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Mclaren Lease terms

12407 Views 107 Replies 24 Participants Last post by  Trevor90
Leasing on the Artura has a residual of 77% for 24mo and 71% for 36mo. That is pretty amazing. I don't have money factor details yet but if anyone knows please let
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Low 2s would probably be about right in the current interest rate environment. A year ago, I got a 2.7% APR on my loan, but that was to buy, not lease. I'm guessing if I was doing that deal today I might be paying around 5%. I wish there was a way to up that same loan to get into an Artura!
if you can get the loan amount under $200k, you can qualify for a traditional auto loan with a bank or credit union. That does require a hefty down payment. Otherwise you’re looking at speciality lenders like Woodside who charge crazy interest rates as well. If you’re there, you’re pushing the affordability imho (everybody has their own risk tolerance and circumstances). I’d recommend a SBLOC instead of a 7+% interest rate … A bunch of members here have used Woodside, and I feel like they succeeded to keep monthly payments low(er) at the cost of building up asset equity. Basically it’s a lease by a different name.

Normal people auto finance system isn’t really well suited to cars costing a midwestern house.
Woodside is currently still at 6%, which isn’t much more than other lenders, even with excellent credit.
that’s double what folks can get at credit unions. PenFed is offering 3.44% and you can do better than that. Woodside’s advantage is underwriting very long term loans (10+ years) which let’s folks sharply reduce monthly payments in exchange for a vast amount of interest payments (2x to 3x more). The way to make that not stupid is to sell the car after a few years and pay off Woodside before most of the interest is actually accrued.

Woodside will also do exotic car loans at amounts much larger than banks and credit unions. There just aren’t many games in town if you break $200K.
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What price are you at with a basic spec? The only things I'd really need are the club sport seats and the stereo.
a stripper spec with the club seats is about $238k. But decent wheels and the basic electronics package are each about $5k, and it’s pretty easy to get to $270k. Are you really going to skimp on the sport exhaust ? A nice paint ? The backup camera ?
The exhaust I actively don't want. I will want the track pack.
there isn't a track pack per se, but the club seats, harness, and bar all together are ~$10K
Does that include the telemetry and cameras?
No those are another ~$3K. I don't THINK you need the technology pack (eg the 360 cameras) in order to spec the telemetry (and track cameras), but I'm not 100% sure. If you do, that would be another ~$7K.
Where are you getting the prices from? I couldn't see any when I did the configurator.
I bought one :ROFLMAO:
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270 gets you to a pretty good place, even with the track options. It’s just really hard to do less than 250
so at that price ur now in range for a low mileage 720S. So which car would you rather have and which one makes the most financial sense. For me the 720S is an easy call. And that brings up an interesting question. Are there any current 720 owners that would trade for an Artura??
There seem to be folks whose leases are up or have had a 720 for a while and just want something new. The interior and electronics are A LOT better. If you were in a 720 and thought "hmm a McLaren GT might be better for the driving I'm actually doing" then the Artura is pretty fantastic. If you're in a 720 and think "wish I got the LT", then, no, it's not.
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ymmv… I normally focus on a balance of total interest payment and the convenience of some cash flow management (eg no balloon payments). Like at 2% interest the last few years … why pay cash ? Other folks focus on the monthly or minimizing the down payment or tax advantages with their LLC or any number of things.

Now you’d need a hefty down payment to get that $251k under the loan limits of most credit unions or banks. If that’s not possible or convenient, then you’ll pay more interest. 3400PM on 251k is pretty meh when you’re not building that much equity. 29% ownership after 3 years ? You could pay $52K down to conform, and probably get 4.5 to 5.5% interest on a 6 year loan and own the car (eg build equity) for $3200pm. You‘d own 50% of the car in 3 years compared to the lease and pay a lot less per month.

If you’re stretching, then folks like Woodside will do 6% over 10+ years. A much smaller monthly. But also a huge amount of interest over that time means very little equity after 3 years. It’s basically a 10 year lease. I think most folks sell after a few years to cover their loan. It’s more a liquidity service than an asset. I’d avoid it, unless I knew I was only going to keep the car for a year or two. But that leads into some tax issues, as CA isn’t very flipping friendly (without a dealer license or LLC …)
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This is also my approach, assuming the interest rate is good enough. With a lease, you're essentially paying interest on a large chunk of capital which is not being paid down, so anything other than 0% is relatively more painful than a loan.
unless the leases are subsidized by the marque, I find they very rarely have interest rates competitive with straight up financing or other lines of credit (in the USA, ymmv). It does give you a way to negotiate deprecation up front. Which before 2020 was a lot more enticing :ROFLMAO:
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Since I no longer run a business, which used to give me tax advantages with leasing, I have only signed leases with a subsidized rate. This is a big psychological barrier for me to Artura ownership.
yeah if you have an LLC or something else going on and live in a high tax state there are other possibilities
I still don't understand how owning a business helps with leasing and tax advantages. I don't see how a McLaren can pass the test of being a reasonable and necessary expense for running a business. Unless your business is supercar rentals... But I may just be uneducated.
it's a bit outside my wheelhouse, but there is a range of things here. It can be owned out of a high tax state by an LLC, lawfully. The LLC can be a "dealership". The LLC can be bought and sold without selling the car. imho each of these games comes with complications that just aren't worth it, especially if you want to drive the cars, but different folks, different goals. If you're collecting or flipping without driving, different possibilities open up.

In general, I'm a little surprised at what appears to be a significant price increase in the Artura over the 570S. Appears to be in the $25k-50k range? If it helps to keep McLaren a more viable company for the future, then great, but I'm definitely not the target market for this vehicle 😬 I need to go check my mega millons ticket...
Approximately $230 vs $195.
lol over 4k a month for a car. that's been bought down to 250.. LOL

Sounds like an awful dealer too, marking up the MF that high. Find a new one..
interest rates have tripled. I get $4100 a month for a 72 month traditional loan at 6% with $25k down. The problem for the lease is paying that and getting no equity. Stupid.

So just under 180k to pay off 90k of the car and drive 7500 miles. Pretty nutty rapage. Definitely withheld the lube.
i don’t think the dealer markup is going to be high enough to explain that. Auto loan rates are much much higher than a year ago.
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