Porsche finance
Discussion
Yes you'll find the dealers more amenable to discounts when taking finance as they earn on the finance arrangements, and some of the discount is often funded by the manufacturer, "dealer deposit contributions" and such like. The standard finance for OPCs is Volkswagen Financial Services (although the APR you'll be quoted on a Porsche is not as low as you'd get on a Polo). Dealers will also usually be able to offer alternative finance companies when asked, sometimes at a better rate, but if you only want the finance to get a discount then this won't interest you. You can cancel the finance agreement after taking delivery at very little cost. Contact as many dealers as you can to see who wants to work hardest for your business, expect to be frustrated by some showrooms lack of interest. Some dealers have a good reputation, start with those and try to foster a bit of a rapport, even if you don't get the discount you set out to achieve you may find that has value in itself. Any dealer will deliver nationwide on a new car. Try not to give your hard earned discount back in overpriced GAP/tyre/scratch insurance that you can buy much cheaper elsewhere, likewise don't spend hundreds of pounds on the paint coatings that they will start the hard sell on before you've even decided on the spec of the car.
For brand new cars, sometimes finance is the better way to go rather than taking the money out of savings/investments. The "opportunity cost" of the cash needs to be taken into account. Not many people buy outright cash purchase these days for such reasons, the new car market is much more geared towards finance or lease sales, so it's worth giving some thought to these options too. Also, keep your eyes peeled for nearly new or pre-registered cars, if you are set on paying cash then these can be the best bet for making a saving.
For brand new cars, sometimes finance is the better way to go rather than taking the money out of savings/investments. The "opportunity cost" of the cash needs to be taken into account. Not many people buy outright cash purchase these days for such reasons, the new car market is much more geared towards finance or lease sales, so it's worth giving some thought to these options too. Also, keep your eyes peeled for nearly new or pre-registered cars, if you are set on paying cash then these can be the best bet for making a saving.
If you settle the Porsche finance within the cooling off period, which is 4 week I think you pay no penalties. However, the OPC will not be happy because settling during the cooling off period deletes there brownie points they earn for there OPC and whatever financial gain they were going to get. They like you to make 4 monthly payments and then settle, but that will cost you a bit of interest.
throt said:
If you settle the Porsche finance within the cooling off period, which is 4 week I think you pay no penalties. However, the OPC will not be happy because settling during the cooling off period deletes there brownie points they earn for there OPC and whatever financial gain they were going to get. They like you to make 4 monthly payments and then settle, but that will cost you a bit of interest.
This is not happened when I bought my new Boxster in Sept 13.I had originally ordered it using Porsche(VW) PCP
But I then changed my mind and wanted to use my bank's personal loan at 4%
However this threw a wobbler with the OPC who explained they would not be able to keep the 10% discount agreed as they would not receive any finance commission but if I used VW HP (at 7.9%)all would be okay. They then said to settle the VW loan and then take my loan.
You can settle a loan 24 hours after it starts but the dealer would lose the commission. It needs to run for a month so that the OPC does not get commission clawback. I was happy to do this as they had been so upfront with me.
Subsequently saved £1700 interest on a £20k loan and still got my 10% discount
PowerMalc said:
throt said:
If you settle the Porsche finance within the cooling off period, which is 4 week I think you pay no penalties. However, the OPC will not be happy because settling during the cooling off period deletes there brownie points they earn for there OPC and whatever financial gain they were going to get. They like you to make 4 monthly payments and then settle, but that will cost you a bit of interest.
This is not happened when I bought my new Boxster in Sept 13.I had originally ordered it using Porsche(VW) PCP
But I then changed my mind and wanted to use my bank's personal loan at 4%
However this threw a wobbler with the OPC who explained they would not be able to keep the 10% discount agreed as they would not receive any finance commission but if I used VW HP (at 7.9%)all would be okay. They then said to settle the VW loan and then take my loan.
You can settle a loan 24 hours after it starts but the dealer would lose the commission. It needs to run for a month so that the OPC does not get commission clawback. I was happy to do this as they had been so upfront with me.
Subsequently saved £1700 interest on a £20k loan and still got my 10% discount
I did feel somewhat bad though for settling up on the finance but I hate finance, it just not for me.
Edited by throt on Wednesday 5th August 22:16
Assuming you want to play fair, then do check what is the soonest you can pay off the loan without the dealer losing their commission. Seems one poster is saying it was a month for them, 4 months for another poster. And when I asked (on a deal about 4 years ago) it was 3 months.
Whichever it is the interest on that period is less than the discount so worth doing
Whichever it is the interest on that period is less than the discount so worth doing
Hi there, I'm obsessed about Porsche Cayenne 3 litre diesel. After I test drove a Cayenne I love it even more now 😍. But there is a clash between my heart and head on this as you would imagine. I started looking at used pre approved Cayenhes with some specific features and option extras. When I speak to various dealers I get pushed to consider brand new Cayennes which cost approx.70k with extras I need. Is it possible to get a monthly pcp , 3 years for 550£ per month with a baloon payment at the end of approx.30k? I'm not sure if this is a good deal or should I bargain hard on a brand new cayenne or start looking at used ones to keep the monthly payments low? Would appreciate your advice!
jayxx83 said:
^^ get a touraeg r line 262. Same engine, box, brakes, doors, suspension layout (not dampers, springs / roll bars). Can get 4 month old ex demos with more than standard kit for £40k. Fully loaded as standard as well!
