McLaren Finance Questions.

[petjam]

Evening all, looking for some advice.

I’ve never financed a car before and am not sure on how it works but a McLaren main dealer just piqued my interest.

New 600LT Spider, £30k down, 6k miles per year for c.£900 per month over 2 years with a GFV. I presume the key sits with what the GFV is at the end?

Any advice is welcomed.

[petjam]

I don’t think so. Works out at just over £2k per month. That “appears” pretty good.

[petjam]

Thanks for the advice everyone.

No, I am not looking to get any of the £30k back, I would be including that in the cost to purchase.

The $64,000 question is what do we think a 600LT will be worth in 2 years? £120k? Less? I have no idea!

The dealer is calling me this morning and I will update you all.

Thanks again.

[petjam]

I agree, I test drove all the usual suspects and the 600LT was the only one that tickled me. I drove a 720s at the same time, that didn't feel as quick (the sound helped the LT), it then broke down on the test drive which kind of killed it!

Does anyone with a 600LT know how high the nose is when it is on lift?

[petjam]

Thanks MAC. I think that is going to be a deal breaker, I don't think I will be able to get it on my drive!

The R8 scraped and that was about 7 if memory serves me correctly.

[petjam]

Thanks Mac, R8 was 6.3.

I don't think 5 will cut it. The dealer is calling me this morning, I will check the details with him.

[petjam]

I don't have exact measurements but visually the 600LT certainly looks longer at the front.

[petjam]

I thought the deals last year were on the 600LT. They were doing GFVs of c.£155k.

[petjam]

ferdi p said:

That's just over 2k pcm to do no more than 400 miles a month in a 570s.

Not the greatest deal imo...

Agreed, the deals on 600LTs last Christmas were about half that.

[petjam]

tyrrell said:

The deal was £10k down followed by 24 payments of £1499, 5k miles a year with a GFV in the region of £150k, this was on selected stock of 600 Lt Spiders.

I think the dealers were given some play in what they could offer.

I got offered £15k down, £1100 a month for 6k miles per year. A friend took them up on £10k and £1300.

[petjam]

Indeed, going to be some bargains on these come Christmas 2021.

Six month old ones are already going for between £160-£170 so pretty close to their GFV which is another 18 months away!

[petjam]

If only they would let you buy it at the market price!

Rest assured you will be offered some bonkers numbers.

Fingers crossed they don’t as I agree it’s an amazing car.

[petjam]

Each dealer had around 4 or 5 of these (Hatfield told me they had 7). So you are going to be looking at around 1/4 to a 1/3 of the entire production run coming to the market within a 4-5 month period. All will presumably have 12k miles on them too.

Will be interesting to see what happens.

[petjam]

I thought on a lease purchase you had to pay the GFV to keep it at the end of the term. Is that not how it works?

[petjam]

The cheap lease deals on these were hand it back at the end. The finance was all underwritten by Santander, on mine GFV was £167k.

I don't know how lease works at the end whether you even get the option.

[petjam]

Crazy4557 said:

These deals, I believe, were all PCP based rather than lease with differing GFV's. Mine has a GFV that in todays market will give me some return if I bought it and sold on but then what could you ever replace it with at this price point.

I think they were all lease, mine certainly was.