanical reliability of the vehicle as the motor manufacturer.

So if she is unlucky enough to run into 'vehicle quality issues' and is getting nowhere with the garage or manufacturer, she can complain to the finance company. As they will be regulated by the Financial Conduct Authority, they have to be seen to be "treating customers fairly" and so you may find that they are more willing to listen to your issues.

I hope she enjoys the new car.

ATB

Andrew

[flyjoe180]

All those acronyms! Worse than the aviation world

[adt70hk]

All those acronyms! Worse than the aviation world

You have no idea!! I could probably spend at least half an hour going through all the work related acronyms I know and that would only be to list them all, not actually explain what sits behind them!