Light years of difference between the Touraeg and Cayenne, mostly in build quality, NVH, and driving experience. IMHO the Cayenne is worth every bit extra.Dudeuk said:
Hi there, I'm obsessed about Porsche Cayenne 3 litre diesel. After I test drove a Cayenne I love it even more now ??. But there is a clash between my heart and head on this as you would imagine. I started looking at used pre approved Cayenhes with some specific features and option extras. When I speak to various dealers I get pushed to consider brand new Cayennes which cost approx.70k with extras I need. Is it possible to get a monthly pcp , 3 years for 550£ per month with a baloon payment at the end of approx.30k? I'm not sure if this is a good deal or should I bargain hard on a brand new cayenne or start looking at used ones to keep the monthly payments low? Would appreciate your advice!
Mine was 65k which is a 3 litre diesel with lots of tasty options including 21 inch alloys, panoramic roof, black chrome pack, heated seats, pcm, garnet red belts, servo tronic steering, PASM, dark rear glass and more. £10k down and £620 per month over 4 years at 10k miles per year. The biggest discount I was being offered was 1500 quid but then one dealer came back with £4500 discount! Speak to as many dealers as you can. A new one came out cheaper than a used one! I'm paying 6% Apr through dealer on a PCP. Also if you have the cash, pay the final payment and sell privately. You'll end up with more equity than if you chop it in. The dealer will always allow a small amount of equity if chopping in, prob 5k so that you have a contribution towards your next car but selling it yourself can be a better bet in most cases. If ordering new, spec for resale so business colours such as black or grey for example with PASM, wheels and roof.
Also if you are a sole trader, you can put most of the monthly payments against tax as the PCP is a hire purchase so saving you a lot of dosh. Mine will cost me 20k over 4 years before tax, fuel and insurance so for a brand new well spec'd Cayenne, I consider that a bargain!
Hi, thanks for your posts. Tourareg - I cannot accept the shape and with Cayenne , interiors are stunning...so no comparison;)
Regarding finance, last week I noticed on Porsche website , a new Cayenne finance example has reduced a lot and more affordable. 519£pm, 3 years pcp,10k annual with 12k deposit. I'm sure we can get a better deal when we walk in to a Porsche dealer.
My dilemma is even if I get the above deal say 500£ pm, 4 years with 5k deposit,over 4 years I will be paying approx.30k i.e. 50% of the car price. and then I have to be prepared to pay approx.25/30k to own it. Used cars like 3 years old still are sold for more than 45k -from autotrader. When I test drove the sales agent told me they can do the best deal only on a new car. So is it not possible to get a used Cayenne on pcp under 450£ pm?
There is now more completion like F type Jag, levante - Maserati so Porsche have reacted to competition by making it more affordable.
Regarding finance, last week I noticed on Porsche website , a new Cayenne finance example has reduced a lot and more affordable. 519£pm, 3 years pcp,10k annual with 12k deposit. I'm sure we can get a better deal when we walk in to a Porsche dealer.
My dilemma is even if I get the above deal say 500£ pm, 4 years with 5k deposit,over 4 years I will be paying approx.30k i.e. 50% of the car price. and then I have to be prepared to pay approx.25/30k to own it. Used cars like 3 years old still are sold for more than 45k -from autotrader. When I test drove the sales agent told me they can do the best deal only on a new car. So is it not possible to get a used Cayenne on pcp under 450£ pm?
There is now more completion like F type Jag, levante - Maserati so Porsche have reacted to competition by making it more affordable.
Fokker: My configured Porsche is costing 73k! So I gave added on all the best options. Probably I need to shop around for 1. Deposit contribution from dealer,2. Who can throw in freebies most and of course the best time to get good deals is end of quarter I guess.
As you suggested it maybe a better option to purchase the car at the end of the finance and sell it privately. As per the new Porsche finance example after 3 years they have reduced the car's worth by 45% approx.have to assess if the car will be worth more than 35k after 3 years with annual mileage of 10/12k.
As you suggested it maybe a better option to purchase the car at the end of the finance and sell it privately. As per the new Porsche finance example after 3 years they have reduced the car's worth by 45% approx.have to assess if the car will be worth more than 35k after 3 years with annual mileage of 10/12k.
Yes agreed but if i say i will be doing 8k and then if i end up doing 12k annual then i need to pay excess mileage charge of approx. 20p per mile for 4k extra assuming 8k you get the finance for which is 800£ for 4k excess mileage. Not sure if this excess mileage charge could be reduced or it is all upto negotiation. If my employer pays me for mileage then it shouldnt be a big worry;)
[quote=Cobra28]Go for the lowest annual mileage you can get to reduce monthly payments. The important think if doing this never hand the car back to the finance company as you will be hit with excess mileage charge[/quote
This is bad advice. I had to pay excess mileage annually while under a Skoda finance scheme - they don't save it up until the end.
This is bad advice. I had to pay excess mileage annually while under a Skoda finance scheme - they don't save it up until the end.
Maybe but have to see what quotes we get on max mileage. At the end of the agreement if you do less mileage then your car will be worth more. If at the end of the 3 years your car is worth 30k at 10k annual but you have done only 24k then this 6k less mileage will make your car worth more..but have to compare this benefit to the increase in monthly pcp payments with high mileage. Worth exploring this way...
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