the MOT or NCT dont concern themselves with how good the tyres are just that they meet the min reqts re thread depth. As long as you are happy they look great, i hope you dont ever have to stop in the wet
MOT tests to minimum standards. Better tyres will significantly reduce stopping distance, aquaplaning, and the chances of losing traction.
. "you will still be liable for the loan but the car will be taken off you". I think it needs to be clarified that if, after taking the car off you the finance company are not able to get enough for it to cover the balance of the loan (for whatever reason - a glut of cars, less demand, damage to the car etc) then you are also liable for this shortfall.
... and once again this thread goes way off topic and the facts I posted in the Pros/Cons post are lost in the midst of this nonsense...
What do you think I do be doing, turning corners like Ayrton Senna. I don't set out in the car of a morning to test just how well they work.
This is the bit I need clarifying. So when is a 'guarantee' not a guarantee for the GMFV exactly?
This is the bit I need clarifying. So when is a 'guarantee' not a guarantee for the GMFV exactly?
Thanks Leo, I think that would be good as there is a lot of incorrect or irrelevant talk on this thread and I think Brendan was looking for one factually correct post on the pros and cons of PCP which I tried to address so it would be good to take this make this a sticky to help people see the wood from the trees here.We can do a key post from this and 'sticky' it so it remains at the top of the forum.
Nissan's calculator is one of the better ones out there, you can play around with deposit, term, and mileage options to see how they affect the numbers.
firefly, a good comparison might be what you paid upfront for your BMW, what its worth now, what the annual servicing and repairs costs are (excluding tyres) and the annual road tax to get a comparative monthly cost.
Firefly
a little comparison over the 6 years of my two PCPs then, some assumptions made but nothing outlandish
Purchase 15,600.00
Value 2,000.00
Cost 13,600.00
Monthly over 6 years 188.88
Extra tax 42.50 ( per your figures FF)
Servicing 16.67 (assume 200 per year)
Maintenance / repairs 20.83 (assume 250 per year)
Extra fuel cost 83.33 (assume 1k extra per year)
Monthly cost 352
you have your car at the end but technically i should have enough 'equity' to go and buy a similar or better car to yours (10 / 11 year old bmw for 2-3k)
sorry where am i assuming the interest rate? i just took what you paid in cash?
i am not constrained by annual mileage either, i can do up to 20km per annum, although we only do 10 or so. and i have always kept all of my cars new or old in pristine condition so no constraint there.
i think you are being overly suspicious of a garage honouring the FV, PCP isnt a new product.
But that's no comparing like for like then. A PCP has an interest rate. For second hand cars (if you can get one) this would be higher than zero. Therefore you would need to include this cost surely?
The finance company also needs a return on their investment.
no, but i was more comparing your specific circumstance to my PCP, and you bought yours for cash? id imagine to borrow to buy a 5 year old car would 5-7%
In many cases, the finance provider is the manufacturer themselves as more and more of them run fully licensed FS businesses to boost sales.
When these GFV are set by the banks / dealers they are set assuming the worst case possible market conditions i.e. if we get 50 of these cars back in one go can we sell them all to the trade and not loose any money.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?