11 June 2015 – The car is now reported to be sold by the media and the car is showing as sold on Taylor & Crawley’s website. It is reported that the new owner is a British enthusiast who intends to drive it so hopefully the car will be seen out and about on UK roads once again. The final purchase price has not been confirmed. It just goes to show how long it can actually take to sell one of the world’s most desirable cars – the big deals can be complicated…
After 17 years of ownership, 40-odd thousand miles and a couple of mishaps – one of which resulted in a rebuild that is reported to have been in the region of £1 million – Mr Atkinson has put his well known McLaren F1 on the market. It’s not yet clear what the asking price is, but the media are reckoning around £8 million – you can read more about why he is selling it via our friends at Goodwood Road & Racing.
Chances to own a car like this don’t come around that often, and even for someone with the financial wherewithal to buy when they do eventually come to market the timing might not be convenient. In these circumstances a finance package is often the best (and only) solution even for High or Ultra-high Net Worth Individuals and you’d be surprised how often we arrange facilities like this.
The requirements and profile of the customer as well as the provenance of the vehicle are both important aspects in determining what type of packages are available and it takes a lot of work to get such a large deal over the line – but specialist finance facilities for such high value cars do exist.
Based on the profile of similar deals we have done in the past, finance for a used McLaren F1 might look like this(Representative example) – it’s worth noting that this type of facility would only be available to high net worth individuals (although that may sound blindingly obvious!) on an unregulated agreement.
Used McLaren F1 – £8,000,000
40% Deposit – £3,200,000
Balance to finance – £4,800,000
60 monthly payments of £ 54,063.98
Final payment of £3,200,000
The final balloon payment could be refinanced subject to the value of the vehicle at the end of the agreement although the car is obviously unlikely to have depreciated a great deal….
One of the questions that we have been asked is “the car has been involved in an accident – can it still be financed?” A car’s history can have an impact on value – race cars that have been involved in fatal accidents are a good example – and the knock on effect is that a lender may have a different opinion on the residual value of the vehicle should it come into their possession. This shouldn’t affect their willingness to finance the car but can make the overall deal less attractive to a buyer typically due to a reduced loan-to-value ratio. In the case of this particular car, a certified repair at the McLaren factory makes all the difference.
If you wish to enquire about classic car loans and finance facilities of over £1,000,000 please get in touch with Rob Johnson on 01869 351512.
Photo credit – James Lipman via Goodwood Road & Racing