Porsche finance

[Algsnowden]

Hi all

I am on a waiting list for a taycan GTS sedan. No allocation, I’ve been told they will have a better idea at the end of the year but predicting that I will get it Q3 2023. I am planning to buy it with a PCP deal from Porsche finance. I am buying it with my limited company for the tax benefits. The Porsche finance has recently gone up to 7.9%. It was 6.9% when I put my order in on April. Interest rates have gone up and with the volatile situation in the world etc. I am worried that Porsche finance will be at an even higher APR next year as well as probable increases in the price of the GTS. I’m not madly keen on the uncertainty around this. I appreciate no one knows what will happen over the next year but I was wondering if anyone had any predictions about price increases, increases in APR or whether anyone is using non-Porsche finance companies. If the finance is above 9% I’ve made a decision to cancel the order. I have been offered a build for a BMW m3 comp for this November at apr 4.9% and a good discount which will be locked in and wondering whether or not to take the gamble and wait for the Porsche or not. I appreciate very different cars and the BMW will have to buy it privately!!

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[Dabz]

Looking at the Bank of England predictions this week I'd say 9% is probably the minimum it'll be by the time the finance is put in place I'm afraid. Don't forget the purchase price will likely rise before yours is build too

 

[David Bennett]

Hi all

I am on a waiting list for a taycan GTS sedan. No allocation, I’ve been told they will have a better idea at the end of the year but predicting that I will get it Q3 2023. I am planning to buy it with a PCP deal from Porsche finance. I am buying it with my limited company for the tax benefits. The Porsche finance has recently gone up to 7.9%. It was 6.9% when I put my order in on April. Interest rates have gone up and with the volatile situation in the world etc. I am worried that Porsche finance will be at an even higher APR next year as well as probable increases in the price of the GTS. I’m not madly keen on the uncertainty around this. I appreciate no one knows what will happen over the next year but I was wondering if anyone had any predictions about price increases, increases in APR or whether anyone is using non-Porsche finance companies. If the finance is above 9% I’ve made a decision to cancel the order. I have been offered a build for a BMW m3 comp for this November at apr 4.9% and a good discount which will be locked in and wondering whether or not to take the gamble and wait for the Porsche or not. I appreciate very different cars and the BMW will have to buy it privately!!

I came from an M4CS to my Taycan and bought through salary sacrifice. The savings were enormous, even though I spent £30k more on the Taycan than the BMW. Not only do you benefit from the tax savings, you don’t get the ruinous BMW depreciation. I would run some more numbers and look at other options (such as leasing with option to buy from a salary sacrifice specialist) if I were you. That might change your mind on interest rates. I know the G80 is a step up from the F series but it’s still no Taycan in my view. Hope that helps.

 

[JamesP]

Hi all

I am on a waiting list for a taycan GTS sedan. No allocation, I’ve been told they will have a better idea at the end of the year but predicting that I will get it Q3 2023. I am planning to buy it with a PCP deal from Porsche finance. I am buying it with my limited company for the tax benefits. The Porsche finance has recently gone up to 7.9%. It was 6.9% when I put my order in on April. Interest rates have gone up and with the volatile situation in the world etc. I am worried that Porsche finance will be at an even higher APR next year as well as probable increases in the price of the GTS. I’m not madly keen on the uncertainty around this. I appreciate no one knows what will happen over the next year but I was wondering if anyone had any predictions about price increases, increases in APR or whether anyone is using non-Porsche finance companies. If the finance is above 9% I’ve made a decision to cancel the order. I have been offered a build for a BMW m3 comp for this November at apr 4.9% and a good discount which will be locked in and wondering whether or not to take the gamble and wait for the Porsche or not. I appreciate very different cars and the BMW will have to buy it privately!!

I maybe wrong - and I will find out - but I think if you have a quote you might be pre-approved at that rate. Might be wishful thinking.

 

[Fish Fingers]

There were posts on here in the last year or so with people using other companies to PCP their cars (I think one was Bank of Scotland??).

They were considerably cheaper than Porsche back then.

Maybe try searching for 'PCP' threads on here.

 

[TaycanHero]

Hi all

I am on a waiting list for a taycan GTS sedan. No allocation, I’ve been told they will have a better idea at the end of the year but predicting that I will get it Q3 2023. I am planning to buy it with a PCP deal from Porsche finance. I am buying it with my limited company for the tax benefits. The Porsche finance has recently gone up to 7.9%. It was 6.9% when I put my order in on April. Interest rates have gone up and with the volatile situation in the world etc. I am worried that Porsche finance will be at an even higher APR next year as well as probable increases in the price of the GTS. I’m not madly keen on the uncertainty around this. I appreciate no one knows what will happen over the next year but I was wondering if anyone had any predictions about price increases, increases in APR or whether anyone is using non-Porsche finance companies. If the finance is above 9% I’ve made a decision to cancel the order. I have been offered a build for a BMW m3 comp for this November at apr 4.9% and a good discount which will be locked in and wondering whether or not to take the gamble and wait for the Porsche or not. I appreciate very different cars and the BMW will have to buy it privately!!

I was anticipating serious world economic pain beginning this year.

I wasn't wrong.

Inflation is not going away. Era of cheap money is over.

Porsche finance will likely be 10% or higher by summer next year.

That, supply chain bottlenecks and commodity squeeze means more price rises, potential more than the annual July price hike.

So I think you would be quite fortunate to not pay more for the car and pay less on finance.

