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Anybody know anything about cars?????!!
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Roy Keane
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Originally posted by sausy sausy wrote:

Originally posted by colemanY2K colemanY2K wrote:

Originally posted by 50%lesssugar&salt 50%lesssugar&salt wrote:

Originally posted by Baldrick Baldrick wrote:

Does anybody on here buy their cars brand new and if so why.  

Was always told that the car depreciates approx from anything to 20 to 40% in the first year.  

Surely a nearly new car is better value.  

Will probably look at a 2020 car in 2022.  

Don't buy new cars myself but really glad that people do as otherwise there would be very limited availability in the used market (there would be ex lease and ex hire). 

Availability and the price of used cars is likely to be an issue in the near future. As a result of Brexit the vast majority of cars imported from the UK will now be subject to VAT and customs duty (in addition to the VRT). This includes vehicles purchased in the North which had previously been registered in Great Britain. 

Garages were importing like it was nobody's business in the final months of 2020. Once this stock is flogged it'll be interesting to see what happens to prices in the used car market. In my opinion it is obvious the lack of supply will drive up prices.
 
I thought if it was NI registered then no VAT and same as normal. But could be wrong.

If the car was first registered in the north then it'll be VAT free but if it had been brought over from Britain where it was first registered then VAT would be applicable. Its to stop NI being used as a back door to Ireland for second hand car imports from mainland Britain.

It'll be interesting to see what the impact will be on the market.
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Originally posted by 50%lesssugar&salt 50%lesssugar&salt wrote:

The advantage of PCP over a CU loan are the interest rates. 
 
For your first PCP the manufacturers will offer zero % or very close to, but when you go back to them for the next car and it will be much higher.
 
For some people (like Sham) PCP works. But a lot of people just see the low monthly repayments compared to traditional car finance and ignore the balloon payment at the end, meaning a lot of these people end up taking out loans at the end of the PCP to pay this off, meaning there are plenty of people out there who are paying for cars over 8 years.
 
PCP can be a great way of getting into a car you probably cant afford.
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Originally posted by sausy sausy wrote:

Originally posted by 50%lesssugar&salt 50%lesssugar&salt wrote:

The advantage of PCP over a CU loan are the interest rates. 
 
For your first PCP the manufacturers will offer zero % or very close to, but when you go back to them for the next car and it will be much higher.
 
For some people (like Sham) PCP works. But a lot of people just see the low monthly repayments compared to traditional car finance and ignore the balloon payment at the end, meaning a lot of these people end up taking out loans at the end of the PCP to pay this off, meaning there are plenty of people out there who are paying for cars over 8 years.
 
PCP can be a great way of getting into a car you probably cant afford.

I toyed with the idea but have been totally put off going down the route.

A pal of mine has done exactly that, taken a low interest credit union loan out to pay off 18k owed on PCP which was costing him 400 p/m. Credit Union monthly repayments @ 200 p/m over a long period but less financial pressure.

It seems to be a bit of nightmare unless you have very decent wedge coming into the household. 
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I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
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Originally posted by Baldrick Baldrick wrote:

I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
 
 What car do you have Baldie and how old is it ?
 
Have you ungraded with a new member in the famliy ?
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Originally posted by Claret Murph Claret Murph wrote:

Originally posted by Baldrick Baldrick wrote:

I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
 
 What car do you have Baldie and how old is it ?
 
Have you ungraded with a new member in the famliy ?

No have not upgraded but will probably be looking to upgrade during the summer when hopefully you can test drive etc.  

My car is worth about 5 to 6k.
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Originally posted by Baldrick Baldrick wrote:

I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
 
From what I have read it is when people don't have the funds to pay the balloon payment that they end up taking another car on a new PCP which is generally at a higher rate and just kicking the issue down the loan for another 3 years.
 
PCP's can clearly work for some people and if you are someone who buys a new car every 2 or 3 years it could be great. But a lot of people when in to them without looking into it properly. Didn't the central bank even have a radio ad at one stage warning people about them?
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Originally posted by sausy sausy wrote:

Originally posted by Baldrick Baldrick wrote:

I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
 
From what I have read it is when people don't have the funds to pay the balloon payment that they end up taking another car on a new PCP which is generally at a higher rate and just kicking the issue down the loan for another 3 years.
 
PCP's can clearly work for some people and if you are someone who buys a new car every 2 or 3 years it could be great. But a lot of people when in to them without looking into it properly. Didn't the central bank even have a radio ad at one stage warning people about them?
I got PCP a few years back. The PCP loan was 0%, so  at the end of the time, had €8k baloon payment (or change the car). Wanted to keep the car so used some savings and got a €5k loan for the baloon payment. Still works out cheaper than a full loan from day 1.
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Originally posted by Shedite Shedite wrote:

Originally posted by sausy sausy wrote:

Originally posted by Baldrick Baldrick wrote:

I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
 
From what I have read it is when people don't have the funds to pay the balloon payment that they end up taking another car on a new PCP which is generally at a higher rate and just kicking the issue down the loan for another 3 years.
 
PCP's can clearly work for some people and if you are someone who buys a new car every 2 or 3 years it could be great. But a lot of people when in to them without looking into it properly. Didn't the central bank even have a radio ad at one stage warning people about them?
I got PCP a few years back. The PCP loan was 0%, so  at the end of the time, had €8k baloon payment (or change the car). Wanted to keep the car so used some savings and got a €5k loan for the baloon payment. Still works out cheaper than a full loan from day 1.

