Think double that.
Edit: and we know they can't earn that much as they'd have a different car to daily
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Edit: and we know they can't earn that much as they'd have a different car to daily
Think double that.
Edit: and we know they can't earn that much as they'd have a different car to daily
It cost more to daily a supercar I'd say than buying a regular car to daily.
A lot of people to daily supercars now as they are a lot more reliable but the running cost for warranty, servicing, insurance, repairs and fuel are still more than say dropping 10k on a regular car for daily duties.
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Sounds good. Where?
I thought I'd play devils advocate on this and found a company that specialise in Supercar finance.
I made the purchase price up (£120k) but did an R8 financing agreement of £120k with no deposit. It comes out at £28k financing charge (6.8%) over 60 months and only £1720 a month with a £46k balloon. Not insane?
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But there is a no deposit offering.... 
Oh sorry I thought you'd at least qualified your post with what has been borrowed must be paid back. Low monthlies is a relative thing, and an APR of 6.9% is cheaper than a used Civic.£1700 a month doesn't feel like a low monthly payment.
Especially for an Audi key.
Of course I knew this and my point was more that there isn't such a thing as a no deposit low monthly payment supercar deal
The implication was that anyone can have a supercar now because of low monthlies and no deposit.
This isn't really the case as few can justify a £1700 a month car payment. These are not low payments.
You'd be beyond crazy to fund a car like that without a significant deposit. Some seem to dive in thinking "I can afford X per month" to then find they have not covered off the true running costs and the bigger issue, depreciation. I'd not consider a car like that without at least a 20% deposit (ideally more) because if you need out quick you are going to be bummed big time on negative equity.
"They are selling for 100K" does not mean it's worth 100K. Think 80-85K main dealer, 85k-90k non main dealer as a very simple man math thingy. So pay 100K for nice shiny yellow R8, drive out in 80-85K car. Needs service, needs tyres, needs warranty £5K and if finding 20% deposit was an issue, finding 5K for 'stuff' might be too.
Of course, be a car buying genius like me and you drive it away and find out you can sell it for 10K more 6 months down he line (NB: the first time EVER in my car buying life I am in positive equity over buy price)
"They are selling for 100K" does not mean it's worth 100K. Think 80-85K main dealer, 85k-90k non main dealer as a very simple man math thingy. So pay 100K for nice shiny yellow R8, drive out in 80-85K car. Needs service, needs tyres, needs warranty £5K and if finding 20% deposit was an issue, finding 5K for 'stuff' might be too.
Of course, be a car buying genius like me and you drive it away and find out you can sell it for 10K more 6 months down he line (NB: the first time EVER in my car buying life I am in positive equity over buy price)
Keep the financial services industry/bankers bonuses ticking over by mugs paying 20k in financing charges
I'm on about luxury cars of mega value here but for those that can, it applies to any car. It is often the largest interest rate most folks are paying and it out performs saving interest rates by a large margin.
From a drive on that bloody hot weekend last week.
I like it, lovely twin exhaust design
Maybe not a brand new supercar but up to about £50K they are literally throwing money at consumers right now with insane zero deposit finance dealsReally don't think you can buy supercars with zero deposit, normally to get into a 60k plus car, you need some deposit and on a 100k plus car you need a decent deposit, I could be wrong but no sound financial advisor would ever advice financing should a high value vehicle without protecting yourself and to protect yourself from potentially owing the finance company money if you handed back the vehicle means giving a decent size deposit.
So its more likely BTC purchased or just someone who has saved up and dropped a large deposit or paid outright, or has a decent side business.
you would literally be insane to ever sign up for but if your credit is good knock yourself out & enjoy the massive headache in a few years when it finally dawns on you how much you actually paid & still owe!!I did a quick check on autotrader uk quite a few sub £40K R8 with insane dealer finance deals !! So point I am making is this yellow R8 could quite possibly be one of those
the lines between what people can afford to actually get (not actually own!) are way lower than they ever were! Everywhere its insane but nearly new or used slightly older but the deals are there zero deposit (if your credit is good your trackable for several years address history wise). Car finance companies & car dealers are falling over themselves offering these some people have extreme FOMO sucks to be them when the penny drops just how much they owe & how much to escape from the contract (if it has to end early!).
I genuinely feel sorry for anyone caught up in that by FOMO factors. The government should not really allow these deals they are daylight robbery but they exist & lots of people use them so what do I know!
Dunno about supercars but there is a garage near me which has had a bunch of nearly new GTRs and Audi R8s, etc. with low deposit and only £500-700/m - sadly didn't have a GTR in the colour/trim/spec I'd be interested in. Doesn't have anything nicer than an Audi S3 Black Edition in stock currently though.
As per Gibbo's point above wasn't rushing at it anyhow due to the running costs vs my usage.
As per Gibbo's point above wasn't rushing at it anyhow due to the running costs vs my usage.
The dealers also contribute towards the deposit (if they really want to shift it they will pay the whole amount off their cut) if you ask nicely
as they know they are getting massive £££ from the interest rates their finance company are asking (which will be in the region of 10-12% APR do the math over the contract lifetime its excessive but some people must have it so there you go!).Maybe not a brand new supercar but up to about £50K they are literally throwing money at consumers right now with insane zero deposit finance deals
I did a quick check on autotrader uk quite a few sub £40K R8 with insane dealer finance deals !! So point I am making is this yellow R8 could quite possibly be one of those
50k is not buying you a supercar, that is stuff like entry level Boxster/Cayman, BMW M2 etc, last I heard those were not supercars.
Those sub 40k R8's will come with huge running cost, they are bottom of the pile R8's with high miles and generally shoddy examples, the yellow R8 is the modern R8 V10, starting price around 75k plus:
https://www.autotrader.co.uk/car-details/202107265458698?make=AUDI&model=R8&aggregatedTrim=FSI V10&sort=price-desc&onesearchad=New&onesearchad=Nearly New&onesearchad=Used&postcode=st87hf&advertising-location=at_cars&include-delivery-option=on&radius=1500&page=6
Anyone buying said car like you say with zero deposit even if possible would be insane, the moment they drive it out the garage they stand to lose 10-20k if they need to hand it back to trade unless they can quickly find a private buyer. Sensible thing to do with any supercar purchase is ideally a minimum of 30% deposit to just try and ensure that should you ever have to hand it back for whatever reason you won't have to pay money to do so.
But you originally also said low monthly payment and these kind of cars are typically 75-150k some a lot more, on a zero deposit scheme that does not come with a low monthly payment, unless your earning like 200k plus per year, well then that kind of person would see it as a low monthly payment, but to the average earner paying £1500-3000 per month for a supercar is not a low monthly payment.
Low monthly payment to most is £300-600 per month and that does not get you into a supercar or a car costing second hand around 100k.
The dealers also contribute towards the deposit (if they really want to shift it they will pay the whole amount off their cut) if you ask nicely
Well are these dealer contributions on supercars new or used??? I am not seeing any lol!