UK Finance (interest rates)

[mas_gts]

I looked around for alternative options in December and was able to get 7.4 from Forza Finance underwritten by Santander. That was by far the best available then. Look around you might be able to get better rates than Porsche but certainly won't get anywhere near what was on offer 6-9 months ago unfortunately...

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[matchboy1976]

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

I’ve already had 2 Taycans my friend, but thanks for your input, you’ve been most helpful.

 

[Sidicks]

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?

When you make silly comments about VW being ‘thieving‘ with their rates, then you should probably expect people to comment accordingly.

You also didn’t respond to the question about whether, when you order a car, you should be forced to accept the original finance deal if subsequently rates move in your favour in the future (or if you decide not to buy the car)?

Clearly Mercedes and BMW are having to subsidise their rates in order to sell their cars. Currently Porsche do not need to - perhaps that will change in the future .

Maybe you should buy a BMW or a Mercedes SL in that case?

By the way, what’s the waiting list on an SL?

 

[matchboy1976]

When you make silly comments about VW being ‘thieving‘ with their rates, then should expect people to comment accordingly. Clearly Mercedes and BMW are having to subsidise their rates in order to sell their cars. Currently Porsche do not need to - perhaps that will change in the future .

Maybe you should buy a BMW or a Mercedes SL in that case?

By the way, what’s the waiting list on an SL?

Really? Is that why there’s so many cancelled orders and so many second hand Porsches to buy? Maybe have a look at the market before you comment, just a thought.

I don’t know what the waiting list is on an SL, so I can’t tell you. But I’m sure you’re going to tell me as you seem to know everything.

 

[Sidicks]

Really? Is that why there’s so many cancelled orders and so many second hand Porsches to buy? Maybe have a look at the market before you comment, just a thought.

I don’t know what the waiting list is on an SL, so I can’t tell you. But I’m sure you’re going to tell me as you seem to know everything.

You’re very aggressive with people who don’t share your opinions!

Do you think there isn’t (currently) a long waiting list on Taycans? There certainly is, although it’s likely to reduce over time, as people drop out due to the changing financial circumstances.

If you're waiting for Porsche to start subsidising their finance rates in order to shift cars, I think you’ll be waiting a long time.
However, there are plenty of other finance houses around that means you‘ll be able to beat the Porsche rates if you have a decent credit history.

 

[matchboy1976]

So you don’t think there is a long waiting list on Taycans at the moment? There certainly is, although it’s likely to reduce over time, as people drop out due to the changing financial circumstances.

If you're waiting for Porsche to start subsidising their finance rates in order to shift cars, I think you’ll be waiting a long time.
However, there are plenty of other finance houses around that means you‘ll be able to beat the Porsche rates if you have a decent credit history.

And yet less than a year ago it was 5.9% with Porsche. So they subsidised their finance rates last year according to your logic? So why will any of us have to wait a long time when it’s only recently they’ve upped their rates, shamelessly taking advantage of their customers? This time next year it will be back down to normal once they see a hit in sales, which is already evident in the market.

Anyway, thank you for your input, you’ve been most helpful.

 

[Sidicks]

And yet less than a year ago it was 5.9% with Porsche. So they subsidised their finance rates last year according to your logic? So why will any of us have to wait a long time when it’s only recently they’ve upped their rates, shamelessly taking advantage of their customers? This time next year it will be back down to normal once they see a hit in sales, which is already evident in the market.

You do realise that base rates were much, much lower a year ago? Also, the market expectations are for further rises in interest rates (base rates) from here, this year.

Anyway, thank you for your input, you’ve been most helpful.

I’m sorry that can’t get the finance rates you think you deserve!

 

[Murph7355]

You both need to dial it back a bit chaps. Unnecessary antagonism from both sides.

Ultimately Porsche do it because they can. If people stop buying their cars and stop taking out their finance on their cars, their rates and prices will change.

If people keep buying and using it, they won't.

