Best rate on a new Porsche? - Page 3 - Porsche General - PistonHeads UK

This week I had a call about a cancelled order on an unregistered Taycan 4S ST which is sitting at the dealership and I’ve put a deposit on pending me being happy with the colour as it’s Carrara White and I’ve not seen one in the flesh. I usually buy outright but given the current climate I’m thinking I may go the PCP route. I’ve been quoted 10.9% regardless or deposit size or term. Apparently the rate is going up to 11.9% in December. Has anyone had a better rate on a new car in the last month? Also wondering if the person who was buying it loses their deposit if they’ve cancelled at the point the car was delivered to the dealer?

These rates are bonkers and buyers should treat them with the contempt that they deserve imo

W12GT said: This week I had a call about a cancelled order on an unregistered Taycan 4S ST which is sitting at the dealership and I’ve put a deposit on pending me being happy with the colour as it’s Carrara White and I’ve not seen one in the flesh. I usually buy outright but given the current climate I’m thinking I may go the PCP route. I’ve been quoted 10.9% regardless or deposit size or term. Apparently the rate is going up to 11.9% in December. Has anyone had a better rate on a new car in the last month? Also wondering if the person who was buying it loses their deposit if they’ve cancelled at the point the car was delivered to the dealer? If you’ve got the cash, why would you PCP at those rates, it doesn’t make sense. You would make the cost of the interest back over the PCP term no matter what you did with it.

You can get 8.9% from BNPP currently (I got offered by Oracle at 6.9% pre November and they were increasing to that at the beginning of the month) - though bigger deposit & lower balloon so higher monthly. I opted for VWFS at 8.9% as seemed to have more flexibility with early repayment & just wanted the flexibility / conserving cash given current climate

If these are flat rates ... the apr will be around twice this ... What you can see is that the OPC's are not offering the best rates for a simple reason, kickbacks. Mortgages are 6% flat at the moment but for these the apr over the term is complicated by changing rates and early payments / overpayments.

Try Oracle Finance

ChrisW. said: If these are flat rates ... the apr will be around twice this ... What you can see is that the OPC's are not offering the best rates for a simple reason, kickbacks. Mortgages are 6% flat at the moment but for these the apr over the term is complicated by changing rates and early payments / overpayments. Rates I quoted above were APRs

Desert Dragon said: Try Oracle Finance Awful in my experience. Very unprofessional, poor at even responding or returning calls

Crazy rates.

I know this is a debate done to death on here, but with inflation over 10% and interest rates (on PCP) even higher, if you have spare cash and need / want an expensive asset then buy it outright. Actually if you have spare cash at any time I would buy outright, but more so now than ever.

NC2022 said: ChrisW. said: If these are flat rates ... the apr will be around twice this ... What you can see is that the OPC's are not offering the best rates for a simple reason, kickbacks. Mortgages are 6% flat at the moment but for these the apr over the term is complicated by changing rates and early payments / overpayments. Rates I quoted above were APRs Are you sure ? I saw the Leicester OPC ad for the GT4RS and that definitely said 11.9% Fixed ... just checked ... it says a slightly lower rate apr beneath this ! Edited by ChrisW. on Saturday 26th November 17:25

ChrisW. said: Are you sure ? I saw the Leicester OPC ad for the GT4RS and that definitely said 11.9% Fixed ... just checked ... it says a slightly lower rate apr beneath this ! Edited by ChrisW. on Saturday 26th November 17:25 Yep - positive , that’s what it says on my agreement. I got the finance quote though end of October & picked the car up 2 weeks ago. I know BNPP were increasing theirs from 6.9% (flat rate 3.55%) to 8.9% end October - maybe Porsche did the same from 8.9% to 10.9/11.9%?

Discombobulate said: I know this is a debate done to death on here, but with inflation over 10% and interest rates (on PCP) even higher, if you have spare cash and need / want an expensive asset then buy it outright. Actually if you have spare cash at any time I would buy outright, but more so now than ever. This! It’s getting comical on these threads as it seems people are totally oblivious to what’s happening out there. The days of cheap money has ended and really people who need finance to buy a luxury vehicle ie a Porsche should stay away. Dealers right now will be worried looking out at their stock on massively marked up GTS’s , GT3 etc….. By February next year reality should have truly kicked in and a lot of people paying £1300+ a month for a bright shiny sports car should be thinking it wasn’t the best idea! If you have the spare cash then buy it but the fact you are already seeing posts of people being offered a new Taycan and GTS 992 when they walk into a dealer should make you worried. Only if you need finance that is.

