Pcp

Wull · Nov 1, 2018

How many people have went down this route with their bike purchases?

I never considered it but if late I?ve been thinking about it, maybe come April time as I?ll be in a position to consider an upgrade or another bike.

triplejimmy · Nov 1, 2018

I have done pcp on my list 2 bikes as so far I can't complain. I haven't needed to add money to buy the next bike so far as I have been able to time my change over reasonably well and get a deal. I also had the wife's car on pcp and purchased that at the end so have tried 2 of the 3 options so far with no issues. The 3rd being hand back and walk way which is definitely avoid.

I'd do it again.

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Corkgsxr · Nov 1, 2018

Mine is. I've no issue in 2 years. You need your bike to be desirable at the end from what I've seen

I'm more confident doing it with a s1000rr because I can't just walk in a buy 10 of them

With cars I donno I can see it crashing with cheaper cars. Because if I walked into Dacia or Ford and sed want 20 cars please. You can

If there's a flood of 2nd hand pcp cars they can't sell you won't get a good price.

Agreed tho walking away isn't the option you want to do buy out or keep going

phil · Nov 1, 2018

Wull said:
How many people have went down this route with their bike purchases?

Never had finance on a Bike (fortunately), I put bike money aside so that I have enough when I fancy buying a new Bike.

I am sure PCP works for so many people, I know of only one guy that handed his RR back and walked home.

Monners · Nov 1, 2018

I've done it with two Ducati Panigale. Its heavily weighted towards you keeping it three years so dont consider selling before that since you lose a load of money, just like buying it new I suppose? I think you will always benefit from paying outright and bank loans are usually cheaper overall if you do borrow the money but PCP is a very easy and accessible way to get your hands on a brand new bike.

The last Panigale I sent back to finance after a great ten thousand miles; 4k of it on roads and the rest on track so an overall satisfying experience. I plan to do the same with my current one but have some gravel marks which may cause me some problems on return. There's a guaranteed return value at the end of three years so long as its all in good condition still you can give it back. I just remove all the body work and shiny bits when new and replace with track fairings. There's obviously a risk if you smash it up but I figure thats the case anyhow so as long as you can deal with this its an easy way to have a new bike.

Wull · Nov 1, 2018

Cheers guys, let’s say you take a deal over 3yrs and want to keep the bike, can you finance the balloon payment?

soofsayer · Nov 1, 2018

Yes you can.

triplejimmy · Nov 1, 2018

Wull said:
Cheers guys, let?s say you take a deal over 3yrs and want to keep the bike, can you finance the balloon payment?

Yes you can. Normally a bank loan would work out best. I was lucky though and just saved alongside the pcp and paid it off. I guess I could have just overpaid the loan and saved interest looking back but didn't think or it at the time.

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Rosso · Nov 1, 2018

Wull said:
Cheers guys, let’s say you take a deal over 3yrs and want to keep the bike, can you finance the balloon payment?

I agree with tripplejimmy, if you think there is the slightest chance of keeping the bike for more than the 3 yrs & your credit rating is good, you are almost guaranteed to get a better bank/lender rate.

That said, deposit contributions on PCP can sway the deal towards dealer (Blackhorse or equiv) finance.

In the car world, the PCP contribution can be significant & assuming the small print allows it , you can take advantage & pay off in full using cash or finance the day after taking delivery. I have been transparent with dealers about this before ( try not to be underhand) , and many have not given a **** because they get their fixed commission irrespective.

Yes, it?s slightly more hassle, but I?m tight & love a deal.

