Opinions on PCP for a brand new bike

[soccersmyth]

Seriously considering this at the moment.

Any of yous done it (PM me if you dont want to broadcast it)

Suzuki seem to be trying real hard with decent rates and seriously low deposits


Any input appriciated

 

[Chris666]

Personally I'd rather own something after 3 years paying out for it

 

[saxo_man]

Personally I'd rather own something after 3 years paying out for it

PCP is personal contract purchase?

 

[Chris666]

PCP is personal contract purchase?

Yes. Pay for 3 years then hand it back

Buying on PCP? Read this first!

 

[gav525]

I considered it, especially when I saw Suzuki doing the £46 down and £46 a month on the GSXR1000, but it just doesn’t suit me.

It’s fine if you plan on changing again in 2 or 3 years, but I prefer to own the bike from the start and then do as I want with it.

 

[saxo_man]

Yes. Pay for 3 years then hand it back

Buying on PCP? Read this first!

I know that. Point is it’s different from PCH. PCP does give you the option to buy it, which ‘could’ be below market value.

 

[Chris666]

I know that. Point is it’s different from PCH. PCP does give you the option to buy it, which ‘could’ be below market value.

In a huge lump sum at the end of the term before you own the bike, where a bank loan/finance deal you own the bike from day one, can add mods and do as many miles as you like

 

[saxo_man]

In a huge lump sum at the end of the term before you own the bike, where a bank loan/finance deal you own the bike from day one, can add mods and do as many miles as you like

Well unless you buy it with money in your bank account you still don’t really own it.

 

[Chris666]

Big difference - you can sell the bike(or indeed car, I should know). Finance companies don't take kindly to sales of vehicles mid term

 

[KevM]

Guy at work does it. Seems to have the latest new bike every 18 months or so...

 

[Chris666]

Guy at work does it. Seems to have the latest new bike every 18 months or so...

Yep, but he never owns it. I can open my shed and say "I own this" it's mine to do whatever I want with

 

[Dave..]

I thought about it as well as its a cheap way to ride a new bike but like everyone has said as far as my bikes go I would rather own it.
I am interested in the New Kawasaki Z900 RS but will use other means to finance it.

 

[big-lew18]

I considered it for a bit but as said I would prefer to know I own an older bike outright than know deep down I'm only leasing a new bike

 

[Apis]

Very tempting when you look at low deposit and easy payments. then just keep paying but get another new bike 3 years later (or less). Just like changing your phone. And very easy to add dealer options like luggage or exhaust.

I think it maybe makes more sense on a bike compared to a car because the depreciation is less. HAving said that though, I would imagine if PCP becomes more common it will drive down the price of fresh secondhand bikes because there's more people buying new on PCP.

I think the ownership thing is less appealing on a new bike anyway, compared to something older and more sentimental. New bikes are lovely, but not sure they have much soul until they are getting on a bit.

 

[KevM]

Yep, but he never owns it. I can open my shed and say "I own this" it's mine to do whatever I want with

Why would he want to own it? He changes it every year or so anyway. What he’s made in payments probably wouldn’t have paid the first one he bought in its entirety, so he’s riding round on this years new bike & laughing. If he ever wants to own it, he can just settle his agreement and keep the bike

 

[Chris666]

Why would he want to own it? He changes it every year or so anyway. What he’s made in payments probably wouldn’t have paid the first one he bought in its entirety, so he’s riding round on this years new bike & laughing. If he ever wants to own it, he can just settle his agreement and keep the bike

Good question, obviously it suits him/his circumstances. I personally prefer ownership, I'm sure it's nice to chuck away a perfectly good bike every 18months rinse/repeat A modest 700cc Yamaha costs £3000 more over 36months than my bike cost me to buy

 

[soccersmyth]

Ok so i don't have 13k to buy the new bike outright.
Nor do i have 7k to put down as a deposit to leave me to pay the balance at a sensible monthly payment figure over 3 years and then own the bike.
But i don't want to own a bike i've trashed for 36 months that will have no warranty remaining.

I do have the opportunity to ride away on a brand new gsxr 1000c with 36 months warranty for £200 deposit followed by 36 monthly payments of £200.
only stipulation is that i am limited to 3000 miles per year and it has to be serviced with a suzuki dealer

So in 3 years i can
A - Pay the GFV of 7k which will take a loan to raise to take ownership of a bike ive dogged for 36 months and now has no warranty
B - Hand back a bike i've trashed for 36 months and walk away owing nothing.
C - Take out a new pcp deal and ride away on another new 1000cc for 3 years

PcP followed by option C makes absolute sense right now and i cant imagine crossing 3000 miles per year givin the weather we have here.

