There are. And legwork equals hassle to most, plus it restricts your ability to purchase of you can’t fund a large loan (should you not have 17k in the bank going spare). The best was imho to finance a bike, if you can get it (Yamaha and others do on some of their range) is zero or very low rate pcp. The downside is you can often get a decent chuck off the price if you have the money: but again it’s a trade off. I pcp’d my first multi, then when I chopped in at end year 2 I got what was outstanding on the finance (about 10.5k) and I had done 12k miles which was bang on the contracted amount. I bought my second simply as I expected to keep it longer, but tbh would have taken a pcp if it had been sub 4%
Agreed. If you can get it at 0% APR then why would you pay cash, unless it was for a substantial discount? I once bought an FJR1300 at 0% APR. I had the cash and the dealer said "mate, you don't want to pay cash, do it at 0%" and I figured that the money was better off in my bank than in theirs. Almost regardless of the dealer or the manufacturer, they're almost all using Blackhorse Finance. They're pretty flat on the APR's across the board and the cheaper deals out there are subsidised by the manufacturer. Lets say, for ease of calculation, a bike has an RRP of £10K and the APR is 5% (a little more than the 4.7% that Blackhorse is currently offering). Over a 5 year term that is going to cost you under £200 a month and you'll be paying back a bit less than £1300 for the privilege after 5 years. If a manufacturer can offer a discount and knock £1500 off the price then £8500 might still be out of reach for some, so offering 0% APR instead of discounting it by paying that subsidy straight to the finance company would be preferable as they would have made the bike more accessible to more people. A 0% deal is a good indicator of the potential of an even better cash price, but that largely depends on stock at the time. If a dealer has stock then there will likely be a deal to be had. My FJR wasn't in stock and had to be ordered in and there wasn't a deal to be done, despite trying.
Don't be so sure. GFV will be calculated on your purchase prince. Also, I've had new bikes with some heavy discounts in the past, only to have my mega-discount rubbed in my face when I've come to trade it in. Don't think for a second that you're going to gain at both ends of the deal, because you won't and the dealers aren't stupid. If they sold you that bike then they will know what you paid for it, and even if you didn't buy it from them then they will know if there was a promotion running at the time. You can bet your right arm on that. If I was a KTM customer that bought a bike for cash within the last 24 months I'd be absolutely gutted, because a big discount like that is going to hammer the residual values. If however, I'd already bought a KTM on a finance deal, PCP, whatever 2 years ago, I'd be laughing my tits off. My GFV would look good against the heavily discounted new price and you'd have to think hard for reasons not to chop it in for a new one because the dealer won't be able to erode your GFV beyond what is in your contract.
Anyone who pays list price for a new KTM has failed to do their homework. No excuse for that in the internet age. KTM always discount at some point. They've never discounted quite as drastically as they have recently with the GT but they shot themselves in the foot there. It had great reviews when it came out and they made too many of them in anticipation of big sales and then brought out the 1290 S in direct competition with themselves devaluing their own product. All the more so since the suspension on the GT had come in for some criticism for being too stiff and sporty for a sports tourer while the S has received a much better press and many prospective GT buyers switched to the S instead. And on top of that KTM decided to do a big overhaul of the GT this year for a relaunch in 2019 and furthermore, they told the press.. So guess what, they've got a lot of surplus GTs to shift while people buy the S instead of hang on for the GT mk 2 so they're banging them out at giveaway prices. You'd think they'd be unlikely to make that mistake again but you never know. They're great engineer but a bit rubbish at accountancy and marketing. I'm pretty sure though that you won't get a PCP deal on heavily discounted bikes. They were knocking 3 to 3.5 grand off the last few 1190's last year but two dealers I approached would not take trade-ins on them either. They were essentially cash sales only.
Ive had PCP’s in the past and ive always put max deposit down and tried to get as lower monthly payment as possible, ie looking a 2 years not three. The dealer always thinks I’m mad, do the exact opposite, minimum deposit. I had a PCP when I bought my R9T on 3.9% paying £39:00 month, to me that’s the cost of a takeaway a month and you don’t miss it, if I was paying £180 month It just seems a lot to cough up every month. I suppose after the 2 or 3 years you’ve lost the same...
Lots of little tricks to make you payments suit your needs,i put 15k (only do about 2k) a year mileage,made the payments a bit more but my final payment (gfv) was very low,making the end purchase price a lot more realistic.
