Cyberster almost here - thoughts

[Harry 17]

Like many of you, I assume, I have been watching this Cyberster story for the last three years. I was very interested at concept, and felt that MG would produce this car very much more affordably, come the time of Launch.

We obviously have our own governments rip off duties and tariffs to upt the cost (to a point where we now have to pay even more running costs, such as ‘premium’ EV road tax), but I think that due to the long lead in time between initial cost of the vehicle to the UK market, to where we are now, I have become desensitised to the overall price point.

This car is now at a purchase price that is at the very end of my budget. I really want the car (desire over finances lol), but convincing myself …. “You only live once” ….Twice if you are James Bond.

Having been an early adopter for the MG4, (one of the first delivered to the UK back in September 2022), I have become a fan of MG, however there are things that get reet on my nerves with my car, although I am a lot more susceptible to buying again from the brand.

I guess my question is, having first seen this car grow from drawing board to production, are you going to step up and blow the kids inheritance on this car?

My thoughts are getting quotes on PCP for a brand new car (with a better interest rate) or buy a used version of this car (saving many thousands at initial cost, yet increased payments on used car due to rubbish expensive PCP/HP deal?

I know how much I lost on the MG4 after six months, and frankly that sticks in my throat.

Sorry for the long post…..just wanted to see if any out there have an opinion, and it would honestly help me with my decision……so totally selfish LOL…sorry.

 

[Anon70]

Knowing what I do about MG and their software update policies as well as the depreciation factor. If it was me I would be waiting for an ex demo or 6 month old vehicle, that way you get more leeway in negotiating price and having all the latest updates installed, as well as finding out if there are any niggles that need ironing out (like the initial batch of MG4 under trays and oil leaks or the XPower motorway speed vibrations).

You also have to factor in the UK is likely to have a completely different Government in a few weeks who will start tinkering with things like import duties and dates when manufacturers have to stop selling new ICE cars (likely to impact new and used car values). Who knows what else they will do to impact motorists.

All of the above assumes you can put up with waiting 6-12 months. If you want one of the most exclusive (and reasonably priced) drop tops for the end of Summer 2024 then get your order in now.

 

[Jackolino]

Hello everyone,
I was shocked by the latest news! 38% penalty duty is too much for me! I can't afford that. But I don't want to have to wait either. My days are numbered, I'm no longer 30 years old. Maybe I'll ask my bank to help me out a bit. This car has done it to me and after a Mercedes SL it can no longer be a normal car

 

[GranTurismoEra]

If you wait and buy used the 12% interest rate will be a way to recover more money for the seller. The cars been owned it China so feedback has been going to MG since October last year. They've already had a software update related to some drivetrain and other software issues. UK OTA hasn't been confirmed yet. Its over the air in China.

Mandatory updates in my opinion should be free and OTA. I think there will also be a performance update at some point. I'm glad to know the car has a cooling function too.

Its expensive but so will the Boxster EV at over 70k£ and any other potential imports or EV coupes that arrive further down the line. I think MG should give future incentives for people who buy the Cyberster New like 0% but i think it will be 2.9%....

There's a lot to learn from MG4 owners on pros and cons of the platform. I think my depreciation figures will ring true and you'd still be looking at 45-50k in 12 months with a 11.9% rate....

That's where it'll get interesting between 12 and 36 months what the value will be and how many will be for sale. I'm guessing not many if the economy doesn't hit a pothole.

 

[salty]

If you really want it, get it, simple's. Don't worry about Change of governments, possible Tarrifs etc etc etc. You don't know what's round the corner (so to speak) get it and bloody enjoy it. ??

 

[Bricktop X PWR]

The question is...

Can you take a good Ol kick in the nads?

Because you will if you buy it new.

Cyberster drops 10k as soon as you drive it off the forecourt. (probably)
But if your planning on keeping it for the long term it won't matter one iota.

I wanted to be first on the road with my X Power and still, to my knowledge, I was. (OTR 5th Sept 23)

I bought ex demo (199miles) for £35,000

8 months later you can get a box fresh car for £31,500!

And you don't want to know what I'd get to trade it in now. (You really dont!)

