I've looked at used cars and the only ones I can afford to buy for readies are bangers with more miles and probably more potential faults than our present car.
Better used cars are only to be had on HP and the deposits and/or payments are out of my reach. Apart from anything else, I've tried and failed to get HP agreed, in principle, for a used car, from a major dealer group: probably due to a combination of age (83) and modest income. I have a perfect credit score of 999 with Experian, but limited possibilities of a loan, as opposed to a credit card, due to aforesaid modest income.
I calculated that a manufacturer's own finance arm would be somewhat influenced in underwriting by a desire to shift metal and I have been proved correct. The PCP deal of £113 + 47 by £113 has been approved, rather to my surprise.
I can sell our car to WBAC or Evans Halshaw for about a grand which, with a bit from our savings will pay off my 0% credit card balances, giving a cash flow benefit of at least £50 per month towards the drip payment.
What happens at the end of the PCP deal, leaving the usual options?
Well - in four years time I might no longer be driving!
Jam today, rather than jam tomorrow :-)
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