End of PCP - Man maths
Discussion
Hoping for a bit of a sense check on some maths here.
For context, I've leased my cars previously but my other half has had a BMW 116d on PCP for the last 4 years, due to end in October. My last lease went back right before lockdown which was very helpful timing!
Since we've been living together we've found that we only really need one car, so I've managed to convince her that we should can pool together what we previously individually spent on two cars, still get something new and shiny but make a saving!
I've had my eye on a Porsche Macan for a while, and the new GTS is what I'm going for - just need a quick check on some maths here, this is just my thoughts based on plugging some numbers into a PCP calculator
Current 1 series GFV for October - £10,100
WBAC offer today - £10,900
Cash available for deposit - Up to £7500
Macan GTS cost based on configurator less c2c discount - c.£64,000
Porsche finance rate - 6.4%
I haven't spoken to BMW or Porsche yet to get an idea of whether there is likely to be any equity left in the 1 series, but given its only done 15k Miles and is in great condition I'm hoping there is some.
I see my options as being :
1. Take the BMW to Porsche, hope there is some equity in the car, top up the deposit with cash to a level that makes me comfortable with the monthly payments - ideally up to £650
2. Buy the BMW outright with £5k from savings and a £5k personal loan (maybe even full amount with the loan depending on APR rate), then when ready to take the plunge I'd have a car worth around £10k to part exchange for the Macan.
Assuming the loan repayments over 4 years on the full £10k would be around £220, I'd probably have to top up the p/x with some cash to keep my total monthly costs under the £650 mark.
Does this maths stack up? Is there anything obvious I'm missing - I've never dealt with PCP before but coast2coast seem to be the only broker offering any kind of discount on Porsche
I definitely want this car, I know the current economic climate is quite unstable but I'm confident in both of our employment and our living situation is comfortable so I'm not going to be persuaded by arguments to save some more and get a cheaper car!!
All other thoughts much appreciated!
For context, I've leased my cars previously but my other half has had a BMW 116d on PCP for the last 4 years, due to end in October. My last lease went back right before lockdown which was very helpful timing!
Since we've been living together we've found that we only really need one car, so I've managed to convince her that we should can pool together what we previously individually spent on two cars, still get something new and shiny but make a saving!
I've had my eye on a Porsche Macan for a while, and the new GTS is what I'm going for - just need a quick check on some maths here, this is just my thoughts based on plugging some numbers into a PCP calculator
Current 1 series GFV for October - £10,100
WBAC offer today - £10,900
Cash available for deposit - Up to £7500
Macan GTS cost based on configurator less c2c discount - c.£64,000
Porsche finance rate - 6.4%
I haven't spoken to BMW or Porsche yet to get an idea of whether there is likely to be any equity left in the 1 series, but given its only done 15k Miles and is in great condition I'm hoping there is some.
I see my options as being :
1. Take the BMW to Porsche, hope there is some equity in the car, top up the deposit with cash to a level that makes me comfortable with the monthly payments - ideally up to £650
2. Buy the BMW outright with £5k from savings and a £5k personal loan (maybe even full amount with the loan depending on APR rate), then when ready to take the plunge I'd have a car worth around £10k to part exchange for the Macan.
Assuming the loan repayments over 4 years on the full £10k would be around £220, I'd probably have to top up the p/x with some cash to keep my total monthly costs under the £650 mark.
Does this maths stack up? Is there anything obvious I'm missing - I've never dealt with PCP before but coast2coast seem to be the only broker offering any kind of discount on Porsche
I definitely want this car, I know the current economic climate is quite unstable but I'm confident in both of our employment and our living situation is comfortable so I'm not going to be persuaded by arguments to save some more and get a cheaper car!!
All other thoughts much appreciated!
generally you won't get a p/x on a broker bought car (that's been my experience anyway). You might want to consider the impact of getting the personal loan, on being approved for finance on the Porsche. i also think BMW will offer you more money p/x or as a outright purchase for the 1er than Porsche will, that again was my experience when i tried to p/x my M4 against a 911 back a couple of years ago.
If i've understood your maths, it you amortize the £10k you looking at about £850pm for term? have you looked at PCH out of interest? I've just ordered an RRS PHEV on a 4 year deal for much less than that and its a more expensive car (before discounts at least).
If i've understood your maths, it you amortize the £10k you looking at about £850pm for term? have you looked at PCH out of interest? I've just ordered an RRS PHEV on a 4 year deal for much less than that and its a more expensive car (before discounts at least).
Edited by Nano2nd on Wednesday 29th July 09:39
Nano2nd said:
generally you won't get a p/x on a broker bought car (that's been my experience anyway). You might want to consider the impact of getting the personal loan, on being approved for finance on the Porsche. i also think BMW will offer you more money p/x or as a outright purchase for the 1er than Porsche will, that again was my experience when i tried to p/x my M4 against a 911 back a couple of years ago.
If i've understood your maths, it you amortize the £10k you looking at about £850pm for term? have you looked at PCH out of interest? I've just ordered an RRS PHEV on a 4 year deal for much less than that and its a more expensive car (before discounts at least).
Thanks for the reply, interesting points.If i've understood your maths, it you amortize the £10k you looking at about £850pm for term? have you looked at PCH out of interest? I've just ordered an RRS PHEV on a 4 year deal for much less than that and its a more expensive car (before discounts at least).
