About to buy a 2020 SVR

[55palfers]

12TS said:

Wow!

Quite.

Have you got an insurance quote yet?

[interstellar]

Get it bought. LR put the RV at
Mid twenties on a 21 plate done 70k in 4 years.

[sawyer03]

My thoughts exactly. Insurance is just over 3k a year which is obviously crazy but I’ll take it lol

[DSLiverpool]

So based on their figures an 8 year old car has a GFV of £73k which it’s not worth now?

[W12GT]

DSLiverpool said:

So based on their figures an 8 year old car has a GFV of £73k which it’s not worth now?

This.

It’s utter nonsense and no way a company will strike that deal when it comes to processing it.

Someone has got those numbers very wrong and I’m sure will be in trouble if it got forced through the system (not quite sure how they’d do that).

It actually looks fraudulent - because the numbers just don’t add up and the format shown isn’t in any format I’ve ever seen from an LR dealership. Basically putting down 2months upfront (£1400) on a used car - do main dealers do that anymore???

Even though I’ve seen the numbers, I can’t believe it’s right.

If you think it’s kosher, and are willing to keep it for the full 48months then go for it, otherwise you’re going to be dropping a bomb if you exit early.

Edited by W12GT on Sunday 21st April 10:01

[sawyer03]

Hi, just to make it clear this isn’t from a Land Rover main dealer. It’s from a reputable independent garage. From purchases point of view I’m just struggling to see a downside unless I’m missing something which is what I asked in my original question.

[W12GT]

sawyer03 said:

Thank you so much for the reply guys. Really appreciate it. I can’t quite believe the deal I’ve been quoted after paying the negative equity on my car. It works out to £2000 deposit £700 a month for a 2020 car with 13,000 miles on the clock Including a Land Rover warranty

If not from a main dealer, how can you get an Lr warranty on it??

I’d be very careful, because this is sounding less believable by the minute!

[sawyer03]

The dealer has paid for extended main dealer warranty at £1600 included in the deal.

[ChocolateFrog]

sawyer03 said:

Hi, just to make it clear this isn’t from a Land Rover main dealer. It’s from a reputable independent garage. From purchases point of view I’m just struggling to see a downside unless I’m missing something which is what I asked in my original question.

Downsides are paying tens of thousands of pounds for something that will be 9 years old at the end, will be expensive to run and has a bit of a dodgy image that scrotes quite like.

[SL550M]

I’m no expert, but surely this is essentially just an interest only finance deal? So it’s not a GFV at the end; rather it’s the balance to pay. Just like an interest only mortgage.

[DanL]

SL550M said:

I’m no expert, but surely this is essentially just an interest only finance deal? So it’s not a GFV at the end; rather it’s the balance to pay. Just like an interest only mortgage.

This.

sawyer03 said:

I know it says “optional final payment”, but double check the paperwork on how optional that payment is, because the numbers don’t add up. It would, however, make sense as a balloon payment due at the end of the term.

[sawyer03]

Thank you for all the input guys. I really do appreciate everybody’s feedback. I’ll keep you posted.

[DanL]

I recall there was a news story a few years ago with people caught out by this sort of thing. They thought it was a GFV, instead of a balloon they’d have to pay. I seem to recall it was on Astons or something, but my Google-fu isn’t strong enough to find the story.

[12TS]

DanL said:

I recall there was a news story a few years ago with people caught out by this sort of thing. They thought it was a GFV, instead of a balloon they’d have to pay. I seem to recall it was on Astons or something, but my Google-fu isn’t strong enough to find the story.

It’s easy to see how people could get confused. This does say optional though.

[DanL]

12TS said:

DanL said:

I recall there was a news story a few years ago with people caught out by this sort of thing. They thought it was a GFV, instead of a balloon they’d have to pay. I seem to recall it was on Astons or something, but my Google-fu isn’t strong enough to find the story.

It’s easy to see how people could get confused. This does say optional though.

It does. I’ll bet they’re reusing a template though, and when it comes to the contract it will be an outstanding balance to pay at the end of the term…

[sawyer03]

I’m not naive when it comes to financing cars, so I will be sure that I’m not getting caught out with anything like this don’t worry

[interstellar]

Post pics when you get it, love an SVR rumble.

[LooneyTunes]

W12GT said:

DSLiverpool said:

So based on their figures an 8 year old car has a GFV of £73k which it’s not worth now?

This.

It’s utter nonsense and no way a company will strike that deal when it comes to processing it.

Someone has got those numbers very wrong and I’m sure will be in trouble if it got forced through the system (not quite sure how they’d do that).

It actually looks fraudulent - because the numbers just don’t add up and the format shown isn’t in any format I’ve ever seen from an LR dealership. Basically putting down 2months upfront (£1400) on a used car - do main dealers do that anymore???

Even though I’ve seen the numbers, I can’t believe it’s right.

If you think it’s kosher, and are willing to keep it for the full 48months then go for it, otherwise you’re going to be dropping a bomb if you exit early.

This. It’s all very strange, but a storming deal if the OP can get it and run the car to the end of term.

Regarding the vehicle, do test drive it. Personally I prefer the autobiography versions as some of the trim and exhaust note on the SVx models is a bit loud for my liking. Not that I am against loud exhausts, just that I don’t think they suit range rovers.

[anyoldcardave]

sawyer03 said:

My thoughts exactly. Insurance is just over 3k a year which is obviously crazy but I’ll take it lol

Try the National Farmers Union insurance, they insure them for sensible rates, and JLR will point you towards them, if like my mate, you try to back a new car because of the very high insurance quotes.

[LooneyTunes]

anyoldcardave said:

sawyer03 said:

My thoughts exactly. Insurance is just over 3k a year which is obviously crazy but I’ll take it lol

Try the National Farmers Union insurance, they insure them for sensible rates, and JLR will point you towards them, if like my mate, you try to back a new car because of the very high insurance quotes.

NFU are very variable. I have several property insurance policies with them and every year they ask about whether they can quote for cars. Every year, in spite of having solid no claims history, they ask if they can start with a cheaper vehicle than the cars that come up for renewal around the same time (including the RR). The message basically being that if I let them insure my station car then, at some point, they might consider insuring one or more of the others. My suspicion is that if you have motor insurance with them already then they’re worth a chat (very old school in that you have to go through it all by phone), but they don’t actually seem that interested in new automotive business.