PCPing a used Taycan

[-Cappo-]

I'm currently in a leased VW ID.7, and I'm a bit of a convert to EVs. Let's park that there, if you don't mind - not looking for an EV vs ICE discussion. Also, despite my conversion, I'd still prefer to lease or PCP an EV, to avoid depreciation/new tech risks.

I got a cracking deal on the ID.7 as I grabbed one of the very early ones. It's up for renewal in about 4 months time. I might be able to extend (don't know yet) and I do also have an early termination figure. If I leased another ID.7 it would be a lot more expensive than the one I have now, at current rates.

On the back of a few too many bereavements and terminal illness diagnoses amongst family & friends over the past 12 months, I've been applying a bit of "life's short/only here once" factorisation to the standard man maths, so why not have something "nice" as the next car.

Which leads me to the Taycan. Talk of Taycan depreciation is well documented, but that of course could play in my favour. I've had a good look around, and from a main dealer, with 2 years warranty which can be extended, I could get a 3 year old-ish Taycan with <20k miles which over the course of the 3 year PCP would cost me about double what a replacement ID.7 would, factoring in the slightly absurd Porsche Servicing tax.

I can afford it. Is this a terrible idea, or is it worth going for? When I hang up my driving gloves, will I regret not having had one, or will I regret having made such a foolish decision?

[CG2020UK]

Used PCPs are generally a terrible financial decision.

Could you find it on slow interest personal loan?

[-Cappo-]

CG2020UK said:

Used PCPs are generally a terrible financial decision.

Could you find it on slow interest personal loan?

Yeah the current rate at the main dealer is 9% ish, which isn't great.

But the main reason for financing rather than purchasing was to avoid any uncertainty around having to dispose of it myself at the end.

[Ted Maul]

CG2020UK said:

Used PCPs are generally a terrible financial decision.

I've been looking at used Range Rovers on PCPs and I would completely agree. Great cars but just not worth the horrendous deals, for me anyway.

[AyBee]

I've had similar thoughts myself so interested to hear what others say too!

[JQ]

-Cappo- said:

I might be able to extend (don't know yet)

I extended the lease of a VWFS car a few years ago and you were able to get extension quotes from 6 months out. It appeared to be a random number generation process, so I got lots of quotes over the 6 month period (which were all over the place) and just signed the documents for the cheapest quote. Worked out very well in the end. Worth doing if that process is still available.

[pb8g09]

Broader question, do you have to use your 'fk it you only live once' money/cashflow on a car? Could you spend it on another one of your hobbies that maybe wouldn't be so expensive?

Example I give is my mate decided he'd keep leasing his Octavia and just bought a jet ski and a set of new Taylormade's instead.

[Togneri]

Just a heads up, the mainstream banks offer better PCP rates than the dealerships and we found it very quick to set up (did ours just through our online banking app).

Quick google suggests that LBG are offering 5.7-6.9% on car finance, sure there will be others...

[-Cappo-]

Togneri said:

Just a heads up, the mainstream banks offer better PCP rates than the dealerships and we found it very quick to set up (did ours just through our online banking app).

Quick google suggests that LBG are offering 5.7-6.9% on car finance, sure there will be others...

Oh that’s interesting, I didn’t know that - I’ll have a search, thanks.

@pb8g09, no, there’s not anything else I’ll be going without if I go for this.