New Car Advice

Started by Dinny Breen, March 06, 2018, 11:56:22 AM

Previous topic - Next topic

thebigfella

Quote from: Orchard park on April 11, 2018, 01:04:16 PM
Quote from: thebigfella on April 11, 2018, 12:15:29 PM
Quote from: Orchard park on April 10, 2018, 05:01:59 PM
Quote from: thebigfella on April 10, 2018, 04:38:56 PM
Quote from: Orchard park on April 10, 2018, 04:16:20 PM
PCP is the next big credit bubble car crash, a vanity product for people thinking they need new big cars which they actually cant afford

If they can make the payments, then they can afford. If you don't want to keep the car or can't afford too at the end, then ultimately you hand back.

The post ultimately strikes of begrudgery.

far from begrudgery, just a caustic eye on credit bubbles over a lifetime.............if it walks like a duck and quacks like a duck then its a f**king duck in my book. PCP is a credit crash world wide waiting to happen

When you called it a vanity product for people thinking they need new big cars - you come across as a knob and a begrudger.

What car people drive is irrelevant to the arguments on PCP for financing. If someone wants to buy a car through PCP, then it's their business - if they can afford the repayments then ultimately they can afford it.


when a generation can only tell you how much a month their car costs facilitated by PCP schemes most don't understand,  then there is a serious societal issue. People in the 20s and early 30s going for brand new fancier BMWs or audis because its only 100 a month extra trype mindset.

so less of the knob abuse whoever you are.

presumably a BMW driving PCP holding "consumer"

No I lease and own my cars.

Society has changed, young people are less concerned about owning stuff outright.

Rossfan

Far from BMWs most of ye bucks were reared.
I have a good lump of a 2008 VW and hope to get 3 or 4 more years out of her.
Davy's given us a dream to cling to
We're going to bring home the SAM

Orchard park

rossfan,


dont be such a consumer, at least aim for 10 more


armaghniac

Quote from: thebigfella on April 11, 2018, 02:08:29 PM
PCP is not comparable to the property crash. Cars are depreciating assets, the whole property bubble was based on the premise that property prices will continue to rise. The exposure risk is much lower and the financing companies are separate legal entities which would be allowed to crash (as they don't offer other banking services).

PCP may not be the cheapest way to buy a car but whether a person can or cannot afford something is subjective. Ultimately Mortgages allow you to buy a property you can't really afford otherwise - irrespective of the controls in place. Sure we all used to rent TVs that we couldn't afford. Finance products evolve - we used to have the exact same arguements about the lads who took out credit union loans to buy their Nova.

Nothing Orchard Park has said have given any indication of why these products are bad. His opening gambit attacked the people availing of them as vain and financially reckless.

On societal issues - maybe look at the bigger economic picture too than taking the ants penis view and focusing the consumers availing of the product.

In general, if people in society are consuming things from money they haven't earned yet, there is a problem if things don't go to plan. A house is one thing, houses last for centuries, cars do not.

The specific problem with PCP, as I understand it, is that people initially come along with a trade in worth €6000 (say), so they are not funding the whole amount but only the part of the cost, but at the end of the PCP they have no equity left in the vehicle, so subsequent plans will be more expensive.
If at first you don't succeed, then goto Plan B

GJL

Quote from: Maroon Manc on April 11, 2018, 02:04:37 PM
Leasing is becoming huge over here, only difference to PCP is there's no option of a balloon payment at the end.

I'm nearly 2 years through my first lease with another year to go, not looking forward to handing it back and finding out what they class as wear and tear.

I'd imagine new car sales would be shocking without people leasing over here, anyone I know who's leased would never have bought a new car. Surely this is going to have some knock on affect with second hand cars?

Check this out.

https://www.drive-electric.co.uk/wp-content/uploads/2016/05/Fair_Wear_Tear.pdf

thebigfella

Quote from: Orchard park on April 11, 2018, 03:36:04 PM
Quote from: thebigfella on April 11, 2018, 02:27:31 PM
Quote from: Orchard park on April 11, 2018, 02:13:38 PM
I didn't attack the people

I attacked the product that preys on people who dont look deeper than how much per month.

Obviously you are earning commission from PCP as i have never seen someone so touchy on what is a potential economy hand grenade

Again you spout about economy hand grenades without any substance to back it up. I don't work in the finance industry and not touchy at all but you haven't made any sort of statement to back up platitudes.

