PCP, Drugs and the dealers?

[captinktm]

I am guessing I am the only person in the world that has not used PCP. I was reading an article in Bike mag and the more I read the more the dealers sounded like drug dealers. When ask what they were doing for young riders the guy said, " Well we get them in and for £500 they they get trained up get their test, then £99 a month secures a nice little BMW, after a couple of years £500 deposit gets tied up in your next bike and so on. Another dealer said PCP is great because it now dictates when you change your bike rather than your pocket. Lets face who the hell can resist when you go to a dealers for a secondhand bike that you can afford and he goes " Hey for a fraction of what you are intending to spend on that old shed (probably does n't call it a shed) you can have this spanking new one! That's it your hooked. Or if he can't tempt you on a PCP deal, then he offers a life time guarantee on the Shed, oh remember to bring to us for all the servicing and he's got yuh again. Then just as you are walking out he says " Hey you wants some extra's with that" Before long you are working so hard to pay for your habit you have n't got time to ride the bike, dealer wins again because he get your bike back with low mileage. Tiz very clever, but surely sooner or later it's all going to go tits up because of the number of unsold second hand bikes?

[qcnr]

Consumerism isn't sustainable.
It's because the manufacturers have to increase turnover every year.
But this is a way of making it happen. And eventually the bottom will
fall out...
Because unlike what I learned, debt isn't based on existing funds.
Debt is created.
The bank doesn't lend you money, it creates a debt against you, therefor
creating 'new money'.

[bowber]

Never used PCP and hopefully never will, all my bikes have been bank of mum n dad, bank loan or saved up (mostly saved up), when I've finished paying I want it to be mine and I do want an end, not an infinite payment scheme stretching into my future.

As to the rest, well aren't bikes an addiction?

Steve

[john-g]

Agree completely, I bought a new Honda Crossrunner last July and instead of PCP took finance as with some arm twisting and to get something out of the deal I convinced them to give me 12 months interest free. Still don't like that going out each month as would prefer to pay outright, but for the principle of interest free, couldn't resist.

With PCP, you are hooked and will probably always continue to finance in this way. I'm 69 and don't want to get involved in financing my bike's purchase and come next July the Crossrunner will be 100% mine

[Fishandchips]

I bought a bike on interest free. I tried to pay cash and get a discount but the dealer said it makes no difference to them because it was a deal from Honda. They wouldn't drop the price so I took the credit.

[Stewie]

Depends what you want, PCP is in effect renting a bike for around £100pm and the dealers are gambling on the state of the market at the end of the lease, never done one myself but I know plenty that have, they either hand them back, chop them in for a newer model or if the markets good they pay the balloon payment and then sell it on therefore making a small margin of profit.

[captinktm]

I bought a bike on interest free. I tried to pay cash and get a discount but the dealer said it makes no difference to them because it was a deal from Honda. They wouldn't drop the price so I took the credit.

Yes I have bought bikes in the past and the dealer as tried very hard to do finance with me, without interest free it's a mugs game. But PCP just seems too easy to me. But of course if you had to walk in there with your 15k they would probably have a heart attack.

[john-g]

I bought a bike on interest free. I tried to pay cash and get a discount but the dealer said it makes no difference to them because it was a deal from Honda. They wouldn't drop the price so I took the credit.

My finance was through Honda as well, even though this wasn't a model where they were advertising Interest Free deals. They also included £1800 worth of extras (at list prices) that don't come with the latest 2017 model, so feel that it was a deal worth taking.

[The Sarge]

If I can't buy and own a bike I want outright, I am not interested. PCP is a device that benefits the Manufacturer, Dealer and the Financiers, I am amazed at how many people feel that these deals are better than ownership ??

What am I missing ??? :whistle:

[Redmurty]

06 I bought my Tiger for £7500 and got £500 worth od gis it's to sweeten the deal. Cash paid off I ride. Tigers worth £2500 ish :whistle: so that 5k divided by 10 years equates to £500 ish cheap biking (thumbs)

Not sure I could get a new Tiger for £500 a year :unsure: although an investor once told me that "you buy things that appreciate, rent things that don't"

I think it depends on what you intending doing with said purchase and what that does to the value of the purchase at the end of the scheme

cheers Spud