Jaguar finance on used cars

[SonicHedgeHog]

I don't really want to shell out for a new Jag when the nearly new deals are so good. However, when you combine the Broadspeed/Drivethedeal price plus the Jag finance contribution to the price of a used car things start to get a little blurry. I can see the kind of deal available on new cars on the Jag website, but there is little info on used cars. Does anyone have any info on what might be available?

Thanks

[Triple7]

I've looked into this quite recently on an XF-S purchase.

Depends on the amount you want to borrow and what your main aim is?

Do you 'want' new or the most cost effective way of driving a Jag? What is your level of risk. i.e. GMFV or not, ability to hand it back or sell at anytime?

Jag use Black Horse now for their finance. Doesn't matter whether the car is used or new, you can still get a PCP, LP or HP. For me I want to borrow the money as cheaply as possible and get my monthly payment to equal the estimated depreciation & cost of borrowing. You can ofcourse reduce the monthly and put in a larger deposit and pay the depreciation upfront. More deposit = less interest. In the end it is all the same.

I found that Jags less than 12 months old have a much more favourable interest rate than those greater than 12 months. But the deals or new cars blow these figures out the water, you can get a good discount, 4.9%APR & free servicing on new XF's, so you can borrow the money 'cheaper' and use that saving in interest charges to pay some of the capital back. Of course the real elephant in the room here is depreciation, yes you can get a better finance rate, but you have more to lose in depreciation. So the 'total cost' of your time with the car is the only way to really decide the best way, if you just care about the monthly then go new.....

[SonicHedgeHog]

Really useful. Thanks. I'm looking at the XFS too. Just over 30 grand gets you a year old one, while a new one is going to be 40 grand or there or there abouts. It's starting to be serious money and I'm not sure I want to spend that much on a diesel when a brand new XFR can be had for mid 40s. You have to draw the line somewhere. What interest rate and deposit contribution were you looking at on a year old XF, if you don't mind me asking?

[Triple7]

As mentioned the deposit was dictating the monthly, so trying to tie the two in together and not go into negative equity was key for us. I was looking at £35k XF-S's. £5k deposit was about £500/month. APR's were varying from 6.8% for cars <12months to 8.6% >12months. That now gets you a brand new XF-S with the the 4.9% PCP & £3200 Jag Finance contribution & discount, so tricky one!

If you are looking at £30k XF-S's, then cheapest money would be a bank loan for £25k and pay the extra up to the value of the car you are looking at as the deposit. There would be no safe guards of value like with the PCP GMFV if the market for XF's collapses with the arrival of the XE next year and the arrival of the new XF in 2016.

To give you an idea of the expected residual values of the XF-S. 3 years 30k miles £18k & 4 years 40k miles £15.5k.

In the end the deciding factor for us was the quality of the used stock. All the OE, OV etc reg cars are ex-Jag cars. These could be anything from ex- management cars, to having been driven by 'customers' on their 'Racing Heart' track days. They didn't meet our standards, so as the numbers were so similar we decided to go new. Unfortunately the level of service we received from the dealer was atrocious and we walked....

Anyway, we are looking at this again...I never saw any 1 year old XF-S's for £30k mind, as dealers were reluctant to budge on the sticker prices. You seem to have a better knack

[SonicHedgeHog]

Thanks for another comprehensive reply. It saved me a lot of legwork. The big unknowns, as you say, are the effect of the XE and the new XF on residuals. The more I think about it the more it makes sense to go new with a decent GFV. Nothing would hack me off more than a grimacing salesman telling me my car is worth next to nothing at trade in time. Well, nothing except someone bashing my car with their suitcase in the crew car park. Be careful where you park yours!

[Triple7]

Yes, those residual values I gave above were from the PCP's I got quotes for. The GMFV is derived by the finance, so not negotiable. The only variable which can change the GFV is if you do less miles as the car will be 'worth more'. My advise is to go low and never go to the end of the term and part-ex. This will only fail if you end up in negative equity a la Mercedes! So if you work on the fact you won't get anything back at the end (unlikely, Jag want you to get another one), then that is worse case and you can just work on the level of upfront discount!

Current quarter offer is valid for cars delivered by end of June, so if you go new with a factory order, better be quick! Let me know if you do, I have a good contact, maybe 2 XF's ordered could get a better discount

Oh yeah, always the roof. Safer from them pesky suitcases!

Edited by Triple7 on Wednesday 14th May 13:48

[Stuperbulous]

SonicHedgeHog said:

I don't really want to shell out for a new Jag when the nearly new deals are so good. However, when you combine the Broadspeed/Drivethedeal price plus the Jag finance contribution to the price of a used car things start to get a little blurry. I can see the kind of deal available on new cars on the Jag website, but there is little info on used cars. Does anyone have any info on what might be available?

Thanks

I'm a senior sales exec for a Jag dealer on the south coast. If you need any help or have any questions drop me a PM.

