True, but if you need to source via alternative financing, it's surely going to be higher than 0%
Most people when buying a new car don't have the 30,40 or €100,000 sitting in their bank account so a product like PCP makes perfect sense, and even if they did have the cash sometimes financing part if not all might make better sense to that person.
My point is that PCP is luring people (with low monthly repayments) into buying a more expensive car (i.e. a new car) when they probably shouldn't. The full price of the car will have to be repaid eventually..
well then that person shouldn't be allowed access to credit if they cant afford it or understand what they are getting themselves into!!
you are comparing 6 years financing versus 3, what did you expect?
If someone wanted to own the car under a PCP that's what you're looking at, its expensive. The cheap PCP rate gives a false sense of a cheap deal IMO.
comparing a 3 year loan v 6 year loan is an unfair comparison and makes no sense
comparing a 3 year loan v 6 year loan is an unfair comparison and makes no sense
you are comparing 6 years financing versus 3, what did you expect?
you are making an assumption there, fair enough, but that doesn't mean looking at 3yr financing v 6 year financing is a valid comparison.
no they're not. the first example is 3 years PCP (@4.9%), followed by a 3 year loan (=6 years); second example is a straight loan over 6 years.
if you can get 0% on the PCP bit, the result might be different.
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