Is this a good deal and should I do 3 or 4 years PCP - Page 5 - 911/Carrera GT - PistonHeads UK

Hi there. Its a 66 plate 911 Turbo S, you can see it on the Porsche Cambridge website. It is £110k and my deposit is £50k. 36 month PCP is £551.92, final value £52,627.50 49 month PCP is £581.09, final value £48,568.75 6000 annual mileage. Should I do the 3 year or the 4 year PCP? I don't plan to keep the car afterward and will likely look to stay on a pcp deal going forward. Thanks so much in advance for your help, I've never PCP financed before. Alex

What's the interest rate? GFV is quite low IMO but generally i'm finding this across all marques are pricing GFV values low intentionally should the car market suffer serious decline. On the flip side, your repaying more capital.

Wow three years and 50 per cent depreciation . The car market is heading back to normal

Didn't look at the porsche website but you are spending that on a 911 Turbo S that is 6 years old?

CrgT16 said: Didn't look at the porsche website but you are spending that on a 911 Turbo S that is 6 years old? 48k miles too. Does seem expensive

The apr works out at around 7.4% Edited by therams on Tuesday 26th July 20:13 Edited by therams on Tuesday 26th July 21:02

therams said: The apr works out at around 7.4% Edited by therams on Tuesday 26th July 20:13 Edited by therams on Tuesday 26th July 21:02 What's the fixed rate? By my calculations your paying quite a lot in interest but this is general across the board when your looking at 50k plus borrow. I was looking at 911 Turbos too but at 80-90k for 13 plates their really expensive but will likely hold their value as new ones are being listed at 200k

what would lease costs be for a new one?

therams said: The apr works out at around 7.4% I think the standard Porsche Apr is around 6.9% for new cars, so 7.4% doesn’t sound too bad from thst perspective. The longer the term, (obviously) the more you are paying in interest charges. Edited by Sport_Turismo_GTS on Tuesday 26th July 22:34

aeales123 said: Hi there. Its a 66 plate 911 Turbo S, you can see it on the Porsche Cambridge website. It is £110k and my deposit is £50k. 36 month PCP is £551.92, final value £52,627.50 49 month PCP is £581.09, final value £48,568.75 6000 annual mileage. Should I do the 3 year or the 4 year PCP? I don't plan to keep the car afterward and will likely look to stay on a pcp deal going forward. Thanks so much in advance for your help, I've never PCP financed before. Alex why not take out a bank loan at a far lower rate, maybe 3% thereabouts. A loan is a loan, be it with Porsche or your Bank. Psychologically, a loan with Porsche, doesn't feel as serious and John Major like, but a loan is a loan - makes no odds. Go with a bank loan, you'll get far lower interest rates...and come the end sell it to an OPD to clear any remaining loan. you are paying through the nose on options, and now you want to entertain paying Porsche % rates to pay it al off?

loskie said: what would lease costs be for a new one? Isn’t the waiting list around 24 months for one of these?

OP: to answer your question. No it's not.

Sport_Turismo_GTS said: therams said: The apr works out at around 7.4% I think the standard Porsche Apr is around 6.9% for new cars, so 7.4% doesn’t sound too bad from thst perspective. The longer the term, (obviously) the more you are paying in interest charges. Edited by Sport_Turismo_GTS on Tuesday 26th July 22:34 Porsche APR at present 7.89%.

£70k to have it for the three years. Numbers look about right based on the cost and depreciation, but it's a lot of money (for a lot of car)

aeales123 said: Hi there. Its a 66 plate 911 Turbo S, you can see it on the Porsche Cambridge website. It is £110k and my deposit is £50k. 36 month PCP is £551.92, final value £52,627.50 49 month PCP is £581.09, final value £48,568.75 6000 annual mileage. Should I do the 3 year or the 4 year PCP? I don't plan to keep the car afterward and will likely look to stay on a pcp deal going forward. Thanks so much in advance for your help, I've never PCP financed before. Alex I honestly can’t get my head around PCP. Car is £110k, you put down £50k, and in 3yrs time you have to buy it (again) for £52k if you want to keep it. If you don’t then the £50k you put down and the £20k you’ve paid over the 3yrs disappear. So you’ve effectively paid £70k to drive a car for 3yrs. Am I missing something?

