PCP figures - examples

[cheerfulcharlie]

People always seem to asking about payment rates so I thought I would share some figures I got this week from an OPC.

This was against a 6 month old Cayman up at £34,500

Figures are based on a £7k deposit.

Initial response was as shown below.

446 x48
15700 final payment
OR
455 x 36
19000 final payment

After I said that was too much they came back with :

407 x 36
20587 final payment

407 x 48
17110 final payment

Still too dear but useful info nonetheless

[matc]

cheerfulcharlie said:

People always seem to asking about payment rates so I thought I would share some figures I got this week from an OPC.

This was against a 6 month old Cayman up at £34,500

Figures are based on a £7k deposit.

Initial response was as shown below.

446 x48
15700 final payment
OR
455 x 36
19000 final payment

After I said that was too much they came back with :

407 x 36
20587 final payment

407 x 48
17110 final payment

Still too dear but useful info nonetheless

The figures they've come back with are at 5.5% flat, or about 11% APR. In the current market you should be able to get that around 4% which would make your payments £350 based on the above 36 month quote.

[AdYa]

Over 48 months that's 44108 vs 43646!!!and there are fees on first and last payments. That's a lot of interest.

[gubbs997]

on the final quote all they have done is increase the bullet, you end up paying more in total as the total interest is more!!!

[jackliebling]

For clarity this is the deal I got on my Cayman... I was quite happy... Mine was not a PCP it was a Hire Purchase. PCP means your final figures are the Guaranteed Future Value right?

Considering your larger deposit I think that you should be able to do a lot better than you have been quoted (the dealer said that, very roughly, for every £1000 extra in the deposit the monthlies go down by c. £25)

Car 9 months old.

£33500 asking price.

£2250 deposit

£501 per month x 48

Balloon payment £15250

[mollytherocker]

matc said:

The figures they've come back with are at 5.5% flat, or about 11% APR. In the current market you should be able to get that around 4% which would make your payments £350 based on the above 36 month quote.

As usual, it looks like there is more profit on the loan than the car.

Would an OPC do a flat 4% deal? Even 4% is not chaep.

MTR

[cheerfulcharlie]

jackliebling said:

For clarity this is the deal I got on my Cayman... I was quite happy... Mine was not a PCP it was a Hire Purchase. PCP means your final figures are the Guaranteed Future Value right?

Considering your larger deposit I think that you should be able to do a lot better than you have been quoted (the dealer said that, very roughly, for every £1000 extra in the deposit the monthlies go down by c. £25)

Car 9 months old.

£33500 asking price.

£2250 deposit

£501 per month x 48

Balloon payment £15250

Yes thats right - the last set were based on a reduced mileage of 10T per yr hence the increase in the residual payment. The challenge I gave them was to get under £400 pr mnth as that equates to my car allowance.

And yes it is a lot interest when you add it all up !!!!

[mollytherocker]

cheerfulcharlie said:

Yes thats right - the last set were based on a reduced mileage of 10T per yr hence the increase in the residual payment. The challenge I gave them was to get under £400 pr mnth as that equates to my car allowance.

And yes it is a lot interest when you add it all up !!!!

Thats not a challenge in my view. They will come back with £398 or something.

It should be closer to £350 to be competitive.

MTR

[Carl_Docklands]

The UK Porsche website has recently re-enabled its finance calculator.

If you need a laugh, ignore the Cayman, have a look at the residual on a Cayenne Turbo after 3 years - 30% if my memory serves :>

[991]

The model to look at on finance is the Cayman R PDK, it's got a massive PCP end values.

[daveyb662]

991 said:

The model to look at on finance is the Cayman R PDK, it's got a massive PCP end values.

Great username!!!

[olicana]

Could you post a link to the Porsche finance calculator as I cannot find it.

[Dazza N]

Current non subsidised used car pcp rates are around 3.5% flat pcp gives you the flexibility of a shorter term with a guaranteed value at the end. If you are thinking of keeping the car longer go HP ,it works out cheaper over all as you are not paying interest on an offset amount There is always the option of leasing as well ? If you need any advice I have been in car supply and finance for 21 years. Cheers. Dazza

[Fat Albert]

Ask them for figures on 5 year straight finance, that is what we normally do.

That way there is no mileage restriction, you get a better finance rate, and after around 2 years 10 months you can just hand the keys back with no penalties if the car is worth less than the finance remaining and you have paid more than 50% of the overall deal

[T2R31]

Could somebody point out to me a layman's guide to car finance?

I've never considered it before - but, it's becoming a bit more apparent that you get more deal leverage with finance!!

If these PCP rates can be had for around 3.5%.....which, more or less matches the best safer??!! investment that you can make at the moment....perhaps finance is worth considering?

Can you do a PCP over a shorter term or drop out at any point without too much of a penalty?

[sidicks]

T2R31 said:

Could somebody point out to me a layman's guide to car finance?

I've never considered it before - but, it's becoming a bit more apparent that you get more deal leverage with finance!!

If these PCP rates can be had for around 3.5%.....which, more or less matches the best safer??!! investment that you can make at the moment....perhaps finance is worth considering?

Can you do a PCP over a shorter term or drop out at any point without too much of a penalty?

No it doesn't!!

3.5% flat rate is equivalent to around 7% APR which is the relevant comparison,

Sidicks

[T2R31]

991 said:

The model to look at on finance is the Cayman R PDK, it's got a massive PCP end values.

Has anybody got any figures on this?

I can't seem to find the online calculator anywhere.

[esuuv]

Online calculator is in the configurator - build your car and then it gives you the finance calculator option - top right of the window.

I just did this - on an R selecting PDK as the only option.


Solutions representative example from Porsche Financial Services based on 10,000 miles per annum for Porsche Cayman R


Your selected values
Deposit: £ 10,000.00
Annual Mileage: 10,000
Duration (Months): 36

Finance Example
35 payments of £ 551.86
Final payment £ 36,242.57
Total Amount Payable £ 65,652.67
Amount Financed £ 44,484.00
Representative APR 9.60 % APR
Rate of interest 9.50 % fixed
Excess Mileage 16.80p per mile

[BigIan]

Can anyone give me an answer to this question.

I want to PCP a new car but change it around 2 - 2 1/2 years. Is it financially better for me to PCP it over 36 or 42 months.

Many thanks
Ian

[Ady128]

Have a few years of boredom and save up! It's worth it, I did.