I'm sure you must experience so many mixed emotions whenever you see / drive it, I'm taking it as a given that your now fiscally secure so the need to sell won't arise.
Keep it, treasure it, let it be a part of your ol' man that will stay with you.
OC/UK will always be Mark's legacy but let the 599 be your own lasting tribute.
(Not sure if thats coming across right, I hope you get my sentiment.)
I am sure Nath does, I agree never let that car go, I'd get it properly fully paint corrected and valeted, though knowing Mark I bet it is absolutely perfection, so just place it in an air bubble, or even better do your old man a great duty and enjoy it like he did.
A question for those better with PCP.
This is not final numbers, but the finance company have essentially improved their offer and are ready when I am.
I have two options (these numbers purely example):
Option 1 (Oracle) or DSG: Typical PCP so I gain equity in the car:
Car purchase price: £140,000
Customer Deposit: £70,000
24 monthly payments of: £937.90 (£22,509.60)
Final payment: £55,000
Total amount repayable: £147,509.60 (£7509.60 interest @ 5.9% APR)
Advantage: Equity been built in car over term and lower final balloon.
Dis-advantage: Over payments can only be used to reduce monthly payment amount, thus impacting interest saved (rebate) the least amount. You cannot reduce balloon or term, so at best could probably get total interest paid down to around £6500
Option 2 (Magnitude): Interest ONLY PCP
Car purchase price: £140,000
Customer Deposit: £70,000
25 monthly payments of: £295 (£7375)
Final payment: £70,100
Total amount repayable: £147,500 (£7500 interest @ 5.0% APR)
Advantage: Lower monthly payment, more flexibility with over payments, you can reduce balloon, term and monthly payment, can over pay by upto £8000 per year with no charge. So a greater interest rebate by doing so and further reduces monthly payment. More re-finance options at end term for final balloon, hand car back, sell privately, re-finance balloon with traditional 5yr loan.
Dis-advantage: No further equity in purchase unless you over pay. Higher final payment if you make no over payments.
In short both types result in the same amount of money repaid.
They make you feel like your getting a better deal on interest only due to lower monthly and of course the lower APR, but reality is because the final balloon is higher it essentially offers no saving, they are gambling on you won't make overpayments.
Speaking to them, they can probably get traditional PCP APR down towards 5.4-5.6% which would drop the total interest paid to around £7000. The interest free they feel they can get down towards 4.8% APR so again about £7000.
To me the interest only option makes a lot of sense as I can then probably overpay by around 15-20k per year, shall find out the charge for exceeding £8000 per year but think it was just an admin fee, no doubt to offset some of the lost interest rebate by doing so.
I think by putting in a larger deposit and some over payments I can keep the interest charged under £5000 which I'd be very happy with on a 150k purchase (upto 70k borrowed).
