Can I afford a decent 911 for everyday use?

[RobinBanks]

It really shows how much PCP has screwed with things when a £100k car and a £65k car are been talked about in the same breath.
I would be very wary in putting in a large deposit to keep monthlies down on a PCP because you could end up with nothing if you have to change early for whatever reason especially on preowned with high interest rate.
Why don’t you get a low interest loan @2.9% for £25k and put your car and cash towards it and then work out the car you can afford to “own” and when it comes time to change you will have a fair chunk left for the next car!
This is a pretty old fashioned view and I am just throwing it in there as a different choice.

[prismv]

RobinBanks said:

It really shows how much PCP has screwed with things when a £100k car and a £65k car are been talked about in the same breath.
I would be very wary in putting in a large deposit to keep monthlies down on a PCP because you could end up with nothing if you have to change early for whatever reason especially on preowned with high interest rate.
Why don’t you get a low interest loan @2.9% for £25k and put your car and cash towards it and then work out the car you can afford to “own” and when it comes time to change you will have a fair chunk left for the next car!
This is a pretty old fashioned view and I am just throwing it in there as a different choice.

Thanks if it did that I reckon I could get to £25k loan + £17k car trade in + £10k cash from me, this obviously means an older car...

Out of interest how long are you committed to a pcp?
Can you get out of them?
I’ve had one before and it was fine

Also just check my bank NatWest and they want 6% on anything over £17k

Edited by prismv on Saturday 13th July 12:43

[RobinBanks]

prismv said:

Thanks if it did that I reckon I could get to £25k loan + £17k car trade in + £10k cash from me, this obviously means an older car...

Out of interest how long are you committed to a pcp?
Can you get out of them?
I’ve had one before and it was fine

Also just check my bank NatWest and they want 6% on anything over £17k

Edited by prismv on Saturday 13th July 12:43

Usually PCPs are 3/4 years in length and can be exited at any point but usually you are in negative equity till near the end.
Look on line for the best loan deals available,some can be had around 3% up to £25k but you will have to check.

[prismv]

RobinBanks said:

prismv said:

Thanks if it did that I reckon I could get to £25k loan + £17k car trade in + £10k cash from me, this obviously means an older car...

Out of interest how long are you committed to a pcp?
Can you get out of them?
I’ve had one before and it was fine

Also just check my bank NatWest and they want 6% on anything over £17k

Edited by prismv on Saturday 13th July 12:43

Usually PCPs are 3/4 years in length and can be exited at any point but usually you are in negative equity till near the end.
Look on line for the best loan deals available,some can be had around 3% up to £25k but you will have to check.

Thanks Tesco Bank will do me 3% upto £25k
So I guess at a push and assuming I can get full value for my car I could put £15k down meaning my max budget is £57k

This does make sense and would be a lot safer if I need to change, presumably I sell the car for what I can and pay off the loan

[Milnero]

Never put in a large deposit on PCP unless you know for certain that at the end of the agreement you will buy the vehicle.
all the deposit on a PCP will do is lower your monthly payment, It will not reduce you interest enough to warranty the deposit, you would be far better to lower the OFP at the end of the agreement or pay no deposit with the higher monthly and use the deposit that you were going to use to pay the higher monthly payments.

As others had said a low rate personal loan would be the cheapest option for the difference.

[prismv]

Milnero said:

Never put in a large deposit on PCP unless you know for certain that at the end of the agreement you will buy the vehicle.
all the deposit on a PCP will do is lower your monthly payment, It will not reduce you interest enough to warranty the deposit, you would be far better to lower the OFP at the end of the agreement or pay no deposit with the higher monthly and use the deposit that you were going to use to pay the higher monthly payments.

As others had said a low rate personal loan would be the cheapest option for the difference.

Yes I can see the sense in this now, so if I go down the bank loan route then my max budget is actual £60k with an affordable monthly payment, not sure if that will get me a decent 991.2?

[Milnero]

prismv said:

Milnero said:

Never put in a large deposit on PCP unless you know for certain that at the end of the agreement you will buy the vehicle.
all the deposit on a PCP will do is lower your monthly payment, It will not reduce you interest enough to warranty the deposit, you would be far better to lower the OFP at the end of the agreement or pay no deposit with the higher monthly and use the deposit that you were going to use to pay the higher monthly payments.

As others had said a low rate personal loan would be the cheapest option for the difference.

Yes I can see the sense in this now, so if I go down the bank loan route then my max budget is actual £60k with an affordable monthly payment, not sure if that will get me a decent 991.2?

Could you look at equity release from your house? current personal loans have an average APR of 3.2% which is good but with equity release that could come down by half?

looking at some of the vehicle adverts a few on here have shared for the sake of £4000 I would wait a few months to make up the difference and get what you want, after all £60k is no small sum to spend and not truly be happy.

