Mclaren 570s finance and buying help

Mclaren 570s finance and buying help

Author
Discussion

jonah35

Original Poster:

3,940 posts

156 months

Tuesday 22nd August 2017
quotequote all
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


w11dys

21 posts

84 months

Tuesday 22nd August 2017
quotequote all
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.

jonah35

Original Poster:

3,940 posts

156 months

Tuesday 22nd August 2017
quotequote all
Thanks for the decent reply - I'll give him a call. (Always half worried someone will reply in a negative tone on here nowadays!)

Mr Cod

140 posts

103 months

Tuesday 22nd August 2017
quotequote all
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?

AOK

2,297 posts

165 months

Tuesday 22nd August 2017
quotequote all
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.

anonymous-user

53 months

Wednesday 23rd August 2017
quotequote all
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.

Targarama

14,635 posts

282 months

Wednesday 23rd August 2017
quotequote all
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.
Possibly seen the ads for cars which look to be this much cheaper, but then you find out that VAT needs to be added. I thought the same about dealer stock 570GTs for sale for high 150s, but they are all +VAT.

Mr Cod

140 posts

103 months

Wednesday 23rd August 2017
quotequote all
Targarama said:
Possibly seen the ads for cars which look to be this much cheaper, but then you find out that VAT needs to be added. I thought the same about dealer stock 570GTs for sale for high 150s, but they are all +VAT.
Oh! Well yes looks poor value then!

anonymous-user

53 months

Wednesday 23rd August 2017
quotequote all
Mr Cod said:
Oh! Well yes looks poor value then!
Or good for residuals if you look at it another way.

I'd prefer to buy at £170k, keep for a year and sell for £165k than I would buying at £140k and losing £20-30k when selling.

The Surveyor

7,576 posts

236 months

Wednesday 23rd August 2017
quotequote all
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 thumbup

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:-


jonah35

Original Poster:

3,940 posts

156 months

Wednesday 23rd August 2017
quotequote all
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!

anonymous-user

53 months

Wednesday 23rd August 2017
quotequote all
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?

Caddyshack

10,605 posts

205 months

Wednesday 23rd August 2017
quotequote all
Any Gfv is going to be conservative to protect the finance house I would have thought .

Great guy to speak to for finance and really well connected is Steve Hough. 07711 487029. He will be able to explain the future value and he can sort amazing finance deals.

Mr Cod

140 posts

103 months

Wednesday 23rd August 2017
quotequote all
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.

anonymous-user

53 months

Wednesday 23rd August 2017
quotequote all
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.
This is why the term GFV was replaced with 'Optional Final Payment' by the regulators I believe.

jonah35

Original Poster:

3,940 posts

156 months

Wednesday 23rd August 2017
quotequote all
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

AOK

2,297 posts

165 months

Wednesday 23rd August 2017
quotequote all
The best way to look at a GFV/OFP is:

"an optional payment at the end of this rental agreement, which I can make if I'd like to keep the car"

["...and I'd be a fool to pay it if the market at the time dictates the car is worth less than that figure"]

jonah35

Original Poster:

3,940 posts

156 months

Wednesday 23rd August 2017
quotequote all
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

Butter Face

30,192 posts

159 months

Wednesday 23rd August 2017
quotequote all
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 cal it this - https://www.oraclefinance.co.uk/balanced-payments-...


It is NOT PCP.

anonymous-user

53 months

Wednesday 23rd August 2017
quotequote all
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.