Discussion
I normally cash out my cars, recently had an S5 on lease for two years. I've seen a well specced M5 for sale at Sytner Coventry, up for £58k.
I have no idea what a good deal on PCP would be for this...say I was to put £5k down, what kind of monthlies would be a good deal over 4 years?
Apologies if I haven't supplied enough info.
I have no idea what a good deal on PCP would be for this...say I was to put £5k down, what kind of monthlies would be a good deal over 4 years?
Apologies if I haven't supplied enough info.
One approach you might like to consider is working out what you’re comfortable paying to drive an M5 for the duration of the agreement and then telling the dealer that, if they can finance this, they’ve got your business.
You’d be amazed at how this motivates them, especially approaching ends of quarters when they have targets to hit.
It works provided you’re reasonable!!
You’d be amazed at how this motivates them, especially approaching ends of quarters when they have targets to hit.
It works provided you’re reasonable!!
New car sales targets are based on sales volume with bonuses paid by the importer on every car if target is hit.
The importer usually has nothing to do with used car sales targets which are a dealership target for the used car dept and based on profit not volume.
If your credit rating is decent you can get low interest rates from Tesco M&S etc.
Then buy on HP if you have sufficient deposit.
The importer usually has nothing to do with used car sales targets which are a dealership target for the used car dept and based on profit not volume.
If your credit rating is decent you can get low interest rates from Tesco M&S etc.
Then buy on HP if you have sufficient deposit.
cringle said:
I spoke to a salesmen who is going to call back tomorrow. Ballpark figures were around 10k down and £700 a month...is this good or bad!? Sounds bad to me!
For a £58k used M5?!Brand new M5s can be leased for £8k down and £800pcm. Correct me if I'm wrong but leasing also includes VED which isn't covered with PCP. You also get a brand new car with three years manufacturer warranty rather than the standard one year AUC warranty and having to pay for subsequent cover. The early servicing on brand new cars is also cheaper. Worth doing your sums to see what works for you.
Edited by Mark83 on Thursday 25th June 19:13
cringle said:
Good points raised. The figures you mention are for a base spec CP, this one has 'ramics, B&W sound, quite a heavy spec. But yes the other points are valid. Thanks
The spec is irrelevant on a used car, it the money you are borrowing that is the issue and as others have said, you can probably get a better deal than you've been offered if you lease a new car. If you're going for a used M5 there are some great deals, but you will be better off financing it outside of BMW. Given BMW finance has been my super best friend for the last 10 years here’s my thoughts:
If you’re going into a BMW dealer looking for an approved used M5 at around £58K and you’re going to be relying on their approved used 10.9% APR rate prepare to defend your stance against the onslaught of a hard sell to make you commit to a new car order because the monthly repayments will I suspect work out at very similar with the “dealer discounts” and new car APR rate. The whole point of the 10.9% APR on 1-2 yr old cars is to make the payments on a new car seem the better deal for you. It’s a stacked corrupt system in my view whose sole purpose is to push new car sales, unless you are buying outright or come with your own 3rd party finance arranged elsewhere be careful you don’t walk away with a new order build sheet! Even though I know this they still get me every time! Just before lockdown I was making some early enquiries on a possible M5 purchase but having previously bought an M6GCP from the dealer in the past they were very keen to simply push the fact that with current deals as they are the monthlies on an M8 GCP would be very similar and wouldn’t I rather etc. etc.
Having said that I did notice an official 2.9% BMW finance offer on approved used 7 & 8 series between 6-18m old expiring end of June. It’s not very prominent on their website but it is there. That equates to some very tempting figures on a few 18m old M850i’s that are sitting in the approved used network that have no doubt already taken a 40k or so hit on their original list price, granted I’m sure they were heavily discounted. In the end the rear space in the coupe is too compromised for me but I was tempted, with 5-6k down the monthly’s weren’t too far from what I was paying out on an M140i a while back.
