Report BoE investigates 'terrifying' rise in borrowing to fund new car purchases in House prices and the economy Posted June 4, 2017 On 02/06/2017 at 7:55 PM, WinstonSmith said: I've been to a car dealership today to sell him some oak frames and the owner (local gangster) must have two million quids worth of 2-3 year old ex PCP Audi's, mercs, range rovers, jags on the forecourt. The people looking at the cars weren't exactly wealthy looking so I asked him how they could afford them: "They can't. It's all on finance. Ive got families on benefits driving range rovers. F#cking idiots". It felt like the stripper scene from The Big Short. This will not end well. Interesting anecdote. It reminds me that we are all competing for resources but many people will take on any amount of debt for a house or car without considering the risks/consequences. Their behaviour is only limited by available credit. Many people are simply incapable of understanding those consequences and may eventually be ruined by it. Even if there were minimum maths and legal qualifications to enter into debt-contracts, I don't see how this can be avoided. I don't even try to compete in the new car PCP competition. My daily driver is a 170K mile worthless but reliable VW that I've had since new. Unexpectedly, the older and crappier it gets, the more I seem to enjoy owning it. I have a couple of zero-depreciation sports cars in storage but I seem to be using them less and less.