Financing a track car – the Aston Martin Vulcan
First things first – the Aston Martin Vulcan. Due to be revealed at the 2015 Geneva Motor Show it will be a 800 bhp front engined V12 track only special costing around £1.5 million (plus taxes) in the vein of Ferrari’s XX program and the McLaren P1 GTR.
With Aston due to adopt Mercedes-AMG power in the near future, this represents a significant opportunity for Aston Martin customers to own the last of the race bred V12 Aston Martins so expect a bit of a queue. However, it may also present a significant challenge to the lucky owners who don’t want to pay cash…
We know what you are thinking – “who the hell buys a £1.5 million car on finance – surely they’ve got enough money anyway?”. In fact, at this level customers choose finance because it suits them to pay that way, not because they don’t have the funds. The problem they will face is that there are very few lenders out there who will consider lending against a very high value car, let alone one that will be used exclusively on a racing circuit….
We’ve already looked at the potential challenges of financing very high value cars – How to finance a McLaren F1 – and the challenges for a track car of this nature are broadly the same except that the perceived risk from the lenders perspective is higher. Getting a deal like this through comes down to a number of factors and two of the most important are the customer and the broker. We have financed many race cars and a large number of Aston Martin racers (including the DBR9) and our track record of providing facilities to the right kind of customer – one that doesn’t damage vehicles and is good to do business with – means that our lenders take a holistic view of this kind of bespoke financial arrangement. The bottom line is that successfully arranging finance for £1 million+ cars regularly goes a long way to smoothing out any potential wrinkles – and these wrinkles get bigger the more you lend, regardless of the customer.
If you are offered one and have the wherewithal, in the immortal words of Ferris Bueller, we’d highly recommend it – a guaranteed future classic – although as an advisory it is worth noting that Ferrari Enzo FXX’s can be slow to sell….
If you’d like to find out more detail on the Aston Martin Vulcan, you can find out more here at Goodwood Road & Racing.
If you would like to talk to us about funding a track car or a high value collector vehicle, please call us on 01869 351512.
If you would like to see and hear more of the Vulcan, look no further.