Potential new car purchase....

[Deanspoors]

So I was driving along in the current car, a Mitsubishi Evo 9 (FQ 360), and I take a left turn where I should have drove straight on and end up at the local(ish) Mercedes garage. Entering the showroom and I see the car I've been wanting for a few years now. Originally this was the C63 AMG Saloon, the M3 but with a proper engine although admittedly with not such an impressive gearbox (single clutch semi-auto opposed the BMW's DCT). But anyways I digress, it was the C63 Coupe I was now looking at; A C63 507 Version with the Matt Paint and a few extras, a sit inside and I was in a different universe to the Mitsubishi. Sitting down and going through the figures I realise the 507 is just too rich for me, around 70k OTR. So I spec up a normal 63 Coupe, which comes to an eye watering 62k OTR with the GAP insurance and Paint Protection, VAT, Road tax, etc. It looks like Mercedes are doing a decent deal on these though PCP; 4.7% APR, £7k Dealer Contribution, £7k deposit, and £750 a month for 3 Year, £28,000 Balloon payment. On top of that they're offering me at least £12,000 for the Evo which I reckon is worth nearer £10,000 private if I'm honest, and I haven't even started negotiating yet... But anyways this being my first potential new car purchase, what are peoples opinions? I was originally looking to buy a second hand C63, but Mercedes offer ridiculous interest rates on second hand cars, and obviously there is no dealer contribution. So is it a reasonable deal in comparison to other cars in this range? Is a dealership GAP plan required, or have others found a private plan, and the Paint Guard, again is it better to get this done by a detailing company instead? Oh and what are people's opinions on the C63 in general? 

 

I've obviously already thought about the fact that I will have to keep the car for at least 3 years, and after that I may end up just giving it back. The £7k deposit divided by 36 months is around £200, so effectively I'm paying £950 a month to lease the car, with the option of buying it after 3 years which is a figure I am happy(ish) with. 

 

Hmmmmm, opinions? 

 

Dean

[minesapint]

Sounds as though you need to book an appointment with your bank manager.

[Deanspoors]

Sounds as though you need to book an appointment with your bank manager.

As far as I'm aware, you're limited to £25,000 for an unsecured bank loan, and then you're still looking at 6-8% APR. I could afford to put down a higher deposit, but with the APR at 4.7% I didn't really think that it was too high.

[Speed Freak]

just make sure that the %age quoted is APR and not 4.7% flat rate, as they are 2 very different things- 4.7% flat will work out to be somewhere in the region of 9-10%apr- most dealers deal in Flat rate, until the paperwork has been finalized- as apr is extremely hard to work out without a computer (past car-salesman talk coming back to haunt me).

[Deanspoors]

Hi Timmeh, yeah I checked that it was APR and not flat. The deal is actually advertised on the Mercedes website, although my monthly payments and deposit is slightly higher due to the extras I specced. heated Front Windscreen, Sports Suspension, Lockable Diff, HK speaker upgrade and 19 Inch Alloys.

[alexander72]

Sounds good but what does it tow and can you pressure wash the inside? (Joke)

Good luck mate and hope it makes a good car for you mate!

[Speed Freak]

just a matter of interest, but what would an rs5 or rs6 cost?

[alexander72]

I've just checked that out ! Wow that is some car.... :-)

[deanoecosse]

When I bought my new car earlier this year, I was easily able to obtain GAP insurance for about 1/3rd of the price the dealer quoted (I went with ALA.co.UK). As for the paint protection they offer, don't waste your money getting the dealer valet monkeys to apply it. You will have a far superior job done by any pro detailer who will properly prepare the paint before careful application of the paint sealant. Main dealer valeters do not have the time to spend a full day properly preparing your new car.

Have you looked at leasing companies as well? I've seen some cracking personal lease offers this year on the likes of BMW, Mercedes and Audi

[XTR2Turbo]

It's a buyers market for big engine premium cars a couple of years old

Personally I'd be buying something with 6 - 12 months manufacturers warranty left, buy cash for half the new price and run 3 years extending warranty from there on.

[JOCKER]

With regards to GAP in most instances these are underwritten by external companies, so it pays to shop around. I however am not buying a £70k car but when we purchased GAP earlier this year the dealer quoted £400. We ended up paying £3 a month for the same product. The value of the car was far less than the Merc but gives you an idea

With regards to deposit id never put so much money down. You'll lose it when you trade especially on a motor like the AMG. Ok you reduce your monthly payment but when your paying £750 a month another £100 a month or so with a much smaller deposit may not be an issue. Personally if rather have the money in the bank. At the end of the day a PCP is a lease so effectively it's a rental (with an option to buy)

Good luck sounds an awesome motor.

[Speed Freak]

It's a buyers market for big engine premium cars a couple of years old

Personally I'd be buying something with 6 - 12 months manufacturers warranty left, buy cash for half the new price and run 3 years extending warranty from there on.

don't know what the premiums are for extended warranty, and don't know what exactly they cover within that warranty- but overall I think that's a cracking idea   rs6's lose quite a hefty amount over that time scale- and you know that if buying a second hand car then with merc/audi/bmw you cant go wrong.

[XTR2Turbo]

don't know what the premiums are for extended warranty, and don't know what exactly they cover within that warranty- but overall I think that's a cracking idea   rs6's lose quite a hefty amount over that time scale- and you know that if buying a second hand car then with merc/audi/bmw you cant go wrong.

Depends on the excess but if you set at say £250 then typically around £750 a year

[XTR2Turbo]

To put it in perspective my friend is selling a 3 year old Porsche 911 Cabriolet S with about 15k on the clock and part ex offers are low £40's. 

 

I reckon that would still be worth £27.5k in another 3 years time.

[Speed Freak]

to contradict what I just said in my last post......---

http://www.pistonheads.com/classifieds/used-cars/aston-martin/v12-vantage/v12-vantage-coupe/1711781

 

 got to be worth consideration if looking at the 70k mark