Forza finance are offering 6.9% PCP rate.

Agree with all of this apart from one part. I cannot fathom why anyone would buy anything ..now. Jan Feb will be a very different place.

W12GT said: This week I had a call about a cancelled order on an unregistered Taycan 4S ST which is sitting at the dealership and I’ve put a deposit on pending me being happy with the colour as it’s Carrara White and I’ve not seen one in the flesh. I usually buy outright but given the current climate I’m thinking I may go the PCP route. I’ve been quoted 10.9% regardless or deposit size or term. Apparently the rate is going up to 11.9% in December. Has anyone had a better rate on a new car in the last month? Also wondering if the person who was buying it loses their deposit if they’ve cancelled at the point the car was delivered to the dealer? You normally pay cash for a car but now you want to take finance out on a car which will drop like a stone at 11%, doesn’t make sense to! If you have the cash and want the car negotiate a price and buy it, let’s not forget someone else cancelled it as they felt it didn’t make sense financially…. abd they were probably using finance but missed the cheap finance boat! A white Tycan will be a hard sell in the future. Edited by GT4RS on Monday 28th November 23:01

So many people are thick. If you own a business and can take out what you want, cash is miles more expensive than finance because you pay 60%+ tax on income above 100k NI = 12% Employers NI = 15% Income tax = 45% So if you own a business, and take 100k cash out to buy a car, you need to actually take out around £210k to buy it as cash. Dividends aren't much different Corporate tax = 26% Dividend tax = 38% So again, you need to earn / take out 200k+ to pay 100k post tax Debt is tax free.

Wealth has nothing to do with finance or cash as long as you can afford either. For business owners it mostly makes sense to use finance for the reasons cited above. However for an equivalent earner as an employee on PAYE it’s far cheaper to use cash due to polar opposite tax policy.

Not quite as simple as that. This all depends on where and how you invest your net cash for a higher return versus the cost of ‘renting’ your trinket. You have paid tax to be able to ‘rent’ so decision washes out. I’m afraid I’m old school, can’t afford it straight cash, won’t buy it.

Bmw are 13.9 now. 10k interest over 3 or 4 years on a used m2.

kbf1981 said: So many people are thick. If you own a business and can take out what you want, cash is miles more expensive than finance because you pay 60%+ tax on income above 100k NI = 12% Employers NI = 15% Income tax = 45% So if you own a business, and take 100k cash out to buy a car, you need to actually take out around £210k to buy it as cash. Dividends aren't much different Corporate tax = 26% Dividend tax = 38% So again, you need to earn / take out 200k+ to pay 100k post tax Debt is tax free. Erm. No. You pay cash from the company. Full capital relief for the company and tiny benefit in kind, for now, as company car (Taycan being an EV). Different matter if buying expensive ICE. And where do you think your payments come from to finance the car personally? They are all net of tax (or should be). Add up the gross monthly payments (what you have to earn to take home the monthly) and multiply that by 24/36/48 to get the real cost of financing your car. Edited by anonymous-user on Tuesday 29th November 10:21

It's a bit irritating really. Due a Taycan Turbo S (well it was due in October but each month it gets pushed back) in January and will be contract purchase as per my 4S. Makes sense from a business POV as we can use the £360k cash for 2 of them much more productively. Rising rates just make it a bit more frustrating.

