Anyone buying a Mustang on a PCP Deal ?
Discussion
Just wondering what is typical and whether I can afford one ?
Say I have ten grand deposit to put in, then you pay for it monthly for say three or four years and there is a final balloon payment to own it ?
What would be the typical monthly payments and what would be the value of a 35k mustang at three or four years ?
Would £300 or so a month cover it ?
And then say a 12 grand final payment ?
Am new to this, normally buy cars cash but the new Mustang is too tempting.
Say I have ten grand deposit to put in, then you pay for it monthly for say three or four years and there is a final balloon payment to own it ?
What would be the typical monthly payments and what would be the value of a 35k mustang at three or four years ?
Would £300 or so a month cover it ?
And then say a 12 grand final payment ?
Am new to this, normally buy cars cash but the new Mustang is too tempting.
If you check the other thread (who is has ordered the new mustang) there is an example of the finance agreement.
The APR I think was 6.8 which is a bit salty for me. I've literally just taken out a loan for 20k at 3.9% and will use that to fund the car. The cash sits in my account which earns 3% so I don't mind it sitting there until car ready but wanted to take advantage of current rates.
The interest is around 2.2k over 5 years whereas the Ford finance was 5k I think.
If you are only putting 10k down I suspect you're final payment will be much higher, maybe even 18k+
The APR I think was 6.8 which is a bit salty for me. I've literally just taken out a loan for 20k at 3.9% and will use that to fund the car. The cash sits in my account which earns 3% so I don't mind it sitting there until car ready but wanted to take advantage of current rates.
The interest is around 2.2k over 5 years whereas the Ford finance was 5k I think.
If you are only putting 10k down I suspect you're final payment will be much higher, maybe even 18k+
Info from mattus (I think!) on the other thread ;
£35,385 car, V8 fastback, manual, 3 yrs, 6000 miles /yr - GMFV is £17,907 - £12k deposit - 36 payments of £268 (6,8%)
Its an option at least. The 6.8% is not going to be the greatest deal going for most obviously. Be aware of the 6k a year mileage as well, OK its not a car that most will consider buying for big mileage use but it might be easy to creep up to 10k - 12k a year and then you have further costs to consider.
£35,385 car, V8 fastback, manual, 3 yrs, 6000 miles /yr - GMFV is £17,907 - £12k deposit - 36 payments of £268 (6,8%)
Its an option at least. The 6.8% is not going to be the greatest deal going for most obviously. Be aware of the 6k a year mileage as well, OK its not a car that most will consider buying for big mileage use but it might be easy to creep up to 10k - 12k a year and then you have further costs to consider.
J4CKO said:
Just wondering what is typical and whether I can afford one ?
Say I have ten grand deposit to put in, then you pay for it monthly for say three or four years and there is a final balloon payment to own it ?
What would be the typical monthly payments and what would be the value of a 35k mustang at three or four years ?
Would £300 or so a month cover it ?
And then say a 12 grand final payment ?
Am new to this, normally buy cars cash but the new Mustang is too tempting.
If you want to send me a email I with what spec you want I'm happy to run figures for you tomorrow. Say I have ten grand deposit to put in, then you pay for it monthly for say three or four years and there is a final balloon payment to own it ?
What would be the typical monthly payments and what would be the value of a 35k mustang at three or four years ?
Would £300 or so a month cover it ?
And then say a 12 grand final payment ?
Am new to this, normally buy cars cash but the new Mustang is too tempting.
But as a quick calculation your GFV isn't going to be £12k , more like £17k on 6000 miles pa.
I can reduce the GFV down by making the payments higher but it's definitely going to be above 300 by quite a margin.
d8mok said:
J4CKO said:
Just wondering what is typical and whether I can afford one ?
Say I have ten grand deposit to put in, then you pay for it monthly for say three or four years and there is a final balloon payment to own it ?
What would be the typical monthly payments and what would be the value of a 35k mustang at three or four years ?
Would £300 or so a month cover it ?
And then say a 12 grand final payment ?
Am new to this, normally buy cars cash but the new Mustang is too tempting.
If you want to send me a email I with what spec you want I'm happy to run figures for you tomorrow. Say I have ten grand deposit to put in, then you pay for it monthly for say three or four years and there is a final balloon payment to own it ?
What would be the typical monthly payments and what would be the value of a 35k mustang at three or four years ?
Would £300 or so a month cover it ?
And then say a 12 grand final payment ?
Am new to this, normally buy cars cash but the new Mustang is too tempting.
But as a quick calculation your GFV isn't going to be £12k , more like £17k on 6000 miles pa.
I can reduce the GFV down by making the payments higher but it's definitely going to be above 300 by quite a margin.
Mileage wise, would be under 6k so that isnt a problem.
I am thinking its probably too much of a stretch currently, but it isnt completely out of the question, I can afford the payments up to £300, maybe a bit more but dont want to leave myself short for other stuff.
Just had a look at a finance quote for a GT I ordered in May this year to the tune of about 35k. Looking at the £350 pm mark with a deposit upwards of 9k and a big final payment of about 17k. This is at 6.8 or 6.7 APR. All other Ford models have an APR of about 4.2%
I've waited over 20 years for an official RHD UK spec Mustang and Ford are totally taking advantage. It's not fair, but they know people will pay it. I'm seriously reconsidering my position on principal.