Your man maths is correct if the car is actually worth £52k in 3 years time. However most peeps who pcp high end cars are hoping, trusting or just believing that it will be worth more than rhe GFV. So in this example it may be worth £80k after 3 years so you would have £28k deposit for next vehicle. Obviously the key to making it all work is to choose your car wisely,one at the bottom of its depreciation curve, that will always be in demand and then you might get all your money back. It can work but you need to be A. Careful B. Hopeful C. Prepared for it to continue to depreciate

Haribo Lecter said: I honestly can’t get my head around PCP. Car is £110k, you put down £50k, and in 3yrs time you have to buy it (again) for £52k if you want to keep it. If you don’t then the £50k you put down and the £20k you’ve paid over the 3yrs disappear. So you’ve effectively paid £70k to drive a car for 3yrs. Am I missing something? Yes. If you don't hand the car back and walk away you have equity in the car. For example, in 3yrs time you've paid £70k and you want to own the car outright? Pay the £52k and you've bought the car for £122k. If the car is worth £72k (for example) then you could immediately sell it and get £20k back so it cost you £50k for 3 years. Or that £20k can be used towards a deposit for your next car if you re-PCP.

Twinfan said: Yes. If you don't hand the car back and walk away you have equity in the car. For example, in 3yrs time you've paid £70k and you want to own the car outright? Pay the £52k and you've bought the car for £122k. If the car is worth £72k (for example) then you could immediately sell it and get £20k back so it cost you £50k for 3 years. Or that £20k can be used towards a deposit for your next car if you re-PCP. Thanks I’d need the £20k for therapy to stop the tears of having pissed £50k up the wall!

Haribo Lecter said: Thanks I’d need the £20k for therapy to stop the tears of having pissed £50k up the wall! You and me both!

Haribo Lecter said: Thanks I’d need the £20k for therapy to stop the tears of having pissed £50k up the wall!

julian987R said: why not take out a bank loan at a far lower rate, maybe 3% thereabouts. A loan is a loan, be it with Porsche or your Bank. Psychologically, a loan with Porsche, doesn't feel as serious and John Major like, but a loan is a loan - makes no odds. Go with a bank loan, you'll get far lower interest rates...and come the end sell it to an OPD to clear any remaining loan. you are paying through the nose on options, and now you want to entertain paying Porsche % rates to pay it al off? I thought most bank loans were only available at 3% for up to £25k max - APRs are much higher if you are borrowing the £60k the OP needs? Edited by Sport_Turismo_GTS on Wednesday 27th July 10:50

FMR said: Haribo Lecter said: Thanks I’d need the £20k for therapy to stop the tears of having pissed £50k up the wall! But remember that if you bought it cash today for £110k and then sold it in 3 years, you won't sell it for £110k. To keep it comparable, let's say it's worth £50k less when you sell it, you've still pissed £50k up the wall, just in a different way.

ro250 said: But remember that if you bought it cash today for £110k and then sold it in 3 years, you won't sell it for £110k. To keep it comparable, let's say it's worth £50k less when you sell it, you've still pissed £50k up the wall, just in a different way. And you still need to factor in the opportunity cost of what you could have done with that cash in the meantime (but probably less than 7.4%!)

Thanks to everyone for helping. I am indeed hoping that it is worth loads more than the figures in 3 or 4 years. The 50K is trading in my current Cayman S + a 25k bank loan at 3.4%. This saves me thousands in interest but is obviously still debt. I think that a 991.2 TTS is a good investment..... relatively speaking, when compared to something like a Mclaren or a Panamera. Is there anything that people can suggest to negotiate a better price, or finance in a way that saves money overall? Alex

aeales123 said: Thanks to everyone for helping. I am indeed hoping that it is worth loads more than the figures in 3 or 4 years. The 50K is trading in my current Cayman S + a 25k bank loan at 3.4%. This saves me thousands in interest but is obviously still debt. I think that a 991.2 TTS is a good investment..... relatively speaking, when compared to something like a Mclaren or a Panamera. Is there anything that people can suggest to negotiate a better price, or finance in a way that saves money overall? Alex You need to be clear that this isn't an investment of any kind, good or otherwise. It's a toy that you will enjoy using and owning, for a price. What you need to focus on is keeping that price as low as possible. If you can only afford a £25k deposit on a £110k car, you should possibly consider whether a cheaper car might not be a better option.

aeales123 said: Thanks to everyone for helping. I am indeed hoping that it is worth loads more than the figures in 3 or 4 years. The 50K is trading in my current Cayman S + a 25k bank loan at 3.4%. This saves me thousands in interest but is obviously still debt. I think that a 991.2 TTS is a good investment..... relatively speaking, when compared to something like a Mclaren or a Panamera. Is there anything that people can suggest to negotiate a better price, or finance in a way that saves money overall? Alex So it's actually going to cost you a chunk more a month as you would have £25k bank loan repayments AND the PCP cost? Blimey, that's some man maths