Wull · Nov 2, 2018

Have a look at this link. I had a look and where it states “get finance on new and used motorcycles up to 5 years old at the end of the agreement”......I’m reading that as after the period of the pcp deal you can then finance the final payment only if the bike 5 years old or newer. Have I read that right?

https://www.blackhorse.co.uk/bike/personal-contract-purchase

Skel · Nov 2, 2018

Wull said:
Have a look at this link. I had a look and where it states ?get finance on new and used motorcycles up to 5 years old at the end of the agreement?......I?m reading that as after the period of the pcp deal you can then finance the final payment only if the bike 5 years old or newer. Have I read that right?

https://www.blackhorse.co.uk/bike/personal-contract-purchase

Hi Wull,

You can get a pcp on a bike as long as at the end of the agreement the bike is no older than 5 years. (Reading into Blackhorse) that means if you were to purchase a 2 year old bike you could only have it over 36 months not 48.
In the car world it?s 7 for pcp and generally 10 in hp. (Hire Purchase)
I?ve done pcp for my last two bikes. 0% hp for the one before. I put a couple of grand in to get the monthly to comfortable on the first one and I?ve just changed without putting a penny in. So 2 years warranty and breakdown again, I also don?t have to service my bike in April or put new chain and sprockets on like I was going to. Plus my payment went down a little. Win win.
Be careful though it can be messy.
Skel

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Wull · Nov 2, 2018

That makes sense, just trying to weigh up my options as I could get into a much newer and more desirable bike. Chances are I’ll still go gen 3 but I’ve been toying with the idea of going 1299 Panigale.

I’ll decide in April.

R1mad · Nov 3, 2018

i look at it this way its like putting the deposit at the end of the deal , Did it on the wifes car and after 2years before it was due got a call and ended up swapping for newer model at no cost including she had racked up the millage way past the stated usage

Huge · Nov 11, 2018

Get a ?10K 42 month interest free loan by getting a balance transfer credit card (warning, you need a not bad credit score). Buy your dream machine on your normal credit card and then swap it over. If your missus is up for helping out, you can do it twice.
I guarantee that there is no cheaper way to borrow ?20K for 3 and a half years, as it is ZERO cost. Totally legit. Gotta pay the ?20K back obvs...

mibridger · Nov 11, 2018

Normally there is a 3% or 4% admin fee on those transactions, so not exactly free, unless you have found one without the admin fee?
Bank loans can be as low as 1.9% -2.8% which is the lowest way to finance that I have found.

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Huge · Nov 12, 2018

Just checked. My ?20K 'loan' cost me zero... just paying back the sum. Hope they haven't closed that loophole now.

MrSmooth · Nov 28, 2018

Often there are two PCP deals on bikes at dealerships, including RR's. A large deposit (about 45-50% of the purchase price) gets you a 0% finance deal plus ?1 per month for 2 years (4K miles pa) with a balloon payment at the end for the balance. Also, if you can afford to buy the bike outright, do a PCP deal as there is often a dealer contribution to the finance, go home and the next day pay off the finance and keep the dealer contribution as a discount. They cant stop you or penalise you for paying off the finance at anytime.

mibridger · Nov 28, 2018

Not sure if there will be any deals on the new RR, I have ordered mine and will probably trade in my 2015 RR.
It?s then down to how to pay the difference, I?ll probably save most of it and borrow the rest on a 0% cash transfer from my credit card and just eat the admin fee on that.
Good tip on the PCP dealer contribution, but I think I will be haggling over the trade in price for my current bike.
Or I might sell it privately.

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JoePeps · Nov 28, 2018

I was offered ?6k for my gen1 so will be selling it privately myself after taking delivery of the new one.
I think I'll be doing a PCP on mine as if it does end up being a pup things are much easier with the help of a finance company, or if the value drops like a stone at least you know exactly where you are with it cost wise. But if after a year things are looking OK I'll probably buy out of it.

I've not been this excited about buying anything ever I don't think, looking like May which is a bit of a **** up for first deliveries in my opinion.

FRS463 · Nov 28, 2018

Got mine on a pcp over 2 yrs 18.34 a month with 9 k balloon at end and traded my 2012 in with 23k miles on it.

a rr sport to part ex when the new one comes out

Pcp

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