It’s nearly time, M4 or M4CP, personal loan or PCP

[Chestrockwell]

M4’s are finally within reach and I can only make the numbers work on the normal M4, my budget is 30,000 and it has to be the LCI.

Ideally I’d prefer the M4 CP as it sounds much nicer however they’re at least £33,000 and I can only get one if it’s PCP. I’ve also seen a lot of reviews on the CP and they all say it’s a lot stiffer than the normal one but there aren’t any back to back drives or both or even any reviews of the normal M4!

My finance options are as follows, 5k deposit, 25k loan, lloyds have a calculator and they’ve calculated it at 10.9 %apr for 60 months which equates to 533 a month. It’s a lot of interest but I don’t intend to keep the car for that long and I will sell it and pay the loan off sooner meaning I pay less interest. I need to sit down and speak to them or shop around for other loans however I’m in the process of getting a mortgage so I’m waiting until that’s all sorted first. The loan example I gave is just a guide.

So budget is 30k if I go for the loan route.

PCP route is different and opens me up to better options, such as, a lovely, dream spec silver M4CP with every option that’s up for £33,295, 67 plate, I had a word with the salesman and he said PCP I can put 5 down and pay 430 a month, 10k per annum, final payment 13k and 8.9% interest.

So, let’s say I can’t get a better late on that loan, would I be better off in a normal M4 and exploring exhaust options or go for the PCP route and get the exact car I want in the spec I want after going through all the trouble of borrowing that kind of money?

It’s quite the predicament as id much rather the loan option, I think it’s better in the sense of the car being fully mine where I can do all the miles I want and sell it when I want and paying the remainder of the loan off BUT I will never be fully fulfilled as hardly any M4’s have the HK audio or MPE fitted in my budget.


I’ve driven both in 2018 when I tried getting one then so I can’t remember the differences other than the noise being much better in the CP. I decided at that time to wait til they drop a bit more.

One more thing, I’d rather a coupe as I prefer the practicality and I imagine they won’t handle as well but could someone tell me about the convertible, I can’t see or drive any at the moment so some information would be helpful, do they handle well and what’s the boot size like with the roof down? The convertibles are surprisingly cheaper in the M4 range. I thought they’d cost more as normal 4 series convertibles in the used market cost much more.

Edited by Chestrockwell on Wednesday 27th January 14:23

[Chestrockwell]

Wills2 said:

10.9% is too much on a personal loan if you can't get a better offer like Tescobank that offer 25k over 60 months for 3% APR I wouldn't be borrowing the money.

Oh wow that sounds good! If it’s that much I’d borrow more and get the competition pack that I want.

I want to shop around but don’t want anything coming up on my credit report. I know they don’t do checks without asking but after looking at a detailed report of mine, there were multiple ‘quotations’ or ‘audits’ for every insurance quote I got even though I pay my insurance off cash

[Chestrockwell]

Smuler said:

There’s a good back to back review on you tube of *M3 *Competition pack and the same age (2016) non CP, the review covers issues such as noise and ride comfort.
If it’s of use , and you can’t find it, shout up as I’ve got it somewhere.
Surprised it’s hard to find HK on the OG M4. Along with HUD it seemed popular when I looked.
If it’s a CP you want tho , go for it. Best to be 100% satisfied.

Just had a look, can’t find it! If you could drop me a link that would be great.

There are a few M4’s with HK and HUD but they cost the same as competition’s.

I’ll post a few links of ones I like

https://www.autotrader.co.uk/car-details/202012197...

That one is beautiful and I love the colour, wheels and chrome grill, no doubt it will ride better on the 19’s however its missing the HK which is a must for me and it won’t sound as nice as the CP. It’s also 2k above budget.

https://www.autotrader.co.uk/car-details/202009023...

This one is also lovely, mileage is slightly higher but for the spec, it’s a lot cheaper, pcp this one makes perfect sense for me but again, I’d rather get a loan, especially after seeing the tesco rates (Thanks everyone)

[Chestrockwell]

SELON said:

Convertible boot is very spacious. Here’s a pic of it loaded with my son’s gear when he returned to University recently. There’s a massive hold-all in there too. With the roof down, less space, but I did a week Euro tour with 3 adults in the car and all their gear. So, it’s good.

