Making Cents: PCPs are the deals for those looking for new wheels

Consumer advice with Gráinne McGuinness

I am considering buying a car in January and friends have told me that garages now offer a way to buy a brand-new one with quite low monthly payments. I don’t fully understand it, is it a good option? — Ellen Madden, Midleton

The type of finance deal you are referring to is a Personal Contract Plan (PCP); they have become hugely popular in recent years and virtually all car dealerships will have some version on offer for customers.