PCP or HP or LEASE

[DP30]

Just wondering wondering how most of you guys are financing the Taycan?

I have been given 6.9% on PCP with fairly high ballon at the end or would you go for HP with a much lower apr through a 3rd party so works out to be less interest. I am tempted by HP but not sure if PCP is the way to? If you guys have any thoughts plus how you guys decided to go it would be much appreciated.

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[Gotti]

Mine is via salary sacrifice from work. No deposit to pay just a monthly payment which includes Insurance, maintenance (including tyres) and service.

 

[Bonglim]

Sorry - no answer from me, as just about to buy mine. I'm planning on the PCP because of the high residual value and don't really want to keep it longer than my PCP. However paying >6% on the entire residual value does seem a little excessive.
Out of interest where are you looking to get your HP finance from?

 

[DP30]

Sorry - no answer from me, as just about to buy mine. I'm planning on the PCP because of the high residual value and don't really want to keep it longer than my PCP. However paying >6% on the entire residual value does seem a little excessive.
Out of interest where are you looking to get your HP finance from?

The PCP was quoted from Volkswagen financial services directly from the Porsche dealer. Where are you getting your pcp deal from and what are you being quoted?

 

[jheard]

Just wondering wondering how most of you guys are financing the Taycan?

I have been given 6.9% on PCP with fairly high ballon at the end or would you go for HP with a much lower apr through a 3rd party so works out to be less interest. I am tempted by HP but not sure if PCP is the way to? If you guys have any thoughts plus how you guys decided to go it would be much appreciated.

PCP using Porsche or VWFS. Higher residual / Balloon than any other finance company I looked at. I won't keep the car till the end of the PCP and will trade it in as will never pay the balloon. Last car, not a Porsche would of cost me a lot more in depreciation if I had HP or bought outright, technology is moving so fast particularly in the EV world that I would rather the finance co took the hit on depreciation

 

[DP30]

PCP using Porsche or VWFS. Higher residual / Balloon than any other finance company I looked at. I won't keep the car till the end of the PCP and will trade it in as will never pay the balloon. Last car, not a Porsche would of cost me a lot more in depreciation if I had HP or bought outright, technology is moving so fast particularly in the EV world that I would rather the finance co took the hit on depreciation

Thanks for this the ballon they have given seems very high which basically I think will leave zero equity in the car.

 

[Bonglim]

The PCP was quoted from Volkswagen financial services directly from the Porsche dealer. Where are you getting your pcp deal from and what are you being quoted?

PCP at 6.4% from Porsche.
Overall 15k down and 1k/ month for a car at 97k. I do agree with jheard that that residual values seem high - meaning no equity in the car. But that is surely the ideal situation - as it means they have given you a final valuation which is higher than the car is worth, saving you money.

The other side of the market is that in 3 or 4 years time, it will be more routine to look for EV rather than ICE cars. The demand could be 3 times higher for new EVs, which can be accommodated by increasing the production and range of EVs available. But if second hand demand is 3 times higher, that is based on sales now, meaning there will be relatively few available.

 

[girish]

I went for HP as per my accountants advise

 

[Taycanturbolondon]

i done a 3 year HP in my company name, if you have more than 10k of spec on a car, no point getting PCP.

 

[DP30]

i done a 3 year HP in my company name, if you have more than 10k of spec on a car, no point getting PCP.

Why do you think that? Is it because the ballon at the end wont take into account any of the options?

Also are you worried about the depreciation on the model and it may tank due to further advances in EV / new model with much great range?

 

[Taycanturbolondon]

Why do you think that? Is it because the ballon at the end wont take into account any of the options?

Also are you worried about the depreciation on the model and it may tank due to further advances in EV / new model with much great range?

Yes i believe the ballon does not take into account all the options.

I think it will depreciate slower than a similar priced Panamera. Battery technology and range is not going to go leaps and bounds. The Taycan is at the forefront of battery/charging (eg. 800v system) if not software so im not overly worried about depreciation. I mean Porsche are generally good and EVs in general are good so im happy to risk it. Pay it all off fast and pay minimal overall interest. Works out best for me as i doubt i will keep the car longer than 24months

 

[DP30]

Yes i believe the ballon does not take into account all the options.

I think it will depreciate slower than a similar priced Panamera. Battery technology and range is not going to go leaps and bounds. The Taycan is at the forefront of battery/charging (eg. 800v system) if not software so im not overly worried about depreciation. I mean Porsche are generally good and EVs in general are good so im happy to risk it. Pay it all off fast and pay minimal overall interest. Works out best for me as i doubt i will keep the car longer than 24months

Thanks for that. I was considering the same thing regarding minimise interest however I also wonder then if going straight HP essentially you are paying for an asset which is depreciating at a rate which is not 100% known and with the PCP I can limit my exposure to the value of the PCP. Normally I have always gone HP based on owning some sort of asset at the end of the HP. The PCP is working out to be £10k extra in interest.

 

[MadCan]

Just wondering wondering how most of you guys are financing the Taycan?

I have been given 6.9% on PCP with fairly high ballon at the end or would you go for HP with a much lower apr through a 3rd party so works out to be less interest. I am tempted by HP but not sure if PCP is the way to? If you guys have any thoughts plus how you guys decided to go it would be much appreciated.

Or maybe cash is king... I understand the tax benefits of PCP if it's a company related vehicle but if you're 'buying' privately, consider paying cash either from reserves or a standard loan which will be at a lower rate. If VW finance charge say 6.5% that's a significant interest charge over the typical 2-4 year PCP life. With cash deposits getting negative interest in real terms, if you can structure your finances to pay cash fully, I'd say that's the way to go. At the end of the day, the finance houses will be strongly influencing used values in 3-4 years time and will have carefully planned and forecast future residuals, so are unlikely to be taking a hit with the deals they are offering.

I think the Taycan is such a technoloogical and experiential leap forward, and always likely to be an aspirational used buy, that its value won't plummet in the way higher prduction volume vehicles will.

 

[DP30]

Or maybe cash is king... I understand the tax benefits of PCP if it's a company related vehicle but if you're 'buying' privately, consider paying cash either from reserves or a standard loan which will be at a lower rate. If VW finance charge say 6.5% that's a significant interest charge over the typical 2-4 year PCP life. With cash deposits getting negative interest in real terms, if you can structure your finances to pay cash fully, I'd say that's the way to go. At the end of the day, the finance houses will be strongly influencing used values in 3-4 years time and will have carefully planned and forecast future residuals, so are unlikely to be taking a hit with the deals they are offering.

I think the Taycan is such a technoloogical and experiential leap forward, and always likely to be an aspirational used buy, that its value won't plummet in the way higher prduction volume vehicles will.

Thanks for the reply, I am buying through a LTD company (so trying to decide based on this scenario) but very good points on the residuals. If they are financing so many they will influence the price to a certain degree otherwise they dont want too loose excessive amounts of money.

 

[bootsie]

A friend told me .. a cheap way of doing it might be a PCP with a Coronavirus Bounce Back Business Loan for £50k at 2.5% for the highest deposit possible would make for a cheap and easy finance option too. In theory, obviously. That would make a modestly-specced Turbo around £400pcm over 36 months (plus the BBBL payments of course). Apparently.

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