So basically, I've been overpaying on my mortgage by £1k per month this last year and won't do that anymore for complicated reasons. My current Cayman S plus a little cash is the 25k. So I said to some Porsche dealers, what can I get for 25k plus 1k per month, and this is what they showed me. The way I'm justifying this is that my insurance and road tax barely change, so I'm no worse off by having it. Alex

I'd be looking at the history of previous model Turbos (not air cooled) before trying to outsmart Porsche and their future valuations Edited by Andyoz on Wednesday 27th July 12:07

By no means a criticism, but I would not recommend telling a dealer how much money you have and asking them to fit a product to it. I expect they love it when people do that!

ro250 said: By no means a criticism, but I would not recommend telling a dealer how much money you have and asking them to fit a product to it. I expect they love it when people do that! Yeah, maybe no my finest hour. Do you think that there will be any negotiation on this price with Porsche Cambridge?

I'd lease a new one but there's a 2 year waiting list. I'm looking for a car with incredible performance that costs me no more than 1k per month with 25k deposit, which the original question basically is, as 25k was another loan. Alex

How about a 996 turbo for the cost of your Cayman S plus the bank loan, without any further finance?

I thought about this, but other than increased performance, the main reason to switch the Cayman S is to get better technology i.e. Apply CarPlay.

The 996 turbo would happily accept the new PCCM+ unit, although I'm uncertain if that has the latest car-play. I do however totally accept that in terms of modern conveniences it's going to lose heavily in any comparison with a car from the last few years. My thinking here is that you could trouser the £1k per month whilst you drive the 996 for three years, then take stock with 36k in the bank and (depending on how things go) likely a significant percentage of the 50k you spent on the turbo available from the resale of said vehicle. Given the coming recession, energy bill spiral and so on (and possibly because I'm a massive coward) I'd be circling the wagons a little and avoiding making big commitments.

Dammit said: The 996 turbo would happily accept the new PCCM+ unit, although I'm uncertain if that has the latest car-play. I do however totally accept that in terms of modern conveniences it's going to lose heavily in any comparison with a car from the last few years. My thinking here is that you could trouser the £1k per month whilst you drive the 996 for three years, then take stock with 36k in the bank and (depending on how things go) likely a significant percentage of the 50k you spent on the turbo available from the resale of said vehicle. Given the coming recession, energy bill spiral and so on (and possibly because I'm a massive coward) I'd be circling the wagons a little and avoiding making big commitments. I'm also normally a massive coward also, I just figured "how long am I gonna keep putting this off? There will always be a reason".

If you you're prepared to handle the 'loss' then why not ? Maybe chat with some specialists in car finance to see if they can better the OPC deal, at least then you can smirk a little

I would speak to some of the specialist finance brokers they can put together some clever funding arrangements and are usually less than the main dealer rates. Magnitude finance springs to mind but there are others which google would willingly point you to.

I don't know UK values well enough to comment on value for money, but I would not project the current/last few years value environment forward. Rates are rising quite a bit and people will re-allocate their funds as a result (combine that with a potential recession and CPI inflation and I am not confident in non-discretionary goods at the moment). Good luck to you, certainly a special car that I would quite like to own myself.

Longy00000 said: I would speak to some of the specialist finance brokers they can put together some clever funding arrangements and are usually less than the main dealer rates. Magnitude finance springs to mind but there are others which google would willingly point you to. Thanks for this. I had no idea that there were other options. Alex

When apple CarPlay initially came out it was a massive draw. Now it can usually be retrofitted to most cars from the last 20 years. This might open up your options quite a bit and especially with 911s that have a unit that can be slid out and replaced.

OP, none of us know your financial situation (i.e. home equity, salary, debt, shares, inheritance) but this seems crazy. PCP and a loan just for a porsche to lose 50k in a few years. If this cost doesn't worry you, crack on....doesn't seem like a great idea to me

Thing is, is a 110k Porsche going to be worth 50k in a few years? Most likely not however that's the cost of ownership. Such as a GT3, new they sell for overs, GFV value on a new GT3 would probably be 30-40% of balance paid off anyway.

Dammit said: The 996 turbo would happily accept the new PCCM+ unit, although I'm uncertain if that has the latest car-play. I do however totally accept that in terms of modern conveniences it's going to lose heavily in any comparison with a car from the last few years. My thinking here is that you could trouser the £1k per month whilst you drive the 996 for three years, then take stock with 36k in the bank and (depending on how things go) likely a significant percentage of the 50k you spent on the turbo available from the resale of said vehicle. Given the coming recession, energy bill spiral and so on (and possibly because I'm a massive coward) I'd be circling the wagons a little and avoiding making big commitments. ^^^ This or even a 997.1 Turbo. I take it your current Cayman is a 987.2S?

