Swapping 458 Spider for a 650S & finance options
Discussion
I'm pretty certain I'm going to swap out of my 458 Spider into a 650S and wondered if anyone has firstly found a cost effective way of doing this eg. by using a car broker rather than suffering the double hit of selling and buying using two dealers....and secondly, has anyone done a proper appraisal of the best finance deals out there to buy the McLaren? eg is McLaren finance pretty much the best option in the market?
Any recent experience on both or either issues much appreciated.
Any recent experience on both or either issues much appreciated.
I recently did the same. If you buy a new (but stock) car there are good deals to be had. So atleast you are not paying the dealer spread on a used.
I traded my 458 Spider and got offered more than my old Ferrari dealer was offering for trading into a 488 Spider, so quite happy with.
I didn't end up financing it in the end, McLaren use a 3rd party finance company for their finance - they don't seem to have as flexible arrangements as Ferrari finance can offer. However you can negotiate - and there are special rates if you qualify for high net worth.
Re: the move - I am loving the 650S spider.
Matt
I traded my 458 Spider and got offered more than my old Ferrari dealer was offering for trading into a 488 Spider, so quite happy with.
I didn't end up financing it in the end, McLaren use a 3rd party finance company for their finance - they don't seem to have as flexible arrangements as Ferrari finance can offer. However you can negotiate - and there are special rates if you qualify for high net worth.
Re: the move - I am loving the 650S spider.
Matt
jasonwdh said:
do you not get HNW status by default when buying a 200K supercar?! 
You'd think, right ? You have to prove (via a qualified accountant) that your net assets are above a certain level and minimum yearly income... I ended up just buying outright in the end (The finance deal was OK but not great, although they were willing to further negotiate).Edited by shabster on Thursday 21st April 09:48
jasonwdh said:
to me they look like pretty much minimum requirements to be looking at any new supercar purchase 
Depends on circumstances though......someone on £150kpa with a stay at home wife, £700k mortgage and three kids probably has less disposable income as a single guy with no outgoing on £90k a year........Sarnie said:
It's been a while but pretty sure HNW in Financial Services terms is £150kpa income or £1m+ in assests......
Correct - Net income > 150k over last financial year, net assets > £500k throughout the financial year.For someone buying a car at this price should be fine - it was the insistence of having to prove this via an accountant which was unusual (didn't need to do this with Ferrari - just provide an employment contract and statement of assets).
In the end I was toying with paying off the remaining 458 finance anyway, so did this and bought the 650S outright.
Matt
shabster said:
Correct - Net income > 150k over last financial year, net assets > £500k throughout the financial year.
For someone buying a car at this price should be fine - it was the insistence of having to prove this via an accountant which was unusual (didn't need to do this with Ferrari - just provide an employment contract and statement of assets).
In the end I was toying with paying off the remaining 458 finance anyway, so did this and bought the 650S outright.
Matt
It's because HNW status means less regulation (and therefore more wiggle room on rate) and the HNW provider they were trying to put you with would have been stipulating that they wanted it verifying via your Accountant........For someone buying a car at this price should be fine - it was the insistence of having to prove this via an accountant which was unusual (didn't need to do this with Ferrari - just provide an employment contract and statement of assets).
In the end I was toying with paying off the remaining 458 finance anyway, so did this and bought the 650S outright.
Matt
Interesting how this is now a discussion around the definition of HNW status!!!
As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
mdrc said:
Interesting how this is now a discussion around the definition of HNW status!!!
As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
That's an interesting idea. Perhaps tie in a few independent technicians who are able to verify cars, and perform independent servicing etc [although as you say if cars are in warranty this shouldn't be a concern]. I guess the key would how to monetize, would you end up having to charge dealer spreads anyway to make it a worthwhile venture ?As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
mdrc said:
Interesting how this is now a discussion around the definition of HNW status!!!
As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
I was wishing something existed along similar lines where you had a swap club. So you could swap your sports car for a luxury car (or visa versa) for a weekend / day / week with another member. So a 650 for an FF, 12C for an Ghost and so on. As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
If it was only between members and there was an annual fee to cover insurance within the club then we could all try out each others cars, within mileage limits and lots of other conditions.
I could not find anything like this. I would happily swap my 12C for a few days to try something else, or if I needed 4 seats, on the understanding both parties are insured and abide by a set of club rules. Is that a good or bad idea?
Bispal said:
mdrc said:
Interesting how this is now a discussion around the definition of HNW status!!!
As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
I was wishing something existed along similar lines where you had a swap club. So you could swap your sports car for a luxury car (or visa versa) for a weekend / day / week with another member. So a 650 for an FF, 12C for an Ghost and so on. As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
If it was only between members and there was an annual fee to cover insurance within the club then we could all try out each others cars, within mileage limits and lots of other conditions.
I could not find anything like this. I would happily swap my 12C for a few days to try something else, or if I needed 4 seats, on the understanding both parties are insured and abide by a set of club rules. Is that a good or bad idea?
I think the loan idea is too fraught with potential problems. It might happen on an informal basis but I doubt there'll much willingness on behalf of owners!!