Discombobulate said: Erm. No. You pay cash from the company. Full capital relief for the company and tiny benefit in kind, for now, as company car (Taycan being an EV). Different matter if buying expensive ICE. And where do you think your payments come from to finance the car personally? They are all net of tax (or should be). Add up the gross monthly payments (what you have to earn to take home the monthly) and multiply that by 24/36/48 to get the real cost of financing your car. Edited by Discombobulate on Tuesday 29th November 10:21 Might work for 0% BIK Taycan but try it with a ICE Supercar and there is no Capital relief and the BIK will be eye watering expensive

And you know this will change ... car tax changed at the last financial statement ... and BIK is bound to follow ... Better to own the car and charge the mileage allowance ... if this was ever going to be increased with fuel or electricity (fuel) prices ? ... but only for a "very sensible" car !

irish boy said: Bmw are 13.9 now. 10k interest over 3 or 4 years on a used m2. When base rate is 3.0% surely only mugs or desperate people paying that. You can get supermarket loan for 5-6%apr and you don’t have to look far for other finance houses advertising around 8%apr.

irish boy said: Bmw are 13.9 now. 10k interest over 3 or 4 years on a used m2. You would need to be mad to pay 10k interest over a 3 year term on a M2!

Robbo66 said: Agree with all of this apart from one part. I cannot fathom why anyone would buy anything ..now. Jan Feb will be a very different place. you expecting better for buyers in jan/feb, as people feel the pain even more?

Taffy66 said: Might work for 0% BIK Taycan but try it with a ICE Supercar and there is no Capital relief and the BIK will be eye watering expensive Indeed. As I mentioned.

Are Porsche offering an FDA on finance? Take the finance then pay it off?

FourGears said: Are Porsche offering an FDA on finance? Take the finance then pay it off? Had to look up what FDA was….answer not in the current environment maybe in a few months. Most models still have a decent waiting list so if there’s a cancelled order someone is probably happy to queue jump to get the car and even take daft finance. I have seen it in the past but on cars like Panamera’s that are built and need to be shifted. OPC will lost its bonus if you cancel your finance straight away so you won’t be flavour of the month or any month in the future. So that’s a choice you make !

Cheib said: Had to look up what FDA was….answer not in the current environment maybe in a few months. Most models still have a decent waiting list so if there’s a cancelled order someone is probably happy to queue jump to get the car and even take daft finance. I have seen it in the past but on cars like Panamera’s that are built and need to be shifted. OPC will lost its bonus if you cancel your finance straight away so you won’t be flavour of the month or any month in the future. So that’s a choice you make ! Surely we are heading for a totally different market where the dealer starts having to chase the customer. People are going to need serious deposits to fund these cars and the amount of people who can raise £50000/£60000 deposits ( and not remortgage their house to do it ) or buy them outright will be few. I can’t see for the foreseeable future much light for these high end dealers. They’ve been built on cheap money which has been literally everywhere but it’s really turned now. Car dealerships are going to struggle to adapt.

Chipper said: Cheib said: Had to look up what FDA was….answer not in the current environment maybe in a few months. Most models still have a decent waiting list so if there’s a cancelled order someone is probably happy to queue jump to get the car and even take daft finance. I have seen it in the past but on cars like Panamera’s that are built and need to be shifted. OPC will lost its bonus if you cancel your finance straight away so you won’t be flavour of the month or any month in the future. So that’s a choice you make ! Surely we are heading for a totally different market where the dealer starts having to chase the customer. People are going to need serious deposits to fund these cars and the amount of people who can raise £50000/£60000 deposits ( and not remortgage their house to do it ) or buy them outright will be few. I can’t see for the foreseeable future much light for these high end dealers. They’ve been built on cheap money which has been literally everywhere but it’s really turned now. Car dealerships are going to struggle to adapt. I think what you describe is possible but for that to happen dealers clearly need to have more cars than they can sell….right now some models have very long order books, you can check the threads out on here to see how many people have been waiting over a year for a 911. As people pull out (which I am sure they will/are) some people will get cars earlier than expected but I don’t see OPC’s being desperate to shift a 911 for a few months. I think cars can go back to normal depreciation rates pretty quickly, It is where there may well be problems as Porsche have managed to increase the price of new cars by somewhere between 15 and 20% over the last few years so current nearly new models looks really expensive compared to their predecessor. Currently a four year old 991.2 GTS is say £85k….a used 992 GTS is £125k at a minimum from an OPC….pretty much a 50% premium. That gap simply won’t hold, 992 prices need to adjust lower by say £20k. When that happens new 992 GTS’s start looking expensive…..and then new 911 sales stall.

