UK Finance (interest rates)

[matchboy1976]

Currently Porsche are stealing a living with 10.9%, which I believe will go up to 11.9% from 1st April, on new cars. A quick search around shows Audi and VW are also theiving with their rates (hardly surprising as all VAG) - however Mercedes and BMW are currently 5.9%. Anyone else hacked off with this?

If anyone hears of Porsche adjusting their rates to a more sensible and fair rate for their customers would you mind posting in here? For me personally, I have a Taycan GTS on order which hopefully will go into build April time, so delivery June - but I won't be paying 11.9% even if I could afford to out of principal - when I ordered the car it was 5.9%! So I'll either cancel, or delay the build for 6 months. But if anyone hears anything with regards to interest rates from their dealer in the meantime if you could put it in here it would be most appreciated. Thanks in advance.

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[W1NGE]

Currently Porsche are stealing a living with 10.9%, which I believe will go up to 11.9% from 1st April, on new cars. A quick search around shows Audi and VW are also theiving with their rates (hardly surprising as all VAG) - however Mercedes and BMW are currently 5.9%. Anyone else hacked off with this?

If anyone hears of Porsche adjusting their rates to a more sensible and fair rate for their customers would you mind posting in here? For me personally, I have a Taycan GTS on order which hopefully will go into build April time, so delivery June - but I won't be paying 11.9% even if I could afford to out of principal - when I ordered the car it was 5.9%! So I'll either cancel, or delay the build for 6 months. But if anyone hears anything with regards to interest rates from their dealer in the meantime if you could put it in here it would be most appreciated. Thanks in advance.

Agree that the rates are too high unnecessarily. Porsche dealerships use the online VAG system for arranging finance and so will be constrained with any rate discounting opportunity. You may get a little leverage but nothing that would get anywhere close to BMW rates.

 

[DJ-UK]

I now have a build schedule, should by fixed for production early March, early April expected delivery. Mine is via Porsche West London, to be honest great service thus far. I do regret having to pay 10.9%, its really eating into the Salary Sacrifice benefits. When rates drop (hopefully later this year) it will hurt even more... I did ask recently if they would throw in the maintenance, and was told politely "Unfortunately we are unable to offer any discounts, as I am sure you are aware we have long waiting lists and keeping to the price helps with residuals in the long run."

 

[Hanny]

Erm, not sure by your statement regarding….’eating in to my salary sacrifice benefit’ and asking them to throw in ‘maintenanc’?

If I recall correctly, salary sacrifice schemes, if that is what you are obtaining the Taycan with, will have their own interest rates from the sacrifice company and normally all maintenance and consumables such as tyres and servicing is all included in the pre-tax payment - the rates also take into account your intended mileage

 

[Sebbo]

Currently Porsche are stealing a living with 10.9%, which I believe will go up to 11.9% from 1st April, on new cars. A quick search around shows Audi and VW are also theiving with their rates (hardly surprising as all VAG) - however Mercedes and BMW are currently 5.9%. Anyone else hacked off with this?

If anyone hears of Porsche adjusting their rates to a more sensible and fair rate for their customers would you mind posting in here? For me personally, I have a Taycan GTS on order which hopefully will go into build April time, so delivery June - but I won't be paying 11.9% even if I could afford to out of principal - when I ordered the car it was 5.9%! So I'll either cancel, or delay the build for 6 months. But if anyone hears anything with regards to interest rates from their dealer in the meantime if you could put it in here it would be most appreciated. Thanks in advance.

I’m in the exact same position as you. GTS on order but 100% not paying that Apr so think I’m going to ask them to just keep me in line until it gets to 6 something or better. You can get a new SL 63 on 5.9% with Mercedes b finance. Why the hell is Porsche being so disgusting.

 

[Sidicks]

I really don’t understand the issue here - Using finance isn’t compulsory and neither is taking finance out with Porsche. They aren’t forcing you to do anything, no-one is ‘thieving’ anything.

if you can get finance cheaper elsewhere then you should do so.

