AN INCREDIBLE DEAL TO HELP CLEAN UP LONDON WHICH DEMONSTRATES MERCEDES-BENZ COMMITMENT TO THE TRADE
A new Vito Taxi for only £125 per week over 3 years!
Mercedes-Benz has launched a new taxi finance deal for the London taxi market called ‘Agility’. It’s their commitment to the trade to help them combat the new regulations. It’s a major step forward because it reduces weekly payments on a new Vito Taxi with an incredible low APR of 5.4%. Payments on a new Vito Taxi are as low as you’d pay on a used taxi – only £125 per week and over just three years.
Announcing the scheme Steve McCarthy, Dealer Principal for KPM Mercedes-Benz Taxis said that “Agility is just right for the taxi market in London at present. The big advantage of Agility is that it makes a brand new Vito Taxi affordable to many drivers who would like to drive a new Euro 5 Vito but thought that they couldn’t afford it. Well, now they can! Any London driver, subject to status, can have the benefit of a brand new Euro 5 Mercedes Vito Taxi for a deposit of £2,000 and payments of £125 a week for three years. At the end of the period you have three choices – you can buy the taxi you’ve been driving at the guaranteed price, or you can simply hand back the keys and walk away or start all over again with another brand new Vito Taxi!”
Mercedes-Benz has been running Agility for years in the rest of its Commercial business and it’s been incredibly successful because it gives owners flexibility, affordability and security of a guaranteed residual price. That’s why we think it is definitely the best finance product for the taxi market.”
Steve continued to explain why the Vito Taxi is ideal for Agility. “We’ve been selling Vito Taxis for the past three years and the Vito has established a track record of excellent residual values – the best in the market. Even if the initial price is higher, the second hand value is considerably better. What Mercedes-Benz has done is brilliant because by including the guaranteed future residual value in calculating your repayments you have very low monthly payments to make – only £541.67 per month or £125 per week. What’s more the interest rate is now being offered at an incredibly low rate of only 5.4% APR. You’ll be hard pressed to find better rates than that in the market place today.
So, apart from the low repayments, what is it that makes Agility such a good deal for London Taxi Drivers just now? For starters it gives you complete flexibility and security in a market where there’s a lot of insecurity. Just look at business and the economy at the moment. We all know that there are there’s a lot of uncertainty around. Many drivers have been extending their change cycle because business is tough: there’s reluctance to make such a big commitment as investing in a brand new taxi. There’s also a lot of concern about emissions and age limits. The question is often asked “Is my taxi going to be legal in a few years time? Just when I’ve finished making my last HP payments will I find that my cab will be illegal because of regulations? Or will there be a much higher level of tax that its value will have plummeted? All these things are making it much riskier in deciding when to buy a new taxi and what’s the best one for the driver. What happens is that a driver who usually changes his cab regularly will put the decision off, but that can be just as bad because repair and overhaul bills go up. None of us can predict the future but what Agility can do is give the owner driver more control, more flexibility and security because he knows that he has complete freedom to do what he likes in three years time when he has finished his contract. If he likes the cab and other factors tell him things are OK then he can buy the Vito at its guaranteed residual value. If he doesn’t want to do that then he can walk away completely. Or he can start all over again with a new Vito on Agility! Effectively Mercedes-Benz Finance are standing behind their product and thus giving the London Taxi Driver much more security and confidence. Mercedes-Benz are carrying the risk of devaluation and this is their commitment to the London Taxi Trade.
The major benefits of Agility for taxi drivers are:
By including the guaranteed future value of your taxi we can reduce your payments.
Flexible deposit. A £2,000 deposit gets your repayments equivalent to £125 per week but you can have a lower or higher deposit.
The future value risk is guaranteed and underwritten by Mercedes-Benz Finance.
Loans are not secured on your home. This is a standard regulated agreement.
Fixed interest rate and payments throughout the life of the agreement.
Defer your ownership agreement until the end of the period, choose one of 3 options.
So, who might Agility on a new Vito Taxi appeal to?
– If you would like to own a new Vito, heard it was great but always thought it was a bit expensive – it’s not anymore!
– If you would like to change your taxi more regularly but times are tough and you’re uncertain about the future.
– If you want to get your monthly payments down but still enjoy the benefits of a new cab.
– If you want to have all your major work covered under warranty – it’s 3 years, 150,000 miles on Vito Taxi.
– If you would like to release some equity out of your current taxi to invest or spend on other things but you would still like a great taxi.
– If you want to trade up from a Euro 4 Vito to a Euro 5.
Finally, once you are in your new Vito Taxi with Agility you can save even more money on fuel and other costs. The Euro 4 model is already well known for producing big savings on fuel, and the Euro 5 is even better. In fact the official figures say the typical London driver will save another £1,000 per annum on diesel costs compared to his Euro 4. That’s because the brand new engine in the Euro 5 Vito delivers 28 mpg on the Urban Cycle compared to 24.8 mpg on the Euro 4. At 35,000 miles per annum and fuel at £1.42 per litre that’s a saving of £1,041 per annum. With reduced emissions on Euro 5 Vito – down from 229g/100kg on Euro 4 to 213g/100kg that means you will save another £185 per annum on vehicle excise duty (road tax). A total saving of £1,226 is over £20 per week.