Robbo66 said: Agree with all of this apart from one part. I cannot fathom why anyone would buy anything ..now. Jan Feb will be a very different place. Could you elaborate your post a bit please? What's going to change so dramatically in the next 4-8 weeks do you think? Sincere post - not a challenge, just wanting to get an idea of what you, and others, think the state of the market will be and what will change that so much after Xmas. P.S. I f****** hate buying a car with finance despite the many reasonable and rational arguments to do so. Still do though, especially the more run of the mill stuff I won't keep. Just kills experience for me. I know many who feel the same about houses and mortgages too...!

Robbo66 said: Not quite as simple as that. This all depends on where and how you invest your net cash for a higher return versus the cost of ‘renting’ your trinket. You have paid tax to be able to ‘rent’ so decision washes out. I’m afraid I’m old school, can’t afford it straight cash, won’t buy it. We must have gone to the same school 992gt3 190 already behind the scenes,still 30k over.

Murcielago_Boy said: Robbo66 said: Agree with all of this apart from one part. I cannot fathom why anyone would buy anything ..now. Jan Feb will be a very different place. Could you elaborate your post a bit please? What's going to change so dramatically in the next 4-8 weeks do you think? Sincere post - not a challenge, just wanting to get an idea of what you, and others, think the state of the market will be and what will change that so much after Xmas. P.S. I f****** hate buying a car with finance despite the many reasonable and rational arguments to do so. Still do though, especially the more run of the mill stuff I won't keep. Just kills experience for me. I know many who feel the same about houses and mortgages too...! I'm no expert, but my guess would be rising interest rates (11.9% at Porsche iirc, and will continue to increase if the base rate does) and a looming recession will reduce demand for cars. Less demand means cheaper prices. I posted the following in another thread over a month ago: SkinnyPete said: I was speaking to a sales executive at Porsche recently, they were saying that the 10.8% interest rate has already impacted sales of Macans as people who buy these cars in this price range can’t really afford them anyway. So the additional extra cost finally pushes them out of reach. No apparent detriment to 911 sales though, their conjecture was if you can afford a £120-150k on a toy then the interest rate is much less relevant. They also said their second hand prices have softened for the third month running, and that their rates are going up again in a few weeks. I don't like timing the market, but I really wouldn't want to buy a car anytime soon.

I think now would be the worst time to buy. Car prices around the peak of the wave ( on the downside now ) coupled with higher financing costs leave a purchase better left until we see where the new normal settles. With the majority financing l can’t see how the current pricing can continue.

Yellow491 said: Robbo66 said: Not quite as simple as that. This all depends on where and how you invest your net cash for a higher return versus the cost of ‘renting’ your trinket. You have paid tax to be able to ‘rent’ so decision washes out. I’m afraid I’m old school, can’t afford it straight cash, won’t buy it. We must have gone to the same school 992gt3 190 already behind the scenes,still 30k over. We did, had detention together too. 500 lines…. ‘Risk comes from not knowing what you’re doing’

Cheib said: FourGears said: Are Porsche offering an FDA on finance? Take the finance then pay it off? Had to look up what FDA was….answer not in the current environment maybe in a few months. Most models still have a decent waiting list so if there’s a cancelled order someone is probably happy to queue jump to get the car and even take daft finance. I have seen it in the past but on cars like Panamera’s that are built and need to be shifted. OPC will lost its bonus if you cancel your finance straight away so you won’t be flavour of the month or any month in the future. So that’s a choice you make ! How to be a bad Porsche customer, pay cash !! What a world.

Murcielago_Boy said: Robbo66 said: Agree with all of this apart from one part. I cannot fathom why anyone would buy anything ..now. Jan Feb will be a very different place. Could you elaborate your post a bit please? What's going to change so dramatically in the next 4-8 weeks do you think? Sincere post - not a challenge, just wanting to get an idea of what you, and others, think the state of the market will be and what will change that so much after Xmas. P.S. I f****** hate buying a car with finance despite the many reasonable and rational arguments to do so. Still do though, especially the more run of the mill stuff I won't keep. Just kills experience for me. I know many who feel the same about houses and mortgages too...! No problem, See @SkinnyPete..summed up. I would add that high end, I mean Carrera GT etc will hold. Those living off the Interest of the Interest will always be there. Those renting at 11% ++ on a fast depreciating toy, who may have also paid overs too….won’t be.

