Haha!
I’m not sure that basing your finances off people that spend £400 each month on betting is very wise...
I don’t know mate. Having done it and calculated the cost and the position I am in now, I just wouldn’t touch one again. In the above example, if I bought used I would have £37k to get another car and I’ve only spent £7k over the last two years. If I was to start another PCP I would need to find another £6k deposit and I would have spent £14k over the last two years. It cost me double and I’m in a very bad position at the end.....is the difference between a new and 2yr old used version worth that much...?
I sort of don’t get the argument about unexpected repair bills either if I’m being brutally honest...you’re suggesting that a new car is better, because you want to avoid, say £7k, in unexpected repair bills. But the new car is 100% guaranteed to cost you £7k more over the two years...! A used car could cost you more than £7k, but it almost certainly won’t! In fact it’s very very very likely it will cost you next to nothing in out of warranty repairs. About £3k if you’re really unlucky. Extending the warranty for its fourth year would be no less than £1k anyway...
Same with the protected value argument. Unless the car drops as much as £7k in value (again, highly highly unlikely) you still are paying more on the PCP....
I’m also not comfortable with the risk involved. The new car is all great, but if the unthinkable happens and I don’t have my regular salary (illness, accident, redundancy), then I’m screwed! Car is gone and I’ve lost X amount... Happens to the best of us and can happen anytime...
Anyway sorry, just my 2ps worth. As you can tell I’ve given it a lot of thought...!
I got fed up of giving my hard earned money to finance companies and I only did it for 21months...!