Advice re: Mini Finance

motorguy

ha04225 wrote: »

Spec - it's a 1.6 in Midnight black with pepper pack and 16" alloy wheels. The value is £15660 and they've taken off £660. Deposit is £3000.

I think those figures are about right.

The problem is that a PCP deal doesnt take into account the extras on a car when it comes to agreeing the future value.

what about a 5 year straight loan on the £12K. That should work out at about £260 a month, but you'll own the car at the end of it?

motorguy

ha04225 wrote: »

Thanks for the help guys. So how far do you reckon is appropriate to try and negotiate? Realise that is a bit of a 'how long is a piece of string' question but any help/advice would be helpful.

I dont think you'll get much more off a mini - they dont do much in the line of discounts.

Try the online brokers such as broadspeed and see what they will do the same car for, then either deal through their MINI dealer OR get your dealer to price match.

matt1987

pgilc1 wrote: »

160*36 = 5760. + 5000 = £10760.

Something not right there in those figures?

Sorry, it was rough figures. I think we may have got a bit more for our px. but its not too far off. I think the vehicle was just under 12k as we got a 3% police discount, which made the vehicle around £11,700, and then may have got a few hundred more for the px. I dont know without getting the paperwork out and looking.

What I can say though is that it was a reasonable apr.

motorguy

matt1987 wrote: »

Sorry, it was rough figures. I think we may have got a bit more for our px. but its not too far off. I think the vehicle was just under 12k as we got a 3% police discount, which made the vehicle around £11,700, and then may have got a few hundred more for the px. I dont know without getting the paperwork out and looking.

What I can say though is that it was a reasonable apr.

Then i'm not sure you're comparing apples with apples.

Your deal was on a £12K car with maybe a £6K deposit. Meaning you were financing £6K

This is on a £15K car with a £3K deposit, meaning £12K is being financed.

£12K even over 5 years is going to be £250+ a month on a straight finance deal.

motorguy

gordikin wrote: »

Apologies OP...but I think you're being taken for a mug.

I think those figures are pretty much typical discount and typical APR and typical residual figures for a MINI.

I dont think the O/P is specially being taken for a mug.

matt1987

pgilc1 wrote: »

Then i'm not sure you're comparing apples with apples.

Your deal was on a £12K car with maybe a £6K deposit. Meaning you were financing £6K

This is on a £15K car with a £3K deposit, meaning £12K is being financed.

£12K even over 5 years is going to be £250+ a month on a straight finance deal.

Yeh I realise that, but the OP was saying that what they were quoted was stretching themselves, so I suggested it may be better to just get the standard Mini One, and own the car outright after the financing.

Im sure the £200 a month that the OP has is enough to cover an outright purchase of a basic Mini One of roughly £12k over 3 or 4 years with a 3k deposit?

King_Nothing

If you went in to buy a used car, don't be suckered in by the salesmans spiel and drop that amount of cash on a new car.

matt1987

King_Nothing wrote: »

If you went in to buy a used car, don't be suckered in by the salesmans spiel and drop that amount of cash on a new car.

In all fairness though, in today's climate you may find yourself better off with a brand new car than one of the dealerships " approved used " cars.

I think the Mini holds its value quite well, so there isnt many deals to be had with the used mini's.

I would say the OP is better off with a brand new Mini.

motorguy

matt1987 wrote: »

Yeh I realise that, but the OP was saying that what they were quoted was stretching themselves, so I suggested it may be better to just get the standard Mini One, and own the car outright after the financing.

Im sure the £200 a month that the OP has is enough to cover an outright purchase of a basic Mini One of roughly £12k over 3 or 4 years with a 3k deposit?

The basic car comes in at £13120.
Metallic adds £365.

With a little discount and the £3K deposit the O/P would be financing £10K.

£10K over 4 years works out at £258 a month.

motorguy

matt1987 wrote: »

In all fairness though, in today's climate you may find yourself better off with a brand new car than one of the dealerships " approved used " cars.

I think the Mini holds its value quite well, so there isnt many deals to be had with the used mini's.

I would say the OP is better off with a brand new Mini.

+1

Its happened me before - i was able to get a better deal on a new BMW than a year old one - AND i got the options i wanted, not what the previous owner wanted.