Mclaren 570s finance and buying help
Discussion
Hi all
Contemplating buying a new 570s or a approved used one.
The used ones don't appear to drop much money so I can't figure why I'd do that and have a used second hand car when I could buy it new. Am I missing something or a trick I'm not thinking of? The only thing I can think is you may get £5-10k off one of the approved used ones and little discount off a factory order?
Secondly mclaren have a finance offer with their broker - 7.9% Apr I think so it makes the car c.£36k down and £995 pm over 3 years at 10k miles pa.
Presumably someone like oracle finance could do it at say 5.9% Apr? What's the best place to go for this and the best APR?
I know cash is king etc so let's not have that debate again lol
Also, any other pointers welcome or hints on what to pay, which dealer discounts the most etc will be welcome
Thanks
Contemplating buying a new 570s or a approved used one.
The used ones don't appear to drop much money so I can't figure why I'd do that and have a used second hand car when I could buy it new. Am I missing something or a trick I'm not thinking of? The only thing I can think is you may get £5-10k off one of the approved used ones and little discount off a factory order?
Secondly mclaren have a finance offer with their broker - 7.9% Apr I think so it makes the car c.£36k down and £995 pm over 3 years at 10k miles pa.
Presumably someone like oracle finance could do it at say 5.9% Apr? What's the best place to go for this and the best APR?
I know cash is king etc so let's not have that debate again lol
Also, any other pointers welcome or hints on what to pay, which dealer discounts the most etc will be welcome
Thanks
Give Oliver Clarkson a call at Oracle Finance - 01423 795 800. He will structure something to fit your needs I am sure and once you have a specific spec or car in mind can work with the funders to get the best residuals to keep monthly payments down (assuming that's what you want to do). If you work on a minimum of 10% deposit in then can get some attractive rates (fixed) with no large penalties for early exit.
Hope you can get something sorted.
Hope you can get something sorted.
jonah35 said:
Hi all
Contemplating buying a new 570s or a approved used one.
The used ones don't appear to drop much money so I can't figure why I'd do that and have a used second hand car when I could buy it new. Am I missing something or a trick I'm not thinking of? The only thing I can think is you may get £5-10k off one of the approved used ones and little discount off a factory order?
Secondly mclaren have a finance offer with their broker - 7.9% Apr I think so it makes the car c.£36k down and £995 pm over 3 years at 10k miles pa.
Presumably someone like oracle finance could do it at say 5.9% Apr? What's the best place to go for this and the best APR?
I know cash is king etc so let's not have that debate again lol
Also, any other pointers welcome or hints on what to pay, which dealer discounts the most etc will be welcome
Thanks
Is there not about 20-30k off fully specced price for second hand with c.5k miles?Contemplating buying a new 570s or a approved used one.
The used ones don't appear to drop much money so I can't figure why I'd do that and have a used second hand car when I could buy it new. Am I missing something or a trick I'm not thinking of? The only thing I can think is you may get £5-10k off one of the approved used ones and little discount off a factory order?
Secondly mclaren have a finance offer with their broker - 7.9% Apr I think so it makes the car c.£36k down and £995 pm over 3 years at 10k miles pa.
Presumably someone like oracle finance could do it at say 5.9% Apr? What's the best place to go for this and the best APR?
I know cash is king etc so let's not have that debate again lol
Also, any other pointers welcome or hints on what to pay, which dealer discounts the most etc will be welcome
Thanks
w11dys said:
Give Oliver Clarkson a call at Oracle Finance - 01423 795 800. He will structure something to fit your needs I am sure and once you have a specific spec or car in mind can work with the funders to get the best residuals to keep monthly payments down (assuming that's what you want to do). If you work on a minimum of 10% deposit in then can get some attractive rates (fixed) with no large penalties for early exit.
Hope you can get something sorted.
A thumbs up for Oliver, plenty of smooth dealings with him.Hope you can get something sorted.
garyhun said:
Mr Cod said:
Is there not about 20-30k off fully specced price for second hand with c.5k miles?
Really? Sounds rather optimistic to me.jonah35 said:
Hi all
Contemplating buying a new 570s or a approved used one.
.......
Also, any other pointers welcome or hints on what to pay, which dealer discounts the most etc will be welcome
Thanks
I love mine and I'm sure you'll not be disappointed when you get one Contemplating buying a new 570s or a approved used one.
.......