I can see logic in expecting them to lock finance rates once you are required to lock spec...but if they were to do that, don't also expect being able to get out of an order easily either.

Ultimately these are frivolous purchases. There is no half-nelsoning going on other than with people's emotions on buying the cars they sell.

I decided to jack it in a few weeks ago with all the buggering about with allocations, specs and the rapid increase in used cars becoming available at decreasing prices (a couple of things that I have a feeling will happen more and more this year). We'll see what happens.

 

[Sidicks]

I decided to jack it in a few weeks ago with all the buggering about with allocations, specs and the rapid increase in used cars becoming available at decreasing prices (a couple of things that I have a feeling will happen more and more this year). We'll see what happens.

Used car stocks certainly increasing, but currently only 5 Taycan ST GTS on the Porsche website and even 1-year old, 10K miles are still above list price.

 

[Jabbar]

Used car stocks certainly increasing, but currently only 5 Taycan ST GTS on the Porsche website and even 1-year old, 10K miles are still above list price.

totally agree. I collected my new Taycan GTS a few weeks ago. Still only 13 in whole country for saloons and 5 ST GTS.

where the prices are dropping fast are for Turbo and Turbo S. most cancelled orders also are higher models or 4S. I know as my friend was offered numerous 4S build slots by multiple dealers. He preferred to wait and ordered GTS ST.

 

[Murph7355]

13 saloons and 5 ST's currently. There have been a similar number of mostly different cars on over the last couple of months, with sticker prices dropping by chunks before they sell. Not very long ago there were 0.

Also, what proportion of deliveries is that?

I'm not expecting any of these to defy gravity in terms of depreciation. But the situation has changed markedly. When I cancelled mine, I was told I was not alone. And I suspect that's a big factor in what we're seeing.

Agree on Turbo prices BTW... Just makes them more of an appealing option used.

(I also don't know what %age of orders Porsche usually sees cancelled).

Great cars. Just a shame the way the Porsche mothership has handled the various situations over the last 12mths. But as noted, if people still buy, they have no reason to change

 

[W1NGE]

Interest rates are one thing but total cost of ownership quite another and I'd say the Taycan will win hands down.

The Merc will come with a sizeable discount and swaetened further by cheaper finance. Depreciation will be scary. Running costs higher too.

Porsche finance rates are excessively high for no particular reason IMHO and I think helps them to manage the order books and wait times. Fewer new orders will flow when people realise the interest rate and it is unfortunate for those who ordered some time ago and now taking or about to take delivery.

The old adage that interest rates can go up as well as down applies here.

 

[DJ-UK]

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

Buying from Porsche and using Salary Sacrifce. Not using a Salary Sacrifice Company, we/company were not using one when I ordered, and when we recently signed one up the wait times were just too long. With Porsche, maintenance is oprtional.

 

[TaycanHero]

10%+ finance is insane and just not worth it.

Waiting is prudent. There are various forum members who have cancelled. Many other orders will be cancelled, and many second hand Taycan's will sit. Used prices will revert to the usual 10% depreciation curve, meaning anything with an elevated used price will see the biggest drop.

I was offered a cancelled allocation middle of Jan, but then had to decline for logistical reasons.

On that note, I will very likely be cancelling my order where I won't be living permanently in the UK in a few months. That's another allocation left floating with potentially no buyer behind it.

With that, my financial situation will flip from a business purchase (Taycan company car made financial sense) to a personal purchase (personal money is better spent on investments and property).

So that too will likely be the end of it, though I might keep the deposit down just in case, or I'll flip the deposit into a flat 6 Cayman GTS 4. The catch is the car purchase will be a cash purchase, where financing is obscene. Cash, however, is more interesting when it increases rather than decreases...

 

[SteveGTS]

Just got a quote from Lloyds Bank for Asset Finance (some of my business banking is with them) - 6.88% over 60 months, that seems reasonable in the current climate. Just need an allocation now!

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