A Good Deal?

[RagmopInKona]

Have you added the difference in interest rate your loan will have now over the one your loan now has ? Into that extra monthly cost?
I don't know about over that side of the pond. But here the rates are stupidly high over 18-24 months ago. Just make sure this is factored in. Before you get to the sign here. And the payment is another 40 pounds because of the difference in interest rates .

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[Farkel]

...One question about the Magneride, does it have settings you can flick through like most electronic dampers or does the car do that automatically for you (i.e. the faster you go more the suspension tightens up)?

A pretty good explanation here -
https://autologicmagazine.com/2020/04/16/magneride-demystified/

 

[Lancaster]

Have you added the difference in interest rate your loan will have now over the one your loan now has ? Into that extra monthly cost?
I don't know about over that side of the pond. But here the rates are stupidly high over 18-24 months ago. Just make sure this is factored in. Before you get to the sign here. And the payment is another 40 pounds because of the difference in interest rates .

Interest rate offered is fixed so won’t change thankfully. Unfortunately though the rate is much higher than when I got my car. I got my car on a 0% finance deal two and half years ago but you obviously won’t get that now. For brand new cars in the UK (which receive manufacturer support), the going interest rate tends to be around 6-9% but on second hand cars (which the Mach 1 essentially is) the interest rates are higher as manufacturers don’t offer the discounts. The rate I’ve been offered is 12.9%.

 

[RagmopInKona]

Interest rate offered is fixed so won’t change thankfully. Unfortunately though the rate is much higher than when I got my car. I got my car on a 0% finance deal two and half years ago but you obviously won’t get that now. For brand new cars in the UK (which receive manufacturer support), the going interest rate tends to be around 6-9% but on second hand cars (which the Mach 1 essentially is) the interest rates are higher as manufacturers don’t offer the discounts. The rate I’ve been offered is 12.9%.

What I am saying, was the interest cost included in the total added cost of the mach-1? or was it just the raw numbers, and not the monthly interest cost?
I didn't think you would have a floating rate, just it be a lot higher than the old loan. and if they did not include that in the math/cost they showed you. that 100.00 extra a month could end up being 165.78 a month. Make sure the the quoted difference they showed you include the interest, any fees rolled into the loan ,taxes, road fee's/etc.
You want to make sure the number they gave you is reality, not blowing smoke up your rear.

 

[Lancaster]

What I am saying, was the interest cost included in the total added cost of the mach-1? or was it just the raw numbers, and not the monthly interest cost?
I didn't think you would have a floating rate, just it be a lot higher than the old loan. and if they did not include that in the math/cost they showed you. that 100.00 extra a month could end up being 165.78 a month. Make sure the the quoted difference they showed you include the interest, any fees rolled into the loan ,taxes, road fee's/etc.
You want to make sure the number they gave you is reality, not blowing smoke up your rear.

Apologies - I misunderstood. The interest rate is factored into the figures. So the additional £100 a month I said will be just that - it already includes the interest rate of 12.9%.

 

[RagmopInKona]

Apologies - I misunderstood. The interest rate is factored into the figures. So the additional £100 a month I said will be just that - it already includes the interest rate of 12.9%.

13 percent . duck that noise.

 

[Lancaster]

13 percent . duck that noise.

Yeah, it’s a high rate but very much the world we live in at the moment (for a PCP deal on a second hand car at any rate).

 

[RagmopInKona]

Yeah, it’s a high rate but very much the world we live in at the moment (for a PCP deal on a second hand car at any rate).

but you have a s550 with a much lower rate. 12.9% would be what make me sour on the deal. I be one thing If you are going to pay it off in a year or two. but a 4 year note at 12.9%
If the loan is 50k you'll pay close to 75k if you go the fill term. nope. nope, nope. keep the gt.

 

[Lancaster]

but you have a s550 with a much lower rate. 12.9% would be what make me sour on the deal. I be one thing If you are going to pay it off in a year or two. but a 4 year note at 12.9%
If the loan is 50k you'll pay close to 75k if you go the fill term. nope. nope, nope. keep the gt.

Appreciate your (and everyone’s) view - it’s been really helpful. Having thought about I think I’m going to decline the deal and keep the GT. Had the Mach 1 blown me away and felt (to me) night and day different to my GT then I would have gone for it but apart from having a Mach 1 on my driveway I’m not sure I’m going to get a lot of additional pleasure from it (magneride accepted). I might though reconsider when the finance is up on my GT in 5 months time and if I really want a Mach 1 I can (hopefully) easily get one then.

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