Driving? I went for the convertible because I’ve got an Elise, so anything else will feel like a bus in comparison. I wanted a four seat convertible and find the convertible M4 Comp Pack excellent, I think it’s probably got better headroom in the rear than the coupe too (a guess). No rattles from the roof, feels like a coupe, even when hustling down the lanes. Happily keeps up with almost everything else at road speeds, even on the B roads (even spirited driving). Very fast in a straight line of course too. And then you can drop the roof. Really love mine. Had it almost 3 years from new now and never thought of changing it.

That’s lovely and I love the San Marino blue, hardly any of them in my budget!

The boot space looks good, there are some photos of the boot in convertible ones and it looks like there’s only space in the middle but turns out there’s more, thanks for sharing

[Chestrockwell]

texaxile said:

10.9% is obscene, plenty of other companies will loan you at a better rate. Barclays do 3.3% and a quick google will throw up plenty of options. I think "hitachi finance" are one of the better ones, used by many high street businesses for financing.

I'm currently looking at M4C's with a 36k budget, but I'm holding off at the moment, not because of the current situation, but because I want to try and stretch it out so the prices of 2018/19 come into my budget (approved used). My one concern is that the new model which is a bit marmite regarding the styling might actually have an impact on residuals of late LCI's, by increased demand as people prefer the previous aesthetics to the current. i'm hoping not though.


Also, while I'm here (sorry for a bit of a hijack) , what year did the M4 LCI come out? some say 16, some 17. Is there any visual way to tell apart from turning on the headlights?.

Good luck in your search, I must admit this sub forum of PH is a very pleasant and helpful place to be. Thanks Fellas.

10.9 is obscene but I feel like it gave me freedom on the car, not being tied down by a PCP agreement and the whole debt of the car including final payment being on my credit file. I mean; it made sense before I started this thread on the Silver Competition pack but after seeing the lower rates, I’m definitely going to do that instead.

The LCI started in 2017, but there are some pre LCI 17 plates so keep a good eye out, however at your budget, they’ll all be LCI’s.

I’d love an 18/68/19 plate purely for the warranty, it will be easier and cheaper to extend but the price jump is too high. I’d avoid 19 plates or at least check if they have OPF filters.

As for the residuals, I’d never take a 25k loan out and put that kind of money in a car that’s over 4 years old unless I knew the prices would remain solid. Yes the new M3/M4’s are out but they’re competition packs that start at 75k.

The way I see it is, E92 M3’s, 57 plates with 120k miles are going for 13k, there is no way the M4 will drop to that money for a looong time and even if it did halve in value after 4 years of ownership, that’s £3,750 a year in depreciation, that’s not a bad deal at all, I pay more to lease a diesel C class

[Chestrockwell]

Shanksy87 said:

Playing devils advocate here but is this really the right car for you? Saying a £30k is within range when you have £5k in actual cash is a very modern approach to affordability. This isn't to say don't do it, as you may have allocated £5k of a much larger pot for this purpose, but it raises a question, more so given a new set of tyres and brakes will do you for at least £2k, you need to stay liquid to run an M car.

Speaking finance as I've used all available options in the past, I would lay it out as follows:

If £5k really is all or most of your available cash, go PCP as it reduces your exposure and ties the debt to the car. If things go wrong your lose the car, but also the liability.

If you're comfortable with taking all of the risk, I would get the largest and longest 0% credit card going. Typically 2 years is offered, then get a bank loan at 3-4% over a longer period to get you to where you need to be. This weights the repayments at the start of the package thus reducing the risk into the future where life is less certain, it also get you into the cheapest loan bracket. Paying >5% these days for any financial instrument is un-necessary, you just need to get creative.

I appreciate your thoughts and tips, I think I’d much rather a loan despite PCP being easier as I feel like I have more freedom, for example, I could sell the M4 in a year or in 2 years without having to worry about equity, finance companies and final payments.

As for it being the right car for me, I mean, I don’t think it is, I’d be better off VFM wise in a 440i or even a BMW M2 however the M4 has been a dream car for me since it came out and it’s an itch I need to scratch as anything else will be unfulfilling, I don’t even think I’ll buy a performance car if I can’t get the M4!