Also, any other pointers welcome or hints on what to pay, which dealer discounts the most etc will be welcome
Thanks
McLaren Manchester has the sister car to mine still for sale so may be worth a call to them and see what they would do for a dealer-stock car. It's registered and has been used as a demonstrator and loan car (Michael Owen, the injury prone former England footballer had it for a while on test according to twitter!) and it's a decent but not extravagant spec in Storm grey. I found McManchester willing to negotiate on trade-in / cost to change figures, but ultimately a nice team to deal with.
Here it is in the showroom with mine in the background:-
All great points thanks
Ok so interestingly you only get a guaranteed future value on the vehicle if you buy NEW
If you buy used (even very slightly used) then you can still get finance with a balloon but NO guaranteed future value even with oracle or mclaren. So oracle can't help sadly as I want a GFV
therefore looks like I'll have to buy new as want that gFv in case we have another credit crunch etc . But then mclaren talk me out of buying basic ish spec and want me to load up with options - they don't want a base spec order. They tell me residuals will be hit - point is I couldn't care less if it's got a gfv - that's their problem!
All these things coming out as I'm looking into it - it's hard work doing it to be honest!
The next point is the dealers are all separate so you can't just deal with one dealer they all belong to different groups.
What a pain!
Ok so interestingly you only get a guaranteed future value on the vehicle if you buy NEW
If you buy used (even very slightly used) then you can still get finance with a balloon but NO guaranteed future value even with oracle or mclaren. So oracle can't help sadly as I want a GFV
therefore looks like I'll have to buy new as want that gFv in case we have another credit crunch etc . But then mclaren talk me out of buying basic ish spec and want me to load up with options - they don't want a base spec order. They tell me residuals will be hit - point is I couldn't care less if it's got a gfv - that's their problem!
All these things coming out as I'm looking into it - it's hard work doing it to be honest!
The next point is the dealers are all separate so you can't just deal with one dealer they all belong to different groups.
What a pain!
garyhun said:
Maybe I'm being a bit thick but isn't the GFV just the guaranteed price you'll pay at the end if you want to own the car? It's not a guaranteed value of the car.
Unless McLaren are doing something very different to everyone else on PCP.
Or is this not a PCP agreement?
That was my understanding too. High gfv reduces the monthly cost as smaller amount of principal is being amortized but it doesn't to my knowledge represent a put option on the car at that price. Not sure most of the PCP providers would have the balance sheet for that kind of offering.Unless McLaren are doing something very different to everyone else on PCP.
Or is this not a PCP agreement?
Mr Cod said:
garyhun said:
Maybe I'm being a bit thick but isn't the GFV just the guaranteed price you'll pay at the end if you want to own the car? It's not a guaranteed value of the car.
Unless McLaren are doing something very different to everyone else on PCP.
Or is this not a PCP agreement?
That was my understanding too. High gfv reduces the monthly cost as smaller amount of principal is being amortized but it doesn't to my knowledge represent a put option on the car at that price. Not sure most of the PCP providers would have the balance sheet for that kind of offering.Unless McLaren are doing something very different to everyone else on PCP.
Or is this not a PCP agreement?
You may have a better understanding than me
But my understanding is if you have a £97k balloon and the car is worth £80k at end of term due to some major credit crunch you can just walk away if there is a £97k gfv. This is the case with a new mclaren
If not then you'd be in the hole for £17k As there's no gfv
But my understanding is if you have a £97k balloon and the car is worth £80k at end of term due to some major credit crunch you can just walk away if there is a £97k gfv. This is the case with a new mclaren
If not then you'd be in the hole for £17k As there's no gfv
jonah35 said:
True but on a used one the payment is not optional. You have to pay it. So if the car is worth £80k and the payment or balloon is £97k you have to pay the balloon or final payment so you could be left out of pocket
Oracle and mclaren told me that today
It's not a PCP then. It must be HP with a balloon which is different.Oracle and mclaren told me that today
Oracle cal it this - https://www.oraclefinance.co.uk/balanced-payments-...
It is NOT PCP.
Butter Face said:
It's not a PCP then. It must be HP with a balloon which is different.
Oracle cal it this - https://www.oraclefinance.co.uk/balanced-payments-...
It is NOT PCP.
Agreed. PCP has no obligation to purchase.Oracle cal it this - https://www.oraclefinance.co.uk/balanced-payments-...
It is NOT PCP.
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