Whatever you decide, new or approved, I hope it all works out buddy and you get a great car with a deal you were happy with but a word of advice; don’t post deal specifics on hear unless you’re happy to have your new car purchase buzz taken down by someone who will always come on and say something about how they never have to use finance and only buy the car outright in full or how that was a bad deal or how you could have got a much better deal and didn’t push them hard enough like I did, or that the deals last year or in 12m were or will be so much better etc... I never understand why people come on and post such things when a guy is just obviously happy to share the elation of his new M car purchase. If you can’t be positive in a post for him just keep quiet surely.
If you’re going into a BMW dealer looking for an approved used M5 at around £58K and you’re going to be relying on their approved used 10.9% APR rate prepare to defend your stance against the onslaught of a hard sell to make you commit to a new car order because the monthly repayments will I suspect work out at very similar with the “dealer discounts” and new car APR rate. The whole point of the 10.9% APR on 1-2 yr old cars is to make the payments on a new car seem the better deal for you. It’s a stacked corrupt system in my view whose sole purpose is to push new car sales, unless you are buying outright or come with your own 3rd party finance arranged elsewhere be careful you don’t walk away with a new order build sheet! Even though I know this they still get me every time! Just before lockdown I was making some early enquiries on a possible M5 purchase but having previously bought an M6GCP from the dealer in the past they were very keen to simply push the fact that with current deals as they are the monthlies on an M8 GCP would be very similar and wouldn’t I rather etc. etc.
Having said that I did notice an official 2.9% BMW finance offer on approved used 7 & 8 series between 6-18m old expiring end of June. It’s not very prominent on their website but it is there. That equates to some very tempting figures on a few 18m old M850i’s that are sitting in the approved used network that have no doubt already taken a 40k or so hit on their original list price, granted I’m sure they were heavily discounted. In the end the rear space in the coupe is too compromised for me but I was tempted, with 5-6k down the monthly’s weren’t too far from what I was paying out on an M140i a while back.
Whatever you decide, new or approved, I hope it all works out buddy and you get a great car with a deal you were happy with but a word of advice; don’t post deal specifics on hear unless you’re happy to have your new car purchase buzz taken down by someone who will always come on and say something about how they never have to use finance and only buy the car outright in full or how that was a bad deal or how you could have got a much better deal and didn’t push them hard enough like I did, or that the deals last year or in 12m were or will be so much better etc... I never understand why people come on and post such things when a guy is just obviously happy to share the elation of his new M car purchase. If you can’t be positive in a post for him just keep quiet surely.
msdes123 said:
Given BMW finance has been my super best friend for the last 10 years here’s my thoughts:
If you’re going into a BMW dealer looking for an approved used M5 at around £58K and you’re going to be relying on their approved used 10.9% APR rate prepare to defend your stance against the onslaught of a hard sell to make you commit to a new car order because the monthly repayments will I suspect work out at very similar with the “dealer discounts” and new car APR rate. The whole point of the 10.9% APR on 1-2 yr old cars is to make the payments on a new car seem the better deal for you. It’s a stacked corrupt system in my view whose sole purpose is to push new car sales, unless you are buying outright or come with your own 3rd party finance arranged elsewhere be careful you don’t walk away with a new order build sheet! Even though I know this they still get me every time! Just before lockdown I was making some early enquiries on a possible M5 purchase but having previously bought an M6GCP from the dealer in the past they were very keen to simply push the fact that with current deals as they are the monthlies on an M8 GCP would be very similar and wouldn’t I rather etc. etc.
Having said that I did notice an official 2.9% BMW finance offer on approved used 7 & 8 series between 6-18m old expiring end of June. It’s not very prominent on their website but it is there. That equates to some very tempting figures on a few 18m old M850i’s that are sitting in the approved used network that have no doubt already taken a 40k or so hit on their original list price, granted I’m sure they were heavily discounted. In the end the rear space in the coupe is too compromised for me but I was tempted, with 5-6k down the monthly’s weren’t too far from what I was paying out on an M140i a while back.
Whatever you decide, new or approved, I hope it all works out buddy and you get a great car with a deal you were happy with but a word of advice; don’t post deal specifics on hear unless you’re happy to have your new car purchase buzz taken down by someone who will always come on and say something about how they never have to use finance and only buy the car outright in full or how that was a bad deal or how you could have got a much better deal and didn’t push them hard enough like I did, or that the deals last year or in 12m were or will be so much better etc... I never understand why people come on and post such things when a guy is just obviously happy to share the elation of his new M car purchase. If you can’t be positive in a post for him just keep quiet surely.
