How much do you earn in comparison to funding the GTI.

[R32UK]

  (turbo + .:R)?

[stealthwolf]

I also found out that the car is in essence YOURS, so you can mod all you like (according to Listers VW) - as long as at the end of the term, you return the car to the state it was in when you purchased it. I can't actually see any disadvantages of PCP.

Not quite true. Read the T&Cs before you sign'em. From what I remember, the car belongs to the finance company and you must meet certain stipulations of the agreement, including servicing etc.

Someone bought a seat leon cupra, modded it. It broke down, VW road assist picked it up. There was some kind of issue but essentially, the fault was blamed on the mods the chap had put on. Because of a disagreement, VW informed the finance company that the car was modded. Finance company took the car and charged the guy the cost of repairing it and returning it to normal.

This is why I'm not gonna mod until I've paid off the PCP (and the insurance is sorted).

[DanoGTI]

Yeh - I remember reading that.
I'm only repeating what the dealership said - in fact she even went as far to say that I could respray the car (!), as long as I notified the parties involved.

In all fairness, I think this is the key thing - like insurance, you must notify everybody of exactly what you intend to do. Just so that it's documented.
That's why I said that "in essence" the car is yours.

Again, even with that (IMHO, perfectly fair) stipulation, I still can't see the downside of a PCP......
A cheap way to get a car that you want, give it back after you're done, get another or walk away.
OK you lose your deposit. So what, that could be classed as your contribution to the depreciation (why I only put down £250 deposits..... I think I can afford to lose this over 42 months!!LOL!! )
And besides, the money you save per month, could be used to build up your next deposit for whatever

All IMHO, of course
Dan

[smartypants]

PCP works pretty well for some people. But you are limited to mileage, with penalties for going over - and the car really still isnt yours and can be defaulted. Its a glorified lease.

Financially it also doesnt work out over the long term, if you can afford it its much better off for you to get a personal loan. Although as Dan said if you are astute with your finances, you could afford to put more money aside a month to build up that deposit for the next car.

Right now having a PCP is working out badly for the dealers, especially on the bigger more expensive cars (BMW in particular) as the guaranteed future value to cover the balloon payment is coming in around 15% more than the resale value of the car, so people are just handing back the keys at the end of the contract with the dealers left with a lot more cars on their forecourt that they will make around a 2k loss on on average. Not great!

[Edition30]

In regards to the PCP am I allowed to try the free trial remaps from APR/Revo?

And do they return to the original map once the time has run out?

Or do they run APR/Revo maps after? Just a little concerned that it will return to a under powered revo/apr map.

You can also walk away from the PCP 50% off the way through the contract which I am seriously considering...been looking into second hand cars and they work out alot cheaper. R32UK pointed out im paying over the odds and I am, I was just so excited to get it regardless of cost. So when the time comes to part with your hard earned, take your time and find the right car.

I earn a ridiculously small amount each month working part-time. Still looking for a new job but its not the ideal time in todays climate.