New 540C vs. Used 570GT

[w44neg]

I'm considering my options and it seems I could pick up a new 540C for the same sort of money as a Used 570GT. Obviously, you're probably thinking it's a no-brainer to go down the 570GT route, however I'd be buying on finance. I'm very concerned that the HP with balloon option (used cars), doesn't offer the same security as the PCP (new cars), where you can just hand back at the end of the term *if* worst came to the worst; plus there's no chance of negative equity with a GFV.

The thing is though, I really love the profile of the GT, and the extra power of course would always be preferable, even though the 540C is dimensions above anything I've owned before.

I know this has to be a heart over head purchase, but I don't want to end up in negative equity down the line, and I want to fully enjoy the car I buy, without worrying about the financial side of the ownership. There's also the added benefit of warranty with the new car of course.

My other consideration is a 2013/14 Porsche 911 GT3 PDK, which I feel would hold its value well, but of course I understand I'm on a McLaren forum here; it's just those cars come used with a 2 year warranty from Porsche dealerships, and the GT products seem to retain their values very well; on the face of it at least.

Any advice would be greatly appreciated, thanks!

[Superleg48]

OP, understand that whatever you buy out of everything you have discussed, it will depreciate. The depreciation may vary in extent with the Porsche probably (read: Certainly) depreciating less than the free falling rock off a cliff depreciation that Maclaren’s achieve. (Only saying)

Now, once you have understood that, review why you are buying such a car? What do you really want. I suspect the reasons, like many, are emotional. I.e. you want theatre, drama, fun, smiles and all these feelings associated with owning and more importantly driving your new machine.

For those reasons, the Maclaren (either) will tick all your boxes over the Porsche. Think of the Porsche as “only at 3pm every third Tuesday Gretchen” vs Maclarens as “You wanna go for the third time today Roxy” in terms of the driving experience.

Now between the two, given your circumstances, I would go the route of the used 570GT but I would put as big a deposit down as you can to mitigate any risk of negative equity. By opting for the 570, you would be buying the better car (albeit on paper, there is in real world terms marginal performance differences - more styling/emotional differences.) Someone else will have shouldered the initial plunge of depreciation that happens when you buy new and drive off the forecourt. Come resale time, I think the 570 will be more appealing than the 540, although I have absolutely no hard facts to back this up, just a feeling.

Does that help?

[RBT0]

Follow your hearth, with reason (don't kill your bank account).

Having sat on both .2 GT3 and 570S, coming from a 981 CGTS, 570S is the one blown my mind. GT3 looks a bolder Cayman, it is still a league below Macca in terms of design and features (Macca digital dashboard and setting controls a step up over old switches on Porsche).

GT3 track weapon, but end of the day 570S does same time on track, but with more torque on the road.

Still torned...we'll see.

[ripley500]

If depreciation is a big factor I'd go with a used car - far less likely to lose less

[Superleg48]

ripley500 said:

If depreciation is a big factor I'd go with a used car - far less likely to lose less

You mean far more likely to lose less, surely?

[w44neg]

Thanks for the replies. I do want the fun and excitement, but I don't want the financial anxiety to over-power that is all. I of course understand that this isn't a P1 and it won't go up in value before settling at double its RRP. I fully expect financial loss in the ownership of any car I'm looking at, GT3-inclusive; it's just how much loss and whether said loss will surpass the final values that are suggested on the agreement.

I've spoken to several garages, with one standing out above them all in terms of service and much lower monthly figures, but the balloons are the part of the deal that my crystal ball isn't sitting right with.

The non-guaranteed values are:

66 plate 540c (currently on 13k miles) with 36 month deal... £74k non-guaranteed balloon
17 plate 570GT (currently at 8k miles) with 48 month deal... £85k non-guaranteed balloon

I'd estimate a likely 6k miles per annum on my part, taking the cars to 31k and 32k respectively.

This is where the guaranteed value of a new 540c would feel "safer", but of course there is the initial depreciation, although a good discount would help with this aspect in some ways.

[justin220]

I think in all honesty, you won't notice much of a difference between the GT and the 540C on the road. They are different cars, but let's be honest, not hugely different. The GT looks Vs the coupe are personal preference.

Which is spec better? Which colour do you prefer?

I'd say the used car is the safer bet, as it won't have the initial huge hit of depreciation.

The balloon cost is only part of the equation. You'd need to look at the cost over the period IMO

[andrew]

Superleg48 said:

ripley500 said:

If depreciation is a big factor I'd go with a used car - far less likely to lose less

You mean far more likely to lose less, surely?

no. far less likely to lose more

[Wilmslowboy]

Mclaren over the Porsche - much more drama

When talking about PCP you said "plus there's no chance of negative equity with a GFV"
there is if you need to end the arrangement early, so be careful.


Some of those balloons look a bit tasty, £85k for a 570GT when it is 5+ years old (17 plate in 4 years time), I'd say with 32k miles, it will be lucky to be close to that value.

