You’ve probably seen the finance deals offered by car manufacturers in TV adverts saying you can have their latest models for as little as £100 a month.
But how about £26,000 a month?
That’s just one of the deals put on the table for well-heeled petrol heads who enquired about financing a 200mph supercar launched at last week’s Geneva Motor Show. But why don’t they buy them outright?
Here are the 10 debuted models that were in highest demand with high net worth individuals desperate to get their hands on the latest luxurious vehicles.
A VW Golf a month: If you wanted to finance this Aston Martin Valkyrie AMR Pro – first shown at last week’s Geneva Motor Show – the monthly repayments over 2 years are the same as a new Volkswagen family hatchback
Are the super-rich really using finance?
We know what you’re thinking: supercar buyers don’t need to finance their purchases – they have enough money to buy their million-pound motors outright.
While that might be true, many are still taking advantage of packages to pay for ultra-exclusive vehicles over monthly periods in order to free up their cash for other investments.
JBR Capital, one of the leading prestige-car finance providers in the UK, told This is Money that by financing the most luxurious cars on the planet the uber-rich can ensure they don’t spend big lumps of cash.
‘In many cases, these are entrepreneurs and business owners who have strong asset wealth but don’t necessarily meet the tick-box approach of other lenders, as they may keep a relatively low cash flow or continually put their readily available cash into investments and assets,’ a spokesman told us.
And it’s not just a case of keeping funds at the ready, as many are also using finance packages to protect the value of their assets.
With the final balloon payments representing the finance provider’s guaranteed value of that vehicle at the end of the two-year arrangements, the customer can avoid any unforeseen shocking depreciation or decide to hold onto a rapidly appreciating vehicle.
JBR Capital said clients must ‘be able to prove their net worth and sources of income’ to be eligible for one of their finance deals on these ultra-exclusive vehicles
How do you go about getting finance for a £3million supercar?
People are accepted for mortgages on £3million homes every week, so it shouldn’t come as much surprise that individuals get a green light for finance on cars worth the same amount.
But how do you prove you’ve got the funds to cover monthly payments of £26,000?
JBR Capital explained.
‘Of course, potential clients must be able to prove their net worth and sources of income,’ they told us.
‘But we take a holistic approach when assessing each client for finance, taking into account their entire financial circumstances, beyond just looking at their balance sheet.’
The final balloon payment for choosing to finance a car like the Aston Martin Valkyrie AMR Pro is £1.8million. Ouch!
Aston Martin Valkyrie AMR Pro is the most expensive finance quote from Geneva
So what does a deal look like for one of the exotic cars launched at the Geneva Motor Show last week?
JBR Capital said it has had a number of requests for million-pound models just unveiled at the event.
The most expensive car enquired about is the incredible Aston Martin Valkyrie AMR Pro track car – despite all 25 examples claiming to have already been sold to customers.
The lender quoted a deal based on representative APR of 7.9 per cent and fixed rate interest of 4 per cent a year that resulted in a deposit of £600,000 – the price of a seven-bed detached house in Manchester – and 48 monthly repayments of £25,972, which is the price of a new mid-range VW Golf.
At the end the two year period, the customer can choose to hand the car back or keep the keys with a balloon payment of £1.8million.
Extending the purchase over a two-year period means the total amount paid – if the vehicle is retained – is £3,647,201, a 22 per cent premium on paying in one go.
The Aston Martin wasn’t the most popular vehicle, though…
With a plethora of exotica uncovered at the Swiss motor show, including the latest Bugatti, Ferrari and Lamborghini, it was two relative newcomers that JBR Capital received the most enquiries about.
Since the curtain dropped on the show last week, the finance provider said the biggest interest has been in the Corbellati Missile, created by an Italian family better known for their jewels and fine art, and the Rimac C Two, the electric supercar that replaces the Croatian brand’s Concept One, in which The Grand Tour’s Richard Hammond had a fiery crash last year.
Incredibly, this Corbellati Missile is one of the cars from this year’s show that’s had the most enquiries. Quite surprising considering the half-finished look of the vehicle on display
JBR Capital said the £1million Rimac Concept 2 was also in high demand. Hopefully buyers won’t replicate the recent antics of Richard Hammond driving the previous-generation Rimac 1…
No quote was given for the Italian supercar as prices have yet to be announced, but financing the £1million Rimac will require a £200,000 deposit, 48 monthly payments of £8,648 and a final balloon sum of £600,000.
