How to pay for your first porsche

[a_dreamer]

Hi guys,

I am in the fortunate position that I am considering buying a new 911. I have driven one, loved it, and have gone through the initial process of specifications and pricing. The big thing that hurts is the APR at 5.9%. I am not in a position to buy in cash at the minute due to wanting to have that rainy day savings in case anything unexpected happens.

I am also considering keeping it past any PCP deal as it wont see loads of miles with no need for a commute. This is another plus of getting a porsche over something from another brand, they look great for years to come. Has anyone had any luck with external funders to get a lower APR. Given the GFV's are decent for a PCP it means you are borrowing a sizeable amount (if only going £20k over the GFV).

I'd rather throw some of the interest money into getting a nicer spec if i can also.

Any help is more than appreciated.

Thanks

[a_dreamer]

jonny996 said:

i will give you the Dad answer.

Put it on your mortgage, if you don't have enough equity in your home, should you really be buying a brand new 911?

This isnt such a bad idea actually. Ive been very old school over the years paying it down so im prob at around 15% equity, 10% perhaps with the way houses are selling. So I dont have too long left, so it might actually work out cost effective. Will do some man maths and compare against a few other options.

Twinfan said:

Personal loans are available at lower rates, but you may not be able to borrow enough depending on how much deposit you're putting in.

There are specialists out there who may be able to do better than Porsche rates but you'll need to do some ringing around to find out as it will depend on your personal circumstances.

Are there any you would recommend? I have some time this afternoon i plan to do some googling and research, but if there are any you or others can recommend I look at first, it would be apprecaited.

Edited by a_dreamer on Tuesday 22 June 10:05

[a_dreamer]

Fnumber1user said:

Based on your words don't get caught in the paralysis of not wanting to use it/put miles on it, after all what's the point of having a garage ornament? - actually not driving them can be detrimental in many ways.

Also, I always wanted a 911 - test drove one and loved it. Test drove something else in the range and I'd always been wrong, bought that instead. Make sure you experience not just the 911...you may be surprised. Either way, enjoy the road to ownership...they're all great cars and its a great position to be fortunate enough to be in.

Cheers, yeah PCP is the risk free option in many aspects i guess.

In terms of the driving it is more circumstantial as I dont have a commute to work etc, so where as when buying cars in the past that has had to be a factor, this will be purely pleasure driving

The 911 is a car I have always wanted, I need the token back seats for my little kids, but I do need to test drive a few others.

[a_dreamer]

Cheers for everyones feedback.

The Mortgage option only makes sense as I have a short period of time on it as we have overpaid and then shortened it at periods for various regions. The key challenge is how much I want to have saved somewhere. I think on the original PCP i would intend to pay the balloon at the end outright rather than refinance it.

As a few have said, it seems the safest bet as you avoid any odd fluctuations etc, plus the longest I have kept a car is 4 years, but it wasnt a porsche....

The challenge comes more from the fact that the gfv is about 60% the vehicle price so even if i paid the rest upfront, you still finance a decetn amount to have 6% on and my money in savings isnt exactly earning much, its more the security.

Got some time tomorrow so going to ring round and see what is available.

Appreciate all your thoughts and glad in some senses there isnt some glaringly obvious option I have not already considered.

[a_dreamer]

The options are interesting. I like the aero pack for what it does the the front and back bumpers and the wing is boss but I like it without. Sports exaust is a must as is the chrono pack.

After that there were a few smaller things I liked. The camera is very poor. Not sure why?

I've reached out to a few companies mentioned. Clydesdale seem to be virgin money now.

I think I need to get to a comfortable stage on the money then just get it ordered.

[a_dreamer]

Some brilliant advice in here and it's really helping me think around this.

In terms of discounts. What do people normally get. So far it's been made out like there is nothing they can do?

[a_dreamer]

Lead times are seemingly am estimate of 9-12 months.

I'm thinking of about 10-14k of options. Sports design, exaust, chono and alloys take the majority of that.

Anyone else have any must haves?