Bletchleyite
Veteran Member
Very surprising the contract for these doesn't require paying back the incentives if you cancel. But I suppose like "loophole" tickets, if you can then go for it!
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Current second hand car prices
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Very surprising the contract for these doesn't require paying back the incentives if you cancel. But I suppose like "loophole" tickets, if you can then go for it!
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Snow1964
Established Member
I will bow to your knowledge, I thought V5 only shows registered keeper, not legal owner. I was under impression finance company remains owner until balloon payment and option to buy fee payment is made.
V5 has the keeper as the hire (rental) company on PCH (the H is hire), because they remain the owner and are responsible for responding to any parking or traffic fines.
Bletchleyite
Veteran Member
The V5 indeed shows the registered keeper, so while it's a good indication of whose car it is it doesn't show anything about what financial interests may exist in it.
Snow1964
Established Member
Very surprising the contract for these doesn't require paying back the incentives if you cancel. But I suppose like "loophole" tickets, if you can then go for it!
I think it is because the incentives are from supplying dealer to take out the finance (because they get hefty commission)
Any car finance can be settled or cancelled by phoning the finance provider with 14 day cooling off period (s99 of Consumer credit Act). Separate entity, so incentives dont go back.
The only time I have not bought outright was when there was 0% finance for two years on 50% and manufacturer backed so no discount from the dealer for paying upfront rather than earning a bit of interest.
To directly say that for me PCP is unaffordable would by lying but paying that much a month would mean paying significantly less into my pension.
I bought my current car just before Christmas 2019. OK not a particular popular model although I've never understood why and end of production but under £10k for a car not quite 12 months old and 10k miles on the clock. Not poverty spec either. When I looked over last Christmas / New Year another of the batch with 35k miles on the clock was for sale at £11,500 .... yes almost £2k more three years older and 25k more miles. Back to 2019 the replacement model range was priced higher but now for the range equivalent 12 month old the window price is around £18k.
Looking forward I wonder what the 12 month old £18k car will be worth when 6 & 10 years old not least as the switch to EV's will skew the market? A quick look gives the forecourt ticket price of 2017 cars with < 50k miles as £8000 upwards 2013 cars with 65 - 80k miles at £5500 and upwards. PX or private sale of course less.
Years ago tin worm limited the life of cars at least in the UK climate. Now it is plastics, (synthetic) rubber and complex electrics / electronics that often cause problems with the fault diagnosis and replacement costs not worthwhile. Cam belts and chains are often expensive to replace. Just one example discussed on another thread is the 10 year wet belt replacement for the Ford 1.0 engine at £1000+. VAG belts are 5 years and £400+ even at an independent garage.
To directly say that for me PCP is unaffordable would by lying but paying that much a month would mean paying significantly less into my pension.
I bought my current car just before Christmas 2019. OK not a particular popular model although I've never understood why and end of production but under £10k for a car not quite 12 months old and 10k miles on the clock. Not poverty spec either. When I looked over last Christmas / New Year another of the batch with 35k miles on the clock was for sale at £11,500 .... yes almost £2k more three years older and 25k more miles. Back to 2019 the replacement model range was priced higher but now for the range equivalent 12 month old the window price is around £18k.
Looking forward I wonder what the 12 month old £18k car will be worth when 6 & 10 years old not least as the switch to EV's will skew the market? A quick look gives the forecourt ticket price of 2017 cars with < 50k miles as £8000 upwards 2013 cars with 65 - 80k miles at £5500 and upwards. PX or private sale of course less.
Years ago tin worm limited the life of cars at least in the UK climate. Now it is plastics, (synthetic) rubber and complex electrics / electronics that often cause problems with the fault diagnosis and replacement costs not worthwhile. Cam belts and chains are often expensive to replace. Just one example discussed on another thread is the 10 year wet belt replacement for the Ford 1.0 engine at £1000+. VAG belts are 5 years and £400+ even at an independent garage.
Sorry to be pedantic by section 99 onwards is dealing with early termination, as per my post #28 above.
Section 68 is cancelling within the cooling off period, which is a separate concept entirely.
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