Mclaren 570s finance and buying help

[jonah35]

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

[jonah35]

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

[jonah35]

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!

[jonah35]

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

[jonah35]

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

[jonah35]

Yeah we are all agreeing that I think. Oracle call it lease purchase - essentially same as pcp but no gfv.

[jonah35]

Ok maybe it's misleading - I just know that I'm not on the hook for any negative equity at the end of the term with a new car on a pcp deal

Either way hope that helps someone 👍

[jonah35]

Thats useful to know. Thanks.

I'd rather pay more and have a bit of protection just in case we have credit crunch mk2 but we are all different and you're probably right 😃