No seriously mate, just had a few too many, pressed the wrong one, was honestly not mocking this time bud
My message went off before I finished it Wayne lad, it was supposed to have finished with (your tongue will turn black with your fibbing)
1260 ordered, got my name against a Red one, with a bit of luck and a following wind it’ll be here in March on an 18plate
Not sure how much a new Multi is to PCP but if they are offering you 8k to change then why not go for a Sainsbury 0% credit card. 31 months interest free on purchases. With the new rules they cannot (I believe) add a premium on for buying with a credit card. 31 months at £258 and the bike is yours. More than willing to be corrected if there is a flaw in the above plan
Not sure how much a new Multi is to PCP but if they are offering you 8k to change then why not go for a Sainsbury 0% credit card. 31 months interest free on purchases. With the new rules they cannot (I believe) add a premium on for buying with a credit card. 31 months at £258 and the bike is yours. More than willing to be corrected if there is a flaw in the above plan
I saw that card a little while ago and had to have a look. Unfortunately, the lending criteria is so damned high I doubt that many could actually get it. I score in the mid-900's on CreditExpert (no adverse, mortgages, existing car finance, etc, a fairly typical profile I think) and their credit matching tool had that card on there but suggested I had a 10% chance of being accepted. If you actually proceed with the application and you get turned down then it will leave a "hard search" on your credit profile. Quite a few companies offer those headline grabbing rates and deals, but realistically they're not available to the bulk of entirely credit-worthy folk. When you don't get accepted they down-sell you a more expensive product. If you don't take that product then you're left with a "hard search" but no matching account info on your profile, which looks really bad and so they've got you over a barrel. It's my humble opinion that those awesome credit card deals are honey-pot traps for shitty deals. Pretty bloodly scandalous actually. There are plenty of "0% on balance transfer for a year" deal out there and available to most people, so you can buy on an existing crap card and then transfer it. There are lots of ways that we SHOULD be able to work things, the trouble is that they record the searches almost in real-time, but it takes two weeks or more for the actually account info with payments, etc, balance/account closing to be recorded, and if you try and play aggressively and make use of the available deals then the system just shafts you because of the number of searches in a short period of time. You just won't get accepted.
I'm sure many dealers wont even except the purchase of a bike using a credit card, debit card only or bank transfer. Happened to me a few weeks ago.
I've done it quite a few times in recent years, and with the capping that's been applied to card surcharges there's even less reason for them to not take the business. I suspect your dealer was either being an arse, or based on their history they'd been saddled by their clearing bank with a crappy deal, or ..... let me guess .... more likely they wanted to sign you up to a finance deal? I believe that there are kick-backs to be had, based on the amount of finance business that's been signed up, which they wouldn't get from a credit card. Either way I'd have said "take it or I'm off someplace else" and I recon they would have changed their tune.
I have bought a bike outright on CC years ago, now days they will surcharge you, most only want £500-00 deposit, can push for £1k Dealers now days or over the last few years, and car dealers take Debit Card, for all of it
I paid £3000 of a £9000 purchase price on a credit card last year for cash flow reasons so I could grab a good bike that came up at short notice. That was a dealer and they had no problem taking a credit card payment. Never tried making the whole purchase on a card though. Its a big gamble to take on a big credit card debt in the hope that you'll get an interest-free transfer card to cover it after the event. It was easy a few years ago when they were falling over themselves to dole out credit cards and provided you used them shrewdly you could get phenomenally cheap credit, but now the market is a little tighter and you could catch a nasty cold. If you've got a card which you've used for interest-free transfer deals in the past and the account is now cleared its worth keeping that card on and keeping it live with occasional use, then if you need a transfer deal ring up and ask them what they'll do. I've done that before with MBNA and they gave me an unadvertised deal as an existing customer. They know that people (well, sensible people..) who take out cards just for balance transfers tend to cancel them if they transfer again to anther card or clear the balance by the end of the term. Sometimes they'll be willing to offer another transfer deal out of the blue just to keep you as an account holder and keep the card live. It is a bit of a risk in today's market though. Its not as easy as it used to be and now you really need to be sure that you can clear the whole balance within three years or you could be left holding the baby.
I did manage to get 31 month interest free card but unfortunately my wife made me use it on home improvements
