MB have sent me an offer which sounds good (too good?)
The offer is for an EClass 220CDI Avantgarde saloon, with automaticbox and metallic paint.
On the road price...............£33,045
'Retailer Contribution' .........£5,000
Deposit...................................£5,149
36 monthly payments..............£260.20
Charge for credit @ 4.3%....£2,446.20
Optional final payment .......£15,900
I like the sound of the 4.3% interest rate, I can get more for my money than that on deposit. I also like the 'retailer contribution' of £5,000.
Yes, I know it's a contract purchase scheme - pay £15,900 at the end of the contract to buy the car, or walk away.
Is it good, or have I missed something?
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I meant to add that the web url quoted is www.mercedes-benzretail.co.uk/offers that actually opens in web page which is slightly different and quotes a retailer contribution of £3,000.
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Mileage limit? Audi do some 'attractive' offers similar to this, but impose a 5,000 mile a year limit with punitive rates for exceeding it.
No doubt there are other hidden 'admin' charges in there - about £300 worth seems the norm.
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Mileage limit? >>
10,000 pa.
The deposit figure does include the 'acceptance fee'.
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Seems to me that your cost would be about £12,000 over three years and then you would be left with nothing! If however you can claim the lot on business then you are onto a winner. I am self employed and put this sort of plan to my accountant who reckoned
I would be better off buying outright.
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£14,509 over three years. Probably about the same, maybe slightly less, than depreciation if you bought the car new outright and kept it three years assuming that you'd do the contract mileage anyway (about 10k hopefully).
It's no unmissable bargain but it's a sensible way to finance a car that you would have bought anyway.
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It's no unmissable bargain but it's a sensible way to finance a car that you would have bought anyway.
I would agree with that, but the thought of having the near £100/wk depreciation so starkly pointed out would make me feel sick the whole time I had the car!
At least if you just buy it, you have to wait for 3 yrs before you find out how much you've lost.
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