PCP for OAPs

[Greyerbeard]

A little puzzled why at least 2 of you are planning on 'giving up' at 70?
That's no age at all...

[Data]

PCPs are OK, but expensive in the long run. What's the most expensive part (by far) of buying a new car or scoot? The depreciation in the first couple of years. With PCP, this is exactly what you are paying for. The monthly payment is quite low, but you don't own the vehicle. So you have to pay again at the end or hand it back, and, as most people do, get straight back on the financial treadmill by starting a new PCP deal! If you are earning a decent wage and like to swap vehicles frequently, then a PCP may be ideal.

Much better, albeit long term, to look for a nearly new vehicle (£000s cheaper than the new price) and take out a conventional loan at current rock bottom interest rates. At least then the vehicle is yours to do as you want. IMHO!

I think you and Data have missed or at least downplayed the key points in Sagalout and my posts:
(i) our plan is to give back the scooter at the end of the term, thus avoiding the bubble payment as they are likely to be our last scoots (well, new anyway....). This is approx a 30% saving on the price of a new bike, which comes with warranty and (for me) service plan, etc, and
(ii) the deposit and monthly outlay are much less than taking out a loan as the total to repay will otherwise be the full price of the bike.

Agreed though, if you keep the PCPs rolling, it can end up expensive.

Yes, see what you mean. Had overlooked that point. But don't give up at 70 if you don't have to. I'm pushing 70 and have no intention of giving up inspite of serious back issues. It's different for everyone of course, but just keep going if you can is my mantra!

[Deleted User 18446]

It may be will carry on just nice to have the option .What I do want to do is make most of next 3 years and I have funds in place to do that .

[MrGrumpy]

Yeah, can't help thinking that 70 is far too early to consider stopping, especially on a 125 (health permitting of course). I'm 6.5 year away from 70 - I really don't see myself stopping riding soon, although I may be riding something more sedate than a Tmax after then!

[Deleted User 18446]

It does of course depend what health is like as have to reapply for licence at 70 then every 3 years after that same term as the pcp

[iansoady]

I think that with PCP or any other finance deal you have to remember that they are not doing it out of the goodness of their hearts - they need to make a profit somewhere and that comes out of the purchaser's pocket. Data's experience is quite salutary.

However, as I'm a cheapskate I've never bought an new vehicle preferring someone else to take the depreciation hit on the first year. The newest bike I've had was a year old Triumph Tiger 955i which I got at around £2,000 off the new price. Also, as a pensioner I don't want to commit to loans but prefer to buy out of savings. Although I have a decent occupational pension who knows what will happen in the future.

Ironically it seems that used vehicles are now appreciating! I bought a 2013 Land Rover Freelander for £10,000 just before lockdown started 2 years ago. Prices now for similar models are over £12,000!

[horobags]

The way I look at is at our stage of life,, get what you want, if it costs you a few more quid in the long run, either you wont lose any sleep,, or turn in your grave. Just get on with it while you can.

[Deleted User 18446]

I've not had brand new scooter since 2002 just realised lol


RETAIN RETURN REPLACE is what says on honda website sounds like a Boris catch phrase

[Deleted User 18446]

I think I looked at this wrong way round maybe wait until 70 if want to carry get new 125 .Meanwhile have the tmax and a big wheel 300 to go at .

[Wombat]

While we all have different health and life issues, how long you continue to enjoy riding should not be determined by a birthday. I sold my bike and bought my first scooter at age 77. I turn 80 this year and still enjoy riding and touring. I do have to pass a driving test each year from 80 on, but I hope to continue riding. You young blokes who have yet to turn 70 should look forward with confidence and enjoy every year while you can.