[streety82]

Hi all,

New member here. Long time reader, but first time poster and I am hoping I can draw upon some of your knowledge.

Over the past couple of days I have visited a number of dealers in my region, negotiating a deal on an 118i M Sport.

The best offer on the table so far is as follows:-

List Price: £30,689.64 (including options, servicing and seal & protect).
Discounted Price: £28,031 (8.66% discount).

4.9%APR PCP deals based on the above:

Option 1
Cash price: £28,031
Deposit: £3000
Term: 36 months
Annual Mileage: 10K
Monthly payment: £450.75
Final Payment: £11,907

Option 2
Cash price: £28,031
Deposit: £3800
Term: 48 months
Annual Mileage: 10K
Monthly payment: £378.39
Final Payment: £9,709.88

Option 3
Cash price: £28,031
Deposit: £5000
Term: 48 months
Annual Mileage: 10K
Monthly payment: £350.36
Final Payment: £9,709.88

Option 4
Cash price: £28,031
Deposit: £3000
Term: 48 months
Annual Mileage: 10K
Monthly payment: £397.08
Final Payment: £9,709.88

I have a meeting at the dealer again tomorrow morning to discuss futher, but would appreciate feedback on whether this is a good deal and if so what is the best finance option?

If you think there is still further room to negotiate, please can you please advise.

Any advice would be very much appreciated.

Thanks,
streety82

[eezzee]

8.66% is a good discount, mine was around that - 9. Can't do much about the APR but as its such high spec there's more room on the options. Try to push the price towards 27k and then opt for around the 10% deposit option. Good luck.

[JonF1982]

Hi Streety82, Welcome aboard.

You've negotiated on list price rather than monthly payments, so that makes it clearer for you understanding what discount you are getting, that's a good way to go.

I think you are there or there abouts at a resonable deal, but its always worth seeing if you can squeez somthing else out of them. Try to close them, i.e say "i'll go with option 1 but at £420 a month, if you can do that we've got a deal." If they say yes you saved another £700 ish, if no, walk away and try another dealer.

As for which of the 4 options, as the discount is the same on all of them, it's just personal preference, a bit more a month but a 3 year deal, a bit less a month but a higher deposit.

I'd expect that you might have more room to negatiate if you're putting a bigger deposit in.

Good luck.

[streety82]

Thanks for the welcome and the prompt replies.

@ JonF1982 - Thanks for your comments. So just to clarify, if you negotiate the discount up front, then the PCP deal is what it is? But as you have said, I should try and get a bit more off the monthly payments if possible. Is that right?

Also, where does the 4.9% come into it? If we take option 1 as an example, the total I would pay is £31,134, so I would be paying £3103 interest. That is not 4.9% of any of the figures mentioned??

Thanks.

[JonF1982]

Yes If you're happy with the deal, you're just looking for something to close with, that was just one suggestion but if you want to continue on the list price that's just as valid.

4.9% is an APR (Anual Percentage Rate), basically APR is useful to compare loans, but it doesnt directly tell you how much interest you are paying (unless your loan is over 1 year).

You are constantly paying down your loan, and therefore the amount that interest is calculated on is reducing each time. It can all be worked out with complicated formulas.

I develop financial software for a living so this stuff annoys me on a daily basis:

http://en.wikipedia.org/wiki/Interest

[streety82]

Thanks JonF1982. Thats good to know.

"I develop financial software for a living so this stuff annoys me on a daily basis"

Rather you than me!

[streety82]

Hi all,

I am now back in Germany (after spending the last week in the UK) and managed to secure a deal on the car on Friday.

I went to my local dealer (Gloucester), who gave me an 8% discount. Previously I went to Cheltenham who matched what I was offered online (8.6% discount), but the service at the Cheltenham dealer was pretty poor and I didn’t get a very good feeling about the place. They were really pressuring me to sign on the day when I wasn’t completely happy that I understood everything.

I was much more impressed with the Gloucester dealership and the time they took with me. They didn’t pressure me into making a decision and it was a much more pleasant experience.

I feel I pushed the Sales guy as hard as I could on the discount but he wouldn’t budge from 8%. I then tried to get the monthly PCP figure reduced a bit but no joy. I tried getting him to throw in the Service Inclusive and Seal & Protect for free but again no joy.

I think that if I had the time to go around and play multiple dealers off against each other then I could have got a slightly better deal financially. However, Gloucester are my closets dealership, it seems like they have a good customer service ranking and I was very impressed with the Salesman (Matthew Griffin) and the atmosphere in the dealership in general.

I will be returning to the UK permanently on 1st September so I will pick the car up then. Here is the spec:-

118i M Sport
Glacier Silver
Anthracite Hexagon Cloth
Driver Comfort Pack (Front and Rear PDC)
Interior Comfort Pack
Visibility Pack
Sun Protection Pack
Comfort Access
Ext. mirrors - folding auto dimming
Smokers Pack
Heated Seat
Blue interior trim finisher with Alu Hex trim.
DAB
Harmon Kardon
Telephone USB audio interface
Enhanced Bluetooth with USB audio interface
Black Panel Display, full.

I managed to negotiate the price of the Seal and Protect down to £249 from £399, but I have yet to order this. What is every ones thoughts on this? Would I be better off getting the car detailed after collection? I have never detailed a car before, so would be looking to get it done by someone in the South West if anyone has any recommendations.

Very excited. Only 3 and a bit months! It's going to be a long and painful wait.

Thanks for your help/advice.

Streety82

[01142007]

What deposit have you paid and payment, term did you get mate, in fact what was your final deal with the final payment etc?