The way I’ve justified it is that I paid £1500 initial payment on my current lease car and 390 a month, my previous car was bought via a personal loan and those repayments were 450 a month. I’ve been paying that monthly for the past 4 years so I’m used to it and it’s become a cost of life if you want to call it that.

I see the 5k deposit as if I’m buying the M4 for 3500 and as I’d be paying the same monthly payments I have been for the last 4 years, it starts to make sense. However, the reason my cap is 5k is because I intend to buy a warranty which will be about a grand for the year so while I can afford to pay extra for the competition pack, I don’t think paying more is worth it.

[Chestrockwell]

Shanksy87 said:

Chestrockwell said:

I appreciate your thoughts and tips, I think I’d much rather a loan despite PCP being easier as I feel like I have more freedom, for example, I could sell the M4 in a year or in 2 years without having to worry about equity, finance companies and final payments.

As for it being the right car for me, I mean, I don’t think it is, I’d be better off VFM wise in a 440i or even a BMW M2 however the M4 has been a dream car for me since it came out and it’s an itch I need to scratch as anything else will be unfulfilling, I don’t even think I’ll buy a performance car if I can’t get the M4!

The way I’ve justified it is that I paid £1500 initial payment on my current lease car and 390 a month, my previous car was bought via a personal loan and those repayments were 450 a month. I’ve been paying that monthly for the past 4 years so I’m used to it and it’s become a cost of life if you want to call it that.

I see the 5k deposit as if I’m buying the M4 for 3500 and as I’d be paying the same monthly payments I have been for the last 4 years, it starts to make sense. However, the reason my cap is 5k is because I intend to buy a warranty which will be about a grand for the year so while I can afford to pay extra for the competition pack, I don’t think paying more is worth it.

I can't fault your logic as I have done the same in the past, I prefer loans personally, although I have a PCP active right now as the deal was right for me. You know your financial position better than anyone.

Reference the M4 specifically, I think a warranty is always useful but don't let it lull you into thinking it covers all your costs. A major service is a grand, even if they find nothing else that needs doing and other consumables that a warranty doesn't touch can add up.

With respect to the comp pack, every review I've read suggests this is the better car and it is widely held that the later the M4 the more resolved it is. Also having worked in this industry I would strongly recommend getting as new a vehicle as you can, they are always better as every year brings improvements, many not advertised. In essence, i'm saying it is worth paying more and a few grand shouldn't really put you off.

I can afford to run the car, servicing/consumables etc, it’s affordable, I tried buying one back in 2018 and concluded that even though I can buy one, I’d still be living with parents and it would be a lot harder to save for my first property.

Now, nearly 3 years later, times have changed, I’m finally about to get onto the property ladder and the man maths finally make sense.

Regarding the servicing, what’s funny is that I lease a diesel C class, first service set me back £450, just oil service and filter, I’m quite lucky though because they topped up my windscreen washer for free!!

So, I’d happily pay an extra £550 to service a high performance car.

[Chestrockwell]

Scrubs said:

I love my M4 but just remember that running costs can be a fair chunk of change.

I needed new disks and pads last year front and back, and even with getting them from eBay cost me just over over 1K, saved a bit on fitting as my nephew done that.

Also had the 'big' spark plug service last year and never got much change from 1K.

If you don't have a warranty and things go wrong then factor in double the the price for a lot of parts compared to a 'normal' car. I'd deffo think about only buying AUC from BMW for that reason.

Edited by Scrubs on Thursday 28th January 23:12

My lease C class first service which was an oil and filter change set me back £450 and that was after I shopped around at a few different dealers! One quotes me £520, for a big service on the M4, £1000 doesn’t seem that bad.

I will also only be buying approved used or a car with an extended warranty. What’s crazy is that hardly any of them have extended warranty! Why don’t people just extend it, I could never run a car without a warranty anymore unless it’s old and cheap. It’s just a piece of mind that I’ve become used to.

[Chestrockwell]

Geomac79 said:

That’s my M4, brilliant car and sounds great for a stock car. It’s my 2nd car so I don’t do many miles in it.

