I purchased a motorcycle in 2018. It was a new model. Towards the end of the year Honda launched yet a new version and to get rid of the 2018 stock dropped the price of of about 15% (£1000 from the original price). I bought the bike on a PCP finance and because of the price drop the bike is now worth less than the remaining amount. Can I ask for compensation? Is there any rule about price drops?
In short no - that's not how these things work, you bought a product at a given price at a given point in time. Barring any retailer policy or being able to return the goods/cancel the purchase using normal returns policies/statutory rights, you're stuck.
Since I purchased the bike with PCP, the finance company guarantees the value of the bike at the end of the contract. At the end of the contract my only option now will be to return the bike, otherwise I will have to pay for a difference that is nowhere near its actual value.
PCP further complicates things here and paradoxically makes it simpler at the same time. You see what you actually bought isn't a bike - the way PCP works is that you aren't buying the vehicle you're paying a finance company what they estimate the depreciation on the vehicle to be due to you having the possession/use of the vehicle over the term of the finance agreement.
So how this simpler? Well, you still have the exact same options you always had. You either pay the fixed balloon payment and keep the vehicle or you hand it back at the end of the term and walk away. Since you have a fixed value in the agreement nothing regarding the current "market value" of the bike matters one jot in this scenario, if you return the vehicle the fact that the bike will be worth less than what the finance company estimated is their loss, not yours. Arguably unless you especially want to keep this particular bike then returning it is the sensible move for you, since even if you wanted that model of bike but weren't fussed about the individual one you could just hand the bike back and go buy a different one second hand for less than what your balloon payment would have been.
Of course the nature of these agreements is that it could also have gone the other way - if depreciation had been less than expected then you'd have had the option to pay a balloon payment that was less than the bike was worth and be quids in or the finance company would have reaped the rewards of the asset being worth more than they planned.
NOTE FOR CLARIFICATION: I understand goods depreciate after purchase and I would be OK with a "normal" depreciation. The thing is that Honda has done something unusual. My motorbike should be worth around £3500 now but because Honda HQ (not the single dealer) has announced worldwide a price drop of the model I purchased, my bike is now worth only £2500.
Nothing Honda has done is remotely unusual - it doesn't happen every time by any means but this sort of thing happens all the time.