I was thinking more of a forum for exchange - an Uber or AirBnB for the Supercar market for owners to enable lower cost trading of their cars....we could have criteria for listing and minimum standards re service records, a checklist/scorecard for people to provide info on interior and exterior condition, insistence that all servicing must have been carried out by a main dealer or marque specialist, all cars with full MOT and HPI free etc etc.......people putting their cars up for potential sale would pay a subscription fee - probably slightly higher than the norm.....valuation would be down to individuals - possibly with some sort of calculator to assist.... And then we could offer a qualified inspection, valeting, trailering set of services within a fee based menu.....so you pay for what you want and nobody makes or loses a ridiculous dealer margin on the sale or purchase. Only open to private buyers and sellers - no dealers allowed ie. In digital parlance, it's a disruptor!
I was thinking more of a forum for exchange - an Uber or AirBnB for the Supercar market for owners to enable lower cost trading of their cars....we could have criteria for listing and minimum standards re service records, a checklist/scorecard for people to provide info on interior and exterior condition, insistence that all servicing must have been carried out by a main dealer or marque specialist, all cars with full MOT and HPI free etc etc.......people putting their cars up for potential sale would pay a subscription fee - probably slightly higher than the norm.....valuation would be down to individuals - possibly with some sort of calculator to assist.... And then we could offer a qualified inspection, valeting, trailering set of services within a fee based menu.....so you pay for what you want and nobody makes or loses a ridiculous dealer margin on the sale or purchase. Only open to private buyers and sellers - no dealers allowed ie. In digital parlance, it's a disruptor!
Bispal said:
mdrc said:
Interesting how this is now a discussion around the definition of HNW status!!!
As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
I was wishing something existed along similar lines where you had a swap club. So you could swap your sports car for a luxury car (or visa versa) for a weekend / day / week with another member. So a 650 for an FF, 12C for an Ghost and so on. As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
If it was only between members and there was an annual fee to cover insurance within the club then we could all try out each others cars, within mileage limits and lots of other conditions.
I could not find anything like this. I would happily swap my 12C for a few days to try something else, or if I needed 4 seats, on the understanding both parties are insured and abide by a set of club rules. Is that a good or bad idea?
Agreed....more often than not, we've asked dealers for prices on our cars so at least we have a benchmark and keeping an eye on classified ads also helps, so with a little help in the background which might list recent values for different types and specs, I think the market will find its own level...in the end, it's down to what two individuals agree upon - the contract of sale is between them. I thought payment might be an issue i.e. you have some protection via the dealer network but I've been thinking about ways round this involving escrow accounts if required.
Cockernee said:
Bispal said:
mdrc said:
Interesting how this is now a discussion around the definition of HNW status!!!
As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
I was wishing something existed along similar lines where you had a swap club. So you could swap your sports car for a luxury car (or visa versa) for a weekend / day / week with another member. So a 650 for an FF, 12C for an Ghost and so on. As a further extension........I really would like to set up a business that reduces the cost of us buying and exchanging supercars. A lot of us like the idea of swapping into and trying alternative marques, but are very reluctant to line so called 'dealers' pockets on both sides of the exchange - especially since most of us look after our cars extremely well, service them according to manufacturers schedules, keep the mileage down and many are still under warranty anyway. So it begs the question, what do the dealers actually add??
The Supercar club doesn't work for those of us that don't want to be tied down by the inflexibility of access.....so surely we can dream up a website to provides for easier and lower cost exchange and provide low cost finance to facilitate????
If it was only between members and there was an annual fee to cover insurance within the club then we could all try out each others cars, within mileage limits and lots of other conditions.
I could not find anything like this. I would happily swap my 12C for a few days to try something else, or if I needed 4 seats, on the understanding both parties are insured and abide by a set of club rules. Is that a good or bad idea?
In all the years we did it, the only problem we had was a single cigarette burn in a curtain.
But my father didn't let them drive his Aston. Houses more valuable than cars but much harder to break. And my mum's Toyota he didn't care about!
Bispal said:
I was wishing something existed along similar lines where you had a swap club. So you could swap your sports car for a luxury car (or visa versa) for a weekend / day / week with another member. So a 650 for an FF, 12C for an Ghost and so on.
If it was only between members and there was an annual fee to cover insurance within the club then we could all try out each others cars, within mileage limits and lots of other conditions.
I could not find anything like this. I would happily swap my 12C for a few days to try something else, or if I needed 4 seats, on the understanding both parties are insured and abide by a set of club rules. Is that a good or bad idea?
Ecurie25 used to do something like this - no idea if they still do (or even exist? I know the main London branch became Auto Vivendi). The premise was that you could put your car on their "fleet" and earn off it or exchange for credits against hire on the other cars available. If it was only between members and there was an annual fee to cover insurance within the club then we could all try out each others cars, within mileage limits and lots of other conditions.
I could not find anything like this. I would happily swap my 12C for a few days to try something else, or if I needed 4 seats, on the understanding both parties are insured and abide by a set of club rules. Is that a good or bad idea?
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