Financing a DB9

[bryanlittle]

Guys, I am getting really confused over the finance options being laid out to me from my local Aston Delaership, they seem to be a bit daylight robbery, and instead of discussing which one is best they print out every single option with 5 different deposits so I have such a mass of information I cant see the wood for the trees.

I want to get an Aston DB9 seoondhand but with low mileage with a budget of around £75K. I will have around £20K to put down as a deposit and wanted to finance the rest.

This is where I get confused. I want to keep the payments to below £800 per month ideally although I can go more if I am being unrealistic here. I have been steered by friends more knowledgeable in this space than me towards a PCP plan as I get a guaranteed future value, and with teh credit crunch in full swing this is definetly better than a ballon payment with no guaranteed future value.

So has anyone gone through this maze of finance before and can offer some advice, am I best reducing the deposit, and putting the lump some in a high interest savings account and paying the payments from there, can I keep the payments to below £800 per month and what happens at the end of a PCP plan is there still a balloon, there must be and can that be re-financed as well ?

Would appreciate some real world examples that people have gone through. The Aston delaership I used, used finance through BMW and the total cost for finance over 3 years was coming in at 20K which is a bit steep in my opinion, so any recomendations of UK finance houses would also be great.

Thanks for any help in advance.

[Mustow]

You need to remember that you're financing the whole £55k (£75k less deposit) and not just the difference between the £55k and the guaranteed future value (GFV). If the GFV is say £40k you're still paying interest on that amount, but at the end of the term that £40k is still outstanding as a capital amount. Usually you can then refinance the balloon payment at the end of the initial term.

With a PCP you have to be aware that the GFV will be reduced by any amount the finance company feels appropriate for any small nick or blemish that they don't feel are fair wear and tear. I had a Merc on a 3 year (35k miles per year) contract and got hit with a bill for £1,200 when I handed it back, against a GFV of £9,500. In my view it was in near perfect condition for the mileage and year (apart from a key scratch that they quoted £200 to repair - quite reasonable). They even wanted to replace 2 tyres which had less than £10k miles on them and were less than half worn. OK, this was an everyday workhorse and I can't imagine your Aston would be anything other than pampered, but be warned.

[gixxer1000]

bryanlittle said:

I want to get an Aston DB9 seoondhand but with low mileage with a budget of around £75K. I will have around £20K to put down as a deposit and wanted to finance the rest.

Did you get to the bottom of this conundrum? I'd be interested in which way you went as I too am looking at buying a DB9 in the £75k price range with a deposit of around £20k.

Cheers,
Gixxer