992 Question - Sorry, really boring Finance one

[dgswk]

Quick question, and hate to be a bore, but new to dealing with Porsche OPC.... Just sorting out finance for my first 911 - a new 992 due in a few months, had the quote and tbh its in expected budget monthlies wise, just wanted to make sure it was about right and if there was any room for negotiation APR wise.

Cut to the chase - £100k car, £15k down, 4yrs, 6k PA, been offered 6.6% APR.

On the face of it, the APR seemed a bit high given the current climate, was expecting just sub 5%. Does that sound about right, or is their a bit of wiggle room on the APR? Clearly its Porsche and beggars cant be choosers and all that.

Cheers

[Twinfan]

Porsche APR is usually higher than you can get elsewhere, but 6.6% APR from them is pretty good. You can ask if they'll lower it, but I suspect that's as low as they'll go.

No harm in asking though.

[dgswk]

Cheers, I get that, just want to make sure its ball park. If it was the normal BMW / Audi stuff I'd engage full fat hard negotiation mode whether the APR seemed reasonable or not. This I guess is different, don't want to look a c*ck if there is little or no negotiation to be had!

[ODRALLAG]

My understanding was that it comes from VWFS and it’s supposed to be a fixed rate. Though is your figure exactly 6.6? As I’m sure I saw Porsche offering it at 6.8% so don’t know if you got a discount of 0.2% lol

[churchie2856]

Finance example for new 992 on the Porsche UK website states ...

Rate of Interest - 6.65% fixed
Representative APR - 6.7% APR

[6appeal]

where do you find the interest rates?

[churchie2856]

https://www.porsche.com/uk/models/911/911-carrera-...

[kbf1981]

I got 4.3% Apr on Lombard - £55k future value.

[imycool]

What does furure value mean ?

[1WEL]

imycool said:

What does furure value mean ?

Future value is used on most PCP finance agreements
PCP explained here
https://www.youtube.com/watch?v=j_caAINWY6w

Edited by 1WEL on Saturday 2nd March 09:00

[dgswk]

kbf1981 said:

I got 4.3% Apr on Lombard - £55k future value.

Cheers, that looks really interesting - I was offered £55k on a £100k car, 4yrs, 6k pa by OPC so sounds about right. 4.3% is definitely worth a peek. If nothing else I at least have a bargaining tool. That takes £100+ a month off potentially. Mrs dgswk would be happy about that.

[str4nger]

The best I could find is

£15,000 deposit, over 3 years with a balloon of £71,750, works out 5.6% apr

However I don't intend to keep the car longer then 6-9 moths.

[ODRALLAG]

str4nger said:

The best I could find is

£15,000 deposit, over 3 years with a balloon of £71,750, works out 5.6% apr

However I don't intend to keep the car longer then 6-9 moths.

Who was that with

[trowelhead]

Clydesdale also very good speak to ryan dobson

They will do around 4.2/4.3% apr similar to lombard

Bear in mind - the deals from lombard / clydesdale are Hire Purchase with balloon. So the balloon / final value is not guaranteed.

With Porsche i'm assuming its a PCP and thus has a guaranteed final value (at which point you can hand the car back and walk away) whereas that is not the case with HP with balloon deals.

[kbf1981]

str4nger said:

The best I could find is

£15,000 deposit, over 3 years with a balloon of £71,750, works out 5.6% apr

However I don't intend to keep the car longer then 6-9 moths.

Why just 6-9 months? That's a bloody good deal. Did you set the balloon yourself or did they do it?

[trowelhead]

kbf1981 said:

str4nger said:

The best I could find is

£15,000 deposit, over 3 years with a balloon of £71,750, works out 5.6% apr

However I don't intend to keep the car longer then 6-9 moths.

Why just 6-9 months? That's a bloody good deal. Did you set the balloon yourself or did they do it?

Would that deal be JBR by any chance?

[dgswk]

str4nger said:

The best I could find is

£15,000 deposit, over 3 years with a balloon of £71,750, works out 5.6% apr

However I don't intend to keep the car longer then 6-9 moths.

Seems a bit of a high baloon, only £10k depreciation pa, very low mileage?

[dgswk]

trowelhead said:

Clydesdale also very good speak to ryan dobson

They will do around 4.2/4.3% apr similar to lombard

Bear in mind - the deals from lombard / clydesdale are Hire Purchase with balloon. So the balloon / final value is not guaranteed.

With Porsche i'm assuming its a PCP and thus has a guaranteed final value (at which point you can hand the car back and walk away) whereas that is not the case with HP with balloon deals.

Yes, spoke to them today, got a sub £900 monthly, but balloon not guaranteed. Happy with £56k, should be able to move on for that in 4 years via private sale to a specialist easily, given 4yo 991 C2S’s seem to retail for £60k+ Waiiting on Lombard to come back.

[str4nger]

HI Guys


Its not through JBR, its a regulated deal so the interest is not front loaded.

If anyone wants the contact dm me and ill send it over.

[Cimaguy]

dgswk said:

Yes, spoke to them today, got a sub £900 monthly, but balloon not guaranteed. Happy with £56k, should be able to move on for that in 4 years via private sale to a specialist easily, given 4yo 991 C2S’s seem to retail for £60k+ Waiiting on Lombard to come back.

£900 a month. I don't know if I'm tight or that is a lot for a car on a monthly basis.

How much should folks spend as a percentage of their net salaries?