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      03-21-2011, 03:20 PM   #1
acerboo
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new car deals

my father collected his new discovery today sourced through brokers Broadspeed can thoroughly recommend them good price and smooth operation
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      03-21-2011, 03:42 PM   #2
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BRAND NEW - '60 PLATE
BMW M3 V8 COUPE - RRP 50,000
3 Year "Walk Away" Contract
3+35 (ask for different profile)
10,000 Miles pa (ask for more)
1,995 Advance Payment
JUST 555 PM + VAT

On the same site, caught my eye!
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      03-21-2011, 03:54 PM   #3
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Not brand new then is it, it's 11 plate now
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      03-21-2011, 03:59 PM   #4
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Quote:
Originally Posted by pjs View Post
BRAND NEW - '60 PLATE
BMW M3 V8 COUPE - RRP 50,000
3 Year "Walk Away" Contract
3+35 (ask for different profile)
10,000 Miles pa (ask for more)
1,995 Advance Payment
JUST 555 PM + VAT

On the same site, caught my eye!
never really have understood how finance deals work. does that mean your hiring or buying it?
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      03-21-2011, 04:01 PM   #5
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Essentially hiring (you could make them an offer at the end of the term if you'd like to keep it then just finance the balance).
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      03-21-2011, 04:02 PM   #6
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Essentially hiring (you could make them an offer at the end of the term if you'd like to keep it then just finance the balance).
so isnt that a bit silly and expensive to be paying 2k and then 600+ a month just to hire a car?
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      03-21-2011, 04:03 PM   #7
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Yeah but its not a Vauxhall Corsa is it!!!

Takes the future depreciation out of the equation which you could say is peace of mind. You either buy it (if the value is more than their offer price) or hand the keys back (if the offer price is higher than it's true value). Provides and element of peace of mind, so you can budget easily for it, but does give you a very inflexible contract. Can work out seriously cheaper than buying yourself because of the bulk discounted prices these companies can get and share the profit with you.
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      03-21-2011, 04:03 PM   #8
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lol
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      03-21-2011, 04:27 PM   #9
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Quote:
Originally Posted by pjs View Post
BRAND NEW - '60 PLATE
BMW M3 V8 COUPE - RRP 50,000
3 Year "Walk Away" Contract
3+35 (ask for different profile)
10,000 Miles pa (ask for more)
1,995 Advance Payment
JUST 555 PM + VAT

On the same site, caught my eye!
That worse out at 25000 over three years. What would a 10 plate M3 cost and then be worth in 3 years time?
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      03-21-2011, 04:29 PM   #10
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That worse out at 25000 over three years. What would a 10 plate M3 cost and then be worth in 3 years time?
you wouldn't own this though after three years so you would need to pay extra to buy it?
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      03-21-2011, 05:34 PM   #11
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That worse out at 25000 over three years. What would a 10 plate M3 cost and then be worth in 3 years time?
Well, based on this very rough science, the most expensive M3 on the AUC site is 60,000 (Sept 10 registered, 4.5k on the clock) so let's say a new M3, kitted up, is 65,000. At the other end of the spectrum is an Oct 07 registered M3 (with 36k on the clock) on at 30,000 so let's say 30-35,000 depreciation over 3 years ownership.

Now, you don't need a degree on maths to work out you'd rather lose 25k over 3 years (guaranteed) rather than 30k or even 35k (not guaranteed) if you were going to purchase a new M3 anyway.

Obviously, being a finance contract, it's not that easy, the inflexibility of it all (no way out of the contract) does make you think twice, but if that's not a problem, it's a very cheap way to buy an M3.
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      03-22-2011, 04:04 AM   #12
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Quote:
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you wouldn't own this though after three years so you would need to pay extra to buy it?
No you wouldn't own it but you would have the 30k in the bank that you would have spent buying it outright. Finance deals aren't for everyone but that 25k you pay in 3 years would cover the depreciation and handling, exactly what you would have lost if you bought it outright. The depreciation can also be less because the volume of cars bought gives you a better purchase price.

Alternatively, just buy one second hand to minimise the loss.
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      03-22-2011, 04:31 AM   #13
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But but but when you lovingly polish and clean it you know all you're doing is looking after it for someone else...

The sums often appear to make sense but I just can't get my head around "hiring" a car. I want it to be MINE MINE MINE.

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      03-22-2011, 04:46 AM   #14
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But but but when you lovingly polish and clean it you know all you're doing is looking after it for someone else...

The sums often appear to make sense but I just can't get my head around "hiring" a car. I want it to be MINE MINE MINE.

***Goes off to play with some Lego...***
I feel the same, not saying it makes more economic sense, but just part of the ownership experience for me.

I did look down the PCP route, it would have cost me 1200 per month on a new car. I bought mine with 4.5k on the clock and five months old, it was 8k less than a new one
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      03-22-2011, 05:14 AM   #15
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I am also not a fan of contract hire but see how it makes financial sense for some.

The examples posted above are not really accurate. This is NOT a new car and was quoted as 50000 new with no discount so now worth less. Let's say 40k. With the example above it would be worth 15k after 3 years, I suspect it would be worth more. Remember the finance company has to make money and whilst it will do so on finance charges, it will also on the car price.

The money won't be in the bank as stated above as it will gradually reduce and you might be paying more. If I needed finance then I would just get the best loan deal that I could but I just save my pennies and buy something when I can afford it.
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      03-22-2011, 05:54 AM   #16
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Not brand new then is it, it's 11 plate now
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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      03-22-2011, 06:08 AM   #17
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Surely it's got to do with when you buy as well. if you got into this deal now the new 3 series would be out by the end of the deal. The new M3 wouldn't be out if it even proves possible to make such cars in 3 years time but it would still be regarded by many as being an old shape so it may have depreciated more. Not too mention how the ever increasing running cost of a car like this will effect the depreciation in 3 years time. I guess that will be the lease companies problem though.

I've concidered PCP in the past as an attractive way of owning a brand new car every X number of years. Mainly because I don't see the point in owning an ever depreciating asset outright. However, I always end up going this route as contracts just make me nervous.
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      03-22-2011, 08:38 AM   #18
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this thread got me thinking about how many forum members actually own their car(s) outight as in paid for with no loans, debts linked to it????

not many i bet?!
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      03-22-2011, 10:07 AM   #19
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this thread got me thinking about how many forum members actually own their car(s) outight as in paid for with no loans, debts linked to it????

not many i bet?!
I'm one!
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      03-22-2011, 10:22 AM   #20
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this thread got me thinking about how many forum members actually own their car(s) outight as in paid for with no loans, debts linked to it????

not many i bet?!
Both cars owned outright and bought with that strange stuff called cash. Same with everything we "own" Did the (IMO) naive loan thing in my early years - never ever again. It's not wrong, it's just not for us.
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      03-22-2011, 11:19 AM   #21
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Both cars owned outright and bought with that strange stuff called cash. Same with everything we "own" Did the (IMO) naive loan thing in my early years - never ever again. It's not wrong, it's just not for us.
I own both of mine as well and bought with cash. (Then again they are sh*t)
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      03-22-2011, 11:51 AM   #22
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My whole world is financed up to the hilt; I just can't get enough 'free' money .
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