I would totally recommend the convertible, this is my first and with the new M4 being a soft top I’m sure they will hold there value.

Is that a competition pack? The convertibles are actually well within budget, M4 LCI CP’s going for 33-34 approved used and the non CP’s are even cheaper. Seeing as the convertibles have the same seats, the only thing I’d be missing in a non CP convertible would be the exhaust and after watching a few YouTube videos, they don’t sound too bad!

[Chestrockwell]

as7920 said:

Can't see it mentioned anywhere else but why not another PCP provider?

Charles and Dean, Magnitude Finance, Oracle Finance, Admiral or your bank? Lloyds and Halifax do good rates for existing customers.

All the above will do somewhere between 5.6% and 6.9% APR. Lloyds/Halifax go as low as 4.9%.

I spoke to Oracle and they offered me 6.9% for HP to borrow 28k over 5 years which sounds good and that’s what I might do, that’s if I can’t get Lloyd’s to match it as ideally I’d like a loan that isn’t tied to the car, for example, if I sold the M4 after a year without losing a lot of money, I could buy something else

[Chestrockwell]

Soloman Dodd said:

That alone should be your Number One priority.

A roof over your head is more important than a set of shiny wheels under your arse.

Get the car later, when you know who your neighbours are.

Have you been reading this thread? The plan is to buy the car after I move in

[Chestrockwell]

nickfrog said:

Chestrockwell said:

for a big service on the M4, £1000 doesn’t seem that bad.

I don't get why the big service (with the plugs) is that much when it's listed at £622 on the BMW site for the M2. And that's before dealer discount and supplying my own oil so closer to £500. Perhaps it is because my car is 4 years old.

The other thing of a post April 2017 car is that the tax will be closer to £500 for the first 5 (6?) years rather than £300.

That's one rear tyre per year saved

If noise is important then perhaps consider an original M2 with the (heavily enhanced) N55. I know you prefer a M4 but perhaps a quick M2 test drive (whenever possible) might change your views (it's a better steer too).

That’s the thing, the M2 is lovely, ive seen a few LCI’s and did consider them but they cost the same as M4’s, ok they might be a year newer (M2 LCI started 2018) however I think I’d be getting more for my money on the M4.

The M2 sounds much nicer and there are a few on AT with the MPE exhaust in my budget but I think I’d always be thinking about what the M4 would have been like!

If M2’s went for 25k, I’d definitely save the money and go for one of those instead but they hold their value so well.

[Chestrockwell]

Geomac79 said:

Chestrockwell said:

Is that a competition pack? The convertibles are actually well within budget, M4 LCI CP’s going for 33-34 approved used and the non CP’s are even cheaper. Seeing as the convertibles have the same seats, the only thing I’d be missing in a non CP convertible would be the exhaust and after watching a few YouTube videos, they don’t sound too bad!

Yes its the competition pack. I would always go for the competition pack, the styling is just so much nicer as well over the non competition.

Mines is one of the first 2018 LCI's, you can get higher mileage ones in your price range but I would be very careful purchasing a high mileage M car with out a proper PPI being done on the car even from an AUC.

Im on my 3rd M car and I love them, I have the M4 and a X3MC just now and I can never see me leaving the M car world now.

Good luck on your journey

There is a lovely approved used one similar to yours https://usedcars.bmw.co.uk/vehicle/202012106960648...

I could knock that down easily and the mileage doesn’t phase me as it has a year BMW warranty that I can extend however the issue is I’m going to be buying in March and It will prob sell by then!

Your is lovely and I love the wheels, that’s why I asked if it was a CP as I’ve seen a few normal M4’s with those wheels on them!

[Chestrockwell]

nickfrog said:

mike74 said:

So you've "finally" managed to save up a whole £5k for a deposit and now you want to borrow an additional £25k to buy the car.

Hilarious.

So Mike, even at 3.38am you're obsessed about other people's money even though you know nothing about their situation. How do you know he has only saved £5k? It sounds to me like he has decided to dedicate £5k to the car as a deposit and has other savings dedicated to the property purchase. He may even have further savings or investments dedicated to a rainy day.

