McLaren Finance Questions.

[petjam]

Evening all, looking for some advice.

I’ve never financed a car before and am not sure on how it works but a McLaren main dealer just piqued my interest.

New 600LT Spider, £30k down, 6k miles per year for c.£900 per month over 2 years with a GFV. I presume the key sits with what the GFV is at the end?

Any advice is welcomed.

[andrew]

petjam said:

Evening all, looking for some advice.

I’ve never financed a car before and am not sure on how it works but a McLaren main dealer just piqued my interest.

New 600LT Spider, £30k down, 6k miles per year for c.£900 per month over 2 years with a GFV. I presume the key sits with what the GFV is at the end?

Any advice is welcomed.

would you wish to own at the end ?

[petjam]

I don’t think so. Works out at just over £2k per month. That “appears” pretty good.

[ferdi p]

£51,600 to hire a 600LT Spider for 2 years may seem expensive, however I'd be suprised if a new one didn't depreciate by at least that much in 2 years & 12k miles.

[Gunso]

petjam said:

I don’t think so. Works out at just over £2k per month. That “appears” pretty good.

£2150/ month for a £200,000 car (round figures) seems reasonable. I once bought an M3 which was stolen from my drive. It was recovered and did nothing but cause me hassle and stress. Sold after 6 months ownership - the total cost was way over £2000 month.

Go for it!

[RT964]

petjam said:

Evening all, looking for some advice.

I’ve never financed a car before and am not sure on how it works but a McLaren main dealer just piqued my interest.

New 600LT Spider, £30k down, 6k miles per year for c.£900 per month over 2 years with a GFV. I presume the key sits with what the GFV is at the end?

Any advice is welcomed.

The key points for me would be the purchase price, the GFV, and your own personal view on whether you want any of your £30k deposit back at the end of the 2 year term.

If the purchase price is near list, then I would guess that there would be little to none of the £30k deposit left at the end of the term, as the car will be worth the GFV (at best). Just taking a quick look at AT and the cheapest 600LT Spider on there is a 19 plate one at Redline for £189k - if you believe their advert (and I see no reason not to), that car had a list price of £229k, so has lost the £30k deposit in 6 months !

As the monthly payment you've been quoted is quite low (relatively speaking), then I would view the £30k as an advance payment on the monthlies and if you get anything back at the end of the 24 month period, then it's a win-win situation.

[Crouchydc]

Having done a few sums that seems like a good deal on the proviso that its a guaranteed future value. If its a HP with Balloon run a mile as it wont be worth anywhere near the future value. If its a PCP and you are able to hand the keys back and walk away at the end then id go for it personally.

[s2000db]

As an example, it seems that Aston Martin are currently doing new £140K Vantages for 24 months at £1k per month!

[ferdi p]

s2000db said:

As an example, it seems that Aston Martin are currently doing new £140K Vantages for 24 months at £1k per month!

What's the deposit?

[Stryke]

ferdi p said:

What's the deposit?

Starting from 1k

[johnnyreggae]

Stryke said:

Starting from 1k

23 monthly payments

£795.00

Customer deposit

£24,303.44 - near enough to a grand !

[s2000db]

ferdi p said:

s2000db said:

As an example, it seems that Aston Martin are currently doing new £140K Vantages for 24 months at £1k per month!

What's the deposit?

Read on from here....

https://www.pistonheads.com/gassing/topic.asp?h=0&...

[petjam]

Thanks for the advice everyone.

No, I am not looking to get any of the £30k back, I would be including that in the cost to purchase.

The $64,000 question is what do we think a 600LT will be worth in 2 years? £120k? Less? I have no idea!

The dealer is calling me this morning and I will update you all.

Thanks again.

[Taffy66]

Interesting that these amazing deals on new Astons and Maccas are making PCPs as the least costly fiscally sensible method of getting one..Cash is most definitely no longer king.!
I now clearly see the sense in buying either a new Aston or Macca over the equivalent Porsche as you need to completely ignore the list price unless its a Porsche..
If a nice 600LT Spider is only £120K in two years time then the world's gone mad IMO as i think they're probably one of the most stunning cars right now..

[petjam]

I agree, I test drove all the usual suspects and the 600LT was the only one that tickled me. I drove a 720s at the same time, that didn't feel as quick (the sound helped the LT), it then broke down on the test drive which kind of killed it!

Does anyone with a 600LT know how high the nose is when it is on lift?

[ripley500]

petjam said:

I agree, I test drove all the usual suspects and the 600LT was the only one that tickled me. I drove a 720s at the same time, that didn't feel as quick (the sound helped the LT), it then broke down on the test drive which kind of killed it!

Does anyone with a 600LT know how high the nose is when it is on lift?

Not sure if this helps...

Ramp Angle degrees (with vehicle lift) ..............6.1 (10.3) degrees

[Obafemi09]

Sounds like a pretty good deal to me - can you give the car back at the end or refinance if you want to hang on to it? Or would you have to pay the balance then?

Knowing that the total cost is going to be £2,150 per month seems pretty good to me on a £225k+ car - you can forget about depreciation etc as won't matter to you if you are just giving the car back at the end of the term. If you are happy with that cost and can afford that per month then I would say go for it.

I suppose also in the meantime, once you have paid your deposit, you're "only" paying £900 per month which is pretty reasonable on a car like this. I appreciate everyone's personal circumstances are different, but I think that's a good deal...

[RBT0]

petjam said:

I agree, I test drove all the usual suspects and the 600LT was the only one that tickled me. I drove a 720s at the same time, that didn't feel as quick (the sound helped the LT), it then broke down on the test drive which kind of killed it!

Does anyone with a 600LT know how high the nose is when it is on lift?

Unbelievably good, can’t believe lift raises the car so much. For moderate bumps it’s safe, i.e. sensible town road.

Anyway, with this kind of car, I wouldn’t go to any shopping centre where you may find really high misplaced bumps.

[anonymous-user]

petjam said:

I agree, I test drove all the usual suspects and the 600LT was the only one that tickled me. I drove a 720s at the same time, that didn't feel as quick (the sound helped the LT), it then broke down on the test drive which kind of killed it!

Does anyone with a 600LT know how high the nose is when it is on lift?

Normal ground clearance is 4 inches. Lift raises by a further inch.

[RBT0]

If you look at the car in normal height, with its long fr splitter, you cannot understand how it manages to go through some ramps w/o scraping, lift helps a lot. I couldn't believe when already first day unexpectedly I had to go through some ramps in town