I've waited over 20 years for an official RHD UK spec Mustang and Ford are totally taking advantage. It's not fair, but they know people will pay it. I'm seriously reconsidering my position on principal.
jord79 said:
Just had a look at a finance quote for a GT I ordered in May this year to the tune of about 35k. Looking at the £350 pm mark with a deposit upwards of 9k and a big final payment of about 17k. This is at 6.8 or 6.7 APR. All other Ford models have an APR of about 4.2%
I've waited over 20 years for an official RHD UK spec Mustang and Ford are totally taking advantage. It's not fair, but they know people will pay it. I'm seriously reconsidering my position on principal.
I was surprised at the APR, but loans are very easy to get at the moment at pretty low rates. The added benefit, mileage doesn't matter, you can sell/mod the car as required, and interest over even a longer term is halved. No brainer to me, unless they did a 0% finance deal.I've waited over 20 years for an official RHD UK spec Mustang and Ford are totally taking advantage. It's not fair, but they know people will pay it. I'm seriously reconsidering my position on principal.
Principles...won't make the slightest bit of difference to Ford, but you don't get a Mustang...
ozzuk said:
I was surprised at the APR, but loans are very easy to get at the moment at pretty low rates. The added benefit, mileage doesn't matter, you can sell/mod the car as required, and interest over even a longer term is halved. No brainer to me, unless they did a 0% finance deal.
Principles...won't make the slightest bit of difference to Ford, but you don't get a Mustang...
Good point. At the end of the day, I still want a 'stand and I'll be shedding tears overtime I see one if I don't go ahead with the purchase. Maybe a personal loan is the way forward.Principles...won't make the slightest bit of difference to Ford, but you don't get a Mustang...
Just been having a play with the Ford Options Finance calculator !!!! .. base 5.0 GT no options .. maximum deposit allowed is £11898.25 .. 6000 miles per year .. 24 monthly payments of £201.16 .. final payment of £20,135
So .... as long as you can handle the deposit it looks like it can be done for near to £200 per month. Extending the term up to 36 months takes the monthly payments to £228.44 with a lower final payment of £17,907.
The APR is listed at 6.8% so not the best .. but overall these don't look like bad figures to me ?
So .... as long as you can handle the deposit it looks like it can be done for near to £200 per month. Extending the term up to 36 months takes the monthly payments to £228.44 with a lower final payment of £17,907.
The APR is listed at 6.8% so not the best .. but overall these don't look like bad figures to me ?
Did you mean what if you get the contract for 6k miles per year but end up doing 12k miles? You simply pay for the extra 6k miles you did at the end of the contract. Not sure how much it is per mile for a Mustang but this would be laid out in the PCP contract when you sign.
My previous cars have been around 6p a mile i believe.
My previous cars have been around 6p a mile i believe.
foliedouce said:
Sorry, I've never bought a car on PCP and don't fully understand it.
If you bought it on 6k miles a year but 12k, does it make any difference to the final payment? (assuming you're going to buy it rather than hand it back)
If you are planning to buy the car and the end of the term it does not matter at all.If you bought it on 6k miles a year but 12k, does it make any difference to the final payment? (assuming you're going to buy it rather than hand it back)
Nick
Are Ford doing the finance option where you pay a large deposit with no monthly payments then 3 years later, pay the GFV, I know you can do this on other models but unsure on the Mustang.
Next year, once my Supra has gone, I should have around £20k - £25k available for the new toy and wouldn't mind doing the above.
Next year, once my Supra has gone, I should have around £20k - £25k available for the new toy and wouldn't mind doing the above.
As per my post above Ford UK are showing PCP available for Mustang under Ford Options Finance.
Don't think you are likely to see a scheme with no monthly payments anytime soon.
You can use the calculator to vary the deposit / mileage / term / final payment.
There is a maximum allowable initial deposit which is shown in the example below ;
Base 5.0 GT no options .. maximum deposit allowed is £11898.25 .. 6000 miles per year allowance .. with 24 monthly payments of £201.16 .. and a final payment of £20,135
Don't think you are likely to see a scheme with no monthly payments anytime soon.
You can use the calculator to vary the deposit / mileage / term / final payment.
There is a maximum allowable initial deposit which is shown in the example below ;
Base 5.0 GT no options .. maximum deposit allowed is £11898.25 .. 6000 miles per year allowance .. with 24 monthly payments of £201.16 .. and a final payment of £20,135
Edited by MuscleSaloon on Friday 28th August 21:40
Marc p said:
Are Ford doing the finance option where you pay a large deposit with no monthly payments then 3 years later, pay the GFV, I know you can do this on other models but unsure on the Mustang.
Next year, once my Supra has gone, I should have around £20k - £25k available for the new toy and wouldn't mind doing the above.
It's called Options Cashplan and yes it is available on Mustang.Next year, once my Supra has gone, I should have around £20k - £25k available for the new toy and wouldn't mind doing the above.
If anyone wants quotes, let me know OTR, deposit, term and miles per annum and I'll send it over
rehab71 said:
It's called Options Cashplan and yes it is available on Mustang.
If anyone wants quotes, let me know OTR, deposit, term and miles per annum and I'll send it over
It's OK saying it's available on Mustang, if anyone wants quotes etc. - but can you actually place a Mustang order today using Options Cashplan? When I spoke to my nearest Ford Store recently about placing a Mustang order it all seemed to be a rather strange affair! They didn't want to discuss financing options, part exchanges or anything like that. It was basically a case of you give us a £1000 deposit now and then it's up to you to worry about sorting everything else out later! I would have liked to have agreed financing and a provisional price for my current car as a part exchange but was flatly told no chance due to the prolonged length of time between ordering and delivery on a Mustang! If anyone wants quotes, let me know OTR, deposit, term and miles per annum and I'll send it over
Edited by MuscleSaloon on Monday 14th September 12:45
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