Buying with PCP

Discussion in 'Triumph General Discussion' started by brybrem, May 20, 2013.

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  1. brybrem

    brybrem Senior Member

    Mar 8, 2013
    1,433
    113
    North Wales
    When I went to Bill Smith's to throw in the forum cards on Saturday, I noticed that they were selling new Speed Triples with PCP (No, Pig - the other type of PCP). The salesman told me that the value of the bike always exceeds the final (balloon?) payment so there's always enough to cover the deposit next time around. Sounds too good to be true (which usually means that it is!). Does anybody have experience of this type of payment?

    Take it away, John... :smile:
     
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  2. P19DJG

    P19DJG Banned

    Mar 16, 2013
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    Is there really any other kind of PCP? :eek:

    The other PCP that we both know & love also makes the world look to good to be true! Lol :cool:
     
  3. Screwball

    Screwball Active Member

    Mar 21, 2013
    1,016
    36
    Kent
    Bry I bought my KTM Superduke on a PCP and great no problems... Got a good Part Ex on my Street triple and ended up paying £76 per month over 3years for a new Superduke.... As you said its was a no brainer....

    With that in mind when the 3 years were nearly up I went back to the dealer for the Speed Triple dark....
    Final payment for the Duke should have been £3400 but I was finishing it a bit earlier so It was approx £3700...

    Got offered £5K for the Duke so I would have had as expected some cash as a deposit...(£1300)
    Now the fun bit..... With extras my bike was close to £12K (don't tell the wife.) and it keeps the sums simple.......
    I offered some more money as a deposit total £3K so simple sums leaves £9K left on finance....
    Ballon payment was from memory close to £6K. So again rounding up etc etc leaves approx £3K on finance...
    I was told finance was 15% but total repayment was £6K+.... (work that out) circa £180 per month
    Basically I weren't going to pay £3k for finance over 3 years on approx £3K.... So I told them to politely sod off.....

    So in conclusion yes PCP is great if you get a good deal... But check finance and total amount payable...
    You must remember that after 3 years you still won't own the bike...
    Great if you like to change your bike regularly but not so good if you think this could be the one........
    PCP is a way for the dealers to get a regular change of new & old machines as you have to part ex your bike ever 2-3 years depending on your term...
    Your options are to pay off the ballon payment after the agreed finance term. (on my bike £6k) so quite a chunk after 3 years...
    Give bike back and walk away.... Not really an option unless you get laid off or leave the country (as my mate did)
    Part ex the bike and get a new one with the little bit left over.....

    So Bry if you liked change your bike regularly and deal is good go for it.... If your going to keep your bike for 5 years or more get a loan and buy it as I did...
    Got a loan from Tesco & 5.8%... Happy days bike is mine......
     
  4. brybrem

    brybrem Senior Member

    Mar 8, 2013
    1,433
    113
    North Wales
    Thanks for that. Just bid on a bike on fleabay - see PM. :smile:
     
  5. P19DJG

    P19DJG Banned

    Mar 16, 2013
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    Was it that nice Rocket with the flashy paint job? :wink:
     
    • Like Like x 1
  6. Screwball

    Screwball Active Member

    Mar 21, 2013
    1,016
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    Not received any PM
     
  7. brybrem

    brybrem Senior Member

    Mar 8, 2013
    1,433
    113
    North Wales
    Just replied to an earlier message then saw your 'full inbox' message!
     
  8. Screwball

    Screwball Active Member

    Mar 21, 2013
    1,016
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    Yeah got it and looking good just replied to you... Get to a dealer and take one out...
     
  9. P19DJG

    P19DJG Banned

    Mar 16, 2013
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    So, basically, do we all agree that the PCP that i was thinking of is far better than the one Bry & Screwball have discussed above? :biggrin:
     
    • Like Like x 3
  10. Screwball

    Screwball Active Member

    Mar 21, 2013
    1,016
    36
    Kent
    Depends if you want to actually buy a bike or dream you own one?
     
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