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I think we all know somebody like him.I know someone who professes to buy a new Range Rover every 4 years but the cars are actually rented on pcp.
Dunno if he actually believes he owns the car or if it's just bragging.
Why will your wife 'have' to start the cycle all over again and buy a new car ? Is there a law where you live that states no one shall own a car more than 48 months old ?All the arguments on here seem to be comparing PCP (you’re shooting above your finances) with buying a car outright (ok if you have THAT much money). Before PCP we used the middle option, HP where the car would eventually be finance free if you kept it long enough. Think I did that just twice, my Fiat X1/9 I bought on HP as a 19 year old, I still own (I’m 61), and the Ferrari 348 stayed for another 5 years after being paid off. Every other car has been sold before being paid off, or for the cheaper ones was paid in full - but only once as a new car.
this time round, with a little assistance from Covid, I’ve run past the end of my 4 year PCP. Mercedes have extended it so I have another 3 months to decide what to do next - not sure if they will keep extending or expect me to pay it off one way or another
seems to be a lot of snobbery against PCP. To me it’s simple. It’s a cheaper way of financing a car that might otherwise be bought on HP with the proviso that as you don’t pay it all off, you don’t get so much back. I pay much the same for my CLA45 on PCP as my wife does on her 61 plate Evoque bought with a bank loan. In a couple of years time she’ll own the Evoque, doubt it will have depreciated more than 20% over 4 years so she’ll have enough to start the cycle again and buy a newer one. I’ve still got equity in my CLA so will cover the deposit for the next car, but paying on PCP means I can use the difference between that and what the HP would have cost me, on other things (like buying the wife’s car!)
Why will your wife 'have' to start the cycle all over again and buy a new car ? Is there a law where you live that states no one shall own a car more than 48 months old ?
She could drive it for a few years more - OK, it's a LR product and some say it's best to bin them off before they get 4 years old - but she certainly doesn't have to do so.
In a couple of years time she’ll own the Evoque, doubt it will have depreciated more than 20% over 4 years so she’ll have enough to start the cycle again and buy a newer one. I’ve still got equity in my CLA so will cover the deposit for the next car, but paying on PCP means I can use the difference between that and what the HP would have cost me, on other things (like buying the wife’s car!)
It's nothing of the sort.Those most vocal on these types of threads are typically those who choose to buy "cash" rather than those who choose to "finance". It's the same on Twitter too, responses to Chris's tweet are 99% from those who choose to buy cash. But most don't just express their own preference, there is often another aspect which includes "people who finance can't really afford the car" to "people who finance are stupid" to "I am considerably richer than yao".
Whether people own a car, or finance a car, if there's an unusual event which dramatically affects someone's income, then it might affect their ability to keep that car. Even if someone owns their car then it doesn't necessarily mean that they can afford to keep it. The reality is that whilst those people receive the income they have been used to then they can afford to run those cars, and when they lose their income then they may not be able to afford to run them any more - and that applies to owning or financing.
A newer one. not a new one. Takes a brave person to run a 12 year old Range Rover which is what it will be by then. If she bought on a PCP she could be driving around in the latest model with full warranty though, for less than her loan is costingWhy will your wife 'have' to start the cycle all over again and buy a new car ? Is there a law where you live that states no one shall own a car more than 48 months old ?
She could drive it for a few years more - OK, it's a LR product and some say it's best to bin them off before they get 4 years old - but she certainly doesn't have to do so.
You may well be correct, although I was pleasantly surprised by the asking prices (I know!) of the few comparable ones for sale. Certainly will depreciate far more than my Evoque ever did. But if Mercedes want me in a new car, they’ll have to fudge the figures to make it worth my while. Quite happy to keep it, quite happy to replace with another if “the rent” is much the same, and quite tempted to say f**k it and get a W204 C63Who is going to want a 14 yr old Evoque?
I'll wager your CLA will be worth less than the GMV and will generate no equity...
In my case picked up a 2013 (new at the time) Evoque Dynamic Lux which listed at £47k but cost me much nearer £41k, Mercedes gave me £25k for it at 3.25 years and 47000 miles. Did have final figure of £16k on it at 4 years but would have been punished for putting in way over the 40k miles agreed. Not quite sure why I drove so far in that period, car before did 29k in 3.25 years, car since has done 30k in 4 years.estimate for Range Rover evoque is 38% in 3 yrs,Land Rover Range Rover Evoque Depreciation Calculator
Find and calculate the depreciation of your Land Rover Range Rover Evoque for any stage of your ownership.www.themoneycalculator.com
So at List price of £47k, £25k is 47% depreciation.In my case picked up a 2013 (new at the time) Evoque Dynamic Lux which listed at £47k but cost me much nearer £41k, Mercedes gave me £25k for it at 3.25 years and 47000 miles. Did have final figure of £16k on it at 4 years but would have been punished for putting in way over the 40k miles agreed. Not quite sure why I drove so far in that period, car before did 29k in 3.25 years, car since has done 30k in 4 years.
Evoque depreciation might be worse now, but a few years ago it was much better than most cars around
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