I'll let others make the statement then......... Not platitudes at all


https://www.rte.ie/lifestyle/motors/2017/0603/880092-warning-about-regulation-of-pcps/


https://www.irishtimes.com/business/personal-finance/consumer-watchdog-highlights-risks-of-pcp-car-finance-deals-1.3416875

https://www.independent.ie/business/personal-finance/charlie-weston-official-ireland-finally-wakes-up-to-hidden-dangers-of-popular-pcp-car-finance-deals-35957898.html


https://www.independent.ie/business/personal-finance/charlie-weston-pcp-car-finance-deals-could-be-a-subprime-mess-all-over-again-35331251.html

https://www.westportcu.ie/pcpfinance

https://www.thesun.ie/motors/1975601/a-quarter-of-cars-have-hidden-finance-history-heres-how-to-avoid-being-a-fraud-victim/

No one of those articles give any reasons that we on another economic disaster. They are more examples of preditory lending practices & people failing to understand what they are signing up for. Nothing in those tell us anything we don't already know or particularly what we all agree on the risks.

Charlie Weston equates it to the sub prime crisis without ever qualifying that statement or providing any evidence. It's sensationalist line in an article with no substance.

supersarsfields

Congrats to the board member who just won a new car!! Jammy git!!

Denn Forever

Quote from: supersarsfields on April 13, 2018, 01:13:11 PM
Congrats to the board member who just won a new car!! Jammy git!!

It wasn't Tony?
I have more respect for a man
that says what he means and
means what he says...

Milltown Row2

If you have the option of a company car or allowance whats best overall tax wise and savings over the year?

I really dont need a company car as I'm totally based in the one spot and no need to have it, though I love the perks with it I'm probably paying for it through my tax
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

trueblue1234

Quote from: Milltown Row2 on April 13, 2018, 02:05:11 PM
If you have the option of a company car or allowance whats best overall tax wise and savings over the year?

I really dont need a company car as I'm totally based in the one spot and no need to have it, though I love the perks with it I'm probably paying for it through my tax

Depends on a few things. Miles you are doing? Fuel card? etc. I found I was better of staying with my expenses than what I was getting for a car allowance / company car. If your doing massive miles then it's definitely value. But I was doing just about 10,000 miles so didn't really see a benefit (Financially). Course you save on the hassle of maintenance with a CC but I was tied to a couple of vehicles. 

Course my calculations could have been up the left.  ???
Grammar: the difference between knowing your shit

TabClear

Quote from: trueblue1234 on April 13, 2018, 02:26:00 PM
Quote from: Milltown Row2 on April 13, 2018, 02:05:11 PM
If you have the option of a company car or allowance whats best overall tax wise and savings over the year?

I really dont need a company car as I'm totally based in the one spot and no need to have it, though I love the perks with it I'm probably paying for it through my tax

Depends on a few things. Miles you are doing? Fuel card? etc. I found I was better of staying with my expenses than what I was getting for a car allowance / company car. If your doing massive miles then it's definitely value. But I was doing just about 10,000 miles so didn't really see a benefit (Financially). Course you save on the hassle of maintenance with a CC but I was tied to a couple of vehicles. 

Course my calculations could have been up the left.  ???

What he said, it depends on circumstances. There are a couple of decent comparison calculators online that you can tailor
https://www.whatcar.com/news/company-car-cash-alternative/

Rois

So if you win a car and don't want that specific car, what is the best option?  ;D
Seriously though, fewer cash buyers around these days, best to give up a lot of value and sell back to the dealer, or take it and sell privately?

Ball Hopper

Quote from: Rois on April 13, 2018, 10:08:08 PM
So if you win a car and don't want that specific car, what is the best option?  ;D
Seriously though, fewer cash buyers around these days, best to give up a lot of value and sell back to the dealer, or take it and sell privately?

Add cash to the sales price to get the vehicle you prefer?

Owen Brannigan

Quote from: Rois on April 13, 2018, 10:08:08 PM
So if you win a car and don't want that specific car, what is the best option?  ;D
Seriously though, fewer cash buyers around these days, best to give up a lot of value and sell back to the dealer, or take it and sell privately?

Dealer will have donated car at cost price so don't be surprised at their valuation if you return it for cash or upgrade.