Reply To: cost of cars Hi all, Is it just me or have all car prices gone up? I went to my local ford dealer, with a view to possibly changing my car to the…

[kev2021]

As my previous car was comig up to 6 years old, it would of started to cost me every service going forward whereas previously the car came with approx 4 years of service plan left so didnt cost me anything to service it, all covered.  Only thing i paid for was 2 MOTs and 1 brake fluid change for that whole 5 years.  It never needed brakes or anything else doing apart from the stadnard service so in that respect, it cost me effecively very little to run. It had 1 recall on it that was done again all paid for, didn’t cost me anything.

Previosu cars i’ve kept a few years before selling, only car i sold quikish appro 1.5years was the 2011 Focus as it was just hopefulless, was spending more time at garage than i used it.

With this car, I’ve bought on PCP deal so i’ve put in a small deposit and I pay monthly for it.  At the end of the term, i can pay remaining balance to own and keep it OR i can trade in.  At present, if i traded it in, i’d rob get approx 1k to put to another car BUT unfortunately all the prices have gone up so the difference in monthly payments for example the same car (excluding options i would want to fit) is a little over £100 a month more and then the final payment to keep the car is a fair bit higher but thats becuase the cost of the car was gone up.

This is my first PCP deal as a mate of mine has been doign it a few years BUT he put down 0 but pays a higher monthly payment and he changes every couple of years as he can get out of the deals and end up with something towards the next car.

My dad did one previously and after 1 year, they let him switch to another new car, same spec and options for exactly the same monthly payment for same model car BUT as the new shape has gone up in price, its a fair bit more which doesn’t make it a viable option snow a getting expensive but ti seems all cars are going up in value.

I was only interested as if i could of got the new shape for same monthly cost and no additional money then i’d of done it as will be last focus they produce and i’ve owned previous models but wan’t to be.

Normally i keep my cars 5-7 years beofre i sell but i’ve always bought then via a loan and when the loan is paid off, its mine and I can then sell on and that money goes to deposit on next car etc but the PCP i’m trying out as effectively i can pay 3 years of X per month + initial deposit and then get antoehr car and not pay the final balance on a car that is 3 years old by then as typically they get more expensive to maintain.

So i’m tryign this out and will see how it goes.  Given the higher PCP prices now, whereby tey nwo seem to want a higher deposit and higher final balance and then monthlys can be lower, it works out a bit too costly so far so will have to revisit next year as this car took about 6 months to get and shortly after, newer orders were taking 12 months to arrive so not sure if they have come down yet but will revisit next year as will need to decide do i:-

1. Hand it back and walk away and buy something else
2. get another car on PCP, being it same model or different and work out the costs
3. buy the car, find a different brand car i like and then trade it in and then do a PCP or normal loan to get it
4. Buy the car and keep it for a year or 2 and re-assess options

I do fancy a PHEV car, not keen on going full Elec yet as don’t think we have charging infrastructure appropriate yet.

Kev

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