New 981 Boxster 2.7 PDK - Buy with a loan or PCP?

[PowerMalc]

I'm nearly on the point of making a decision to buy a new 981 Boxster for around £40k. This will be twice what I have previously spent on a car and it would not be a daily driver.
I've always hankered after a Porsche and now am going to give myself a 60th birthday present!!
Previous car purchases have always been paid for in cash or used a personal or manufacturer 0% loan.
Although I could sell shares/PEPS I want to keep them invested as the stock market seems to be on the up.
I have £10000 as a deposit (Skoda Superb) so how do I finance the rest?
Porsche are currently offering a £1500 deposit contribution on a PCP and with a high 3 year residual of £23055 (5000 miles p.a.)the monthly payments are a manageable £350 to £400. What I can not work out is whether I will want to keep the car after 3 years so just hand the car back, in effect I pay £24000 for 3 years use and 15000 miles. On the plus side my current investments remain invested
Taking out a personal loan for £30k would cost about £930 a month.

What are people's experiences of buying a car on PCP and did you just hand the car back at the end of the term
If the car is worth more than the 3 year residual what did you do?

[PowerMalc]

SS7

Thanks for suggestion but I want a mid engined sports car
I had a Lancia Beta Monte Carlo Spyder in 1979 which I loved for its handling.
I do not want the hassle of secondhand car going wrong and costing a fortune in repairs.
I'll probably get shot for this but an aircooled 911 does not appeal to me

[PowerMalc]

Nano2nd said:

What rate is the PCP? All depends if u can get a better loan rate I guess, are u ordering new? Push for a discount! I looked at Porsche PCP, in the end I financed with a loan the rate was better so overall I pay less, though as u say the monthly outgoings are higher... Might work okay for you, my residual was 23k though my car cost £57k, had I been offered £33k residual (more in line with yours) I'd have probably gone the PCP route

Oh and be prepared for the next 10 replies to be along the line of "finance is the work of the devil" and you should buy a 25 year old 911 for £15k

Nano
PCP rate on a Boxster is 7.9% and on a Boxster 'S' is 7.8%
I will be ordering new if I go down the PCP route. And yes I will be pushing for a discount
My 'target' is 10% discount, the £1500 deposit on a PCP and 7.7% interest rate.

The residual is only affected by two criteria, the mileage and PDK. Adding £20k of options has no effect in increasing the residual.
My car will only have PDK, all round park sensors, wind deflector, cruise, 19" Cayman wheels

[PowerMalc]

Thanks for all the well thought informed replies, plenty of food for thought.
Endowment paid out last month so only £7k left on the mortgage, I've got another year to pay it off at 2.4% interest.
I've nearly always bought new or nearly new and I've been impressed with the 981 so have my heart set on one now.
Also if new I will only have one service and tyres might last 15000 miles if I decide just to hand the car back after 3 years.
£1200 for fuel (5000 miles at 25mpg X £6.30 gall)
Insurance £300 to £500. RFL £220 so cost to run per year about £1800

Still attracted by a PCP because of low monthly and Porsche's £1500 deposit but downside I have no asset to show for it after years, have to look on it as a rental

[PowerMalc]

Still looking at the PCP route
What %APR have buyers been getting from OPC's using a PCP
The finance example for the Boxster shows 7.9% APR. How much can I get this down?

[PowerMalc]

Klippie said:

OP are there any Boxsters in the OPC network with close to your spec it may be worth a punt to go and make a really cheeky cash offer on an actual in stock car you never know you might just get the deal doof your life if an OPC is sitting on one that needs to move, its nearing the end of the month and the holidays are rapidly approaching...

How do you find out what stock is in the OPC network and dealer itd at

[PowerMalc]

Bit the bullet today and bought a new one on a 3 year PCP deal with a 10% discount.
So in effect I will be renting a new car for £580 a month, if after 3 years I have had enough of fast cars I will just hand it back.
If I want to keep it I'll sell some shares to pay off the balloon.

Zyp thanks for you earlier simple comment, it helped.

[PowerMalc]

bozzy101 said:

Working at a dealership, I would always suggest a low deposit when financing with PCP.

Can I ask why?
Surely increasing the deposit lowers the monthly and the amount of interest you pay over the 3 years
Deposit plus the total of 35 payments will be roughly the same regardless of the split