151 replies to this topic

[rob999]

2013 car that MS Green v6 so no warranty left. Bit of a bummer.

[Kieran McC]

Received another quote from Lotus Silverstone today on their Motorsport Green V6 thats up for £43k

 

Deposit £10,000 

 

48 x £515

 

£14,450 on final baloon on a lease purchase scheme. 

 

or to buy outright:

 

£10,000 deposit 

 

60 x £610 

 

The buying outright option looks far more appealing to be honest.

 

Check for a mileage clause on the final balloon payment  

[JG]

Received another quote from Lotus Silverstone today on their Motorsport Green V6 thats up for £43k   Deposit £10,000    48 x £515   £14,450 on final baloon on a lease purchase scheme.    or to buy outright:   £10,000 deposit    60 x £610    The buying outright option looks far more appealing to be honest.

  Check for a mileage clause on the final balloon payment  

I make the first option a 6.4% Apr, which isn't too bad for a used car. However, you're paying over £6k of interest if you keep it for 4 years and pay the baloon.

[JG]

Received another quote from Lotus Silverstone today on their Motorsport Green V6 thats up for £43k   Deposit £10,000    48 x £515   £14,450 on final baloon on a lease purchase scheme.    or to buy outright:   £10,000 deposit    60 x £610    The buying outright option looks far more appealing to be honest.

  Check for a mileage clause on the final balloon payment  

I make the first option a 6.4% Apr, which isn't too bad for a used car. However, you're paying over £6k of interest if you keep it for 4 years and pay the Balloon. I'd be looking for 5-6% Apr over three years. For example 5.4% over 36 months, with a ballon of say £18k results in £530 a month and £4K of interest rather than £6.2k.

[denno]

Better to get a bank loan at around 3.5%

[CocoPops]

Often only up to £25k for unsecured hence the finance figures above for a £40+k car.

[denno]

Often only up to £25k for unsecured hence the finance figures above for a £40+k car.

That's true, unless Op has the option to increase his deposit, then borrow the £25k.

[denno]

At this time of year and for a 2013 car I'd be offering £40k for these cars priced at £42/43k, there only a few grand cheaper than 15/16 plate cars, unrealistic expectations from the dealers imo. With that in mind if Op could do some haggling and raise deposit to £15k, borrow £25k at 3.5% figures would be - 60 x £454.61 = £27276.60 48 x £558.72 = £26818.56 36 x £732.37 = £26365.32

[Luke84]

When I was looking to top up towards a 350 one option I found was that I could get a virgin money cash transfer card. 32 months at 0% with 1.69% fee. Would have cost £169 to borrow 10k over nearly 3 years. Went 50:50 in the end rather than that and outright but it's ridiculously cheap access to capital.

[denno]

When I was looking to top up towards a 350 one option I found was that I could get a virgin money cash transfer card. 32 months at 0% with 1.69% fee. Would have cost £169 to borrow 10k over nearly 3 years. Went 50:50 in the end rather than that and outright but it's ridiculously cheap access to capital.

That's a good shout actually if looking to top up to a max of £15k, there is one at the moment with Virgin that works out £298 transfer fee on 40 months 0% for that amount.

[JG]

Nice LY at lotus silverstone for £48k

[Zoobeef]

Some of these monthly costs being waved about would make me feel sick at those commitment lengths

I've even had my phone over 3 years because I don't want to commit to a new one

Edited by Zoobeef, 12 November 2016 - 06:06 PM.