20k deposit 600 pcm what can it get me?

[northo]

teddosan said:

northo said:

True. Any reason you don't go for a PCP?

None really. This was just an indicative quote... If I get to the point where I'm serious about it I'll be getting more detailed quotes with lots of different options from lots of different suppliers.

At this stage it's just more of a feasibility piece but I won't be doing anything at all until lockdown is over. And even then I have a voice in the back of my head asking what else I could do with that kind of money instead of putting it into a lump of metal that will spend a lot of time on the drive.

I know, I know, it's ridiculous, but that's where I'm at.

So - when the time comes and assuming all the quotes are roughly the same, what is it that nudges you towards one lender/ broker or another?

[teddosan]

northo said:

So - when the time comes and assuming all the quotes are roughly the same, what is it that nudges you towards one lender/ broker or another?

Whoever has been the best in terms of helping me get to that point. Some of them are really responsive and tolerant of daft questions; others are less so.

So far I've found Charles & Dean and Holmesdale to be the best at this, but Charles & Dean have by far the better quotes.

[WORRALL.]

I did something very similar two years ago and ended up in a 981 GT4. £23k in and £400/month. Absolutely love the car but i wouldnt want it as a daily. Its a weekend/track car

Also instead of using a broker and getting poor rates go directly with your bank. Mine supply me with used car PCP's at 4.5%

[Craig57]

m3jappa said:

Thats making my man maths brain go crazy

can i ask who thats with and what sort of figures?

Im guessing 100k car
55k balloon
25k down
600 mth x36

thing is a gt3 like that i am sure will still be 75-80k in 3 years........

You see! This is my problem, the man math is going wild for me.

I don’t want to name providers as nothing confirmed but around a 4-5% loan, 15k down, on a 90k car with a 55% balloon starts looking like monthlies will only be slightly more than my M2 Comp at 550pm.

Yes the risk is on you with a balloon but please find me a rapidly depreciating older GT3?

However in this experiment we must also bear in mind that with man math we can convince ourselves of anything 😂

I just watch a sharkwerks exhaust video of a white 991.1 GT3 and logic flies out the window.

I spend at least 30 minutes a day modelling GT3 depreciation on autotrader and using the PCP car calculator on carwow. Yes I am an accountant and no I don’t get out much

[Pit Pony]

20k 600 a month ?



A house in Wigan.

3 bed semi in most towns North of Birmingham.

[stuthemong]

1. controversial

When I'm in my cerbera, or my tuscan, if a r8/gt4/911 pulls up beside me, I'm happier that I'm in the more fun /cooler car.

Yes they are old and unrefined, and not as fast, but they Feel faster. I keep musing on a 570s spider, but I honestly think the tuscan is more involving to drive. Clearly worse handling in every way, but in the road the tuscan is more than far enough, the limitations of the chassis are exploitable at non license loading speeds, so I actually enjoy the challenge of driving them on the road.

25k gets you a nice tvr, 3k/yr funds repairs easily of you buy well & RFL is only £260/yr.

The only car on this thread that really made me wibble was the bright blue gt3 you posted. Very very nice, but PDK isn't for me.

I guess I'm just saying that faster and more power and more expensive doesn't equal more fun. EVERYONE loves seeing a tuscan barrelling around.

[Cpb1702]

Had anyone had any further good quotes? It looks like the 991 GTS or GT3 look a good place to focus...

[Venisonpie]

stuthe said:

#controversial

EVERYONE loves seeing a tuscan barrelling around.

Hopefully not literally!

Agree with you though, they are an event. Just not always the right one.

[Stu-nph26]

stuthe said:

#controversial

When I'm in my cerbera, or my tuscan, if a r8/gt4/911 pulls up beside me, I'm happier that I'm in the more fun /cooler car.

Yes they are old and unrefined, and not as fast, but they Feel faster. I keep musing on a 570s spider, but I honestly think the tuscan is more involving to drive. Clearly worse handling in every way, but in the road the tuscan is more than far enough, the limitations of the chassis are exploitable at non license loading speeds, so I actually enjoy the challenge of driving them on the road.