What is wrong with this place? Someone asks how to finance a £100k car and the answers are ‘buy a £50k car instead’. Then others act surprised that cars lose money and cost something to buy. There’s plenty of the country spending £20k over three years to lease a good family saloon………

Guyr said: What is wrong with this place? Someone asks how to finance a £100k car and the answers are ‘buy a £50k car instead’. Then others act surprised that cars lose money and cost something to buy. There’s plenty of the country spending £20k over three years to lease a good family saloon……… Totally agree! There are plenty of folk out there spending this sort of money on a PCP because in reality that is the only way they can afford a Porsche. I am one of them. I lost a lot of money on a M car. Shed loads compared to my current 718 GTS that I expect will lose but no where the same amount. Could wait until I retire but many colleagues of mine never made it and missed out. Others couldn’t physically get into a Porsche. Life is about living - if you always make sensible choices then life for me would be dull. If you can afford it, go for it. You never know what is around the corner and sadly statically for many of us it is best not knowing. Go get the car of you want and take advice from those that can get you into the car cheaper not those judging your judgment and coming up with alternatives.

RTA3 said: Guyr said: What is wrong with this place? Someone asks how to finance a £100k car and the answers are ‘buy a £50k car instead’. Then others act surprised that cars lose money and cost something to buy. There’s plenty of the country spending £20k over three years to lease a good family saloon……… Totally agree! There are plenty of folk out there spending this sort of money on a PCP because in reality that is the only way they can afford a Porsche. I am one of them. I lost a lot of money on a M car. Shed loads compared to my current 718 GTS that I expect will lose but no where the same amount. Could wait until I retire but many colleagues of mine never made it and missed out. Others couldn’t physically get into a Porsche. Life is about living - if you always make sensible choices then life for me would be dull. If you can afford it, go for it. You never know what is around the corner and sadly statically for many of us it is best not knowing. Go get the car of you want and take advice from those that can get you into the car cheaper not those judging your judgment and coming up with alternatives. I expect some of the more sensible answers may be from older posters with a bit of man maths experience under their belts. In my 20’s and 30’s I had a lot of expensive cars, with hindsight I could have invested that money and had much more to spend now on cars and still have the asset but we live and learn. John Travolta is said to be one of the richest men in Hollywood, not because he earned more but because he only spent what his fees could earn, not the actual capital. He made so with 10 yr old Rolls Royce’s when the others had brand new, he still has the capital. I look back and have happy memories of a brand new Cerbera at age 23, but a boring flat was not much more and would still be with me if let out and I could spend the rent on pcp forever.

Guyr said: What is wrong with this place? Someone asks how to finance a £100k car and the answers are ‘buy a £50k car instead’. Then others act surprised that cars lose money and cost something to buy. There’s plenty of the country spending £20k over three years to lease a good family saloon……… Yeah, well my opinion is not with 25k loan and rest with PCP! But seriously, if it works out, great. We are petrolheads afterall. I just doubt the cost (all the interest), is worth it v's a 50k porker.

Not sure I would go for the 48k mile car personally - obviously it ticks the performance and technology boxes, but maybe not the best value 991.2? --- £110k will also get you into a 991.1 GT3, which can be used a daily driver if necessary, and you will no doubt get more of your money back than on the Turbo S. If you want something more discreet, then a 991.1 Turbo S at ~ £95k will give you the performance hit you need at a lower price point. Both of these can have Car Play retrofitted as another poster said. And whilst not blessed with the straight-line performance levels of the above two cars, something like a 718 GT4 will be a lot of fun too with modern technology. Although you may want a change from a Cayman. The advantage of the GT cars is that they should in theory retain more of their values, whereas 911 Turbos have not been great historically. But if you do 12k miles a year and have no intention of doing a track day then a GT may hold less appeal.

