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Buying a car is one of the biggest financial decisions you’ll ever make, and if you're not careful, you could fall into some costly car finance traps. In this video, we’ll break down 3 common car finance mistakes that can affect your budget and leave you paying more than you should. From understanding depreciation curves for both normal and desirable cars, to the ins and outs of PCP finance, HP finance, and the benefits of buying a car with cash, we’ve got you covered.

Whether you're buying a new or used car, knowing how different finance options affect your long-term costs is crucial. By the end of this video, you’ll have a solid understanding of how to finance your car the smartest way possible and avoid any potential pitfalls.

In this video, we’ll cover:

1. Depreciation Curves: Normal vs Desirable Cars
Did you know that some cars lose value faster than others? In this section, we’ll dive deep into how car depreciation works and why desirable cars (like sports cars or limited editions) may hold their value much better than regular cars. Understanding depreciation curves will help you avoid overpaying for a car that will lose value quicker than you expect.

2. PCP Finance (Personal Contract Purchase)
Many buyers fall for the PCP finance trap without fully understanding how it works. We’ll explain exactly how PCP car finance works, the pros and cons of choosing this option, and why it might not always be the best deal for you. Plus, we’ll discuss the hidden costs and long-term financial impact of PCP agreements so you can make an informed decision before signing on the dotted line.

3. HP Finance (Hire Purchase)
Another common car financing option is HP finance. But is it right for you? In this video, we’ll break down the HP finance process, how it compares to PCP, and what you need to consider before locking yourself into a Hire Purchase agreement. While HP finance can seem like an easier way to own a car, it may not always provide the best value, depending on your financial situation.

4. Buying a Car with Cash: Is It Worth It?
Buying a car with cash might seem like a great idea to avoid interest charges, but it’s not always the best financial move. In this part of the video, we’ll look at the advantages and disadvantages of paying for a car upfront, and how you can balance between cash purchases and financing to optimize your financial health.

00:00 Intro
00:50 CarVertical
02:16 Depreciation for normal cars
04:03 Depreciation for desirable cars
06:23 PCP
08:40 HP
11:40 Cash outright