UK Finance (interest rates)

R Benny Waered

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I think its a fair point to note that interest rates have gone up by a bit more than the increase in base rate. We got 5.9% on an ID4 in Nov after all. But its just business and I wonder how many cancelled orders it will take for any reaction from Porsche? Loads of us have cancelled orders. I've cancelled my GTS as the px plummeted and the current 4S was taking over a £2k a month hit over 12 months. Its even worse now. That is too much for me and not the gorgeous Teutonic dream I was sold:brokenhearted: :angry: Too good to be true indeed.

So, for me, its currently prudent to pause rather than jump in headfirst and continue the bodyslam with eyes wide open. I haven't even mentioned the big cost of interest... Its a costly time to do Taycan - hopefully better in 12 months. Cracking car mind!
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briomir

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I have emailed my SA about interest rates and they have told me that I'm currently "approved" for 7.9% apr, but the 7.9% apr campaign will end at the end of March... They will let me know once VW announce what's happening for 1 April onwards.

My freeze date is end of March and estimated delivery in July.
 

W1NGE

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I have emailed my SA about interest rates and they have told me that I'm currently "approved" for 7.9% apr, but the 7.9% apr campaign will end at the end of March... They will let me know once VW announce what's happening for 1 April onwards.

My freeze date is end of March and estimated delivery in July.
Odd.

Current advertised Porsche Finance APR is 10.9%
 

briomir

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Odd.

Current advertised Porsche Finance APR is 10.9%
Yeah I know right - this thread is what prompted me to email them... I was pretty much considering somewhere like Forza (last quoted 8.9% a couple of weeks ago) anyway, but if, somehow I still get the 7.9% by some miracle I'll stick with Porsche.

On another note, I've been invited to a BMW event which looks like it will include the i4 on sale - one of the points in the "exclusive" invitation mentioned 5.9% apr on new cars, so that might be one to look out for...
 

R Benny Waered

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Odd.

Current advertised Porsche Finance APR is 10.9%
There are many things going on currently mate... Be assured that things are open to negotiation - don't over buy in to or promote the usual Porsche zero discount/zero deal, 'you are such a lucky boy' approach...:cool:

It was BMW admittedly but they remained steadfast that the 9.9% APR was 'set by BMW in Germany Sir - we cant change it as we discounted the car etc etc' Even did the 'ask the manager' routine. I called my broker from the showroom and they soon came down, but of course gave it to my broker on principle.
 


tutis

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Got the Taycan in Switzerland a year ago at 1.9% leasing rate... Rates here are up to 5.9% and this has put me off from ordering a new car. I will wait until rates come back down or until I finish my existing lease.
 

Rob********

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Forza Finance are now 7.4% APR. Things are improving weekly it seems.
 

Wilson

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My quote for PCP was at 10.9% but I was told they will guarantee that rate and protect it from any rises but they would pass on any savings between now and the build.
Will wait to see what happens with that.
 


Buster72

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My slot for a 4S CT has just come up. So facing a 7k hike in overall price since last October plus 10.4% interest rate for the New Solutions finance. Anybody seeing any discounting from Porsche UK or am I just going to have to swallow it (or look for third party finance)?
 
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matchboy1976

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My slot for a 4S CT has just come up. So facing a 7k hike in overall price since last October plus 10.4% interest rate for the New Solutions finance. Anybody seeing any discounting from Porsche UK or am I just going to have to swallow it (or look for third party finance)?
Same. So I delayed my build, as although you can get a better rate elsewhere the GFV is lower. I’m not paying that interest rate. I’ll revisit the rates in September, bought a new M4 comp in the meantime as BMW’s rates on new cars is 4.9%.
 

The Riddler

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I have a ST GTS scheduled late June. Was locked in pre recent price rise but finance offered at 10.9% is gouging, in my opinion. I was planning on 50% deposit then Porsche finance for the rest but got a relatively easy personal loan from my name at 5.9%, taking around £12k off the cost of financing over three years alone… madness… with dropping residuals these cars no longer sell themselves…
 

KCB1998

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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.
No one can lock an APR in at point of order for a car that takes 10 months to arrive. UK interest rates are at 4.5 which is about 9% APR at cost price so Porsche are making a modest profit on that.
Mercedes are subsidising that 5.9% as that works out at abase rate of around 3%, so it is being subsidised out if the chassis profit.
 

KCB1998

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Again, if you can get 5.9% elsewhere then what’s the issue?
Porsche don’t set the cost of funds - the markets do that. Reality is that rates have increased dramatically and if you can get 5.9% APR today then that business is losing money on that rate. Some manufacturers subsidise the rates Porsche dont
 

Sebbo

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No one can lock an APR in at point of order for a car that takes 10 months to arrive. UK interest rates are at 4.5 which is about 9% APR at cost price so Porsche are making a modest profit on that.
Mercedes are subsidising that 5.9% as that works out at abase rate of around 3%, so it is being subsidised out if the chassis profit.
That’s actually not correct. Merc are their own bank so not subjected to borrowing money like Porsche does from BOE so not affected by high borrowing rates. As such they can set their own rate independently.
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