Jump to content

New 2018 370z Finance Offer


JB33

Recommended Posts

Hey 

 

so I recently sold my 2008 350z HR a few months back as it was a pile of ...... 

gearbox crunches and slipping clutch two weeks after buying and showing zmanalex. Anyway, so ... onto the 370z and now very warey of buying used again.

 

I am at a cross roads and looking for help. I dont have any debt (minus mortgage) and have a fair bit of disposable of around £1,600 a month to play with. So I thought ... I’ll save or get a loan and buy a 370z used but from a dealership and ensure I get a proper warranty etc for peace of mind ....BUT they’re around the £20k mark and a couple years old. 

 

Here is the twist, a NEW one is £29,200k however Nissan are throwing £4K deposit at me and the dealer has knocked of a further £2k so this makes it a £23k car ... only a touch more than used and also get all of the new car leave of mind, tax and warranties. This is for the base model which now comes with rev match, exedy clutch for 2018. The monthlies are coming in at £297 with £500 deposit from myself and over 3 years. 3.49% APR and residual value of £13,800 odds. 

 

Anyones thought? I really want it but panicking about going back into “debt” as such but it does look like a great deal. 

 

Ps. I also have 8 months over emergency savings in the bank to cover mortgage and car payment. I’ve always tried to pay cash for everything so this is my main barrier. 

Edited by JB33
Link to comment
Share on other sites

5 minutes ago, rabbitstew said:

Everyone is different, but from my perspective, your numbers are saying you will be loosing £20,392 over 3 years?

 

Doesnt sound very appealing to me. 

How do you make that out? I’ll have paid £297 x 36 = 10,692 Plus my deposit so a total of 11,192. 

Then a ballloon of 13,800 bringing the total paid to £24,992. I’ll then own a car worth circa £14k and only a few years old. If I subtract that 14k from the 24,992 I’d have lost £10,992. And like everything, it will continue to depreciate, like most other cars

Edited by JB33
Link to comment
Share on other sites

£297 x 36 = £10,692, plus deposit is £11,192 you are spending.

£10,992 loss in depreciation.

 

Add them up and thats £21k your loosing over 3 years.  Sure some of that is depreciation, which most cars will have, albeit at varying rates. The rest is interest on the loan etc, but either way, its still £20k over 3 years.

 

As I said, each to their own, if your happy with that then fair enough, but id be either looking at a cheaper way of getting the cash, or buying something which wouldnt depreciate as much etc.

Link to comment
Share on other sites

52 minutes ago, rabbitstew said:

£297 x 36 = £10,692, plus deposit is £11,192 you are spending.

£10,992 loss in depreciation.

 

Add them up and thats £21k your loosing over 3 years.  Sure some of that is depreciation, which most cars will have, albeit at varying rates. The rest is interest on the loan etc, but either way, its still £20k over 3 years.

 

As I said, each to their own, if your happy with that then fair enough, but id be either looking at a cheaper way of getting the cash, or buying something which wouldnt depreciate as much etc.

Thanks for the replies. Ah, I see what you’re doing now. Yes, agreed, however; I didn’t think about it that way. Even the used car at a few years old will still depreciate at an alarming rate so (I worked out more so as I was given such a large discount on the new one it absorbed most of the depreciation) In this case I won’t look at the loss that way but I did ask the question to what people think and their views on the deal. 

 

 

Thanks, appreciate the replies. 

  • Like 1
Link to comment
Share on other sites

If I saved for a used one at 15k, it would be worth around £8k in 3 years. I know this by their PCP calculator giving me the final value. 

I would have lost £7k in cash over 3 years (and emptied my savings to buy it) 

On a new one, cash loss out of my account will be almost £25k (includes buying the car) but the car will be worth £14k. So the total loss is around the same and I rather have a newer car at the end of it. So guess I’ve answered my own question :-). 

 

 

The logic of the double loss (depreciation plus payments) applies to new and used and it actually works out the same (in the case of this heavily discounted new car). 

Edited by JB33
Link to comment
Share on other sites

It depends on how you view cars in general. 

 

If it’s just a car or an investment, then hell yes consider depreciation. And interest rates. And whether the missus will complain. 

 

If it’s your hobby, your passion, then who cares? 

  • Like 3
Link to comment
Share on other sites

25 minutes ago, Ekona said:

It depends on how you view cars in general. 

 

If it’s just a car or an investment, then hell yes consider depreciation. And interest rates. And whether the missus will complain. 

 

If it’s your hobby, your passion, then who cares? 

Totally agree. Cars are terrible investments but I love and breathe cars so it’s totally a passion. And I have sufficient cash flow and a backup plan so think I’m going to go for it :-). 

  • Like 1
Link to comment
Share on other sites

7 hours ago, JB33 said:

Totally agree. Cars are terrible investments but I love and breathe cars so it’s totally a passion. And I have sufficient cash flow and a backup plan so think I’m going to go for it :-). 

The amount of times a seller has said this is not an investment and I still clicked send on the transfer. I emptied my account on a 350Z. Cost £5000 couldnt sell it so many timewasters. Nissan bought it  for 3k and sent it to auction and took a hit of £400. £2600 to new owner. But I enjoyed it and the full exhaust system it had. The Z are full of character. 

 

Only live once, so live and live good!

Edited by GranTurismoEra
  • Like 1
Link to comment
Share on other sites

There seems to be some confusing figures in this topic.

 

New car - 23k 'cost', then pay 11,192 (monthlies + deposit) over 3 years. If you trade in/hand back after 3 years you have paid 11,192. If you sold it privately, I think it would probably be worth 17k, pay off the GFV of 13,800 and you are left with 3,200. Car has cost you £7992 over 3 years.