[prismv]

Milnero said:

prismv said:

Milnero said:

Never put in a large deposit on PCP unless you know for certain that at the end of the agreement you will buy the vehicle.
all the deposit on a PCP will do is lower your monthly payment, It will not reduce you interest enough to warranty the deposit, you would be far better to lower the OFP at the end of the agreement or pay no deposit with the higher monthly and use the deposit that you were going to use to pay the higher monthly payments.

As others had said a low rate personal loan would be the cheapest option for the difference.

Yes I can see the sense in this now, so if I go down the bank loan route then my max budget is actual £60k with an affordable monthly payment, not sure if that will get me a decent 991.2?

Could you look at equity release from your house? current personal loans have an average APR of 3.2% which is good but with equity release that could come down by half?

looking at some of the vehicle adverts a few on here have shared for the sake of £4000 I would wait a few months to make up the difference and get what you want, after all £60k is no small sum to spend and not truly be happy.

I have the cash saved and can put down more if needed but I didn’t want to use it all on the car so as not to have any savings left

Edited by prismv on Saturday 13th July 17:56

[Milnero]

prismv said:

Milnero said:

prismv said:

Milnero said:

Never put in a large deposit on PCP unless you know for certain that at the end of the agreement you will buy the vehicle.
all the deposit on a PCP will do is lower your monthly payment, It will not reduce you interest enough to warranty the deposit, you would be far better to lower the OFP at the end of the agreement or pay no deposit with the higher monthly and use the deposit that you were going to use to pay the higher monthly payments.

As others had said a low rate personal loan would be the cheapest option for the difference.

Yes I can see the sense in this now, so if I go down the bank loan route then my max budget is actual £60k with an affordable monthly payment, not sure if that will get me a decent 991.2?

Could you look at equity release from your house? current personal loans have an average APR of 3.2% which is good but with equity release that could come down by half?

looking at some of the vehicle adverts a few on here have shared for the sake of £4000 I would wait a few months to make up the difference and get what you want, after all £60k is no small sum to spend and not truly be happy.

I have the cash saved and can put down more if needed but I didn’t want to use it all on the car so as not to have any savings left

Edited by prismv on Saturday 13th July 17:56

I would be inclined to spend the money you have saved unless you're managing to achieve a higher interest rate on your savings.

It's always nice to have a rainy day fund however if you saved the same amount each month equivalent to what the monthly payment on the loan would be you would put back into your account that £25k in no time at all.

[Engelberger]

OP - it is entirely up to you what you do with your money but this thread makes depressing reading. All those offering advice on loans and mortgage extensions won’t be paying.

So please don’t stretch yourself too thin. It’s only a car and when we go into a recession nothing is worse than seeing something sat on the drive costing more per month than your mortgage.

Hope you find what you’re looking for.

[prismv]

Engelberger said:

OP - it is entirely up to you what you do with your money but this thread makes depressing reading. All those offering advice on loans and mortgage extensions won’t be paying.

So please don’t stretch yourself too thin. It’s only a car and when we go into a recession nothing is worse than seeing something sat on the drive costing more per month than your mortgage.

Hope you find what you’re looking for.

Appreciate the concern and this was the purpose of my post, from the start, it will be more than my mortgage and my BMW is paid for so doesn’t owe me anything.

I just felt if I don’t get a 911 now with my kids small enough to go in the back and a bit of spare income I never will

[Milnero]

Engelberger said:

OP - it is entirely up to you what you do with your money but this thread makes depressing reading. All those offering advice on loans and mortgage extensions won’t be paying.

So please don’t stretch yourself too thin. It’s only a car and when we go into a recession nothing is worse than seeing something sat on the drive costing more per month than your mortgage.

Hope you find what you’re looking for.

I wouldn't agree that the thread makes for depressing reading, anyone that has commented on the OPs post has offered advice to make the money he has go as far as possible and reduce any interest payments that he could be up against.

I don't see anyone suggesting he should financially cripple himself to buy a car.

[prismv]

Milnero said:

Engelberger said:

OP - it is entirely up to you what you do with your money but this thread makes depressing reading. All those offering advice on loans and mortgage extensions won’t be paying.

So please don’t stretch yourself too thin. It’s only a car and when we go into a recession nothing is worse than seeing something sat on the drive costing more per month than your mortgage.

Hope you find what you’re looking for.

I wouldn't agree that the thread makes for depressing reading, anyone that has commented on the OPs post has offered advice to make the money he has go as far as possible and reduce any interest payments that he could be up against.

I don't see anyone suggesting he should financially cripple himself to buy a car.

Just to clarify it would only be more than my mortgage if I went for a new 992 or a 991 at around £70k+
If I did a loan for 25k and px my car plus cash I’m looking at £700 per month which I’d just need to budget for

[johnwilliams77]

prismv said:

Appreciate the concern and this was the purpose of my post, from the start, it will be more than my mortgage and my BMW is paid for so doesn’t owe me anything.