Ignore him! Some people just have a problem with others borrowing/financing things even though it’s been happening since currency was conceived

[Chestrockwell]

The pain is strong with this one, if you take the time and bother to read my original post, I actually used the 10% as an example and I said I will be shopping more once I have settled in. If you’re talking about inadequacy and creating an image of wealth, I actually drive a 2020 C class Mercedes and could easily renew the lease or lease something brand new but instead I’m going for a 4 year old car because I’m an car enthusiast.

I wanted to go for one in 2018 and 2019 but decided the time wasn’t right and didn’t want to live beyond my means, I’ve clearly stated I’m about to purchase my first property and I can finally get the car I’ve always wanted and comfortably afford it.

There isn’t any need to belittle people let alone on an anonymous forum. If you feel that strongly about debt junkies, why don’t you park outside a BMW or Merc dealership and call people sad inadequate debt junkies to their face, why do you have to do it anonymously. Only borrow a poxy 25k and paying it off, I wonder how you feel about Range Rover drivers! God it must really eat you inside!

Life’s too short to have that much hate inside you, if you don’t have anything useful to offer; just mind your own business!

Edited by chris.mod on Tuesday 2nd February 09:23

[Chestrockwell]

Geomac79 said:

Chestrockwell said:

There is a lovely approved used one similar to yours https://usedcars.bmw.co.uk/vehicle/202012106960648...

I could knock that down easily and the mileage doesn’t phase me as it has a year BMW warranty that I can extend however the issue is I’m going to be buying in March and It will prob sell by then!

Your is lovely and I love the wheels, that’s why I asked if it was a CP as I’ve seen a few normal M4’s with those wheels on them!

The wheels are CS wheels. It was one of main reasons I was attracted to the car in the first place as they go perfect with the colour I think.

If you want to sell yours by March, I’ll buy it off you

[Chestrockwell]

What do we think of Cat N’s? There are a few but I’ve excluded them from my search and I must have reset my search earlier and this came up.

https://www.autotrader.co.uk/car-details/202101278...

Says it’s Stolen/Recovered, still has a warranty until May 2022, why would a recovered/stolen car be cheaper or be flagged up if it wasn’t written off

I mean, what’s the big deal

[Chestrockwell]

liner33 said:

I'm after SMB and cream interior, there are a few around in budget

Which budget? There are no SMB’s around in the low 30’s. I think it was a special order individual colour up until late 2018 as that’s the earliest I can find them at.

This one is nice and well within budget with a good spec but it’s quite old, still, approved used warranty that I imagine will be cheap and easy to extend

https://usedcars.bmw.co.uk/vehicle/202101288448570...

[Chestrockwell]

It’s that time!! Just waiting til the 12th so I can get behind the wheel for a test drive but I’m all clear, the M4 mission is a go ahead

There are 2 that I have my eyes on,


Option 1

No pictures of this yet but I’m getting a video tomorrow, it has a huge spec with the classy looking LED lights that I prefer to even the LCI models. It’s an early model which I’m particularly excited for as I hear they feel a lot quicker than later models as the boost is quite brutal. Mileage is high however it comes with a full comprehensive BMW warranty.

https://usedcars.bmw.co.uk/vehicle/202103110006101...

Option 2

This one is a competition pack that just misses out on the newer Idrive which is a pain as I love the apple car play but I’m quite keen on this one as it has the better louder exhaust, the spec isn’t as big as the other one but as long as it has HK, reversing cam and HUD, I’m happy. I’m not too convinced on the seats but I’m sure they don’t look that clean because of the poor lighting.


Some will say these are pricey, some will say I can get better but frankly speaking I don’t want to buy one without a full BMW warranty, warranty wise do seem to offer some well priced warranties but I’ve read more bad experiences with them than good.

As for the finance, I’ve been offered 4% APR by Lloyds on a HP, I’ve actually been offered the same on a PCP deal but the car can’t be older than 7 years old at the end of the term. The lower APR and my deposit does open me up to some much better, newer M4 competitions in ideal specs but I don’t want any mileage limitations or final payments hanging over my head. The HP option is basically a personal loan unlike the PCP which depends on future values etc

Anyways, a lot of M4 owners here, what do you think I should do?

[Chestrockwell]

Option 2


https://usedcars.bmw.co.uk/vehicle/202101137933980...