The time may have come for you to make a Personal Contract Purchase (PCP), and you’ll know from visiting our website that we are experts at handling situations where PCP has been mis-sold. In order to prevent this from happening in the first place, though, there are a number of key factors which you should be aware of, and we have highlighted some of those here.
To begin with, it is vital for you to look at the terms and conditions in great detail. It will be the hidden terms of the paperwork which can often see people ripped off, so it is essential that you carefully check what you are signing up to, and not to rush through the process or to focus on one aspect and disregard the rest. Some of the dealers are very untrustworthy and will take any steps that they can to get some more money out of a customer, and they often do this by sneaking in some ridiculous terms into a contract. By analysing the paperwork beforehand, you should limit their attempts to swindle you.
Next, think about the condition of the vehicle. The wear and tear will have a major impact upon how much you can use the car, and this applies to recent cars as well as older models. It’s easy to assume that a recently-released vehicle will be in good shape, but that’s not necessarily the case. Make sure you truly understand the wear and tear that the car already has, because it could greatly limit your potential driving if you don’t. Speaking of which, this could determine your allowed mileage, because it’s possible that you can expand the vehicle’s lifespan by only agreeing to cover a specific number of miles. Still, you don’t want to agree to a mileage so low that you’re barely on the road anyway. Work out how many miles you are aiming to cover between work and socialising, then factor in the state of the car, and find a suitable middle ground.
Lastly, early termination should be thrown into an agreement, especially given the possibility that a dealer will try to sign you up to a deal that is unfair to your finances, and generally overpriced. If it is a short-term agreement, it will still be a bug bear, but it may not feel too bad. If it is for five years or more, though, and you discover that it has been mis-sold, then this can lead to a lot of headaches and sleepless nights, especially if you only learn of this a couple of weeks into the agreement. A couple of years is usually the best compromise, but of course you need to make sure that all of the terms are suitable and fair before you sign up to anything, and ignore their attempts to rush you or try to speed you up, because this usually means that they have an ulterior motive, meaning that the PCP agreement should not be signed.
Find out more about what factors you must consider when signing up to a PCP agreement by heading to news section, which is www.pcpmissold.co.uk/news.