 

Used car - pay 15k now, worth 8k in 3 years, which is 7k. If you put some of that on finance there will be a cost for the interest. Also factor in warranty/additional maintenance against a brand new car.

 

To me, the current deals make buying a new one a no brainer.

  • Like 1
Link to comment
Share on other sites

Some very 'interesting' figures in this thread. 

 

Buying a used one a couple of years old will be towards the bottom of its depreciation curve and take far less of a hit than a new one over the same time period. This will be more the case the older the car gets. 

Link to comment
Share on other sites

On 09/03/2018 at 13:26, rabbitstew said:

£297 x 36 = £10,692, plus deposit is £11,192 you are spending.

£10,992 loss in depreciation.

 

Add them up and thats £21k your loosing over 3 years.  Sure some of that is depreciation, which most cars will have, albeit at varying rates. The rest is interest on the loan etc, but either way, its still £20k over 3 years.

 

As I said, each to their own, if your happy with that then fair enough, but id be either looking at a cheaper way of getting the cash, or buying something which wouldnt depreciate as much etc.

I dont understand this logic at all... If only £11k is leaving his bank account in that period, how can he be losing £21k!? 

 

To the OP, i think this sounds like a really good deal based on PCP deals of similar cars.  The only thing I would question is buying a 2018 370z in the first place, when they're essentially a 10 year old car at this point.  I'd want something a lot newer for my money.

  • Thanks 1
Link to comment
Share on other sites

On 09/03/2018 at 13:26, rabbitstew said:

£297 x 36 = £10,692, plus deposit is £11,192 you are spending.

£10,992 loss in depreciation.

 

Add them up and thats £21k your loosing over 3 years.  Sure some of that is depreciation, which most cars will have, albeit at varying rates. The rest is interest on the loan etc, but either way, its still £20k over 3 years.

 

As I said, each to their own, if your happy with that then fair enough, but id be either looking at a cheaper way of getting the cash, or buying something which wouldnt depreciate as much etc.

The money he will be spending IS the depreciation so you can't add them together.

 

I bought an Xtrail last year. Pre-reg, similar arguement that I wanted a hassle free new car. List price was £30K but picked it up for £20K. 100 miles on the clock and all the new warranty, service etc. Stuck the details into WBAC after a couple of months and they were offering more than I paid so had already negatated the massive hit that you normally get driving a brand new car of the forecourt.

JB 33 - might pay to put details into CARWOW and see what deals that other dealers will offer you and maybe also phone around. I did a 4 hour round trip for the Xtrail but saved me a fortune.

I am on my third Zed now, virtually no losses on the first two and looking good on the third. Buy wisely and they dont have to be a money pit.

  • Like 1
  • Thanks 1
Link to comment
Share on other sites

If you plan on keeping the zed for the long term I'd say go ahead.

I've probably lost near £24k on my zed if I sold it today, but looking back wouldn't have changed my decision.

Paid £30k back in 05 for my zed but after 13 years the depreciation has slowed right down. I took a big hit originally but have had a car without any bad surprises due to unknown history that brings a smile to my face daily.

If I was planning on changing after a couple of years I'd probably go 2nd hand rather than finance a new one, as a £20k hit in 3 yrs sounds much worse than my £24k in 13!

At the end of the day, different strokes for different blokes.

I know people that'd happily spend thousands every year on holidays but would consider buying a new car bonkers as you lose on depreciation and vice versa.

Link to comment
Share on other sites

13 minutes ago, HEADPHONES said:

If I was planning on changing after a couple of years I'd probably go 2nd hand rather than finance a new one, as a £20k hit in 3 yrs sounds much worse than my £24k in 13!

 

Don't get where this supposed £20K hit in 3 years is coming from.

If the OP buys for £23K (with the discounts) and car is worth £13K after 3 years then that is £10K.

If the OP just makes the monthly payments for 3 years and just hands the car back then he will have spent £11K, still not £20K.

Link to comment
Share on other sites

My bad......I was lazy and just read the last post above :lol:

But a zed would definitely be on my list as a keeper.

Back in 05 I was contemplating a BMW 330i instead of the zed.

There'd be no way I'd still be as smitten with an 05 BMW 330i after 13 years.

Something timeless with Zeds in my opinion.

May not be the pinnacle drivingachine in their category bit definitely something special and unique.

For that reason the OP should buy it and post up a pic of him sitting in his new zed smiling from ear to ear :teeth::thumbs:

 

  • Like 1
Link to comment
Share on other sites

On 18/03/2018 at 00:16, FallenAngelX said:

Some very 'interesting' figures in this thread. 

 

Buying a used one a couple of years old will be towards the bottom of its depreciation curve and take far less of a hit than a new one over the same time period. This will be more the case the older the car gets. 

As the new car has been discounted by around 6k from the dealer. This would soak up most of the initial depreciation hit. A used car still depreciates at an alarming rate and would probably be worse off as the same car a couple years old is actually the same price 22k as the discounted new model. The upside is I'd have a newer car for the same price. 

Link to comment
Share on other sites

I think you are just using "man maths" to justify the purchase (6k dealer discount etc), bottom line is you are planning to loose 11K plus on a near 10 year old model car,  sorry, i think thats just insane. For £300 a month or thereabouts you can get into a very very nice car, not an old model Nissan and thats coming from someone who likes them :) 

Link to comment
Share on other sites

1 minute ago, Jetpilot said:

I think you are just using "man maths" to justify the purchase (6k dealer discount etc), bottom line is you are planning to loose 11K plus on a near 10 year old model car,  sorry, i think thats just insane. For £300 a month or thereabouts you can get into a very very nice car, not an old model Nissan and thats coming from someone who likes them :) 

What do you mean old car? It's a brand new car. I'm not looking at a 10 year old model? Lol

 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...