Modest enough car Shed? 
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Originally posted by Baldrick Baldrick wrote:

Originally posted by Claret Murph Claret Murph wrote:

Originally posted by Baldrick Baldrick wrote:

I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
 
 What car do you have Baldie and how old is it ?
 
Have you ungraded with a new member in the famliy ?

 
No have not upgraded but will probably be looking to upgrade during the summer when hopefully you can test drive etc.  

My car is worth about 5 to 6k.
What type of car , you know Ford Kia something like that ?
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Originally posted by Claret Murph Claret Murph wrote:

Originally posted by Baldrick Baldrick wrote:

Originally posted by Claret Murph Claret Murph wrote:

Originally posted by Baldrick Baldrick wrote:

I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
 
 What car do you have Baldie and how old is it ?
 
Have you ungraded with a new member in the famliy ?

 
No have not upgraded but will probably be looking to upgrade during the summer when hopefully you can test drive etc.  

My car is worth about 5 to 6k.
What type of car , you know Ford Kia something like that ?

Why do you want to know 😀😀😀 ya nosey bollox 😀😀
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Originally posted by Baldrick Baldrick wrote:

Originally posted by Claret Murph Claret Murph wrote:

Originally posted by Baldrick Baldrick wrote:

Originally posted by Claret Murph Claret Murph wrote:

Originally posted by Baldrick Baldrick wrote:

I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
 
 What car do you have Baldie and how old is it ?
 
Have you ungraded with a new member in the famliy ?

 
No have not upgraded but will probably be looking to upgrade during the summer when hopefully you can test drive etc.  

My car is worth about 5 to 6k.
What type of car , you know Ford Kia something like that ?

Why do you want to know 😀😀😀 ya nosey bollox 😀😀
 
Now it's unlike me with not taking the pi$$ this time , i just wondered what car you would drive as i know ( at least i think i do ) you had a Nissian Micra . Just got me thinking with saving money as you like to , but what would you now be driving i would guess at a Nissan Leaf as it would be right up your street in saving the world and all .
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LOLLOL well in keeping with the official car of the Ireland team it’s a Nissan and it’s not a Micra 😀😀😀

Now stop fishing on behalf of your missus 😀

What car did you go for brand new.  
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Originally posted by Baldrick Baldrick wrote:

LOLLOL well in keeping with the official car of the Ireland team it’s a Nissan and it’s not a Micra 😀😀😀

Now stop fishing on behalf of your missus 😀

What car did you go for brand new.  
 
 Honda Civic , hey we have two of them Thumbs Up
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Any idea how much it costs for fixing up scrapes on the side of me car. Some coont did the damge over the weekend on the front wheel arch. Might need a hammering too as there is a small dent.
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well that was a conversational cul de sac.  I bet Tommy Tiernan is sh*tting himself.  

Edited by Baldrick - 22 Mar 2021 at 3:12pm
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Originally posted by McG McG wrote:

Originally posted by Shedite Shedite wrote:

Originally posted by sausy sausy wrote:

Originally posted by Baldrick Baldrick wrote:

I think Sham has the right idea.  Has the deposit from the previous car,  has the repayments on 0% and then is saving in the mean time so he can pay the balloon payment if he wants at the end. 

If you can do that it looks like the PCP can work for you. 

Question for Sausy, is if you do what Sham is doing are they still likely to put your interest if you want to go again for a new car in 3 years time.  
 
From what I have read it is when people don't have the funds to pay the balloon payment that they end up taking another car on a new PCP which is generally at a higher rate and just kicking the issue down the loan for another 3 years.
 
PCP's can clearly work for some people and if you are someone who buys a new car every 2 or 3 years it could be great. But a lot of people when in to them without looking into it properly. Didn't the central bank even have a radio ad at one stage warning people about them?
I got PCP a few years back. The PCP loan was 0%, so  at the end of the time, had €8k baloon payment (or change the car). Wanted to keep the car so used some savings and got a €5k loan for the baloon payment. Still works out cheaper than a full loan from day 1.

Modest enough car Shed? 
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Originally posted by sausy sausy wrote:

Originally posted by 50%lesssugar&salt 50%lesssugar&salt wrote:

The advantage of PCP over a CU loan are the interest rates. 
 
For your first PCP the manufacturers will offer zero % or very close to, but when you go back to them for the next car and it will be much higher.
 
For some people (like Sham) PCP works. But a lot of people just see the low monthly repayments compared to traditional car finance and ignore the balloon payment at the end, meaning a lot of these people end up taking out loans at the end of the PCP to pay this off, meaning there are plenty of people out there who are paying for cars over 8 years.
 
PCP can be a great way of getting into a car you probably cant afford.

As you have said yourself, PCPs work for some people and can work very well for them but they are not for everyone. Any PCP deal I have seen has made it clear that there is a balloon payment at the end. 

There are a number of options available to people when they wish to change their car. HP, PCP, bank/CU term loan, cash purchase or leasing. Just because some of these options don't appeal or suit, doesn't mean they are not good options for others. 

Somewhat related to the above, is that it isn't always a purely logical  financial based decision. Some people are happy to spend significant amounts of money on cars and don't see them purely as an expense (as we know, they rarely are an investment as 99% of the time they are a depreciating asset). Individuals value cars in very different ways and base their purchasing decisions on different sets of values. 
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