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Discussion Starter · #1 ·
What kind of payment do you guys have with a jcw. I have a 14 s model and I'm looking to trade it for a jcw but I just want to know what kind of payments you guys are making for yours. See if it's in my budget and what not. Any info is appreciated
 

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2015 F56 JCW
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That's a tough question, there are so many types of repayment plans it's really up to your individual circumstance as to what is the best method short or long term. Even if you have the cash to buy outright, doesn't mean it's the most adviseable method. There is leasing, personal loan, car loan, take it out against the home loan, dealership loans, grand theft auto (short term loan :) .

Best advice is to speak to a financial advisor, lay it out on the table of where your financially at and see what they say however some will try to sell you financial plans and investment schemes (be wary of these). at the end of the day, you need enough money left over to LIVE, if the interest rates go up or you lose your job etc, can you still exist.
 

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Discussion Starter · #3 ·
Yeah your right, thanks for that insight I appreciate it! Il probably end up staying with my S model for now
 

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Cash is best !!
Not necessarily.

In the UK I believe, main dealers and sales personnel commonly make commision on finance packages so may be prepared to offer a better deal, say, for hire-purchase. You could get a better trade-in or some add-ons so they can close the deal.

So agree a deal and if you do want to pay cash, then pay in full in the 'cooling off' period, as I have done in the past. Alternatively just pay it off soon after with any final payment deduction - depends on the terms and conditions. You also have the benefit of a hire-purchase transaction where the finance company is jointly liable for the car being 'fit-for-purpose' if there are any substantial problems.
 

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I can vouch for this. My Father bought an Audi and there was a greater discount offered when taken out with PCP.
This was down to both a manufacturer discount and then a dealership discount when combined to an £8k saving on a £50k car. What you then need to do however is clear the outstanding credit within 14 days but must do this to get the saving otherwise it was going to be clawed back in interest.
We were sceptical at first but that what he did so is proof it can be done.
But as mentioned the numerous options are likely to vary depending on personal circumstance and probably from dealer to dealer.
Good look but I'm in a similar scenario as u wanting to trade my MCS for a jcw but just can't justify the price difference at the moment.
 

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I opted for the Mini Lease program known as Mini Flex here in Australia. 5yr lease term with a guaranteed value return, with the option to keep the car or upgrade. I can even sell the car before the lease is up, pay the remainder of the lease amount and keep an extra $ if any, for myself.
 

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Discussion Starter · #8 ·
So today I went to vista mini in coconut creek Florida. I wanted to test drive the 16 jcw, it was rush hour around 6pm and I only drove it on local streets. Definitely a tighter drive, but I didn't get to bring it through all 6 gears so it's hard to say. They did offer me that mini next program tho and the quick quote I got wasn't too bad. But it depends on my trade. But the jcw has a lot of little touches that are cool
 

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In the UK you do not need to repay in the 14 day cool off period, you can do it at any time. There are no penalties, I believe.

Also, the PCP option with as lower deposit as possible is usually the best way, because you can keep some of your funds liquid and often invest that at a higher rate than you'll pay in interest (if you're wise and have a good adviser!)

My agreement is 5.2% APR - money has never been so cheap!

Yes, personal loans are a lower rate - around 3% at the moment - but you will also need to borrow the balloon payment that way - costing you more each month and overall.

Securing against your house is daft - as to borrow in mortgage format will often incur additional fees such as valuations, legal fees etc - and also even if you pay a 1.xx% rate - if you're doing it over 5+ years (often the minimum term for mortgage borrowing) you will pay more in interested because of that term - therefore costing you more. Also if you run in to any kind of difficulty you could lose your home - and one never knows what the future holds! I would advise securing as little as possible against your home!

Credit cards (if managed properly) can be the real winner if your rating allows. If you can get £25k in credit limits on a 0% deal with the card company then it's the most effective way of avoiding interest while your capital can be held in liquid funds and achieve growth elsewhere. Plus you have the benefit of overpaying easily if you have the ability.
You also have the ability to f*** things up the most easily!

It's a shame that cash is not king - but it's clear there are some real viable borrowing options.

Best is to first negotiate with your dealer about 'what if' prices for your car depending on how you pay - and go away to discuss with someone qualified in finance to work out what's best. But then, speaking to someone qualified may cost you an hourly rate so best see if you have anyone in your friends and family circle!
 

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Gee, you guys have it bloody good when it comes to interest rates and vehicle buying. In Australia, a fully loaded f56 JCW will cost $65 -$70k. Our interest rates.
Home loan - %5
Car loan %10
Credit card - %20
These are obviously variable but these are the average interest rates.

Car servicing through the dealer is very expensive as well. Basically everything in Oz is very expensive. However if your on holidays from the UK, the exchange rate is better than double. Look forward to seeing you guys soon, oh and please bring mini gifts as we ant afford them here.
 
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