RE: PH Fleet: Ferrari 599 GTB
Discussion
Output Flange said:
mik_jg said:
612 I'll ring around a few other guys in the trade and find out what they would pay for it. Then I'd probably ignore them and buy it anyway...
...and when you get stuck with a 612 (in grey) that you really don't want - you give me a call, and I'll "help you out" 
tting themselves at the prospect of underwriting a grey one, which means it would be a steal 
Chris,
That Neil Carey is a wonderful camera/editing chap. He makes 70mph look and sound a hell of a lot faster than it is
The scenery for this video, and last weeks Toyota one, really adds to the overall production - what roads!
Well done for continuing to buy and sell as much as you do, it gives you a greater catalogue of anecdotes and makes life much cheaper for us normal folk.
Love the 599, it is a large brute of a thing, and one of the only modern Ferrari I would buy personally.
That Neil Carey is a wonderful camera/editing chap. He makes 70mph look and sound a hell of a lot faster than it is
The scenery for this video, and last weeks Toyota one, really adds to the overall production - what roads!
Well done for continuing to buy and sell as much as you do, it gives you a greater catalogue of anecdotes and makes life much cheaper for us normal folk.
Love the 599, it is a large brute of a thing, and one of the only modern Ferrari I would buy personally.
I know this is bringing up an old thread...
But new to car financing world...what is drip? Is that just finance? I don't get it because if it's 40k deposit and the balance on finance how the hell did Chris manage that for £350 unless over 50years?
Or is that not what DRIP is?
Sorry if a stupid question - never come across that term before.
Thanks
But new to car financing world...what is drip? Is that just finance? I don't get it because if it's 40k deposit and the balance on finance how the hell did Chris manage that for £350 unless over 50years?
Or is that not what DRIP is?
Sorry if a stupid question - never come across that term before.
Thanks
Tcars01 said:
I know this is bringing up an old thread...
But new to car financing world...what is drip? Is that just finance? I don't get it because if it's 40k deposit and the balance on finance how the hell did Chris manage that for £350 unless over 50years?
Or is that not what DRIP is?
Sorry if a stupid question - never come across that term before.
Thanks
Drip is slang for finance.But new to car financing world...what is drip? Is that just finance? I don't get it because if it's 40k deposit and the balance on finance how the hell did Chris manage that for £350 unless over 50years?
Or is that not what DRIP is?
Sorry if a stupid question - never come across that term before.
Thanks
He'll have it on finance, big deposit, big final payment, rest on finance. Personally I'm not a fan of these deals as there's always the crunch point at the end when you need to pay a large chunk or give it back, which I could see getting messy. Should work out well enough for Chris though, especially as the 599 should hold it's cash quite nicely making the escape a bit more straight forward
CampDavid said:
Drip is slang for finance.
He'll have it on finance, big deposit, big final payment, rest on finance. Personally I'm not a fan of these deals as there's always the crunch point at the end when you need to pay a large chunk or give it back, which I could see getting messy. Should work out well enough for Chris though, especially as the 599 should hold it's cash quite nicely making the escape a bit more straight forward
Ah ok thanks, I assumed that was the case, just couldn't understand how the monthly repayments were so cheap! The balloon must be the same as the deposit! I didn't realise you could do finance deals like that with a payment at the end - thought that was only lease! I thought you could only have the deposit and the whole rest of the amount split equally into months!He'll have it on finance, big deposit, big final payment, rest on finance. Personally I'm not a fan of these deals as there's always the crunch point at the end when you need to pay a large chunk or give it back, which I could see getting messy. Should work out well enough for Chris though, especially as the 599 should hold it's cash quite nicely making the escape a bit more straight forward
Thanks for info
Hello Everyone,
This is my first time posting on here. I'm a 911 Turbo owner, and have experience of financing cars via PCP much like Chris H looks to have done here. I'm looking to swap mine to something along the lines of a 599 or an SLS early next year so have been keenly reading up on the experiences CH has had so far with Fezza ownership. They look like a seriously good piece of kit...
Reading back through the thread though, there really seems to be a lot of misunderstanding around PCP finance and how it works...
Taking CH as an example, giving the figures quoted in his article it would work like this..
PCP Calculator
Base Price £ 90,000.00
Deposit £ 40,000.00
Final Payment £ 47,500.00
Credit amount £ 50,000.00
Interest rate 7.00 %
Term 36 months
Monthly payment £ 354.28
Total paid amount £59,899.66
The finance company offer a 'buy back' / settlement value for the end of the term of the loan: I back calculated it to give the c.£350 pcm payment. This is generally bottom end extrapolated market value if not below!! Therefore theoretically (and this is the bet you make), the car will be worth more at the end of the term than the settlement figure and make you some money to pay off the balance plus give you some of your deposit back. It's a bet on depreciation. Of course the other option is to either give the car back to the dealer and they will offer you a little something towards the deposit on your next one, but never much in my experience.
Like any loan, you can always get a settlement figure anytime, and pay it off before the end of the period. I've found the best thing to do is sell privately and settle just before the end of the loan period, the more expensive the car the better this seems to work (in my humble experience anyway). Obviously, just to clarify, this is referring to normally depreciating cars, not a gem like the GT3 RS 4.0.
Cheers
Dunc
This is my first time posting on here. I'm a 911 Turbo owner, and have experience of financing cars via PCP much like Chris H looks to have done here. I'm looking to swap mine to something along the lines of a 599 or an SLS early next year so have been keenly reading up on the experiences CH has had so far with Fezza ownership. They look like a seriously good piece of kit...
Reading back through the thread though, there really seems to be a lot of misunderstanding around PCP finance and how it works...
Taking CH as an example, giving the figures quoted in his article it would work like this..
PCP Calculator
Base Price £ 90,000.00
Deposit £ 40,000.00
Final Payment £ 47,500.00
Credit amount £ 50,000.00
Interest rate 7.00 %
Term 36 months
Monthly payment £ 354.28
Total paid amount £59,899.66
The finance company offer a 'buy back' / settlement value for the end of the term of the loan: I back calculated it to give the c.£350 pcm payment. This is generally bottom end extrapolated market value if not below!! Therefore theoretically (and this is the bet you make), the car will be worth more at the end of the term than the settlement figure and make you some money to pay off the balance plus give you some of your deposit back. It's a bet on depreciation. Of course the other option is to either give the car back to the dealer and they will offer you a little something towards the deposit on your next one, but never much in my experience.
Like any loan, you can always get a settlement figure anytime, and pay it off before the end of the period. I've found the best thing to do is sell privately and settle just before the end of the loan period, the more expensive the car the better this seems to work (in my humble experience anyway). Obviously, just to clarify, this is referring to normally depreciating cars, not a gem like the GT3 RS 4.0.
Cheers
Dunc
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