Mercedes CLS320CDI (2 year depreciation)

[Fats25]

I appreciate this thread could very quickly turn into a tumbleweed thread!

However I am going to ask anyway. Did anyone purchase a CLS320 in the summer of 2009?

I currently lease/PCP this vehicle, and it is due to expire at end of July after 2 years. I am trying to do a cost analysis to see if it was a good decision for how I have financed my car over the past couple of years, and whether to continue doing this, or look to purchase this time around.

If anyone can give me a purchase price and current valuation (over PM if not keen on publishing) it would be much appreciated.

Thanks

[02joe]

The old shape CLS's will have taken a hit in residuals recently due to the new model being released. Saw a well spec'd 09-reg 320 CDI at a dealer yesterday for £31,995. Didn't see the exact details on mileage etc. There were a few 08/58 reg basic looking ones for £26k IIRC

[Fats25]

Just thought I would respond to my own thread, as it proves quite interesting, especially for those considering PCP/Finance deals. There are often may threads re it being a waste of money, and you should own your own car etc etc. However if you know you can afford the monthly payments, it can be the most cost effective form of "ownership".

I went to see my local dealer over the weekend to discuss my options.

I will have paid approx £13,000 on a 3 + 23 PCP scheme. I have a CLS320 with all the options except Sat Nav and memory seats (and bizarrely cupholders!). I had the opportunity to purchase for £24,500 at the end of the two years.

In this particular example due to deals that were on in 2009, this car could have been had for £39,995. The offer price now for this car was £22,000. So a loss of £17,995.

I was really considering purchasing this time around, but I am having second thoughts now, and may continue down the PCP route. I would have to purchase around 3 years old, and so the initial hit will have gone on the depreciation, but I think it would still be a similar loss, for driving an older car.

Decisions to make............

[r129sl]

I don't follow your figures.

Are you saying that when you took the CLS320, the only deposit you paid was £1,500 followed by 23 monthly payments of £500? No part-ex? What was the mileage allowance? And the cost to purchase at the end of the hire period is £24,500? If so, the hire sounds like a fair deal to me.

As for buying a three year old car, it still has a lot of depreciating left to do.

[VX Foxy]

You can't compare hiring a brand new car with 'owning' one.

I also lease a CLS320CDi - just for reference it's a 59 with COMAND and cupholders

[Fats25]

r129sl said:

I don't follow your figures.

Are you saying that when you took the CLS320, the only deposit you paid was £1,500 followed by 23 monthly payments of £500? No part-ex? What was the mileage allowance? And the cost to purchase at the end of the hire period is £24,500? If so, the hire sounds like a fair deal to me.

As for buying a three year old car, it still has a lot of depreciating left to do.

I never part ex'ed a vehicle. So it cost me the 3 months as downpayment, and then the monthly figure.
I paid a little bit less that you mention above, but the principle is correct.

Mileage allowance is 10,000 pa.

A 3 year old car has probably done most of it's depreciating, but you are right that it still has more to do. Lets take my car as the example. Depreciated already to £22,000 - if I bought one now, I would estimate it would not lose more than £7000 in the next two years, leaving a 4 year old £15000 car. So the figures are a bit skewed I suppose. But if I lease I will be driving a new (warrantied) car rather than an older car.

VX Foxy said:

You can't compare hiring a brand new car with 'owning' one.

I'm not sure I get this comment? That is exactly what I am doing! For me to own a car, what is the cheapest way for me to do it?

So £18000 for two years, or £13000 for two years. (This is obviously new car prices - as stated above for older cars I think the cost will be less). I need to figure out if the extra cost over two years is worth it for me to drive around in a new car, or an older car.

Is that what you meant?

[VX Foxy]

Fats25 said:

VX Foxy said:

You can't compare hiring a brand new car with 'owning' one.

I'm not sure I get this comment? That is exactly what I am doing! For me to own a car, what is the cheapest way for me to do it?

So £18000 for two years, or £13000 for two years. (This is obviously new car prices - as stated above for older cars I think the cost will be less). I need to figure out if the extra cost over two years is worth it for me to drive around in a new car, or an older car.

Is that what you meant?

Haha! I'm not surprised! I must've been interrupted halfway through posting. What I meant to say was that "You can't compare hiring a brand new car with 'owning' a used one.