An unpleasant surprise is awaiting people on PCP car finance deals!

Personal Contract Plan (PCP) car finance deals are one of the most popular ways to buy a new car. In fact, 86% of new car buyers are currently using PCPs in order to finance the purchase of a new vehicle. However, recent changes in the values of new cars and used cars have made PCPs more expensive and meant that those who have already a PCP contract may not find it that simple to get a great deal next time around. What is a PCP car deal? It’s a very simple way to buy a car if you don’t have enough cash in the bank to make an outright cash purchase. Instead, you’ll pay a deposit for the car – often matched by a contribution from the dealer – and then take out a loan for three or four years that covers the rest of the sale price of the car. Regular monthly repayments are made over the period of the loan and these cover the gap between the new price of the car and the expected value of the car when the PCP comes to an end. When the PCP finishes then there are three options: han
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