PCP deals are just about funding the depreciation on a car over a given period. Whoever is lending you the money charges interest. If you fund it yourself, you don't pay interest - though you do lose interest (at a lower rate - currently only a little north of 0%) on the capital you use. If the GFV turns out to be lower than what the car is worth at the end of the period, you're a winner (sort of): you can buy the car at a good price. Or have cash to put towards another car. But you have paid interest on a bigger loan than was actually necessary, as it turned out. If the GFV turns out to be higher than... etc, then you can just hand the car back and the finance company has taken the hit. But likely you would need to fund a new deposit for something else. Pros: predictable outgo over x years; some reduction in financial risk; you can use your spare cash (if you have any) for some other purpose. Cons: at the end of the day you're borrowing money and paying for the risk the lender takes; uncertainty over how the lender pitches the level of GFV (is it realistic or set high to keep your custom?). There's no magic in PCP. And however one buys a car, it usually means pissing money up the wall. And right now, who's going to be good at predicting the future value of cars? And you can bet your life that lenders have financial instruments in place that minimise the hit they take if their crystal balls let them down.

bloody expensive that Apple Car Play!

ro250 said: But remember that if you bought it cash today for £110k and then sold it in 3 years, you won't sell it for £110k. To keep it comparable, let's say it's worth £50k less when you sell it, you've still pissed £50k up the wall, just in a different way. There’s no way in hell a turbo s is going to be worth 50k less than it is now in 3yrs time.

Haribo Lecter said: ro250 said: But remember that if you bought it cash today for £110k and then sold it in 3 years, you won't sell it for £110k. To keep it comparable, let's say it's worth £50k less when you sell it, you've still pissed £50k up the wall, just in a different way. There’s no way in hell a turbo s is going to be worth 50k less than it is now in 3yrs time. I agree that the car is likely to retain value but I also would not be shocked if a few economic bumps in the road between now and then could easily knock £50k off the value. Look back to 2009 and see how little you would be offered as an actual cash purchase on a supercar. It is also quite hard to get dealers to pay cash for a high value car if you are not buying another car. Phone around tomorrow on your £110k car that you bought today to try and get a dealer to buy it and they might offer something with an 8 or 9 at the beginning.

aeales123 said: Do you think that there will be any negotiation on this price with Porsche Cambridge? The general wisdom seems to be that there’s little negotiation room with Pork main dealers. However, Cambridge did - at the right time in the quarter - come up with a surprisingly competitive p/x against my Panamera when I was looking at 991.2 Carrera they had in. Now, as it happens, I got a better p/x through the original supplying dealer (with some Porsche GB contribution too, for reasons), but Cambridge were my strong second choice. Suspect that how much wiggle room there is may depend on timing and whether they’re on target for the period in question…

Last time I compared pcp with hp on one of the finance calculators the amount of interest payable on pcp was vastly more. But the monthlies were lower under pcp, always worth working out the total cost (rather than monthly payments) and basing your decision on that. That said you only live once… but then personally I hate paying any interest.

aeales123 said: Hi there. Its a 66 plate 911 Turbo S, you can see it on the Porsche Cambridge website. It is £110k and my deposit is £50k. 36 month PCP is £551.92, final value £52,627.50 49 month PCP is £581.09, final value £48,568.75 6000 annual mileage. Should I do the 3 year or the 4 year PCP? I don't plan to keep the car afterward and will likely look to stay on a pcp deal going forward. Thanks so much in advance for your help, I've never PCP financed before. Alex £110k for a 991 turbo S with 48K miles on it is ludicrously overpriced. By the time you have put your 4 years of 6K miles on it, that'll bring it around 70k miles which will not be a desired proposition for anyone. I am shocked, £110K for a 991 TS with 48K miles? insanity. Its not that particularly well specced either. Looks poverty spec to me. But if you have your heart set on it, go for it....only you know what is right for you.

aeales123 said: The 50K is trading in my current Cayman S + a 25k bank loan at 3.4%. This saves me thousands in interest but is obviously still debt. I think that a 991.2 TTS is a good investment..... there are two statements here that make me think you should probably get some financial advice. Taking out a loan to use as a deposit for another loan is not a particularly great idea. Then thinking that a 48k mile turbo s that you will never own is a good investment. You are going to give away £50k, best case - if not £70k in 3yrs. For something to be a good investment it has to provide a return. Even if you get back £20k, that’s not an investment, that’s a loss of 50 grand!

Haribo Lecter said: aeales123 said: The 50K is trading in my current Cayman S + a 25k bank loan at 3.4%. This saves me thousands in interest but is obviously still debt. I think that a 991.2 TTS is a good investment..... there are two statements here that make me think you should probably get some financial advice. Taking out a loan to use as a deposit for another loan is not a particularly great idea. Then thinking that a 48k mile turbo s that you will never own is a good investment. You are going to give away £50k, best case - if not £70k in 3yrs. For something to be a good investment it has to provide a return. Even if you get back £20k, that’s not an investment, that’s a loss of 50 grand! £70,000 loss over 4 years of 6000 milles per year £70,000 deduct 24000 miles = £3 per mile. now add fuel costs. 24000 miles, based on the 911 turbo S average of 30mpg, at todays fuel costs is £7190 which works out at 30p per mile = = £3.30 per mile. add in 4 years of insurance, tax, wear and tear, tyres maybe, contingencies....call it.. = = = £4 per mile. so £4 per mile. Is that good? hey you only live once, but £4 a mile? plus the hit of a £70K loss. I think its a bum deal.