That's a good post and matches my own experience across other brands as well. Due to the world coming to an end I have decided to stay in my current car (RS6 PE) for another 12 months, I am toying with a number of different options and the M5 is one such, be interested to know if those low rate offers ever appear on used M5s?If you’re going into a BMW dealer looking for an approved used M5 at around £58K and you’re going to be relying on their approved used 10.9% APR rate prepare to defend your stance against the onslaught of a hard sell to make you commit to a new car order because the monthly repayments will I suspect work out at very similar with the “dealer discounts” and new car APR rate. The whole point of the 10.9% APR on 1-2 yr old cars is to make the payments on a new car seem the better deal for you. It’s a stacked corrupt system in my view whose sole purpose is to push new car sales, unless you are buying outright or come with your own 3rd party finance arranged elsewhere be careful you don’t walk away with a new order build sheet! Even though I know this they still get me every time! Just before lockdown I was making some early enquiries on a possible M5 purchase but having previously bought an M6GCP from the dealer in the past they were very keen to simply push the fact that with current deals as they are the monthlies on an M8 GCP would be very similar and wouldn’t I rather etc. etc.
Having said that I did notice an official 2.9% BMW finance offer on approved used 7 & 8 series between 6-18m old expiring end of June. It’s not very prominent on their website but it is there. That equates to some very tempting figures on a few 18m old M850i’s that are sitting in the approved used network that have no doubt already taken a 40k or so hit on their original list price, granted I’m sure they were heavily discounted. In the end the rear space in the coupe is too compromised for me but I was tempted, with 5-6k down the monthly’s weren’t too far from what I was paying out on an M140i a while back.
Whatever you decide, new or approved, I hope it all works out buddy and you get a great car with a deal you were happy with but a word of advice; don’t post deal specifics on hear unless you’re happy to have your new car purchase buzz taken down by someone who will always come on and say something about how they never have to use finance and only buy the car outright in full or how that was a bad deal or how you could have got a much better deal and didn’t push them hard enough like I did, or that the deals last year or in 12m were or will be so much better etc... I never understand why people come on and post such things when a guy is just obviously happy to share the elation of his new M car purchase. If you can’t be positive in a post for him just keep quiet surely.
Mark83 said:
For a £58k used M5?!
Brand new M5s can be leased for £8k down and £800pcm. Correct me if I'm wrong but leasing also includes VED which isn't covered with PCP. You also get a brand new car with three years manufacturer warranty rather than the standard one year AUC warranty and having to pay for subsequent cover. The early servicing on brand new cars is also cheaper. Worth doing your sums to see what works for you.
The first 1500m service (oil etc) is expensive on the M5 at about £800.Brand new M5s can be leased for £8k down and £800pcm. Correct me if I'm wrong but leasing also includes VED which isn't covered with PCP. You also get a brand new car with three years manufacturer warranty rather than the standard one year AUC warranty and having to pay for subsequent cover. The early servicing on brand new cars is also cheaper. Worth doing your sums to see what works for you.
Edited by Mark83 on Thursday 25th June 19:13
TX.
msdes123 said:
Given BMW finance has been my super best friend for the last 10 years here’s my thoughts:
If you’re going into a BMW dealer looking for an approved used M5 at around £58K and you’re going to be relying on their approved used 10.9% APR rate prepare to defend your stance against the onslaught of a hard sell to make you commit to a new car order because the monthly repayments will I suspect work out at very similar with the “dealer discounts” and new car APR rate. The whole point of the 10.9% APR on 1-2 yr old cars is to make the payments on a new car seem the better deal for you. It’s a stacked corrupt system in my view whose sole purpose is to push new car sales, unless you are buying outright or come with your own 3rd party finance arranged elsewhere be careful you don’t walk away with a new order build sheet! Even though I know this they still get me every time! Just before lockdown I was making some early enquiries on a possible M5 purchase but having previously bought an M6GCP from the dealer in the past they were very keen to simply push the fact that with current deals as they are the monthlies on an M8 GCP would be very similar and wouldn’t I rather etc. etc.
