Even when I pointed out to my best mate a few years back that I’d bought a fully specced 5yr old 42k mile S Type Jag in Jewish racing gold for less than the 1st years payment & deposit on the 1 yr old 19k mile Audi A3 1.6 poverty spec he was about to rent AND that I could therefore literally hand the keys to a complete stranger after 1 yr, walk away and I would still be in a better position financially....
Thought I’d update the thread even though I bought my bike a few months ago!
I went PCP via the dealer which to be honest wasn’t too bad a deal and it helped secure me a good overall package with luggage etc
I then got a bank loan that was nearer half the APR rate of the PCP and paid it off within the cooling off period
When I pay the bike off when I retire in a couple of years, doing the switch will have saved me around £1200 in interest plus a rebate on the interest still left on the personal loan so maybe a £2000 total saving.
The only downer is my monthly repayments are £80 a month more that they would have been on PCP
If you got a better deal on a bank loan, why didnt you just go in with that and batter the dealer to get what you wanted?
I am always amused to see comments about how you can buy something cheaper for (gasp) less money, and you therefore assume you've won! By that rationale, nobody would ever buy a new Porsche, Bentley, Range Rover, Audi or whatever because they could of course run around in a 5 year old S-type instead. However, being "in a better position financially" surely means you have more money to do what you want to do. If what you want to do is NOT drive around in a 5 year old S-type Jag (and frankly, who would...) then buying the Audi instead is a great example of how you could spend that money you were about to save.
“I just looked at the affordable payment rather than the whole package.”
I think that must be the case in the majority of PCP deals - that is why ‘almost new’ private sales struggle.
“I just looked at the affordable payment rather than the whole package.”
I think that must be the case in the majority of PCP deals - that is why ‘almost new’ private sales struggle.
The price of used bikes at BMW dealers also makes a new bike look very appealing when you can have a brand new bike for a comparatively small premium.
I quite fancy an R1250RS and I can buy a new base spec model for £12100 compared to a two year old R1200RS Sport SE for £11500 at a BMW dealers. I’d rather spend £600 on a new bike as I don’t need the gadgets on the Sport SE.
If you got a better deal on a bank loan, why didnt you just go in with that and batter the dealer to get what you wanted?
Dealers seem to prefer finance than going in with cash on new bikes and I actually managed to squeeze a bit more out of them for my part ex and got nationwide delivery thrown in as well by going with BMW Finance. .[/QUOTE said:This is what i expected when i bought mine from Jefferies , but i got a decent discount and finance wasn't mentioned once. No pressure , made a nice change.
I am always amused to see comments about how you can buy something cheaper for (gasp) less money, and you therefore assume you've won! By that rationale, nobody would ever buy a new Porsche, Bentley, Range Rover, Audi or whatever because they could of course run around in a 5 year old S-type instead. However, being "in a better position financially" surely means you have more money to do what you want to do. If what you want to do is NOT drive around in a 5 year old S-type Jag (and frankly, who would...) then buying the Audi instead is a great example of how you could spend that money you were about to save.
It appears that Brexs*it is having an impact on APR rates on PCP deals.
When I got my last GSA 3 years ago the APR was 5.9%, which I thought was a little high, put down 3k deposit and went ahead.
In hindsight I think it is better to put down a slightly lower deposit.
Anyway...3 years on.
The 16 reg GSA has no additional value in it over the final settlement figure, so nothing towards the deposit - fine with that, to be expected.
However, the APR rates have climbed - being quoted 7.9% this means will be paying approximately 2.5 - 3k in interest charges over the 3-year period.
Dealer isn't saying so, but think BMW are trying to hedge against hard brexit and import tariffs being imposed if we go to WTO terms.
This appears to be the same with Ducati.
(Porsche have been upfront about it and changing contract terms to impose 10% price increase if go to WTO terms.)
So, would like the new GSA, but sticking with the 16 plate would make more sense.
My only tip....don't ride the new 1250 - the engine is smoother and has noticeably more go, the gearbox is better and the suspension feels better to me. Even the BMW branded brakes on the front, they feel better than the Brembos on mine.
As an alternative, looking for a demo Multistrada 1260s (in white) and buy with cash from a bank loan at 3% APR. Ducati Aylesbury had a beautiful one a few months ago. But was too slow, (me, not the bike obviously).
The only niggle about the new GSA - could it be too smooth, too perfect ??
Then again if I went down the loon route would get the new Hypermotard 950 SP - apparently the front tyre lasts at least 10 years
The most fun I have had on a bike, ever.
Anyway, if anyone has insight into BMW APR rates, or whether some dealers are offering better rates, please let me know.
It appears that Brexs*it is having an impact on APR rates on PCP deals.
When I got my last GSA 3 years ago the APR was 5.9%, which I thought was a little high, put down 3k deposit and went ahead.
In hindsight I think it is better to put down a slightly lower deposit.
Anyway...3 years on.
The 16 reg GSA has no additional value in it over the final settlement figure, so nothing towards the deposit - fine with that, to be expected.
However, the APR rates have climbed - being quoted 7.9% this means will be paying approximately 2.5 - 3k in interest charges over the 3-year period.
Dealer isn't saying so, but think BMW are trying to hedge against hard brexit and import tariffs being imposed if we go to WTO terms.
This appears to be the same with Ducati.
(Porsche have been upfront about it and changing contract terms to impose 10% price increase if go to WTO terms.)
So, would like the new GSA, but sticking with the 16 plate would make more sense.
So your 16 plate GS Adv has cost you £3k deposit and about £2.5-3k in monthly repayments, over 3 years (give or take) to rent
Now it's worth no more than the GMFV figure, so no equity to speak of .... at the end?
So that 'investment' of some £6k has left you with nothing to show for it (unless you trade in and start again OR re-Finance the significant balloon)
Mmmm, not really good value to me
New bikes are nice - but when there are some cracking sub £10k used bikes here or elsewhere - sticking your £6k 'spent' into one of those would seem a more prudent option
There is a 2017 Rallye here for a mere £8995 or a smidge less
That's a bargain at half new price