Porsche PCP is going to stipulate OPC servicing/maintenance? Even with a warranty you're going to need a decent contingency fund for refreshing brakes, suspension and other "consumables".

Everyone circumstances are different. Last year I put £42k into a 991.2 4S with a sticker price of £87k & PCP’d the rest over 48 months. Not a country mile from OP’s proposition. Why do that when I could have paid cash. Well I wanted to put some extra dough into my pension. 6.5% APR is insignificant compared with the tax advantage for pensions. Plus there’s the scope for growth, maybe a bit poor right now, but got to be in it to win it. Lastly, plan for tomorrow but live for today. As we don’t all make old bones, I might never have got this 911. Of course, I could have just kept my 997 & lived within my means, but it didn’t have Apple CarPlay

I am still in shock the car in question is valued at £110k with, near as damn it, 50K miles on it. Am I alone?

I think the op needs to work out what the money is worth to him. A mate of mine has a stunning car. He doesn't drink, doesn't play computer games, wears normal clothes and has a £50 watch. His main expense other than his house is his car. It's near his only regular expense. To him his car gives him plenty of happiness. He goes away for weekends visiting old uni friends and he is happy. I'd imagine what he spends on cars would upset many on here as bad financial planning or some such, and I'd partly agree with them, but he'd not change it for the world. I guess the key thing is, if you come out of it at the end of the pcp with nothing (possible but you'd hope unlikely and you have some equity) would it have made you happier than spending that money in other ways? (This assumes you can afford the cost of ownership, servicing, maintenance etc without worry) If answer is yes, then get it done Edited by a_dreamer on Thursday 28th July 00:20

I'm.aurprised so many negative comments on here. The question was is it a good deal ? I see some believe its an expensive car, it may be , personally I'm.not close enough to the porsche market to know this. As for pcp I can't see anything wrong with it if it fits your plans and cash flow. I would still speak to the specialist car finance brokers first though, they can sort interest only loans and other bespoke type arrangements depending on car and circumstances. The GFV is questionable in that in 3 years Porsche are suggesting a £52k figure so a loss of £58000 or roughly £19000pa but in 4 years (only 1 year later) they reckon it will only depreciate by another £4k (give or take) not another £19000. We know the dealer margin is likely to be £10,000 or more probably more given they are putting a 2 year warranty on it. So it's probably a £90 or £95k car once you get the keys in your hand. The question now is what will it depreciate by each year for rhe next 3 years....£8k?.....? As I said I'm.not closing enough to the porsche market to have an informed opinion. I don't think the OP refers to it needing to be an investment so we can prob ignore that issue as in honesty a 911 turbo is just a feel good toy and so should be regarded as such Is it a good deal.....I'm not so sure.......personally I would look for that feel good car that is closer to the bottom of its depreciation curve to make things less risky and more affordable. A few years ago Aston were off loading stock at ridiculous pcp rates as have mclaren in the past so maybe its worth casting a broader net to see what else can be secured with your budget

Longy00000 said: I'm.aurprised so many negative comments on here. The question was is it a good deal ? I see some believe its an expensive car, it may be , personally I'm.not close enough to the porsche market to know this. As for pcp I can't see anything wrong with it if it fits your plans and cash flow. I would still speak to the specialist car finance brokers first though, they can sort interest only loans and other bespoke type arrangements depending on car and circumstances. The GFV is questionable in that in 3 years Porsche are suggesting a £52k figure so a loss of £58000 or roughly £19000pa but in 4 years (only 1 year later) they reckon it will only depreciate by another £4k (give or take) not another £19000. We know the dealer margin is likely to be £10,000 or more probably more given they are putting a 2 year warranty on it. So it's probably a £90 or £95k car once you get the keys in your hand. The question now is what will it depreciate by each year for rhe next 3 years....£8k?.....? As I said I'm.not closing enough to the porsche market to have an informed opinion. I don't think the OP refers to it needing to be an investment so we can prob ignore that issue as in honesty a 911 turbo is just a feel good toy and so should be regarded as such Is it a good deal.....I'm not so sure.......personally I would look for that feel good car that is closer to the bottom of its depreciation curve to make things less risky and more affordable. A few years ago Aston were off loading stock at ridiculous pcp rates as have mclaren in the past so maybe its worth casting a broader net to see what else can be secured with your budget You can call it negative, people are genuinely trying to make him stop and think. Anyone borrowing money to then fund a further loan, it's hard for it to seem sensible and once he is locked in, that's pretty much it. I hope he can afford it easily and enjoys the vehicle however.

a_dreamer said: £70k to have it for the three years. Numbers look about right based on the cost and depreciation, but it's a lot of money (for a lot of car) Seems unreal to me. £2k pm or about £4 a mile assuming you max out the mileage allowance.