My nads are still swollen, but I am happy and it doesn't matter as I'm looking at a minimum 3-5 years ownership.
Maybe more.

Life really is too short to be too sensible.

All IMO. (Obvs)

Caveat : You might get lucky, if they don't flood the market with cars and they remain very much in demand, Hell you might even make a few quid after 6 months or a year.

 

[GranTurismoEra]

Caveat : You might get lucky, if they don't flood the market with cars and they remain very much in demand, Hell you might even make a few quid after 6 months or a year.

Red Cyberster to compliment those bikes!

Possible! if new owners hold and dont sell. Any available will be "fair priced" or ex demos. I agree 10k right off the bat soon as you register your name to it. It is possible you could lose as little as 5k if there are non used and reasonably priced within 6 months and a potential buyer isn't prepared to wait 12 to 16 weeks for new

If MG decide no new allocation until March/April then could get away with asking for more than 50k. Has to be where MG say they cant guarantee any new orders before April or into Summer 2025. That way people who didnt order might decide to try and find a pre April 2025 car on the used market especially to avoid the premium £590 road tax! The pre April 2025 cars (Apparently 1000+) can command more money than usual for used Cybersters and will do if selling next summer.

 

[midician]

Looking at the market segment ,I am thinking that it will sell like hotcakes . There is nothing close in the price segment in EV convertibles .

 

[Harry 17]

I understand some our members have committed to buying a Cyberster. I am struggling to find PCP deals on the net regarding the costs. Would anyone be willing to give me an idea on purchasing this car, be willing to afford me some ‘ball-park’ figures on a PCP deal for this car? I get that many will just use a different way of financing their purchase, but I am really interested to get an idea of monthly PCP amounts. Maybe you could help with this one @Miles Roberts CG

 

[GranTurismoEra]

They haven't provided any interest rates. Thats what it comes down to. Can do estimates based on what they usually give on other models. Say 3%. Apparently theyll only know around when the test drives take place. Judging by the high price any interest rate too high will put off buyers!

How much are you willing to put down as deposit? If its the top spec GT id assume final value at 48 months will be around £30-35k. If putting down 20k id say budget for 200-300pm (£237pm)...if going for 48 months. £10,000 deposit 400 to 500 per month (£459pm) both based on 3% interest and final fee of £33,000.

However if you throw in £500 dealer contribution its £226 and £448 on 10 and 20k deposits.

In an ideal world 0% would be nice

PCP Car Finance Calculator | Carwow

Use Carwow’s PCP finance calculator to estimate the monthly payment for your new car – pick your interest rate, deposit and term to help you budget.

www.carwow.co.uk

 

[Harry 17]

They haven't provided any interest rates. Thats what it comes down to. Can do estimates based on what they usually give on other models. Say 3%. Apparently theyll only know around when the test drives take place. Judging by the high price any interest rate too high will put off buyers!

How much are you willing to put down as deposit? If its the top spec GT id assume final value at 48 months will be around £30-35k. If putting down 20k id say budget for 200-300pm (£237pm)...if going for 48 months. £10,000 deposit 400 to 500 per month (£459pm) both based on 3% interest and final fee of £33,000.

However if you throw in £500 dealer contribution its £226 and £448 on 10 and 20k deposits.

In an ideal world 0% would be nice

PCP Car Finance Calculator | Carwow

Use Carwow’s PCP finance calculator to estimate the monthly payment for your new car – pick your interest rate, deposit and term to help you budget.

www.carwow.co.uk

Thank you! Very helpful ? my maximum deposit would be £10k (providing I can clear my MG4 finance). So those figures work for me. As you say, 0% would be very nice

 

[GranTurismoEra]

I think thats the minimum I would put due to the depreciation. How long are you planning on keeping it? Would be a bit less on the Single motor i reckon

 

[Harry 17]

I think thats the minimum I would put due to the depreciation. How long are you planning on keeping it?

At least 3 years, probably 4

 

[Paulie68]

Like many of you, I assume, I have been watching this Cyberster story for the last three years. I was very interested at concept, and felt that MG would produce this car very much more affordably, come the time of Launch.

