RR finance - pay half and rest in 2 years - bad deal?
Discussion
LandRover widely advertise a deal on a new Range Rover where, from what I can gather, you pay around £40k up front and then the remaining £30k after 2 years or give the car back.
To look at this positively, while most finance deals are painful, you cannot accuse Land Rover of trying to hide the horrendous depreciation when buying a new RR. Surely nobody would knowingly pay £40k to own a new car for 2 years, especially when you can buy a 1 year or so old for around £50k from the same dealer?
This has to be one of the worst finance deals ever, or am I missing something?!!
To look at this positively, while most finance deals are painful, you cannot accuse Land Rover of trying to hide the horrendous depreciation when buying a new RR. Surely nobody would knowingly pay £40k to own a new car for 2 years, especially when you can buy a 1 year or so old for around £50k from the same dealer?
This has to be one of the worst finance deals ever, or am I missing something?!!
You can't really compare a new car with one that is a year old.
I haven't looked into the deal that you're talking about but as far as I'm aware, a new FFRR is approximately £70k, so you're not paying £70k for a £30k car as you're implying. You're paying £70k for a £70k car...which if you're putting down £40k and borrowing £30k for 2 years, would work out at 0%APR on that remaining £30k!
The only thing that seems not too great is the GFV (£30k), which I would have thought would be more. But then if you do think that you can get more for the car than that, just sell it and pay back the £30k and pocket the difference?
I wouldn't quite describe it as the worst deal in history...
I haven't looked into the deal that you're talking about but as far as I'm aware, a new FFRR is approximately £70k, so you're not paying £70k for a £30k car as you're implying. You're paying £70k for a £70k car...which if you're putting down £40k and borrowing £30k for 2 years, would work out at 0%APR on that remaining £30k!
The only thing that seems not too great is the GFV (£30k), which I would have thought would be more. But then if you do think that you can get more for the car than that, just sell it and pay back the £30k and pocket the difference?
I wouldn't quite describe it as the worst deal in history...
Some people wouldn't consider a second hand car (madness in my mind... but we need them to get some nice pre used bargains!)
so split the cost will entice people to change earlier or consider the RR over the competition..
then again the same people wouldn't dream of taking credit.. even if its free!
Custard
so split the cost will entice people to change earlier or consider the RR over the competition..
then again the same people wouldn't dream of taking credit.. even if its free!
Custard
PhilCray you are correct.
When I bought a 3-year old FFRR Vogue SE (with ALL the options) last year with 18k miles at just below £40k (around 50% of the new price for the same spec) I was offered the same deal. I explained to the dealer that his offer meant I got nothing back from my £40k after 2 years compared with at least £20k for the 3-year old after another 2 years. I chose the 3-year old, which was/is immaculate
All depends how much you want a new FFRR.
When I bought a 3-year old FFRR Vogue SE (with ALL the options) last year with 18k miles at just below £40k (around 50% of the new price for the same spec) I was offered the same deal. I explained to the dealer that his offer meant I got nothing back from my £40k after 2 years compared with at least £20k for the 3-year old after another 2 years. I chose the 3-year old, which was/is immaculate
All depends how much you want a new FFRR.
the other offer on FFRR is this one:
£15,593 down, 23 monthlies at £999, GMFV £30,915. That (in RR advert speak) is them lending you £53,892 for 2 years at 0% APR
12ppm over 10k per annum though!
http://www.landrover.com/gb/en/rr/finance/offers-a...
A nice 2yo VOGUE TDV8 with 20k on is around late £40k's so the GMFV does feel a bit mean
£15,593 down, 23 monthlies at £999, GMFV £30,915. That (in RR advert speak) is them lending you £53,892 for 2 years at 0% APR
12ppm over 10k per annum though!
http://www.landrover.com/gb/en/rr/finance/offers-a...
A nice 2yo VOGUE TDV8 with 20k on is around late £40k's so the GMFV does feel a bit mean
This strikes me as being a good deal if you want to buy new, 54 K at 0% APR, surely after the 2 years you just sell by private means and get a bit more than the £ 30915.00
JPJPJP said:
the other offer on FFRR is this one:
£15,593 down, 23 monthlies at £999, GMFV £30,915. That (in RR advert speak) is them lending you £53,892 for 2 years at 0% APR
12ppm over 10k per annum though!
http://www.landrover.com/gb/en/rr/finance/offers-a...
A nice 2yo VOGUE TDV8 with 20k on is around late £40k's so the GMFV does feel a bit mean
£15,593 down, 23 monthlies at £999, GMFV £30,915. That (in RR advert speak) is them lending you £53,892 for 2 years at 0% APR
12ppm over 10k per annum though!
http://www.landrover.com/gb/en/rr/finance/offers-a...
A nice 2yo VOGUE TDV8 with 20k on is around late £40k's so the GMFV does feel a bit mean
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