I wouldn't want to piss on someone's chips but as mentioned taking out a loan to provide the deposit for another debt and then justifying it by prioritising something like Carplay that can be retrofitted to most cars quite easily raises significant red flags to me. But you do only live once and if that's what you want to spend your money on then crack on. I drive a Duster and a slightly ropey TVR so not exactly the target demographic for a PCP'd Porsche.

jm8403 said: You can call it negative, people are genuinely trying to make him stop and think. Anyone borrowing money to then fund a further loan, it's hard for it to seem sensible and once he is locked in, that's pretty much it. I hope he can afford it easily and enjoys the vehicle however. Yes but he isn't borrowing for a deposit he has a£25k part ex as a deposit. He was looking to borrow a further £25k on a bank loan as it was half the interest rate of porsche so that makes perfect sense. £25,000 deposit from part ex £25,000 personal loan at say 3.5% £60,000 porsche finance at say 7.5% Surely the above is better than £25,000 deposit part ex £85,000 porsche finance at 7.5% But like you say none of it makes sense if he doesn't enjoy his new steed to the max !

Longy00000 said: Yes but he isn't borrowing for a deposit he has a£25k part ex as a deposit. He was looking to borrow a further £25k on a bank loan as it was half the interest rate of porsche so that makes perfect sense. £25,000 deposit from part ex £25,000 personal loan at say 3.5% £60,000 porsche finance at say 7.5% Surely the above is better than £25,000 deposit part ex £85,000 porsche finance at 7.5% But like you say none of it makes sense if he doesn't enjoy his new steed to the max ! Yeah, I get it. It's a way of making the total borrowing slightly cheaper, perhaps my wording wasn't worded perfectly to suit the pedants.

jm8403 said: Longy00000 said: Yes but he isn't borrowing for a deposit he has a£25k part ex as a deposit. He was looking to borrow a further £25k on a bank loan as it was half the interest rate of porsche so that makes perfect sense. £25,000 deposit from part ex £25,000 personal loan at say 3.5% £60,000 porsche finance at say 7.5% Surely the above is better than £25,000 deposit part ex £85,000 porsche finance at 7.5% But like you say none of it makes sense if he doesn't enjoy his new steed to the max ! Yeah, I get it. It's a way of making the total borrowing slightly cheaper, perhaps my wording wasn't worded perfectly to suit the pedants. Always worth looking at the total amount of interest payable in absolute terms under the agreement(s). If happy paying that amount just for the financing before depreciation and other costs on top then crack on.

a_dreamer said: I think the op needs to work out what the money is worth to him. A mate of mine has a stunning car. He doesn't drink, doesn't play computer games, wears normal clothes and has a £50 watch. His main expense other than his house is his car. It's near his only regular expense. To him his car gives him plenty of happiness. He goes away for weekends visiting old uni friends and he is happy. I'd imagine what he spends on cars would upset many on here as bad financial planning or some such, and I'd partly agree with them, but he'd not change it for the world. I guess the key thing is, if you come out of it at the end of the pcp with nothing (possible but you'd hope unlikely and you have some equity) would it have made you happier than spending that money in other ways? (This assumes you can afford the cost of ownership, servicing, maintenance etc without worry) If answer is yes, then get it done Edited by a_dreamer on Thursday 28th July 00:20 agree with this - recently I had a year or two where I spent more than 50% of my post-tax salary on car running costs .... you really need to like your cars to stomach that, but to me it was worth it

Interesting thread and lots of good comments. Doesn’t seem a horrendous deal to me, so long as you get the value out of the car vs other luxury spending. I’d question whether you need to go quite so expensive to get an equivalent thrill upgrade vs your current Cayman S. 80k gets you a lot of car, so is it necessary to spend £110k? McLaren 12c for 75k? Or a V8 Vantage etc?

How you justify finance is obviously a very personal thing so I won’t add anything there, but I’d advise sitting tight until spring purely because Turbo S 991 cars are still very inflated. 2 years ago a decent spec one could be had for 80K. There’s plenty of gloom on the economic horizon and that generally results in much cheaper water-cooled Porsche turbos.