Having said that I did notice an official 2.9% BMW finance offer on approved used 7 & 8 series between 6-18m old expiring end of June. It’s not very prominent on their website but it is there. That equates to some very tempting figures on a few 18m old M850i’s that are sitting in the approved used network that have no doubt already taken a 40k or so hit on their original list price, granted I’m sure they were heavily discounted. In the end the rear space in the coupe is too compromised for me but I was tempted, with 5-6k down the monthly’s weren’t too far from what I was paying out on an M140i a while back.
Whatever you decide, new or approved, I hope it all works out buddy and you get a great car with a deal you were happy with but a word of advice; don’t post deal specifics on hear unless you’re happy to have your new car purchase buzz taken down by someone who will always come on and say something about how they never have to use finance and only buy the car outright in full or how that was a bad deal or how you could have got a much better deal and didn’t push them hard enough like I did, or that the deals last year or in 12m were or will be so much better etc... I never understand why people come on and post such things when a guy is just obviously happy to share the elation of his new M car purchase. If you can’t be positive in a post for him just keep quiet surely.
Sound advice! Thanks dude! May check out M850i offers!If you’re going into a BMW dealer looking for an approved used M5 at around £58K and you’re going to be relying on their approved used 10.9% APR rate prepare to defend your stance against the onslaught of a hard sell to make you commit to a new car order because the monthly repayments will I suspect work out at very similar with the “dealer discounts” and new car APR rate. The whole point of the 10.9% APR on 1-2 yr old cars is to make the payments on a new car seem the better deal for you. It’s a stacked corrupt system in my view whose sole purpose is to push new car sales, unless you are buying outright or come with your own 3rd party finance arranged elsewhere be careful you don’t walk away with a new order build sheet! Even though I know this they still get me every time! Just before lockdown I was making some early enquiries on a possible M5 purchase but having previously bought an M6GCP from the dealer in the past they were very keen to simply push the fact that with current deals as they are the monthlies on an M8 GCP would be very similar and wouldn’t I rather etc. etc.
Having said that I did notice an official 2.9% BMW finance offer on approved used 7 & 8 series between 6-18m old expiring end of June. It’s not very prominent on their website but it is there. That equates to some very tempting figures on a few 18m old M850i’s that are sitting in the approved used network that have no doubt already taken a 40k or so hit on their original list price, granted I’m sure they were heavily discounted. In the end the rear space in the coupe is too compromised for me but I was tempted, with 5-6k down the monthly’s weren’t too far from what I was paying out on an M140i a while back.
Whatever you decide, new or approved, I hope it all works out buddy and you get a great car with a deal you were happy with but a word of advice; don’t post deal specifics on hear unless you’re happy to have your new car purchase buzz taken down by someone who will always come on and say something about how they never have to use finance and only buy the car outright in full or how that was a bad deal or how you could have got a much better deal and didn’t push them hard enough like I did, or that the deals last year or in 12m were or will be so much better etc... I never understand why people come on and post such things when a guy is just obviously happy to share the elation of his new M car purchase. If you can’t be positive in a post for him just keep quiet surely.
They start at 10.9% on used cars but you can haggle them down. It’s a buyers market. I just bought a used m2 through Bmw finance at 5.9% apr over 3 years. it's crazy to pay 10.9%.
Also use www.pcppal.co.uk to play around with the numbers. You’ll need the GFV though from bmw which is the balloon payment at the end of the term.
Also use www.pcppal.co.uk to play around with the numbers. You’ll need the GFV though from bmw which is the balloon payment at the end of the term.
Blue62 said:
Do you mean all M cars? That sounds tempting on a lightly used example.
Representative 2.9% APR available on a BMW Select agreement on all BMW Approved Used 7 Series, 8 Series, M2 Competition, M4 Competition, M5 Competition, M8 Competition, X3M, X4M, X5M and X6M models between 3-18 months old (based on registration date) at the start of the agreement and sold before 30 September 2020. Subject to availability. Retail customers only.https://discover.bmw.co.uk/campaigns/bmw-auc-offer
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