JBR Capital ceo, Stephen Halstead, said: ‘Clearly, the cars that generated the most interest from prospective buyers in Geneva are the most extreme, the most extraordinary that the show had to offer.
‘It’s easy for them to seem like nothing more than mouth-watering but unattainable fantasy cars.
‘These cars are never going to be cheap things to own but it may surprise people how little – in relative terms – they need to find per month in order for some cars this special to be actually within grasp.’
How finance deals look for 5 other Geneva Motor Show debutantes
1. Lamborghini Huracán Performante Spyder, list price: £238,000
There’s undoubtedly huge demand for a topless version of the extreme Huracán Performante, which will have a fiery V10 soundtrack
With active aerodynamics and forged carbon-fibre technology allowing a 35kg weight reduction over the existing Huracán Spyder, the drop-top Performante Spyder’s 5.2-litre V10 makes 640hp at 8,000rpm.
Weighing 1,507kg and aided by its permanent 4-wheel drive system it sprints to 62mph in 3.1 secs, to 124mph in 9.3 secs and it matches its hardtop sibling’s 202mph top speed.
Want one? You just need a deposit of £23,800 and be able to cover monthly payments of £2,626. Then there’s the final balloon payment of £142,800.
Stephen Halstead from JBR Capital said: ‘Chop the roof off a phenomenal car so you can hear the full glory of the wonderful V10. Makes total sense.’
2. Ferrari 488 Pista, list price: £253,000
Pista cake: If you want a piece of Ferrari’s new 488 track weapon you will need to lay down a deposit of £37,950 followed by monthly repayments of almost £2,500. Then there’s the £151,800 final balloon payment if you can afford it
With 50 more horsepower than the standard 488 GTB, the 3.9-litre turbocharged 720hp Pista is Ferrari’s most powerful V8 to date.
Zero to 62mph takes just 2.85 seconds (putting it on a par with the LaFerrari), while top speed is ‘over’ 211mph. It’s also 90kg lighter than the GTB and has 20 per cent more downforce, making this the ultimate trackday Ferrari on sale right now.
Stephen said: ‘A sure fire winner both as a driver’s car and a wealth enhancing investment, getting your hands on one without paying a huge premium will be the problem.’ Granted you can afford the £2,485 monthly payments and a £38,000 deposit, of course.
3. Porsche 911 GT3 RS, list price: £142,000
While the lime green paint job on this one might not be to all taste, the new GT3 RS is widely expected to be one of the best driver’s cars ever created
The most affordable car of all those mentioned here, the GT3 RS uses a non-turbo 4.0-litre flat six engine making 520hp – 20hp more than the previous GT3, thus making this the most powerful non-turbo 911 ever.
It will go from 0 to 62mph in 3.2 seconds and max-out at 194mph.
Stephen said: ‘Some say, with good reason, that the Porsche GT3 is the best driver’s car money can buy.
‘The RS takes that to an even higher level adding more power and aggressive styling cues from the GT2.’
Despite being the cheapest (we use that term lightly) here, it still demands monthly repayments of £1,562.
4. McLaren Senna GTR, list price: £1.2million
The McLaren Senna GTR is strictly for use on track only – that’s if you can afford a £240k deposit and £10k monthly payments
Now we’re back to serious money – the £1.2m McLaren track-only car named after the manufacturer’s greatest F1 racer of all time.
It’s a development of the £750k, 800hp, 211mph road-legal Senna, but with 825hp the GTR will only be allowed for use on circuits.
Up to 75 Senna GTRs will be built and are already signed for, we believe.
Stephen said: ‘Looks incredible and bound to go like a rocket, only the very brave should apply.’
Brave and loaded, he means. Monthly repayments alone are the same price as a new small car.
5. Bugatti Chiron Sport, list price: £2.2million
The Bugatti Chrion Sport is the first car to feature carbon fibre window wipers. That’s just one addition for the £2.2m motor
No Bugatti is cheap, and the new Chiron Sport is an eye-watering £2.2million.
It’s a more track-focused and hardcore version of the standard Chrion, which is bonkers enough as it is.
There’s no more power, but weight has been clipped thanks to a number of measures, including world-first carbon-fibre windscreen wipers.
The finance breakdown is almost as fearsome as the performance. The deposit you need to put down is the best part of half a million pounds and monthly repayments are the same as a new Ford Focus.
Stephen said: ‘Chiron not quick enough for you, Sir? Then might I suggest the Sport edition.’
CARS & MOTORING: ON TEST