Taking finance out on a used prestige car in the current Market is a great way to do in a lot of money .

MDL111 said: agree with this - recently I had a year or two where I spent more than 50% of my post-tax salary on car running costs .... you really need to like your cars to stomach that, but to me it was worth it Oh....not just me then. Most of my costs goes on racing rather than finance payments though. Not mocking the decision, go for it if you are sure OP.

To the posters saying it won’t lose £50k what do you think it will be worth in 3 years and possibly near 75k miles? Porsche finance have probably taken into consideration that the car is 10-15% overpriced so there’s the first £12k gone and then you have the dealers margin probably another £12k so that’s £24k before 3 years depreciation does it’s magic. It’s a terrible deal and especially with the OP using a loan as well as PCP imo.

Don't forget, you can always borrow £25k at 3% from a bank 2 or 3 times on separate loans so you get the lower rate on the overall amount. Just apply for more than one loan, as long as the credit checks come back its all good, you could probably do different banks as well. Easy way to borrow £50-75k at 3% sod paying 7.4% when base rates are at all time lows.

Royal Jelly said: There’s plenty of gloom on the economic horizon and that generally results in much cheaper water-cooled Porsche turbos. But not naturally aspirated / 981s? Are they impervious to the economic cycle?

Tomanybikes said: To the posters saying it won’t lose £50k what do you think it will be worth in 3 years and possibly near 75k miles? Porsche finance have probably taken into consideration that the car is 10-15% overpriced so there’s the first £12k gone and then you have the dealers margin probably another £12k so that’s £24k before 3 years depreciation does it’s magic. It’s a terrible deal and especially with the OP using a loan as well as PCP imo. Agree. If cars can magically 'gain' £20k in the last two years they sure as hell can lose £40 to £50k in the next three years as supply imbalance even out (Porsche know this) and world economy looks shaky.

There’s one at OPC Bolton, very similar spec, £3k more but 18k fewer miles. If you must buy now, I’d buy that one.

Andyoz said: Tomanybikes said: To the posters saying it won’t lose £50k what do you think it will be worth in 3 years and possibly near 75k miles? Porsche finance have probably taken into consideration that the car is 10-15% overpriced so there’s the first £12k gone and then you have the dealers margin probably another £12k so that’s £24k before 3 years depreciation does it’s magic. It’s a terrible deal and especially with the OP using a loan as well as PCP imo. Agree. If cars can magically 'gain' £20k in the last two years they sure as hell can lose £40 to £50k in the next three years as supply imbalance even out (Porsche know this) and world economy looks shaky. Porsche will have more available data than most punters to predict the next few years. They also be saying ‘look at the last three years and you will be in significant equity’ knowing that the future will be very different .

£3.83 per mile in asset depreciation or £23k per year. Seems expensive to me, but if you love the love the car and can afford it....

I think it is the wrong car to be spending £100k on, looking here at cars for sale you can buy a 2015 Turbo cab under 10k miles for a shade under £100k not an S but better value. Several 991 Turbo S cars with under 20K miles for just over £100k. In my view for your use buying a car with nearly 50k miles puts more risk into your equation than is necessary particularly when there are a lot of other options. Also if you shop around and choose the car carefully for your £1k per month and £25k down you will get better deals. As mentioned earlier a 991 GT3 (with I think a G engine) would be a better buy. I have always financed my cars, in the recent past when you could borrow money at around 5% or less and your investments paid more why draw out money just to own a depreciating asset. Your investments will hopefully continue to rise, it is more than likely your car will depreciate. On a PCP pick the cheapest option most people don't run the term they change the car, get a settlement on the PCP which will be less than the original agreement and move on. All in a normal world which I accept is not the case today.

aeales123 said: So basically, I've been overpaying on my mortgage by £1k per month this last year and won't do that anymore for complicated reasons. My current Cayman S plus a little cash is the 25k. So I said to some Porsche dealers, what can I get for 25k plus 1k per month, and this is what they showed me. The way I'm justifying this is that my insurance and road tax barely change, so I'm no worse off by having it. Alex How can you be no worse off, when you were originally worse off by £1k a month and you are carrying a worse off situation, yet in bricks and mortar, into a depreciating asset that is way overpriced and with every 2.5 miles you may as well be throwing a tenner out the window. I can't see the justification. If that is what they showed you, without you purposely seeking it out, then are you sure you know what Porsche you want? I'd start there first.

Lexington59 said: But not naturally aspirated / 981s? Are they impervious to the economic cycle? No other modern Porsches take the same hammering as 911 Turbos (post 993) through the normal economic cycle. Not sure what 981s have to do with anything.