Finance - what do people think?

[pilotprice]

I own my f430 outright, let's say it's worth 70k..

If I want a mp412c or 458 Italia at circa 120k and 145k respectively, what would that cost me a month?
Like would you pcp that sort of deal or just straight HP?

[mwstewart]

I wouldn't entertain it.

[mwstewart]

PLEASEDELETE said:

Supposing you had no money at all, but you could acquire something which netted you £600k pa. And you also had the opportunity to privately borrow the £1.7m to buy it which would cost you 340k pa to repay over 10 years (which is about 15% interest isn't it?)

Would you (or wouldn't you) entertain it?

If you would, and found yourself with 22k a month, would you entertain spending £3k a month lease purchasing a depreciating asset car?

You'd still have 19k a month left over to do something sensible with which isn't really too bad from a starting point of nothing, is it?

The above scenario is even worse than the average consumer finance customer profile i.e. PAYE: if starting out with nothing, as you say, that 15% spent on a depreciating asset is surely best invested elsewhere to start mitigating the risk of that huge venture capital loan.

That's just my view: I'm no businessman, I'm happy with my lot, and not interested in being rich. Others may work substantial vehicle credit to their advantage and be happy with the risk/reward.

[ModenaGTO]

I haven't used finance for my cars yet but I'm considering it for my next one - looking at a 458 Spider - and I've been reviewing a website with a calculator which gives a number of options: www.magnitudefinance.com
It seems competitive compared to what the dealers offer although still not sure I want to borrow at 6% when I am getting half that in the bank on deposit.