We obviously have our own governments rip off duties and tariffs to upt the cost (to a point where we now have to pay even more running costs, such as ‘premium’ EV road tax), but I think that due to the long lead in time between initial cost of the vehicle to the UK market, to where we are now, I have become desensitised to the overall price point.

This car is now at a purchase price that is at the very end of my budget. I really want the car (desire over finances lol), but convincing myself …. “You only live once” ….Twice if you are James Bond.

Having been an early adopter for the MG4, (one of the first delivered to the UK back in September 2022), I have become a fan of MG, however there are things that get reet on my nerves with my car, although I am a lot more susceptible to buying again from the brand.

I guess my question is, having first seen this car grow from drawing board to production, are you going to step up and blow the kids inheritance on this car?

My thoughts are getting quotes on PCP for a brand new car (with a better interest rate) or buy a used version of this car (saving many thousands at initial cost, yet increased payments on used car due to rubbish expensive PCP/HP deal?

I know how much I lost on the MG4 after six months, and frankly that sticks in my throat.

Sorry for the long post…..just wanted to see if any out there have an opinion, and it would honestly help me with my decision……so totally selfish LOL…sorry.

From what you've said, it sounds to me like you'll have buyers remorse if you buy new. I've decided not to buy new, I'll buy a 2-3 year old perfect condition used one for half the original cost. The price point the car is at is only really for the very well heeled now and nice as it is, it really should be priced at around £45k in top spec. As usual we are just getting ripped off.

 

[Bam Bam]

From what you've said, it sounds to me like you'll have buyers remorse if you buy new. I've decided not to buy new, I'll buy a 2-3 year old perfect condition used one for half the original cost. The price point the car is at is only really for the very well heeled now and nice as it is, it really should be priced at around £45k in top spec. As usual we are just getting ripped off.

My understanding is that MG (SAIC) don't make much profit on their cars, unlike Tesla.

The Chinese firms are prioritising volume in order to squeeze out the incumbents and also to survive in the competitive Chinese market with many new entrants.

Maybe the Cyberster is going to be more profitable than other models, but as a small volume one I doubt it will be much of a cash cow.

Depreciation is another thing entirely. It has always been the case that new cars depreciate rapidly, but it has been particularly severe for EVs recently for several reasons, including all the FUD out there which puts people off second-hand EVs.

On the plus side that means there are second-hand bargains to be had, so I can understand why you would want to wait for one of those!

 

[GranTurismoEra]

From what you've said, it sounds to me like you'll have buyers remorse if you buy new. I've decided not to buy new, I'll buy a 2-3 year old perfect condition used one for half the original cost. The price point the car is at is only really for the very well heeled now and nice as it is, it really should be priced at around £45k in top spec. As usual we are just getting ripped off.

LOL theyre being sold in China for 34 to 40k. Add 30% VAT and Customs plus container £1000+ then a 5k profit margin theres not much room left. Its the same reason many people cant import certain cars not available in this market like the GR Corolla or Corvette C8. The add ons are ridiculous. Having to live in say Japan for 6 months to avoid the 20% is not a bad idea but a huge sacrifice for a car lol.

The single motor should actually be 45k or 47k with container shipping but the headroom is around 10k which will be getting smaller the longer the car sits on the lot if its been pre registered or customer cancelled. As Miles mentioned some dealers are paying finance for the cars to sell.

As above I dont envisage more than 1500 to 3000 being sold per year so the margin has to be higher. A used one does sound good if buying outright. If paying with finance the interest will be high. Ontop of that youll be owning it at a time where you need to change tyres, possibly discs and pads. Probably need moving parts looking at as well oils. Or pay for certain updates etc. if youre okay with that then all good. You do need people to buy new in numbers and give it up after a few years no matter how many want it used. There may also be a scramble for the only used ones especially pre 2025

Also youre relying on a flooded market for Cybersters. Also for owners to give it up in numbers and a market crash which may not be the case. As this car is not like other EVs at all.

