finance options..?best way to buy

[boxster9]

I am thinking of buying a boxter 987S or 986S (undecided yet..see other thread). I have about 10K cash upfront. Would prefer to pay cash outright...but would mean saving for a bit longer.what's the best and cheapest way of financing this....

what have all you owners done?

[Jamie PCF]

Hi depending on the value of the purchase and whether you need a balloon to reduce monthly repayments an unsecured personal loan might be the finest interest rate you will achieve.

If you are borrowing (after deposit) say £15K+ and want a balloon then Hire Purchase with a balloon would probably suit your needs.

There are many people out there who can help, dealers can be expensive. I offer these products and my details are on 911uk.com under Insurance & Finance forum. take a look.

good luck

[edinandrew]

Boxster 9 - see my response to your last thread regarding finance.

[JohnV]

I've used Lease Purchase to great effect in the past. The main thing to work out when using them, is what a dealer is 'realistically' going to give you for the car at the end of the term. Say for sake of argument you buy a car at £40k and you put down £10k with a residual of £15k. If you get £20k for the car in 3 years time and you have a residual of £15k then you walk away to your next car with only £5k. In other words, you have sacrificed half of your deposit to lower monthly repayments. Not something I like to do. If you work backwards like this and understand the depreciation realistically (a lot of us kid ourselves about what a dealer will give us in 3 years just to get the car we want now - resist the heart vs head scenario!), you will be ok and lease purchase will serve you well.

Ironically, and I don't know if this is right or not, but I always used LP on new cars, as I found it less realistic for me to finance a 3 year car for 3 years, on the understanding that the car would then be 6 years old when I sold it. Financing a new car (and all its year one depreciation) was a more appealing proposition for me, as I got the car I wanted and it would still be new-ish and desirable, when I went to sell it.

A few years further on and my finance query has moved to cash vs finance. For the wife's new Cayenne (oh, I hear them groan, but we like the new shape and it keeps my wife & kid safe!) we paid cash, whereas I'll be looking for a C2S for a New Year delivery. Not sure if I want to tie up so much cash, but then again, by the time it's delivered I might just have spent the money anyways! I'm seriously thinking of a LP again - if anyone would like to give indicative quotes pm me.

[JohnV]

PS having seen your other post I should have said that my first Porsche was a beautiful black Boxster S (my essentials were heated seats, TurboII wheels, PASM, aluminium hoops, alum geartrim, etc). I was a bit lucky on the depreciation side of things though, as I soon moved to Dublin having bought it. After much paperwork, blood, sweat and tears, I managed to import the car within the RoI import restrictions and thus avoided their ghastly VRT tax (short summary: an illegal tax soon to be challenged by the EU that effectively puts 30% onto the price of a car and directly into the governments pocket). Anyways, I didn't have to worry as I got the car in, avoided the tax and instantly the value of my car went up by 30%. You couldn't sell the car for another year, which wasn't a problem, but the net result was that I sold the car after 2 years, 9 months ownership and took a 'massive' £2,500 hit in depreciation. Not bad! Effectively, a free Porsche for almost 3 years. A couple of tyres and that was about it. The only work (very minor) was warranty.

So there's a plan for you - buy your P, keep it 6 months in UK, move to Ireland, import it, keep it for a year, sell it and you'll be quids in. Trouble is...have you seen the price of the houses over here??? Always a catch! As soon as you're bending over to pick up one bonus in life, someone else is lining up to take you up the a$$ with another! Life's too short - just go for it!

[boxster9]

if I put a 10k deposit on a 987S for approx 30K, what would be the monthly cost for the remainder for say a 2 yr loan.

[LeeME3]

boxster9 said:

if I put a 10k deposit on a 987S for approx 30K, what would be the monthly cost for the remainder for say a 2 yr loan.

This will tell you, let's you fiddle with the APR and different balloons as well (just note where it says 'loan amount' it means 'car price' or you'll get carried away with amazingly optimistic figures!):

http://www.grosvenor-butterworth.co.uk/car_loan_ca...