YOU HAVE YOUR SAY

Risky loans that let drivers on minimum wage buy a £19,000 sports car

Money Mail, May 17

EVERY week Money Mail receives hundreds of your letters and emails about our stories. Here are some from our investigation into how motorists on modest salaries are able to snap up sports cars. I WAS always told if you can’t afford something outright you shouldn’t buy it. This is totally different to what youngsters are taught these days and that’s why so many end up in trouble. P. L., Leicester. A friend has a range rover on a Personal Contract Purchase (PCP) plan for £450 a month. it’s a very nice car, but he doesn’t have a pension. That’s the problem — there’s a temptation to spend now and not worry about the future. C. C., Cheshire. PCPS are fine, but people must be able to afford them. You can’t take one out and then complain you were missold it when things go wrong. Read the terms carefully and make sure you can pay it if your income drops. E. C., Bristol. if you don’t have £13,000 lying around, what else can you do? PCP deals are your only option. Who are we to tell people what they should spend their money on? Y. S., Ashford, Kent. MY FRIENDS on the lowest incomes have the nicest cars. This is a big issue and will ruin some young lives as they find themselves in debt. Some people don’t realise the long-term impact of such reckless borrowing. L. B., London. These are basically rental agreements. if you get one tiny scratch, they’ll re-spray the whole car and charge you full whack for it. speak to anyone who has used mobility finance to hear the horror stories of renting a car this way. E. G., Bracknell, Berks. BUYING something you can’t really afford stores up problems for the future. That fancy car you drive around in now may hinder your ability to get a mortgage in a couple of years. Stop and consider the long-term. G. F., Gloucester.