Edited by Nano2nd on Wednesday 29th July 09:39
Not too worried about the finance - will take the personal loan out in my partners name, pay off the car so she owns it outright then probably put the Porsche in my name (don't imagine there would be any issues there)
I hadn't considered whether p/x is offered on a broker car, that might be a slight spanner in the works but I guess it would just mean going through with option 1 or selling the BMW privately when ready to proceed
I have considered PCH as it's been my main route for cars in the past, but with Porsche the options list being so extensive just put me off that plan! I've never added options to lease cars in the past because you never get the value for them, and looking at the link you posted I very quickly ended up at the below after adding in the options I wanted.
I also intend to keep this car beyond the end of the PCP (the mrs thinks I'm kidding myself here) so don't want to limit that from the outset with PCH
Is it possible to have an Option 3, which is sell the BMW now to WBAC or similar (to pocket the equity), then run around in a cheap shed for 6 months while the Porsche is being build/delivered?
You'll save money that way and it's only temporary. I've bought a few cars from C2C (fantastic guys by the way) and the dealer doesn't normally deal in px, so I don't think that's an option.
You'll save money that way and it's only temporary. I've bought a few cars from C2C (fantastic guys by the way) and the dealer doesn't normally deal in px, so I don't think that's an option.
Yep, that is definitely an option 3 that I hadn't considered, will add to the list. No issues with an interesting shed!
I've just gone through the prompts on c2c and it does say that p/x is available at two of the three dealers listed, so might just have to follow up with them on that
I've just gone through the prompts on c2c and it does say that p/x is available at two of the three dealers listed, so might just have to follow up with them on that
maybe thats a new thing, or something C2C have negotiated, i've used drive the deal three times in the past and asked the p/x question everyt ime, followed by a resounding "no" - though last time was in 2017 so could have changed.
good points on the PCH, if you want to buy or need lots or options (which you do on a Porsche!) then its not the best idea, though interesting VW/BCA have offered to sell me the Scirocco, which i thought wasn't a thing on PCH but there you go.
good points on the PCH, if you want to buy or need lots or options (which you do on a Porsche!) then its not the best idea, though interesting VW/BCA have offered to sell me the Scirocco, which i thought wasn't a thing on PCH but there you go.
I have found that Porsche dealers aren't interested in your car. I had a C Class AMG in pristine condition with less than 10k on the clock and they told me they just pass the car on and have no interest in putting it on their forecourt. You will probably be better off trying a private sale or a BMW garage.
You'll always get a better deal if you don't have a part ex... I think dealers view it as additional hassle and as a negative from a buyer's perspective when looking to do the deal.
I'd question logic of the car choice though - for £65k, there are much better daily drivers (speaking as someone who bought an X3 m40D and regretted it!). For the money, definitely look at the Audi RS4 instead. The benefits of not having to bend over to stick the kids in the back are vastly outweighed by the diminished handling dynamics.
I'd question logic of the car choice though - for £65k, there are much better daily drivers (speaking as someone who bought an X3 m40D and regretted it!). For the money, definitely look at the Audi RS4 instead. The benefits of not having to bend over to stick the kids in the back are vastly outweighed by the diminished handling dynamics.
Maybe look at a Macan 1/2 Years old and you’ll be saving £10,000+ off the first years depreciation. My dad bought a 1 year old BMW 640i which was £67,800 new for £30k!
I have just financed a 2014 Audi S3, got Audi down to 6.4% APR on a HP for 2 years. If you can get 6.4% on a 1 Year old Ex Demo/Used one surely it makes a lot more financial sense!
I have just financed a 2014 Audi S3, got Audi down to 6.4% APR on a HP for 2 years. If you can get 6.4% on a 1 Year old Ex Demo/Used one surely it makes a lot more financial sense!
Jefferson Steelflex said:
Is it possible to have an Option 3, which is sell the BMW now to WBAC or similar (to pocket the equity), then run around in a cheap shed for 6 months while the Porsche is being build/delivered?
You'll save money that way and it's only temporary. I've bought a few cars from C2C (fantastic guys by the way) and the dealer doesn't normally deal in px, so I don't think that's an option.
I think that you are perhaps over complicating thisYou'll save money that way and it's only temporary. I've bought a few cars from C2C (fantastic guys by the way) and the dealer doesn't normally deal in px, so I don't think that's an option.
Based on the OP's own figures, there is currently only £800 equity in the BWM based on the WBAC quote, which will diminish between now and October, and assuming that WBAC actually pay the price they quoted online in the first place.
With that in mind, how much of that £800 will the OP have left after he has bought, taxed and insured the shed, and taking into account any ad hoc repairs or consumables that might be required during his brief period of shed ownership.
Unless the OP is going to earn a significant amount of profit by running a temporary shed, instead of the existing BWM for a few more months, what is the actual point in changing for an intermediate shed?
Definitely food for thought re the p/x - it was only the thought that there may be some equity in it that was making me consider p/x, but I guess the first course of action is going to be speaking to BMW and Porsche to find out what they'd offer!
I have looked at nearly new Macans, but they hold their prices so well that I'd rather just spent a touch more and pick up a new one that I've picked the options for. The GTS is also least likely to be available approved used from what I can see
I have looked at nearly new Macans, but they hold their prices so well that I'd rather just spent a touch more and pick up a new one that I've picked the options for. The GTS is also least likely to be available approved used from what I can see
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