 

[Murph7355]

Buying on finance right now and especially at those rates is nuts.

Porsche GB won't have lengthy wait lists on Taycans forever if things continue as they are. They do have a healthy build up of lightly used stock though. Heater problems. Farting about with specs. Nah.

As for interest rates dropping...aren't they forecast/predicted to go up until later this year before base rates settle at 4%-4.5%? I'm guessing that's what Porsche's finance arm are pricing in.

 

[Rob********]

Quite right. I had a recent qoute with Forza at about 7% iirc.

 

[matchboy1976]

I’m in the exact same position as you. GTS on order but 100% not paying that Apr so think I’m going to ask them to just keep me in line until it gets to 6 something or better. You can get a new SL 63 on 5.9% with Mercedes b finance. Why the hell is Porsche being so disgusting.

Exactly that! Seeing the new Merc SL at that APR was what prompted me to post - I’m so annoyed by it all. I worked out it will be an extra £500 odd a month - I am not paying that, no way - it’s pure greed.

I’ve noticed so many cancelled orders on the Porsche website too, today I found a brand new Cayenne Turbo, £160K car, the person probably is in the same position and it’s been delivered and they’ve told him 10.9% and they’ve said no way I’m paying that.

I also think it’s outrageous that the APR isn’t locked in at point of order - why should the customer suffer for the fact they couldn’t sort their supply chain issues out.

Anyway, I will do the same - I will delay my build till the rates are back down to comparable rates with other manufacturers.

 

[matchboy1976]

I really don’t understand the issue here - Using finance isn’t compulsory and neither is taking finance out with Porsche. They aren’t forcing you to do anything, no-one is ‘thieving’ anything.

if you can get finance cheaper elsewhere then you should do so.

The point being is that it was 5.9% at point of order, plus if other high end manufacturers are offering 5.9% today then why aren’t Porsche? It’s a disgraceful way to fleece their customer base.

 

[Sidicks]

The point being is that it was 5.9% at point of order, plus if other high end manufacturers are offering 5.9% today then why aren’t Porsche? It’s a disgraceful way to fleece their customer base.

Again, if you can get 5.9% elsewhere then what’s the issue?

 

[matchboy1976]

Again, if you can get 5.9% elsewhere then what’s the issue?

If you can show me a lender who is offering 5.9% then by all means share your wisdom.

 

[Sidicks]

Exactly that! Seeing the new Merc SL at that APR was what prompted me to post - I’m so annoyed by it all. I worked out it will be an extra £500 odd a month - I am not paying that, no way - it’s pure greed.

I’ve noticed so many cancelled orders on the Porsche website too, today I found a brand new Cayenne Turbo, £160K car, the person probably is in the same position and it’s been delivered and they’ve told him 10.9% and they’ve said no way I’m paying that.

Good job no-one is forcing them to do that!

I also think it’s outrageous that the APR isn’t locked in at point of order - why should the customer suffer for the fact they couldn’t sort their supply chain issues out.

At the time of order, are you committed to take out the finance? Or do you want an agreement which only works in your favour?

Anyway, I will do the same - I will delay my build till the rates are back down to comparable rates with other manufacturers.

Looks like you won’t be owning a (new) Taycan anytime soon, if ever! Why don’t you obtain finance from another provider?

 

[Sidicks]

If you can show me a lender who is offering 5.9% then by all means share your wisdom.

I think you’ve missed the point - if no-one else will lend you money at 5.9%, why should Porsche?!

 

[matchboy1976]

I think you’ve missed the point - if no-one else will lend you money at 5.9%, why should Porsche?!

Mercedes will lend at 5.9% on a brand new, just released, £160K SL. You can buy any BMW M car at 5.9%.l. Why are Porsche not doing that? Plus I believe you’ve missed the point of the thread,I originally asked if anyone hears any changes from their dealers to kindly post in here. I don’t believe you posted anything about that?

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