Africa Twin for £25/ month - surely this is the WORST finance proposal ever imagined!?!

Anything goes, and mine's a Guinness.
davsato
Posts: 4586
Joined: Wed Jul 07, 2010 3:59 pm

Re: Africa Twin for £25/ month - surely this is the WORST finance proposal ever imagined!?!

Post by davsato » Thu Mar 30, 2017 4:36 pm

So after a £4k deposit I get to rent the bike for 3 years at £25pm, pay the upkeep and pay a Honda dealer to stamp the service book, not be able to put any permanent accessories on it because it's not my bike, then either pay nearly £8k to keep the bike or give it back in good condition along with another £11496 because I average 12k miles a year?

Eee that's a bloody bargain I'll have two
Dave

Fareham, Hants.

i am not a cockerney, london is up north to me

Varadero XL1000VA6

Adventure Bike Rider New Issue Out Now
TomBoyNI
Posts: 1372
Joined: Thu Feb 07, 2013 8:23 pm
Location: Northern Ireland
Has thanked: 31 times
Been thanked: 36 times

Re: Africa Twin for £25/ month - surely this is the WORST finance proposal ever imagined!?!

Post by TomBoyNI » Thu Mar 30, 2017 7:02 pm

Brads wrote:So let me get this straight.

It`s a 37 month interest free deal to buy a new bike and you think it`s the worst deal ever ?


What exactly would you like ? A free bike ?

No matter what way you look at it, or what payments there are, it`s interest free.

Put the money away every month on top of the payments and job done surely ?

Why would a low rate loan be better ? because you get to pay interest to a loan company ?

Sorry, you`ve beaten me , I have no idea why and interest free PCP is a bad deal.
No I don't want a free bike. And I'm not anti PCP either. It's just this one makes no sense to me.

And it's not the same as putting the money away every month (although you could do that I suppose to save for the final payment). You need to put 4K down at the start. That's what gets me. Couple that with the 111 miles a month.

Putting 4K down on a bike most will never likely own is a poor choice.

Nationwide have a 5% interest savings account at the minute. Your 4K is better in there.

A loan of 2.8% over 3 years means you pay about 700 in interest over 3 years and you can drive where you want, farkle how you want and own the bike at the end. Then you can trade in or keep it. At the end of this deal you decide to to re finance and you are out of warranty, meaning anything goes wrong and it's all down to you and you are still paying off your 6k.

Having a huge deposit and a huge final payment and a huge deposit makes no sense to me. If it does to you, fair play.
Boo :-p

http://tbni.blog
Motorcycling | Technology | Photography

Chasbmw
Posts: 236
Joined: Tue Jul 01, 2014 11:31 am
Been thanked: 1 time

Re: Africa Twin for £25/ month - surely this is the WORST finance proposal ever imagined!?!

Post by Chasbmw » Fri Mar 31, 2017 9:37 am

At £1500 per year, with no interest, surely that works well if the mileage fits.......most other PCPs work out closer to £2500 per year with 5K mileage

AlanHolt
Posts: 1025
Joined: Fri Mar 11, 2016 6:28 pm
Has thanked: 222 times
Been thanked: 261 times

Re: Africa Twin for £25/ month - surely this is the WORST finance proposal ever imagined!?!

Post by AlanHolt » Fri Mar 31, 2017 9:51 am

Chasbmw wrote:At £1500 per year, with no interest, surely that works well if the mileage fits.......most other PCPs work out closer to £2500 per year with 5K mileage
Maybe it's because I'm a tight Yorkshireman, or because I used to work in the motor industry, but I'd never buy a new vehicle. Losing £2500 a year is crazy just to have something new sat in the garage. The last bike I bought was 4 years old, it's now 9 years old and I've lost £200 per year in depreciation.

crofty
Posts: 655
Joined: Fri Aug 16, 2013 7:14 am
Has thanked: 56 times
Been thanked: 63 times

Re: Africa Twin for £25/ month - surely this is the WORST finance proposal ever imagined!?!

Post by crofty » Fri Mar 31, 2017 9:52 am

For a start no one is giving 5% without so many strings it makes it a full time job trying to keep up. The Nationwide deal is for 500 a month savers and you could,nt stick your 4 grand in there. You could get a cheap 2.8% deal on the full purchase price of 10900 but you would be paying well over 300 a month. And your bike after 3 years is only going to be worth 6 or 7 grand so you have still lost the 4 grand anyway so I don,t see any difference. you can be as creative as you like with the finances but if you want a 11 grand new bike and don,t have the money up front you are going to have to pay through the nose.

[email protected]
Posts: 29
Joined: Sat Jun 04, 2016 3:17 pm

Re: Africa Twin for £25/ month - surely this is the WORST finance proposal ever imagined!?!

Post by [email protected] » Fri Mar 31, 2017 10:00 am

4k a year I will do that in 3 months without even trying I would probably pay over a grand in mileage penalties??

User avatar
Monster
Posts: 578
Joined: Sun Jul 03, 2011 8:33 pm
Has thanked: 14 times
Been thanked: 34 times

Re: Africa Twin for £25/ month - surely this is the WORST finance proposal ever imagined!?!

Post by Monster » Fri Mar 31, 2017 5:31 pm

There is a saying that ...
If IT flies, floats or fornicates .... it's cheaper to rent

Never done a PCP on any vehicle and wouldn't on a bike

There are several ways to drive a new car or bike and this is something that the motor trade has created in order to be flexible to the needs/wants/desires of the customer

You can decide is what is important I think
If a Hammer don't fix it - you have an electrical problem

moto al
Posts: 10887
Joined: Thu Dec 09, 2010 8:24 pm
Been thanked: 2 times

Re: Africa Twin for £25/ month - surely this is the WORST finance proposal ever imagined!?!

Post by moto al » Fri Mar 31, 2017 5:43 pm

Many years ago one of my friends purchesed a merc on the same plan ok it was called something else ,at the time I thought he was off his head,my reasoning in 3 years time their will be a glut of mercs and the value will be reduced . I was was proved wrong ,he got top book price for his car . Then used the same plan too buy a top of the range Audi .
moto al

Post Reply

Return to “THE PUB”

Who is online

Users browsing this forum: Google [Bot] and 44 guests