PCP Porsche finance - better deal out there?
Discussion
Hello all, new to the forum.
Picking up my new Taycan Sports Turismo in a couple of weeks and trying to find out if I can get a better PCP deal than Porsche.
Car value is £87,083k with a £35k deposit (happy to put in a bit more but Porsche say that's the max). Over 36 mths at 5k miles per year. Repayments of £340 with a final figure of £52,423. APR 7.9%
Thanks in advance.
Picking up my new Taycan Sports Turismo in a couple of weeks and trying to find out if I can get a better PCP deal than Porsche.
Car value is £87,083k with a £35k deposit (happy to put in a bit more but Porsche say that's the max). Over 36 mths at 5k miles per year. Repayments of £340 with a final figure of £52,423. APR 7.9%
Thanks in advance.
Can't help on the APR, apart from saying call the usual suspects - JBR, Oracle etc. etc.
But with such a large balloon you are paying a lot of interest - can't you up the monthly payment and reduce the balloon?
I believe with Porsche you can overpay although with the PCP there are certain restrictions on how that is applied. So if you have a bigger deposit, just overpay by that amount on day 2 and then keep paying your monthly which will eventually reduce the balloon.
ETA I assume you mean 1,340 / month, although the points still apply!
But with such a large balloon you are paying a lot of interest - can't you up the monthly payment and reduce the balloon?
I believe with Porsche you can overpay although with the PCP there are certain restrictions on how that is applied. So if you have a bigger deposit, just overpay by that amount on day 2 and then keep paying your monthly which will eventually reduce the balloon.
ETA I assume you mean 1,340 / month, although the points still apply!
To reduce the balloon you can increase the mileage. Even if you don't use the miles it still brings down the gfv.
One thing to be aware of is that if the worst happens and you have to reject the car this is very much easier if the finance is with the manufacturer. Has happened that way to me - with a porsche - and a friend with another make.
Enjoy the new car!
One thing to be aware of is that if the worst happens and you have to reject the car this is very much easier if the finance is with the manufacturer. Has happened that way to me - with a porsche - and a friend with another make.
Enjoy the new car!
minty biscuit said:
Hello all, new to the forum.
Picking up my new Taycan Sports Turismo in a couple of weeks and trying to find out if I can get a better PCP deal than Porsche.
Car value is £87,083k with a £35k deposit (happy to put in a bit more but Porsche say that's the max). Over 36 mths at 5k miles per year. Repayments of £340 with a final figure of £52,423. APR 7.9%
Thanks in advance.
How much are you willing to lay as a deposit?Picking up my new Taycan Sports Turismo in a couple of weeks and trying to find out if I can get a better PCP deal than Porsche.
Car value is £87,083k with a £35k deposit (happy to put in a bit more but Porsche say that's the max). Over 36 mths at 5k miles per year. Repayments of £340 with a final figure of £52,423. APR 7.9%
Thanks in advance.
minty biscuit said:
Hello all, new to the forum.
Picking up my new Taycan Sports Turismo in a couple of weeks and trying to find out if I can get a better PCP deal than Porsche.
Car value is £87,083k with a £35k deposit (happy to put in a bit more but Porsche say that's the max). Over 36 mths at 5k miles per year. Repayments of £340 with a final figure of £52,423. APR 7.9%
Thanks in advance.
£87k CarPicking up my new Taycan Sports Turismo in a couple of weeks and trying to find out if I can get a better PCP deal than Porsche.
Car value is £87,083k with a £35k deposit (happy to put in a bit more but Porsche say that's the max). Over 36 mths at 5k miles per year. Repayments of £340 with a final figure of £52,423. APR 7.9%
Thanks in advance.
£35k deposit + 36x£340+£52.5k balloon = £100k
£13k feels like a lot of interest on 52k over 3years. In fact, it looks like you're effectively being charged 15.9% APR against the £52k (£87k less deposit) and if you've got that kind of money lying around, I would imagine you're able to qualify for a much more competitive rate either via personal or secured loan.
minty biscuit said:
Thanks for all your feedback. I should have been clearer. I don't intend to see out the full 3 years but buy the car outright in 1-2 years. So I'm essentially looking to find more competitive finance than what Porsche offers.
Who is Darren Gibson?
He is an independent car finance broker, super helpful and all round nice chap.Who is Darren Gibson?
https://dg18son.com
Da Original Whyayedee said:
Spoke to him this morning. Can concur, he's a really good guy.AudiMan9000 said:
You could just use the £35k to buy a pretty decent German car outright. Do you mind me asking what you do for a living to have a spare £35k to drop on a PCP deposit?
Let me know of a pretty decent brand new German EV for £35k and I'll take a look. I sell Artificial Intelligence.Edited by AudiMan9000 on Wednesday 12th October 21:24
AudiMan9000 said:
You could just use the £35k to buy a pretty decent German car outright. Do you mind me asking what you do for a living to have a spare £35k to drop on a PCP deposit?
Yeah fair enough that was not a sensible idea. My thinking was you can get nice German cars around the £35k mark (such as A4 / 3 Series), which could be owned outright with £0 monthly payment. But I’m probably thinking of prices from a few years ago, as the cars I’m referring to are probably more like £40k now. Plus the OP plainly is a man of significant wealth, and I get that a £76k electric Porsche is leagues above what his deposit alone could get him.Edited by AudiMan9000 on Wednesday 12th October 21:24
I suppose it’s like someone saying to me why don’t you buy a £500 shed outright instead of putting £500 into my next Audi SUV PCP deal (said with tongue firmly in cheek).
If you're planning on buying it outright soon enough and have more than £35k to put in now then I'd explore the possibility of buying with a combination of ready cash, 0% credit cards and personal loans. I'm going to hazard a guess that you've got a good credit rating so you might be able to get £20k on 0% cards. If you put £45k in that only leaves 20-ish to fund with a personal loan which should be at 4/5%.
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