[fatboy b]

To a large extent, forget the sticker price.

Firstly work out how much you want to pay per month over 2/3/4 years. Then add in your p-ex, then negotiate around the deposit.

As Triple7 says. Great deals on new. I've got a £9500 discount on list on an XFS Portfolio. If you want an 18 month old one for £28500 with 32k on the clock. Let me know.

[groomi]

I couldn't get close with a used car to the deal I did on a new XF Sportbrake 3.0D. Customer service was excellent too and aftercare continues to be.

[Triple7]

fatboy b said:

To a large extent, forget the sticker price.

Firstly work out how much you want to pay per month over 2/3/4 years. Then add in your p-ex, then negotiate around the deposit.

As Triple7 says. Great deals on new. I've got a £9500 discount on list on an XFS Portfolio. If you want an 18 month old one for £28500 with 32k on the clock. Let me know.

Was that a factory order or stock? 9.5k off base or with options? Ta!

Edited by Triple7 on Thursday 15th May 00:37

[fatboy b]

Triple7 said:

Was that a factory order or stock? 9.5k off base or with options? Ta!

Edited by Triple7 on Thursday 15th May 00:37

Factory order with options. And includes the Jag deposit contribution. It was about £500 under the "drive the deal" quote. I need to check the paperwork, it may have been nearer £9k off.

Edited by fatboy b on Friday 16th May 06:46

[Mr E]

Reading this thread with interest as I have a passing interest in a V6 sportbrake.

[CarbonXKR]

I've just ordered a new Sportbrake to replace the wife's X Type. As triple7 says, 4.9 APR, good deposit contribution and 3 years free servicing. First years road tax free too, you know what the monthly payments will be and at the end of 3 years as others have said, if Jag want to keep you there will be a difference between what they will offer and the MGFV to keep you interested. I though about year old, but 7.9APR and not such a good deal in terms of tax and servicing. First new car we've had but the deal was too great to refuse!

[groomi]

Triple7 said:

Was that a factory order or stock? 9.5k off base or with options? Ta!

Edited by Triple7 on Thursday 15th May 00:37

I got about the same off a premium luxury V6. Was stock with options and being unloaded as I walked in to enquire - drove it away 2 days later a very happy boy.

[groomi]

Mr E said:

Reading this thread with interest as I have a passing interest in a V6 sportbrake.

It's a lovely place to be. Only gripe is ride quality not really what I'd expect from Jaguar - and my car only has 18inch wheels.

[Mr E]

groomi said:

It's a lovely place to be. Only gripe is ride quality not really what I'd expect from Jaguar - and my car only has 18inch wheels.

It's a dreadful thing to ask on PH, but what's the load space like with the seats up and down. Will it take a pushbike with the wheels on and the seats down?
(I'm not expecting E class size, but 5 series equivalence would be most useful).

Additionally, I presume the 275bhp motor is preferred but the 240 is adequate? Any must have options?

[SV8Predator]

groomi said:

It's a lovely place to be. Only gripe is ride quality not really what I'd expect from Jaguar - and my car only has 18inch wheels.

Jaguars have not had the magic carpet ride since the Series 3 XJ.

And yes, your 18 inchers are partly to blame.

[fatboy b]

fatboy b said:

Triple7 said:

Was that a factory order or stock? 9.5k off base or with options? Ta!

Edited by Triple7 on Thursday 15th May 00:37

Factory order with options. And includes the Jag deposit contribution. It was about £500 under the "drive the deal" quote. I need to check the paperwork, it may have been nearer £9k off.

Edited by fatboy b on Friday 16th May 06:46

£9300 is the exact figure.

[groomi]

SV8Predator said:

Jaguars have not had the magic carpet ride since the Series 3 XJ.

And yes, your 18 inchers are partly to blame.

I don't really agree TBH.

My first Jag, an XJ40 Sovereign 4.0L, certainly had the magic carpet ride - in fact, I'd rate it above any car I've been in (including Series 3's) for ride quality. What it couldn't do ofcourse was go around corners...

So after a few years I swapped it for an X308 XJR. The ride was undoubtedly firmer, but it was still much, much better than other comparable cars and with the CATS suspension, the body control was excellent too. I regarded this car as being a very good compromise between ride comfort and handling - and it rode on 18 inch wheels.

Fast forward a few years and my XF Sportbrake is riding on the 18 inch wheels with a much more fidgety ride. I can't even decide whether it's primary or secondary ride that is the issue - it's not like the tyres are transmitting every little break in the road surface and the car as whole rides bumps very well, it just seems a little fidgety unless the road is very smooth or the speeds are high. That said, it is still a very comfortable car, the seats are perfect and the bushes don't transmit any 'buzz' into the cabin at all. What ride issues it does have are inherent to the car and not simply down to wheel size. By comparison the 20inch wheels on the car I test drove were not noticeably any different.