I’ve spent the start of 2020, looking at my life in depth. Since turning 25 years old, I’ve been determined to get more towards my more long term goal, of being financially stable before my 30. This included looking at all my outgoing finances, and working everything out. So that I’m able to make a better future for my son, and any future children.
By now I thought I’d be halfway to owning a car for myself. However that wasn’t the case. I’ve had to start over all over again. Despite explaining where I wanted to be, when I got a car, thinking I was on the best plan for that. I wasn’t. The best and quicker way to own is through an PCH agreement.
PCP is great if you’d like to change your car every 3 years, or if your in a position to be able to constantly have a x amount of payment going out monthly, bit like hiring or on a lease. Then by all means, go with that option. However I want to pay x amount for a few years then pay it off, and really own the car. This is a PCH. in the long run, this tends to be the slightly more expensive route monthly however after 5 years, you won’t be paying anything more out, and you can keep the car.
So I said goodbye to my Mercedes A class on PCP, to say hello to my little Ford Fiesta. Now I’ll be paying that for the next few years, but I’ve set myself realistic financial goals for my future. With the hope of having a house deposit saved by the time I’m 35. (that’s my 10 year goal).
So I cannot stress enough how important it is to do your own research behind PCP and PCH finance options. Before making a big car purchase. Just make sure it’ll fit with your financial goals and planning.