Cayman GTS residuals - Porsche Financing
Discussion
Porsche911R said:
you forget PCP allows people to buy cars they cannot really afford and it keeps the monthly lower but they pay £25k in interest to allow it.
A loan is 4 x the monthly payments and of course better/cheaper over all but people cannot afford the payments.
my last car was on a PCP but the rate was just 0.9 % so seemed like a no brainer,A loan is 4 x the monthly payments and of course better/cheaper over all but people cannot afford the payments.
as it turned out I never really got on with it so paid it off after about 11 months and sold it.
Edited by timberman on Tuesday 23 January 17:17
I did the PCP maths when my son bought his Mini Cooper S last year. I've always been fortunate to be able to buy cash but I understand PCP is the "norm" nowadays and those who can afford the monthly payments are just as well off as me in doing so.
It's not the interest rate that's the key, it's the "guaranteed" balloon payment.
Can't remember why exactly but I sensed a con in favour of the dealer (shock, horror!).
He went to the bank of grandad instead, interest free. I reckon a personal loan would be the way to go so you can decide exactly when you want to move the car on and not suffer early redemption clauses or similar. You're more in control. It's "your" money and car.
PS. Grandad is not lending money at present.
It's not the interest rate that's the key, it's the "guaranteed" balloon payment.
Can't remember why exactly but I sensed a con in favour of the dealer (shock, horror!).
He went to the bank of grandad instead, interest free. I reckon a personal loan would be the way to go so you can decide exactly when you want to move the car on and not suffer early redemption clauses or similar. You're more in control. It's "your" money and car.
PS. Grandad is not lending money at present.
I've financed plenty in my time. It's nothing to do with snobbery. I just don't think the recent spike in pcps is gonna do the general car market any favours in the long term. I'm not gonna judge how anyone wants to spend their money! It's up to any individual how much depreciation /monthly they think is acceptable to drive what they want.
Twinfan said:
Cars people can't really afford? Here we go again with the famous Porsche owner's stereotype of condescending and elitist comments. If you can afford the PCP payments then you can afford the car - simple as that.
Anyway, back on topic, my Porsche finance interest rate is 6.9%. My bank only loans up to £20k so they weren't an option for me when I was buying. If you can get a £50k personal loan at 3.4% then I'd certainly take it!
Totally agree why do you think the manufacturers introduced it? Err lets see if we can sell more cars?Anyway, back on topic, my Porsche finance interest rate is 6.9%. My bank only loans up to £20k so they weren't an option for me when I was buying. If you can get a £50k personal loan at 3.4% then I'd certainly take it!
hixster said:
I've been speccing up a 718GTS with medium to reasonable spec. The car is coming out circa £70k mark.
With 6K miles per year over 3 years (18K total), the Porsche finance example has the residual/balloon at £42k.
I'm aware OPC are usually conservative on residual values, but I'm seeing similarly specced 981GTSs at 3 years old for sale at between £54k and £60k.
Who's to say the 718 GTS will hold its value in the same way, but if it did, this would leave some reasonable 'equity' as they call it in the car.
I'm just curious what residual figures any 981 GTS owners were quoted when buying new on similarly priced cars.
Dont forget what you see on the forecourt is much much more than the value trade especially at an OPC.With 6K miles per year over 3 years (18K total), the Porsche finance example has the residual/balloon at £42k.
I'm aware OPC are usually conservative on residual values, but I'm seeing similarly specced 981GTSs at 3 years old for sale at between £54k and £60k.
Who's to say the 718 GTS will hold its value in the same way, but if it did, this would leave some reasonable 'equity' as they call it in the car.
I'm just curious what residual figures any 981 GTS owners were quoted when buying new on similarly priced cars.
DJMC said:
I did the PCP maths when my son bought his Mini Cooper S last year. I've always been fortunate to be able to buy cash but I understand PCP is the "norm" nowadays and those who can afford the monthly payments are just as well off as me in doing so.
It's not the interest rate that's the key, it's the "guaranteed" balloon payment.
Can't remember why exactly but I sensed a con in favour of the dealer (shock, horror!).
He went to the bank of grandad instead, interest free. I reckon a personal loan would be the way to go so you can decide exactly when you want to move the car on and not suffer early redemption clauses or similar. You're more in control. It's "your" money and car.
PS. Grandad is not lending money at present.
Even if you own the car you are still at the mercy of the dealers or westealanycar.com. You want to move the car on you either accept trade value or sell privately, the latter much more difficult if your car is of some value.It's not the interest rate that's the key, it's the "guaranteed" balloon payment.
Can't remember why exactly but I sensed a con in favour of the dealer (shock, horror!).
He went to the bank of grandad instead, interest free. I reckon a personal loan would be the way to go so you can decide exactly when you want to move the car on and not suffer early redemption clauses or similar. You're more in control. It's "your" money and car.
PS. Grandad is not lending money at present.
Dont forget your cars value is driven by pcp values as the more they sell the more enter the used market.
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