There's a lot of talk in the press right now that pcp vehicle finance deals could trigger the next financial crisis. This is one such article from today's papers.
These deals are unquestionably popular and account for the vast majority of private new car sales. Some say they've brought new cars within the grasp of those who couldn't otherwise afford them; others say they're just another way of trapping the financially naive into years of debt, because they encourage folks who couldn't otherwise afford them to drive cars they can't really afford.
What do you think? Is the availability of accessible new car credit a good thing, or should we be going back to the days when a new car required a 33% deposit and the whole of the balance paid in full within two years?
Is there anyone here who's got into financial difficulties over a pcp and is willing to share their story?
These deals are unquestionably popular and account for the vast majority of private new car sales. Some say they've brought new cars within the grasp of those who couldn't otherwise afford them; others say they're just another way of trapping the financially naive into years of debt, because they encourage folks who couldn't otherwise afford them to drive cars they can't really afford.
What do you think? Is the availability of accessible new car credit a good thing, or should we be going back to the days when a new car required a 33% deposit and the whole of the balance paid in full within two years?
Is there anyone here who's got into financial difficulties over a pcp and is willing to share their story?
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