M2 comp on HELP £37990

[Percyhood]

Hi all I have always leased and venturing into buying. I have looked around and the M2 comp appears to be a decent shout as I can get the monthly down to £465 a month. APR of 8.8% in current climate pretty decent. As I have always leased worried about depreciation. This is a 2019 car and this finance is over 4 years. I intend to overpay the debt to clear early. I had an M140i previously and test drove the M2 with the b58.

I feel the M2 Collins a good shout as the residual is pretty good. I’m hoping this car remains a fav.

Should I be considering something else that may hold better? Looked c43 RS3 and they cost way more PM.

Any advice welcome. I’m also tempted to take out a loan and clear the monthly payment part of the debt but not sure how that will affect my monthly payment.

[J1990]

So that car is up at £38k and your repayments at 8.8% APR are £458/month - Guessing that's the black one for sale by Gravelwood? Is that a huge balloon repayment at the end or are you putting down a £20k deposit?

Without a crystal ball nobody can offer any insight on what the depreciation is going to be like for these, however the launch of the new M2 probably won't be too kind to the prices on this one. There's currently 339 M2's for sale on AT and over half of them (184) are competition models. It's not particularly rare and I really wouldn't hold on to too much hope of them having a lower cost of ownership over the time you have it, especially factoring in the extra interest you're paying by having to borrow more.



Personally, if going BMW then I'd be going for the this:
https://www.autotrader.co.uk/car-details/202301243...

[covmutley]

Percyhood said:

Hi all I have always leased and venturing into buying. I have looked around and the M2 comp appears to be a decent shout as I can get the monthly down to £465 a month. APR of 8.8% in current climate pretty decent. As I have always leased worried about depreciation. This is a 2019 car and this finance is over 4 years. I intend to overpay the debt to clear early. I had an M140i previously and test drove the M2 with the b58.

I feel the M2 Collins a good shout as the residual is pretty good. I’m hoping this car remains a fav.

Should I be considering something else that may hold better? Looked c43 RS3 and they cost way more PM.

Any advice welcome. I’m also tempted to take out a loan and clear the monthly payment part of the debt but not sure how that will affect my monthly payment.

I would think a M2 is a solid bet for holding its money well. How many miles will you be adding?

Not really sure what you mean about monthly payment? just put it into a loan calculator I guess? You will get a much better rate than 8.8%. But I think many unsecured loans top out at £25k with many lenders?