Instead why not consider a highly optioned BMW I4 M Sport? It's a stunning car. Drives very similar to the Taycan and is less than half the price.

Wait time about 8 months vs 18.

Depreciation will run at about 12% a year is my estimate based on motorway trade-in values.

Test drive the i4 m sport. You'll be surprised.

 

[Sorry]

I was anticipating serious world economic pain beginning this year.

I wasn't wrong.

Inflation is not going away. Era of cheap money is over.

Porsche finance will likely be 10% or higher by summer next year.

That, supply chain bottlenecks and commodity squeeze means more price rises, potential more than the annual July price hike.

So I think you would be quite fortunate to not pay more for the car and pay less on finance.

Instead why not consider a highly optioned BMW I4 M Sport? It's a stunning car. Drives very similar to the Taycan and is less than half the price.

Wait time about 8 months vs 18.

Depreciation will run at about 12% a year is my estimate based on motorway trade-in values.

Test drive the i4 m sport. You'll be surprised.

In short don’t buy if you can’t afford?

 

[TaycanHero]

In short don’t buy if you can’t afford?

Correct, like anything. And especially when hurtling into possibly the worst recession (or depression) since 1929.

 

[Sorry]

Correct, like anything. And especially when hurtling into possibly the worst recession (or depression) since 1929.

That is likely extreme. Mr Musk has assured us it will be a fairly short mild recession.

 

[Fish Fingers]

I am assuming the OP has number crunched the EV v ICE total cost of ownership (tax / running costs etc?).

I would have thought that PCP rate would pale into complete insignificance in the bigger scheme of things, when looking at total financial outlay?

When I compared last year a company M4 was going to cost me about £900 pm in BIK Income tax and the Taycan about £25 or something daft like that.
Then there's running costs. £300 pm petrol v £30 home electricity.

And the private purchase M3 would be paid out of net income.

I would stick with the Taycan and see if you can get better PCP from a 3rd party.

Personally I would find it really difficult to go back to any petrol car (even as good as an M3/4) having had a Taycan.
As stated above, I think in that instance the i4 M would be preferable.

Total cost of ownership needs working through imo.

Just my 2p...

 

[Dabz]

We don’t yet know who will be PM and if they’ll raid the awful profitable businesses by canning the low BiK rate and capital expense benefits on EVs to appease the red wall voters too.

we’re fortunate at the mo that it makes sense to buy an EV through the business but that could change come April. Certainly hope not

 

[TaycanHero]

We don’t yet know who will be PM and if they’ll raid the awful profitable businesses by canning the low BiK rate and capital expense benefits on EVs to appease the red wall voters too.

we’re fortunate at the mo that it makes sense to buy an EV through the business but that could change come April. Certainly hope not

I seriously doubt they will bring that forward from 2025. I actually think they will extend it as EV adoption is going to really slow as incomes nosedive next few years.

Most people don't know what BIK is and even business owners struggle with it.

The puppets in government will instead make changes to things the votership know about and understand: income tax, NI and corporation tax.

 

[Dabz]

The puppets in government will instead make changes to things the votership know about and understand: income tax, NI and corporation tax.

If they raise corp tax then it makes even more sense to buy through a business.

off topic, but it Shows the wealth divide very clearly when we’re on a forum talking about tax implications of buying our 100k toys and others are struggling to choose between food and hot water

 

[TaycanHero]

If they raise corp tax then it makes even more sense to buy through a business.

off topic, but it Shows the wealth divide very clearly when we’re on a forum talking about tax implications of buying our 100k toys and others are struggling to choose between food and hot water

Absolutely, that and inflation. It pains me to have a load of money sat there being inflated away.

I did set up an SPV earlier this year. Seriously considering property development by loaning it profits from my other business. Not now though. UK property is 5 months behind what has happened in the US... I've also never done it before, so there is an element of risk. Overseas property dev is another thing I could explore, I much prefer hot sunshine anyway.

Extremely limited with what you can do with company profits. I suppose you can buy a Porsche EV

You are absolutely right about the wealth divide, though people like us also appreciate our good fortune. Most people even in the West are poor. With enough determination most people can reverse that, but alas the masses are institutionalised into the economic slavery conveyor belt (job and taxes).

No one is taught from a young age about investing, finance, taxation, enterprise/self-employment.

That keeps the majority in economic bondage, and for lower earners, during a downturn, they are also the ones that feel it the most.

Unfortunately that will always happen, but then likewise there are many people that make me look like an absolute pauper.

 

[Throb]

I recently sold a new G80 M3 after five weeks, not because I didn't like it, but because I have a Taycan on order (coming next month), and I was offered more than I paid for it. As a long-time M3 owner from the E46 to E92 to F80, it was head and shoulders above them all. Superb car, and the only car mentioned in this thread that comes close to the Taycan for desirability and driving satisfaction. I test drove the i4 M50, and apart from the performance, which was admittedly very good, it doesn't come close to the Taycan, even at half the price. My current 330e Touring is something like my 15th BMW in the last twenty years, and it will probably be my last for the forseeable future. The new HMI and interior direction of BMW is truly awful, and that's coming from a BMW fanboy of thirty years. It's not just the design, but the functionality. I mean, what was wrong with having a button in front of you to put on the heated seats? Now it's hidden behind menus, and results in two people trying to do two different things via the single iDrive screen. It's absolutely baffling that BMW have designed it that way.

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