ChrisW. said: How to be a bad Porsche customer, pay cash !! What a world. Sign of the times chris, cheap money encouraged folk to live beyond. I remember buying my cayenne,they were around my ankles to take finance , to the point i told them to shove it.I made a bid of which they said they could only match if i took finance, funny though a hour later they phoned and said come and pick it up, one of the best vehicles i have owned. As said to pay expensive interest and depreciation works out very expensive/prohibitive , all the tax breaks dont help much once in the trap.

You need to be pretty desperate if you need to take finance out at the current rates of close to 12% with porsche in my opinion. I read on another thread bmw are even higher, close to 14%. Wouldn’t want to be the person with a large balloon payment which is coming up for refinancing…..could get pretty messy and expensive to own the same car you have been paying for the last 3 years. My local opc has always said 95% of the cars they sell are in pcp with the minimum deposit. These increases in finance rates are going to be felt by many. This is where cash is king when you work out the true cost of ownership moving forward. Edited by GT4RS on Saturday 3rd December 10:55 Edited by GT4RS on Saturday 3rd December 10:56 Edited by GT4RS on Saturday 3rd December 10:56

You would think demand would drop but it’s still sky high try get any model it’s easy 6-9 months wait and the dealers are so busy, there’s no discount even at the 10.9% rate which is the crazy part they openly say it we do not discount and they have a line of customers waiting. Where is the recession?

There are a lot of mixed messages coming out. But, I do think dealers will want to maintain the impression (or illusion) that business is booming, and, if you want a car you must join a queue and pay list. Once the tone changes to a ‘buyers market’ they are on the back foot.

We’re not technically in recession yet, but we’re very close. Once a recession is officially announced, I think the mood will start to alter. Talk of 4% rates at the next move, or close after.

Interestingly there are more than 30 new cars listed for sale on Porsche GBs website (including a 718 Cayman GTS) and last autumn when I was thinking of trading my Macan there were 3. I also know that my local OPC has new cars available not listed on the website so would conclude that either people are cancelling their orders and not taking cars that are already locked down/delivered or dealers are taking cars into stock because the waiting lists have evaporated.

Anecdotally - pinch of salt required - but my local OPC's forecourt and showroom is bursting with new cars. I have never seen it like that. 12 months ago there was probably less than half as much stock as now

I had a quick wander round our local OPC last week and there were a few new cars in the showroom. However, they were "option" cars that I believe the dealers are believed to take from time to time. There was a 2.0 Cayman with £28k of options and a 2.0 Boxster with £21k of options. There was also a base Cayenne which I only had a quick look at, it was a PTS colour (a aubergine/purple with silver stripes, yuk) and further options totalling something around £20k. Bonkers. They could be stuck with those for a while.

stuckmojo said: Anecdotally - pinch of salt required - but my local OPC's forecourt and showroom is bursting with new cars. I have never seen it like that. 12 months ago there was probably less than half as much stock as now This. My recent experience suggests there’s a limited relationship between new cars physically in an OPC showroom and what is advertised on the AUV site. As others have said no doubt there is a collective desire to maintain the impression of high demand regardless, but it’s obvious more unregistered cars are available now than 12 - 18 months ago. And they are not all Taycans or Cayennes either. I also would assume advertising availability of new cars does not score too many brownie points with PCGB?

GT4RS said: You need to be pretty desperate if you need to take finance out at the current rates of close to 12% with porsche in my opinion. I read on another thread bmw are even higher, close to 14%. Wouldn’t want to be the person with a large balloon payment which is coming up for refinancing…..could get pretty messy and expensive to own the same car you have been paying for the last 3 years. My local opc has always said 95% of the cars they sell are in pcp with the minimum deposit. These increases in finance rates are going to be felt by many. This is where cash is king when you work out the true cost of ownership moving forward. Agreed. I can't see how demand remains high with such high cost of borrowing. Either the manufacturers are putting on a brave face, or there really are enough people who just don't care, want what they want and are happy to suck up the cost.