Discovery 2017

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  • Laney26
    Member Since: 14 Apr 2019
    Location: Newcastle
    Posts: 17
    United Kingdom 

    So you took the finance deal to get the discount and immediately paid it off? That’s clever

    I’m really torn. The hubby set the budget at month is 600, the se at 600 down and 600 a month. But I really like the HSE. I’ve found one that is 42k HSE and could do a bank loan at 3.9% trade in my car and put some savings into it and own it outright. The 20k loan would work out at 370 a month and fully paid off over 5 years
  • Dangerdave
    Member Since: 15 Feb 2017
    Location: Ross-shire, Highlands, Scotland
    Posts: 409
    Scotland 
    2018 Discovery Sd4 (240) SE Santorini Black

    Yes, take advantage of a LR finance contribution. The minimum is £15k to get the discount. Take delivery of the car, then cancel the agreement with LR finance the same or next day. You will only pay a few quid of interest.

    You have the legal right to cancel within 7 days. There’s never any problem, not even a question as to why you are doing it. In any case it’s fine to simply change your mind. They can not reclaim any discount you’ve been given.

    Outside 7 days, you can still pay it off, but they charge you a minimum of a months interest. Some people opt for this as it gives them the right of redress to LR finance under Consumer Law legislation if the car is a lemon.

    It’s never bothered me because the Consumer Law Act 2016 allows the customer to pursue redress directly with the supplier anyway. Sometimes introducing LR finance into the equation complicates matters.

    PS I wouldn’t tell the dealership your thinking about doing this. Whilst totally legal, they don’t like it because they get commission from LR finance for you taking out the loan. I think the by time is you must keep the loan a couple of months for the dealership to keep the commission or they end up having to repay the commission to LR finance. Laughing

    In any case, I’d not take LR credit at 6.9% or what ever it is when my local bank would give me a loan at 2.9% if I didn’t have the cash.
  • Equilibrium
    Member Since: 26 Feb 2019
    Location: Bristol
    Posts: 128
    United Kingdom 

    Laney, factor in the cost of an extended warranty through LR and that HSE buying outright sounds like a great deal.

    At the end of 3/4 years in the SE you will have to find the lump sum to keep it. At the end of the same period in the HSE you will own a car that’s still worth a very good chunk of money and just have a small amount of loan outstanding. You are probably going to be 15-20k better off at the end of the 3 or 4 year period. (Very rough numbers)

    Drives BMW 440i.
    On order MY2020 HSE Luxury SDV6 in Carpathian Grey
  • Laney26
    Member Since: 14 Apr 2019
    Location: Newcastle
    Posts: 17
    United Kingdom 

    So hubby has been doing some calculations.

    We have found a year old HSE for 42k if we pay trade our car in and pay 3k on top of a 20k bank loan at 3.9% we would be paying 44600 over 5 years for the car in total.

    If we go new. Pay 599 down and the final value- we would pay a total of 54156 over the 4 years for the new.

    With the new se having so many features now like rear camera it’s figuring out how much both cars will be worth in 4 years time as a comparison. 4 year old new se or 5 year old HSE. Wonder how much an extended warranty would be on the HSE so it’s like for like.

    It’s such a big decision for us so thank you for all of the inputs it’s thrown a curve ball how much they have added to the se in the 2019 model
  • Chalkey
    Member Since: 23 Oct 2017
    Location: St Helens
    Posts: 150
    England 
    2017 Discovery Sd4 (240) SE Indus Silver

    Dangerdave that’s really good advice which I will remember when I’m changing my car next. A Discovery SE with extras will only be forth base price, you loose the cost of the extras when your selling on years later.

    The HSE has all the extras in with the price, when we bought our SE Discovery Sept 17 there wasn’t many HSE about, but now if I was buying a new Discovery SE or a used HSE for the same price I would go for the HSE.

    2.0 SE Indus silver, black pack, 21in black alloys, black roof rails, acorn leather, privacy, tow bar, drive pack, rear camera, heated front & rear seats, auto dim door mirrors, mud flaps, door body moulding, side steps, life shine, dash cam front & rear and RLD spare wheel proctor.
  • Dangerdave
    Member Since: 15 Feb 2017
    Location: Ross-shire, Highlands, Scotland
    Posts: 409
    Scotland 
    2018 Discovery Sd4 (240) SE Santorini Black

    No problem.

    Oh, any help the Clydesdale Bank is offering 2.9% on £12.500-£25,000 over 5 years at 2.9%. You don’t have to be a customer to apply. I only know that cos it’s my bank and I get that flashing up when I login.
  • NightFox
    Member Since: 12 Apr 2019
    Location: Shropshire
    Posts: 10
    United Kingdom 

    I'm currently looking at ordering either a Disco5, a Velar or a Jag I-Pace and although I could buy outright, I'm probably going to go PCP whatever my decision - the reason being the protection against any dramatic drop in residuals.

    For the D5/Velar, I'm worried about what drastic measures the Government might take to appease the current ill-informed backlash against diesels, and what impact this might have on residual prices in three years time. At least with PCP it's not something I'd need to worry about - if the car's in negative equity, I can just hand it back and walk away. If it's got equity, I can pay-off the finance and sell/trade it.

    Similarly, for the I-Pace - EV technology is rapidly developing, and a new technology (such as lithium ceramic batteries) could render current EVs obsolete almost overnight. Again, with PCP this isn't something I'd need to worry about.

    Of course there's the interest you're paying with PCP, but if you pay as large a deposit as is allowed, with a decent dealer finance contribution this doesn't have to end up costing too much more (notwithstanding the trick of getting the dealer contribution and cancelling the PCP on day one).
  • Laney26
    Member Since: 14 Apr 2019
    Location: Newcastle
    Posts: 17
    United Kingdom 

    Nightfox that is a really interesting point. I’m going to pass this on to my father in law who is just about to order an ipace ( we are hoping to order the disco and the ipace together to get more discount lol).
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