BOSS: The Upgrade Trap

Lesson 13 of 13 in our free Big Purchases guide: a 5-minute money game with the key points below.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Big Purchases is free for everyone.

Questions you'll answer

Upgrade deal: £60/month for 36 months plus £50 upfront. Total cost?

Mo's phone works fine and the contract has ended. Which option is usually cheapest?

Signing a PCP deal just because the monthly payment looks low → Upgrade trap. Check the total and the balloon.
Paying a big purchase deposit on a credit card, then clearing the balance → Smart move. Section 75 protection without interest.
Buying the extended warranty at the till under pressure → Upgrade trap. Your legal rights already cover faults.
Checking MOT history before buying a used car → Smart move. Free and quick.
Waiting a week before buying something big → Smart move. Cooling off beats regret.
Myth: “A lower monthly payment always means a cheaper deal.” — Longer terms and balloon payments can make the total much bigger.
Fact: “Within 30 days, you can reject faulty goods for a full refund.” — Consumer Rights Act short-term right to reject.
Fact: “If repayments are getting too much, free debt advice is available.” — Free, confidential help exists — reach out early.