 

[Paulie68]

LOL theyre being sold in China for 34 to 40k. Add 30% VAT and Customs plus container £1000+ then a 5k profit margin theres not much room left. Its the same reason many people cant import certain cars not available in this market like the GR Corolla or Corvette C8. The add ons are ridiculous. Having to live in say Japan for 6 months to avoid the 20% is not a bad idea but a huge sacrifice for a car lol.

The single motor should actually be 45k or 47k with container shipping but the headroom is around 10k which will be getting smaller the longer the car sits on the lot if its been pre registered or customer cancelled. As Miles mentioned some dealers are paying finance for the cars to sell.

As above I dont envisage more than 1500 to 3000 being sold per year so the margin has to be higher. A used one does sound good if buying outright. If paying with finance the interest will be high. Ontop of that youll be owning it at a time where you need to change tyres, possibly discs and pads. Probably need moving parts looking at as well oils. Or pay for certain updates etc. if youre okay with that then all good. You do need people to buy new in numbers and give it up after a few years no matter how many want it used. There may also be a scramble for the only used ones especially pre 2025

Also youre relying on a flooded market for Cybersters. Also for owners to give it up in numbers and a market crash which may not be the case. As this car is not like other EVs at all.

Yeah, maybe £45k was a bit too low lol!. Finance for used, I'd use a low cost personal loan if I was borrowing to buy, but I'll most likely be a cash buyer. I made a decision recently having dropped £27k in 9 months on the last car I bought due to depreciation that I'm not buying anymore new or nearly new depreciation queens, happy to wait. My last new (pre reg.) MG cost me £24k, I can buy the best low mileage example of that 3 years later for £12k. Higher end premium stuff usually depreciates far more heavily so I'll not be surprized to see top spec. Cybersters for £30k in 3 years, after all nice as they are, they're MG's and won't command a desirable marque premium.

I might be wrong and they may still be £50k in 3 years, if so, so be it, I'll just not buy one.

 

[GranTurismoEra]

Yeah those figures are high in that segment. It could be worse it could be a Porsche Taycan lol

@Harry 17
I suppose with 10k deposit youll be okay for year 1. After that youll be playing catch up with payments/depreciation depending on market. In Year 2 you would have paid 5.5k or so in 12 months. 24 months 11k + 10k so 21k would have been paid. Its a game of catchup with Depreciation being EV. I think on the top spec a higher deposit will cover the duration of 36 months including payments. Can go by 5.5k times 4 years 22k plus 10k deposit. Should be okay if interest is low. but face walking away with nothing.

If you go for the single motor might be better off and be in positive equity after 4 years by a couple grand then can decide if to keep it and make the balloon or not. They may be worth around 25 to 28k with dual motor being 35k at 48 months. Theres a possible flatline there for depreciation. After 4 years competition would be more. The tech would be dated.

Single motor is 54000. Id be aiming to have paid at least 27k by 48 months to not be in negative. So 10k + 17k in finance at 4.25k per annum. Thats my guesstimate if youre going new.

Used theyd slap 11.9 and the whole term payments on a car costing nearly the same as new.

Personally for a car costing this much id put more in. The Chinese forums are well aware how much its costing abroad and know theyre getting a good price with some discounts. I think after a while the best MG could do would be to cut the price by £5,000. The profit would be minimal.

 

[Harry 17]

@GranTurismoEra , all very valid points for me, and I agree that whilst I hate the initial loss on a brand new car, the difference in low interest rates on new and higher interest rates on used, really makes a calculation to be made and factor in things such has servicing’s / tyres consumables etc, not to mention a potential cost of updates on a used car.

I really appreciate your financial workings, it is of great help. I feel sure that MG will offer the car around 3.9% initially, and if they do come down to 0%, I suspect this will be on the second or third wave (thus knocking the car into post Apr 25 territory), which as you suggest above, “face walking away with nothing’.

Bit of a dilemma for me, but I have lodged interest with my local dealer, and they are going to contact me when they get their ‘Demos’ in to the showroom and will know what the residual value will be, and more importantly, what % deals will be available on PCP. Also got a test drive booked too, an extended one where I can have the car for about two hours, so that I can bring it home and get some photos on my driveway and at least and pretend! LOL.

 

[JohnG123]

Wonder which UK dealership will get their demonstrator cars first.