For those dreaming of owning a piece of British motoring heritage, the Morgan Car Company offers a unique blend of classic design and exhilarating performance. Personal Contract Purchase (PCP) offers a compelling route to Morgan ownership, making these iconic vehicles more accessible.
Understanding Personal Contract Purchase for Your Morgan
PCP is a finance agreement designed for lower monthly payments, letting you enjoy a Morgan for a set period. At its core is the Guaranteed Minimum Future Value (GMFV), the predicted value of your Morgan at agreement end, based on your contract term and mileage.
Your deposit reduces the car’s price, and payments cover depreciation and interest, calculated on the financed amount after deposit. The Optional Final Payment, the GMFV, allows you to own the car outright at the end.
Your End-of-Agreement Morgan PCP Options
Flexibility is key. When your PCP concludes, you choose:
- Renew Your Morgan: Upgrade to a newer model. Settle your PCP and part exchange your Morgan, subject to new finance and status.
- Retain Your Morgan: Keep it by paying the Optional Final Payment, gaining ownership.
- Return Your Morgan: Return the car, not paying the Optional Final Payment. Within agreed mileage and in good condition, no further obligations apply. Excess mileage charges may occur.
Key Morgan PCP Advantages
- Lower Monthly Payments: More budget-friendly Morgan ownership.
- Flexible Deposit: Tailor payments to your finances.
- End-of-Agreement Flexibility: Renew, retain, or return choices.
- GMFV Protection: Shields from used car market drops.
- Upgrade Opportunity: Drive newer Morgan models regularly.
Important Considerations
- Ownership: Not until all payments, including the Optional Final Payment.
- Insurance: Fully comprehensive required.
- Credit Status: Subject to status, UK residents 18+.
PCP is a smart, adaptable way to experience Morgan’s unique thrill. Explore if PCP is your path to your dream Morgan.