Edited by Wilmslowboy on Saturday 20th October 09:16

[Pioneer]

Yep, all your deposit and every monthly payment gone. Unless money is no object I can't see how ownership can be enjoyable when you have this to look forward to.

[Ferruccio]

As others have said, the depreciation on a new car like this, as you drive it out the showroom, is the biggest financial pain.........however it’s dressed up in the “deal”.

[w44neg]

Thanks for the replies, some great info.

[RBT0]

On a new car 570, excluding VAT, £10k depreciation per year is what expected?

ie first year will drop by 30k ish from list then £10k per year?

[GT4RS]

w44neg said:

Thanks for the replies. I do want the fun and excitement, but I don't want the financial anxiety to over-power that is all. I of course understand that this isn't a P1 and it won't go up in value before settling at double its RRP. I fully expect financial loss in the ownership of any car I'm looking at, GT3-inclusive; it's just how much loss and whether said loss will surpass the final values that are suggested on the agreement.

I've spoken to several garages, with one standing out above them all in terms of service and much lower monthly figures, but the balloons are the part of the deal that my crystal ball isn't sitting right with.

The non-guaranteed values are:

66 plate 540c (currently on 13k miles) with 36 month deal... £74k non-guaranteed balloon
17 plate 570GT (currently at 8k miles) with 48 month deal... £85k non-guaranteed balloon

I'd estimate a likely 6k miles per annum on my part, taking the cars to 31k and 32k respectively.

This is where the guaranteed value of a new 540c would feel "safer", but of course there is the initial depreciation, although a good discount would help with this aspect in some ways.

I would definitely be asking them to run guaranteed future balloon values on both cars.

It wouldn’t shock me if these are far lower, be careful not to get stuck in a car that’s hard to get out of without taking a large financial loss as it will take some of the enjoyment of owning the car.

[Wilmslowboy]

RBT0 said:

On a new car 570, excluding VAT, £10k depreciation per year is what expected?

ie first year will drop by 30k ish from list then £10k per year?

The first year, start with the £40k discount off the list now being offered (list plus +options) and then add in the normal

Year 1 15% to 20% loss
Year 2 onwards 10% loss

One-year-old 570s are about 60k behind - list with options.

Makes them a very good used car buy (but you should assume costs will be in the £15k to £20k a year, depreciation, servicing, maintenance and warranty)

[RSbandit]

If the depreciation is such a worry then buy the used car you’ll easily lose 30k in one yr on a new 540c unless they gave you a huge discount but even then what APR are they looking at for either deal...used car APR on a pcp can be double digits which is madness yet a lot of people will sign up to it because they can ‘afford’ the monthlies even though the overall deal is actually rubbish. If you’re looking at double digit APR for a used car or buying new and losing 20-30k in yr one then I’d say do nothing and maybe get into something a little more affordable , won’t be a McLaren but it might be a better overall experience if you’re stretching too much to get the Mac.

[w44neg]

Oh gosh, no nothing like double digits. In fact it’s a really good rate... around 3% less than every other dealer I’ve spoken to tbh.

It’s not that it’s a stretch... it’s that I want the comfort of knowing there’s a chance of being no worse than selling at the balloon figure down the line, and not ending up in £10-15k of neg equity.

[RBT0]

Wilmslowboy said:

RBT0 said:

On a new car 570, excluding VAT, £10k depreciation per year is what expected?

ie first year will drop by 30k ish from list then £10k per year?

The first year, start with the £40k discount off the list now being offered (list plus +options) and then add in the normal

Year 1 15% to 20% loss
Year 2 onwards 10% loss

One-year-old 570s are about 60k behind - list with options.

Makes them a very good used car buy (but you should assume costs will be in the £15k to £20k a year, depreciation, servicing, maintenance and warranty)

£40k off list a mith or reality? Only Manchester had that deal on a 570GT?

[Matty3]

Wilmslowboy said:

RBT0 said:

On a new car 570, excluding VAT, £10k depreciation per year is what expected?

ie first year will drop by 30k ish from list then £10k per year?

The first year, start with the £40k discount off the list now being offered (list plus +options) and then add in the normal

Year 1 15% to 20% loss
Year 2 onwards 10% loss

One-year-old 570s are about 60k behind - list with options.

Makes them a very good used car buy (but you should assume costs will be in the £15k to £20k a year, depreciation, servicing, maintenance and warranty)

Those figures are what I am anticipating and am relaxed with them

[jonah35]

w44neg said:

Oh gosh, no nothing like double digits. In fact it’s a really good rate... around 3% less than every other dealer I’ve spoken to tbh.

It’s not that it’s a stretch... it’s that I want the comfort of knowing there’s a chance of being no worse than selling at the balloon figure down the line, and not ending up in £10-15k of neg equity.

These cars are in freefall
I have one and have been to manchester Mclaren today
I would go new with pcp and a gfv if finance companies still offer it on these

Oracle did financing via Alphera on these and they’re underwater and alphera are losing money on every finance deal they have done as they’re already worth less than their gfv one year into the 3 year deals they were doing

Buying new can cost less than used if you have a good GFV but the lenders now know they made a mistake so may not offer the same deals