 

[saxo_man]

Ok so i don't have 13k to buy the new bike outright.
Nor do i have 7k to put down as a deposit to leave me to pay the balance at a sensible monthly payment figure over 3 years and then own the bike.
But i don't want to own a bike i've trashed for 36 months that will have no warranty remaining.

I do have the opportunity to ride away on a brand new gsxr 1000c with 36 months warranty for £200 deposit followed by 36 monthly payments of £200.
only stipulation is that i am limited to 3000 miles per year and it has to be serviced with a suzuki dealer

So in 3 years i can
A - Pay the GFV of 7k which will take a loan to raise to take ownership of a bike ive dogged for 36 months and now has no warranty
B - Hand back a bike i've trashed for 36 months and walk away owing nothing.
C - Take out a new pcp deal and ride away on another new 1000cc for 3 years

PcP followed by option C makes absolute sense right now and i cant imagine crossing 3000 miles per year givin the weather we have here.

That’s a no-brainer. New bike, no hassles of selling it yourself etc.

 

[KrisSRT]

Ok so i don't have 13k to buy the new bike outright.
Nor do i have 7k to put down as a deposit to leave me to pay the balance at a sensible monthly payment figure over 3 years and then own the bike.
But i don't want to own a bike i've trashed for 36 months that will have no warranty remaining.

I do have the opportunity to ride away on a brand new gsxr 1000c with 36 months warranty for £200 deposit followed by 36 monthly payments of £200.
only stipulation is that i am limited to 3000 miles per year and it has to be serviced with a suzuki dealer

So in 3 years i can
A - Pay the GFV of 7k which will take a loan to raise to take ownership of a bike ive dogged for 36 months and now has no warranty
B - Hand back a bike i've trashed for 36 months and walk away owing nothing.
C - Take out a new pcp deal and ride away on another new 1000cc for 3 years

PcP followed by option C makes absolute sense right now and i cant imagine crossing 3000 miles per year givin the weather we have here.

I looked at these and think the penalty for using over the 3k is between 3-6p per mile so at 6p that’s £60 quid for 1k so not dear at all. I’ll be looking more at it when I pass my test but probably will just get a 2-3k bike to start me as I’ll drop it at some stage .

 

[soccersmyth]

That’s a no-brainer. New bike, no hassles of selling it yourself etc.

Exactly.

So going shopping at the bike show in feb.

So unless Yam or BMW catch a grip with their deposits, i'll be over the suzuki stand like a rash.

 

[big-lew18]

I was in GS motorcycles looking a at bike today, I have to say walking into the shop and seeing the new GP edition gsxr's, PCP was the first thing that popped into my head

 

[Apis]

If it's anything like PCP on a car you can opt for a higher mileage and pay a little more. I suppose 3k would be manageable for a Gixer in NI but pretty tight for an everyday commuter or tourer.

 

[Dave..]

Ok so i don't have 13k to buy the new bike outright.
Nor do i have 7k to put down as a deposit to leave me to pay the balance at a sensible monthly payment figure over 3 years and then own the bike.
But i don't want to own a bike i've trashed for 36 months that will have no warranty remaining.

I do have the opportunity to ride away on a brand new gsxr 1000c with 36 months warranty for £200 deposit followed by 36 monthly payments of £200.
only stipulation is that i am limited to 3000 miles per year and it has to be serviced with a suzuki dealer

So in 3 years i can
A - Pay the GFV of 7k which will take a loan to raise to take ownership of a bike ive dogged for 36 months and now has no warranty
B - Hand back a bike i've trashed for 36 months and walk away owing nothing.
C - Take out a new pcp deal and ride away on another new 1000cc for 3 years

PcP followed by option C makes absolute sense right now and i cant imagine crossing 3000 miles per year givin the weather we have here.

When you put it like I can see why someone would use pcp

 

[Chris666]

£3600 just in monthly payments while it's off the road for 6 months of winter per year.

But you can hand it back

 

[saxo_man]

£3600 just in monthly payments while it's off the road for 6 months of winter per year.

But you can hand it back

What’s the depreciation on a bike like that after 3 years?
It’s clear you don’t like the idea of leasing a bike :/ It doesn’t suit everyone, it suits others.