25k gets you a nice tvr, 3k/yr funds repairs easily of you buy well & RFL is only £260/yr.

The only car on this thread that really made me wibble was the bright blue gt3 you posted. Very very nice, but PDK isn't for me.

I guess I'm just saying that faster and more power and more expensive doesn't equal more fun. EVERYONE loves seeing a tuscan barrelling around.

Not controversial at all I love a TVR. This looks a beauty https://www.pistonheads.com/buy/listing/10989127?c...

[Stu-nph26]

Looks like there could be another cheaper option for finance. I have quite a bit of equity in my property and could borrow 40-50k at about 1.25 % whilst staying under the 60% LTV. Unless I'm missing something I'd be mad not to go down this route surely?

[SL22]

Stu-nph26 said:

Looks like there could be another cheaper option for finance. I have quite a bit of equity in my property and could borrow 40-50k at about 1.25 % whilst staying under the 60% LTV. Unless I'm missing something I'd be mad not to go down this route surely?

It may depend on how long your (re-)mortgage is - say if it is 20 years, then interest at 1.25% will add over that up that period, versus 3-4 years of car finance, including if there re my extra charges to be added for re-mortgaging etc.

[Stu-nph26]

SL22 said:

Stu-nph26 said:

Looks like there could be another cheaper option for finance. I have quite a bit of equity in my property and could borrow 40-50k at about 1.25 % whilst staying under the 60% LTV. Unless I'm missing something I'd be mad not to go down this route surely?

It may depend on how long your (re-)mortgage is - say if it is 20 years, then interest at 1.25% will add over that up that period, versus 3-4 years of car finance, including if there re my extra charges to be added for re-mortgaging etc.

I’ve enquirer and I can use the equity in the property as a second loan over any term. I can also over pay 10% every year so I’d make sure I kept the term from 5-7 years depending on how much I borrowed

[doogle83]

I feel budget creep coming back in!

[Stu-nph26]

doogle83 said:

I feel budget creep coming back in!

Haha no it’ll be 70k firm max now 50k is the max to keep my LTV under 60% plus my 20k cash

[interstellar]

I know you are going a different route now but anyone found better than 4.9% on 50k borrowing?

[timberman]

interstellar said:

I know you are going a different route now but anyone found better than 4.9% on 50k borrowing?

I posted earlier in the thread about my experience with The Halifax who are still lending up to £60k at 4.4% via their car finance on a hp loan which is the best I've seen ( it was a little over 3% when I got my car but the rates have gone up)

they also have a PCP option at 4.9% if you prefer

I believe you need to be a current customer to access these rates

I'm not aware of anyone offering a better deal,

I know other banks have similar schemes but of the few I'm aware of the rates are higher plus most only seem to offer up to £25K.

[interstellar]

Yep that was the Halifax offer I was quoting.

Ok food for thought.

[teddosan]

interstellar said:

Yep that was the Halifax offer I was quoting.

Ok food for thought.

The only question I have with the Halifax one is the Balloon Payment seems very low compared to other quotes which makes the monthlies much higher; higher than I would want to pay. Obviously the lower interest rate makes the interest paid much lower and your equity in the car is much higher, but the monthlies are just too high for me sadly.

Clearly the perfect finance deal doesn't exist.

[northo]

teddosan said:

interstellar said:

Yep that was the Halifax offer I was quoting.

Ok food for thought.

The only question I have with the Halifax one is the Balloon Payment seems very low compared to other quotes which makes the monthlies much higher; higher than I would want to pay. Obviously the lower interest rate makes the interest paid much lower and your equity in the car is much higher, but the monthlies are just too high for me sadly.

Clearly the perfect finance deal doesn't exist.

A sensible balloon is never a big balloon!

[teddosan]

northo said:

A sensible balloon is never a big balloon!

Yeah, true. But on that basis you might as well go for full HP, but the reason people don't is because the monthlies are crazy high. A ridiculously high balloon is obviously not a good way to go, but equally, something that balances potential depreciation with affordable monthlies is more desirable to most people.