I just felt if I don’t get a 911 now with my kids small enough to go in the back and a bit of spare income I never will

Would you resent paying out so much for a 911? That's something you want to be sure of.

[prismv]

johnwilliams77 said:

prismv said:

Appreciate the concern and this was the purpose of my post, from the start, it will be more than my mortgage and my BMW is paid for so doesn’t owe me anything.

I just felt if I don’t get a 911 now with my kids small enough to go in the back and a bit of spare income I never will

Would you resent paying out so much for a 911? That's something you want to be sure of.

That’s the killer question isn’t it.
The reason I made this post was because I’m so bored of Audi’s and BMWs and so was looking at alternatives which originally was a Panemera but then it just made me think could I get a 911.

I’ve always dreamed of having one but never had the chance so yes they are expensive but as someone said on page 1 of this thread, you’re a long time dead and I think I’d regret not having one more.

If I do it through a bank loan I can always sell and not lose out as opposed to a pcp, the trade off is I’m getting an older car with more miles and my concern is it would be the same age as the car I have now and I’d hoped for something newer with more guarenteed reliability with or without a warranty.

[Engelberger]

prismv said:

Engelberger said:

OP - it is entirely up to you what you do with your money but this thread makes depressing reading. All those offering advice on loans and mortgage extensions won’t be paying.

So please don’t stretch yourself too thin. It’s only a car and when we go into a recession nothing is worse than seeing something sat on the drive costing more per month than your mortgage.

Hope you find what you’re looking for.

Appreciate the concern and this was the purpose of my post, from the start, it will be more than my mortgage and my BMW is paid for so doesn’t owe me anything.

I just felt if I don’t get a 911 now with my kids small enough to go in the back and a bit of spare income I never will

If it were me I would buy an old Porsche cash and have a fighting fund. Would get rid of mortgage as that will be more liberating. Then when that is out the way and kids leaving home go get yourself a newer car.

A pdk 996 will give you loads of enjoyment and you won’t look at it thinking “this is costing me xxx a month”. Plus, unless the engine lets go (rare and often avoidable) you won’t lose a penny.

All the best

[johnwilliams77]

prismv said:

That’s the killer question isn’t it.
The reason I made this post was because I’m so bored of Audi’s and BMWs and so was looking at alternatives which originally was a Panemera but then it just made me think could I get a 911.

I’ve always dreamed of having one but never had the chance so yes they are expensive but as someone said on page 1 of this thread, you’re a long time dead and I think I’d regret not having one more.

If I do it through a bank loan I can always sell and not lose out as opposed to a pcp, the trade off is I’m getting an older car with more miles and my concern is it would be the same age as the car I have now and I’d hoped for something newer with more guarenteed reliability with or without a warranty.

I have a bit of spare cash left each month and have been considering a newer/more expensive toy but have concluded (as have a few friends) that it's more liberating to own something you can very easily afford or own outright. If I was net'ing >8-10k a month say, then the decision would be easier but unfortunately I don't earn that much, so for the time being I am going to stick to what I own until I have a bigger chunk in the bank (which will make it less stressful, for me).

[prismv]

johnwilliams77 said:

prismv said:

That’s the killer question isn’t it.
The reason I made this post was because I’m so bored of Audi’s and BMWs and so was looking at alternatives which originally was a Panemera but then it just made me think could I get a 911.

I’ve always dreamed of having one but never had the chance so yes they are expensive but as someone said on page 1 of this thread, you’re a long time dead and I think I’d regret not having one more.

If I do it through a bank loan I can always sell and not lose out as opposed to a pcp, the trade off is I’m getting an older car with more miles and my concern is it would be the same age as the car I have now and I’d hoped for something newer with more guarenteed reliability with or without a warranty.

I have a bit of spare cash left each month and have been considering a newer/more expensive toy but have concluded (as have a few friends) that it's more liberating to own something you can very easily afford or own outright. If I was net'ing >8-10k a month say, then the decision would be easier but unfortunately I don't earn that much, so for the time being I am going to stick to what I own until I have a bigger chunk in the bank (which will make it less stressful, for me).

Yes I’ve always been the same I gues which is why I’ve never had one...

I’ll still do the test drive and look at some numbers but perhaps the answer to my question on this thread is No 😓

[6appeal]

I did the same route as you, and also in my early 40's and perfect timing for kids fitting in the car... the 911 is a completely different ownership experience and a mega grin every time you drive. Sooooooo work it, and the kids also love it! "Dad, can we do a launch start!?" (safely of course)

[prismv]

6appeal said:

I did the same route as you, and also in my early 40's and perfect timing for kids fitting in the car... the 911 is a completely different ownership experience and a mega grin every time you drive. Sooooooo work it, and the kids also love it! "Dad, can we do a launch start!?" (safely of course)

So cool, is this in the 992?

M