Provided by Independent.ie

People are devouring all the information they can get on PCPs – judging by the reaction to a new website.

The Renault group revealed to Motors how they have had more than 5,000 visitors to MyPCP.ie even though the site is only running a few days.

According to their feedback, people are logging on to learn about or understand:

*Their options at the end of the current contract;

*Getting an evaluation of their current car;

*How the system works.

Designed to ‘dispel myths’ it obviously also has a commercial dimension. But that should not take from its informative merits.

The group insists the MyPCP.ie site is aimed at giving prospective buyers the information and help to understand how a PCP finance contract works and to explain the process in detail.

As you know PCPs are now a hugely popular way of accessing a new car. They have attracted attention for mostly positive, but some negative, reasons.

I think anything, be it newspapers, the Competition and Consumer Protection Commission (CCPC) or a website that highlights the good and the bad, is helpful.

Correspondence from Motors’ readers suggests some are experiencing a bit of difficulty in going PCP second-time round because they didn’t realise they needed a deposit to take up a new deal. Many would have had a car to trade-in last time and now find the difference between the market value and the Guaranteed Minimum Value of ‘their’ current car isn’t enough to cover a reasonable deposit.

The report by the Competition and Consumer Protection Commission (CCPC) noted that consumers did not spend enough time researching or considering what would happen at the end of the contract.

Provided by Independent.ie