Vantage 4.7 Finance Offer Any Good?

[Cpb1702]

£66k car 13 plate
£4k Deposit
10k miles a year
£1023 a month on 4 year Pcp
6.9% apr

Can anyone better that?

[RobDown]

i suspect you need to know the residual value they're putting on the car too

[Jon39]

£1023 per month for 4 years does not reach the purchase price that you quote.

Is this finance scheme where you rent someone else's car, then pay extra if you want to buy it yourself after four years.

Have they told you how much that optional purchase amount is?

[Johnny42]

My back of envelope maths suggests you should be looking at a balloon payment of ~£25k at the end of the 4 year term, to buy the car. I'm basing this on the 6.9% APR figure.

Total outlay if you do not buy the car: £53k to rent a car for 4 years.
Total outlay if you do buy the car: £78k.

Most likely is you won't have the £25k at the end of the 4 years, the finance company gets it back, it's worth £40k at least, they do very well.
If you buy the car at the end of the term, they still make their 6.9% so do ok.

Seems a very expensive way to buy a car to me. I'd suggest you save up for 4 years, then pay cash for a £53k car.

[cat with a hat]

I would get an older car or wait.

[timbals]

cat with a hat said:

I would get an older car or wait.

Don't do that, the 2013 models have the MY 2012.25 upgrades, you get a nicer, more modern, improved car.

If the balloon is £25k and the car is worth £40k at trade (2009 cars currently go for around 45-50k depending on mileage) then you're going to get back £15k when you trade in, so it is more like £38k to rent a car for 4 years, which is 9.5k a year or £791 a month. It is probably about £200 more a month than buying it outright but if you can afford it and want to do it, why not?

If you can be bothered with the hassle, you could get a personal loan from a bank at about 3.6% apr to reduce the capital of the PCP so you pay a bit less but it isn't going to make a huge difference.

[Jon39]

timbals said:

... the MY 2012.25 upgrades, you get a nicer, more modern, improved car.

... (2009 cars currently go for around 45-50k depending on mileage) ...

There is your choice.

If you might prefer the 'classic' body style, there are still some beautiful early 4.7 cars available at (only) £50k, and those have held the same value for several years.

[petop]

Agreed on all the advice, your paying them and really getting bugger all out of it.
Early 4.7's in Main Dealers are still above 50k (i think there is 1 at 49k.) so holding well.
Go for the classic shape 4.7 manual, in a different colour like Fire Red for instance(!!) instead of those boring grey, James Bond silvers and "no, black isnt the new black, its boring" colours!

[timbals]

petop said:

Agreed on all the advice, your paying them and really getting bugger all out of it.
Early 4.7's in Main Dealers are still above 50k (i think there is 1 at 49k.) so holding well.
Go for the classic shape 4.7 manual, in a different colour like Fire Red for instance(!!) instead of those boring grey, James Bond silvers and "no, black isnt the new black, its boring" colours!

If you see his previous threads I'm pretty sure he wants a paddle shift. If he wants paddle shift it must be ASM2, which means Vantage S or 2013 V8 Vantage or a V12 Vantage S.

Below is my favourite Vantage colour, Occulus Teal.

[AMDBSNick]

timbals said:

Below is my favourite Vantage colour, Occulus Teal.

[petop]

timbals said:

If you see his previous threads I'm pretty sure he wants a paddle shift. If he wants paddle shift it must be ASM2, which means Vantage S or 2013 V8 Vantage or a V12 Vantage S.

Below is my favourite Vantage colour, Occulus Teal.

Agreed but the concensus was he would be paying too much so go for a cheaper/older version and not take so much of a hit. And that colour is good.

[Jon39]

petop said:

Go for the classic shape 4.7 manual, in a different colour like Fire Red ...

It occurs to me petop, remembering where you said you work, that you probably cannot shout out the colour name of your car. It might be misunderstood.

[petop]

True...Americans do like their guns....every night at around 3 or 4 in the morning!!!

[The Surveyor]

Cpb1702 said:

£66k car 13 plate
£4k Deposit
10k miles a year
£1023 a month on 4 year Pcp
6.9% apr

Can anyone better that?

Do you need the 10k miles per year allowance? To me that's neither enough for a daily driver, and too much for a weekend toy.

See if what difference it makes to the monthly charges to drop that down to 6k miles per year, it certainly may help to close the gap between the balloon payment and the end value.