Is a PCP right for me in retirement?
I'm approaching 66 and recently had to retire. My state pension will be around €230 when it comes in March plus a small work pension of €57 a week. My car, an Audi A2, is a 2001 reg. It's showing signs of age and as it's an obsolete model services are expensive. I would have 3,000 maybe 3,500 Euros to put towards an upgrade. Can you advise me as to whether I should opt for a new car and a repayment plan or get a second-hand one?
Angela O'Sullivan
Angela O'Sullivan (Waterville)Jan 2016 Filed under: finance
Expert answer
Hi Angela,
I think a PCP plan would be entirely wrong for you, because they really only work if you're intending to come back in three years' time to trade in again. I'm guessing you don't want to do that.
Your Audi is worth about €2,000 so put that together with your €3,000 and we're looking at a budget of around €5,000. That's great because that will get you into a 2007 Honda Jazz - one of the best small cars around. It's spacious, comfortable, frugal and above all reliable. You simply can't go wrong with one.
@neilmbriscoe