So this might be me misunderstanding the way PCP works but I just got myself a new car this way having been recommended it as a good option. The way the garage went through and explained it to me was great (It's a Mini so this may be different). The final payment on my car will also be about 6k - the way it was explained though was that this is the 'final value' of the car at the end of the PCP providing I've stuck to my miles and there is no major damage this is the amount they will give me towards my next vehicle.

Now the car is brand new and covered by a 3-yr warranty so any issues outside of standard wear and tear are covered by them. It also comes with 3-yrs breakdown cover which is better than the cover I had on my old car. It won't need servicing for 2-yrs and by the time the MOT comes round I will more than likely be in a new car anyway.

While I appreciate that most people would view this as debt and a depreciating asset for me the peace of mind I get from knowing I won't have any major expenses on my vehicle and that my outgoings are going to be fairly set a PCP is worth it.

It's also worth noting you don't have to go for a more expensive/flashy car. My brother has a car on PCP with Vauxhall he likes his Corsa he just wanted another one, because he didn't go for a bigger or more expensive model and just swapped for another Corsa his monthly payments went down because of the equity left in his current car.

I appreciate PCP isn't for everyone though! If you are happy with the car and want to keep it and you can afford to do so go for it- you can always put to one side what you pay out for your car payment and use that as a fund to over pay your mortgage/cover for any potential work the car may need in the future.