Changing Cayman - HP on a 911

gav_sw20

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So I bought a 2014 Cayman 981 2.5 years ago on PCP (through Porsche) and it’s coming to it’s end in August so I’ve started looking around at replacement cars.

I’ve seen a 911 (997.2) at an OPC and he’s offered me the following on HP:
911 price = £44k
Deposit = £3k (from me) plus the £5k equity in my Cayman
Monthly HP term = 60months
Payment per month = £730
APR on the HP = Not a clue.

Is this a shockingly bad or reasonable deal re the finance? I can afford it but don’t want my pants pulled down as I’ve never gotten HP on a car before.

Also, in this scenario Porsche will pay off the remaining PCP finance on my Cayman. I read everywhere that a “dealer” can do this but can an Independant too? My theory is that I’m probably going to find a better priced car at a Porsche Indy and likely a better finance rate too.

Gav.
 
Paying back £51.8k over 5 years on a £44k valued car......that’s my calculation.

You should be looking at easily 5% or below on HP or PCP for that matter
 
Wonder if it’s a new car? APR rates seem to be lower on used vehicles don’t they?

APR rates are usually lower on brand new cars compared to used because most manufactures offer 'support' to finance companies. Manufactures rather sell you a brand new car than a used car.
 
You won't get a new 911 for £44k - that's usually about what you spend on options! ;)
OP is looking at a 997.2, so a second hand one around 10 years old probably.

The cheapest new 911 is £78k
 
What year is the car? What spec is it? What mileage and maintenance history does it have? Is the "price" of the car comparable to others that are on the market?
Is the "equity" on "your" Cayman being valued correctly?
Only when all this is known can the financing be looked at.
 
Thanks for the responses, this is a 2009 911 (44k / FPSH / fairly well speccced) hence why the APR is higher than if it was a new car. Porsche won’t / can’t offer PCP on this used vehicle as it will be >10yrs old at the end of the term.

WBAC.com have offered £27,560 for my Cayman and Porsche has said it has £5k equity so based on the £22,300k balance on the PCP that’s probably about right as they would list the car at around £31 so there’s £3-£4K margin for them.

After speaking to the PCP company yesterday I can also go to a Porsche Indy who will settle the finance and purchase the new (used) car from them. I think this may be a better option as I’m hoping (a) initial 911 car price will be lower (b) likely a better finance package offered.
 
Make it clear for you

What’s the deposit your putting down (ignore the trade in for now)
60 x ?
Final payment

Put these together and this is what the car will ultimately cost over the 5 years,

If you got a low finance loan, how does this compare?

Then try and sell your car privately and avoid wbac as their price is the max given, and they deduct for every little minuscule mark and beat you down very quickly.

For this prices your mentioning you could lease a brand new cayman (yes not the 10 year old 911) but probably a cheaper and better proposition?
 
Make it clear for you

What’s the deposit your putting down (ignore the trade in for now)
60 x ?
Final payment

Put these together and this is what the car will ultimately cost over the 5 years,

If you got a low finance loan, how does this compare?

Then try and sell your car privately and avoid wbac as their price is the max given, and they deduct for every little minuscule mark and beat you down very quickly.

For this prices your mentioning you could lease a brand new cayman (yes not the 10 year old 911) but probably a cheaper and better proposition?


You need to know the Cost of the vehicle less any deposit plus any part exchange equity which when deducted from the price will give the net balance you are financing. The 60 months payments are the amount required to repay the agreement. There are no final payments with Hire Purchase.
So £44k less £8k leaves £36k to finance . 60 monthly payments of £730 Apr 8%
 
I just financed my car via an unsecured personal loan. Got it through zopa at 2.9% apr on a 5 year term. Borrowed about 30k for a bmw 7 series ...ridiculous cheap finance ! My repayments for the same car over same term are £155 per MONTH cheaper than the dealers rates.
 
Agree with Longy00000, can you get a loan instead?
997.2 is actually quite rare, not many were sold, so probably will hold it value more than a newer 991.
 

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