Cross City
Member
It only costs me fuel, maintenance, insurance and vehicle tax. If I can't afford one of those then I can just park it on the drive and SORN it until I can.
Not an option for many people who simply HAVE to have a car to get to work. Hoping a 15+ year old car carries on running is risky if your work life/commute depends on it.
It's not like most PCP deals are that expensive. You can get a very modern and reliable car for less than £200 a month, which of many is worth the money for peace of mind that they'll be able to get to work tomorrow barring some catastrophic failure rather than the age of their car catching up on them.
Also worth mentioning that the days of 500-2000 pound run-arounds are long gone. You're looking at 4 or 5k for anything remotely worth having. Most people simply don't have that kind of money lying around to be able to buy a car outright when their last one gives up on them.
I am in this situation, my car payment is just over £200 a month and in return for that I get a nice 3 year old car which is impeccably reliable and covered by the guarantee for the life for the deal for all major faults. I would not be able to afford to buy outright a car that is half as reliable, fuel efficient, and quite frankly, as nice to be in.
I believe I've made a sensible choice for my financial circumstances. I'll never 'own' the car but I also won't be stuck with a massive repair bill or have to find few grand (at least) to buy another car outright.
Indeed, there's a popularist view that we should have net zero immigration, however we have an aging population so if we do that there'll be fewer people of working age.
Effectively if we are going to reduce the ratio between the working population vs the retired population (by doing the above) then either pensioners will need to paid less, the retirement age increase or everyone will have to pay more taxes.
Or more sensibly a package of all three.
Arguably fewer people of working age would drive wages, and therefore money collected through taxation, up. Companies would have to compete more for employees.
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