Can I get lower PCP interest rate from OPC's
Discussion
Porsche quote 9.2% APR (8.8% fixed) on a PCP deal on their configurator.
Have people managed to negotiate this down.
Their finance comes from the VW Audi group in Milton Keynes
It seems strange that the rate on other group cars is much lower such as Audi TT and VW Passat are about 6%
I was looking at a Boxster but just found out that the residuals for a new Cayman are considerably higher meaning a much lower monthly payment.
Do previous buyers have any rate I should be aiming for?
Have people managed to negotiate this down.
Their finance comes from the VW Audi group in Milton Keynes
It seems strange that the rate on other group cars is much lower such as Audi TT and VW Passat are about 6%
I was looking at a Boxster but just found out that the residuals for a new Cayman are considerably higher meaning a much lower monthly payment.
Do previous buyers have any rate I should be aiming for?
PowerMalc said:
Porsche quote 9.2% APR (8.8% fixed) on a PCP deal on their configurator.
Have people managed to negotiate this down.
Their finance comes from the VW Audi group in Milton Keynes
It seems strange that the rate on other group cars is much lower such as Audi TT and VW Passat are about 6%
I was looking at a Boxster but just found out that the residuals for a new Cayman are considerably higher meaning a much lower monthly payment.
Do previous buyers have any rate I should be aiming for?
The rates they offer are based on how much they want to shift the cars - they might really want to shift something, say an A4 before the new one comes out, and offer 5% or something. On the other hand, on a new Cayman they know it'll sell anyway so why give a discount?Have people managed to negotiate this down.
Their finance comes from the VW Audi group in Milton Keynes
It seems strange that the rate on other group cars is much lower such as Audi TT and VW Passat are about 6%
I was looking at a Boxster but just found out that the residuals for a new Cayman are considerably higher meaning a much lower monthly payment.
Do previous buyers have any rate I should be aiming for?
I have some experience on getting good rates in the past - your best bet is to get a quote from Lombard etc. and get the OPC to try to match it.
You'll get a better rate on a 991 at the moment than a new Cayman where there's not really any discount available. Gotta rememeber these finance rates are how they discount cars that arent selling.... they don't cut the price, they just make finance cheaper, by increasing GFV or lowering rates. The Cayman is selling however so.... deals will be harder.
Car dealers make money from finance,they get it from their chosen finance suppliers at a fixed rate,they then sell it on for as much as they can and keep the difference,however, they are capped to prevent ripping customers off.Also the dealers can subsidise the interest rate using chassis margin to anything they like down to 0% if they choose.Don't pay any more that 5.9% APR,that's the going rate on the high street for personal loans,so a dealer would need to compete with that.Push for a sub 5% APR and see what you get.When you get your revised quote, ask them how much commission they are making from that ,if he says nothing, ask him how much volume bonus he is getting.Dealers need to make money from all areas as car sales alone would not be sufficient to keep the doors open and the lights on,that's a fact,so it is correct that they make small amounts from their finance sales,but on a Porsche the balance to finance is high so they only need to make a small % margin for it to add up to a lot of commission.
Binksboy said:
Push for 6% you will get it, try more than one OPC some will offer nothing some will want the deal. I bought my Porsche last September, 2 dealerships did nothing to get my business the third did interest at 5.9% and discounted the car 8% if they won't budge go elsewhere ! Simples.
This is good advice in my experience.Binksboy said:
Push for 6% you will get it, try more than one OPC some will offer nothing some will want the deal. I bought my Porsche last September, 2 dealerships did nothing to get my business the third did interest at 5.9% and discounted the car 8% if they won't budge go elsewhere ! Simples.
Again, good advice here. Only to add that Porsche Finance is now provided through VW Finance, be interesting to know how they justify the difference in rates offered between buying a VW model to a Porsche, maybe go and get a quote for one of their cars first to peg the rates there?Edd
10EDD said:
Binksboy said:
Push for 6% you will get it, try more than one OPC some will offer nothing some will want the deal. I bought my Porsche last September, 2 dealerships did nothing to get my business the third did interest at 5.9% and discounted the car 8% if they won't budge go elsewhere ! Simples.
Again, good advice here. Only to add that Porsche Finance is now provided through VW Finance, be interesting to know how they justify the difference in rates offered between buying a VW model to a Porsche, maybe go and get a quote for one of their cars first to peg the rates there?Edd
Different cars, different demand = different offers.
Everything is negotiable, just depends on how much they want to sell the car, be careful as the deal can be subtlety different, meaning they may give you a better APR but GFV may have changed a tad. Sometimes it seemed like swings and roundabouts, meaning that whichever way you look at it you paid about the same.
One thing to consider is that the finance can be flexible, meaning you could do a deal with a smaller deposit but higher APR then pay off some more capital and save the interest.
One thing to consider is that the finance can be flexible, meaning you could do a deal with a smaller deposit but higher APR then pay off some more capital and save the interest.
Can definitely be negotiated. I think to 7pct easily, further down also possible.
Cost of money is practically 0 at the moment, if you are a good credit I don't see where on earth the 7pct would come in te first place anyways. And don't believe what they say, they are not selling cars as much as they would want. Fact. They will be flexible.
There's plenty of companies out there to put them in comp btw. Oracle finance is one, performance car finance is another, known on 911 UK website.
Give everybody a call and let the markt do the work for you.
R
Cost of money is practically 0 at the moment, if you are a good credit I don't see where on earth the 7pct would come in te first place anyways. And don't believe what they say, they are not selling cars as much as they would want. Fact. They will be flexible.
There's plenty of companies out there to put them in comp btw. Oracle finance is one, performance car finance is another, known on 911 UK website.
Give everybody a call and let the markt do the work for you.
R
Thanks for all your helpful replies. I will be spending c£40k which is double what I have previously spent on a car so feel I have to do plenty of research.
I went into Silverstone OPC and went through some figures and got the fixed % reduced down to 4.5% on a PCP although I could not work out why the APR was still 8% plus.
To Kudos Is that 5.8% fixed or APR and was it on a PCP or HP
I went into Silverstone OPC and went through some figures and got the fixed % reduced down to 4.5% on a PCP although I could not work out why the APR was still 8% plus.
To Kudos Is that 5.8% fixed or APR and was it on a PCP or HP
PowerMalc said:
I went into Silverstone OPC and went through some figures and got the fixed % reduced down to 4.5% on a PCP although I could not work out why the APR was still 8% plus.
To Kudos Is that 5.8% fixed or APR and was it on a PCP or HP
Guessing they quoted you a "flat rate %". I.e. you pay the flat rate on the full debt even when you've paid most of it off, that's why the APR is about double.To Kudos Is that 5.8% fixed or APR and was it on a PCP or HP
I obtained a couple of deals last year at 5.1% and 5.2% APR with Lombard. I seem to recall Porsche's best shot was around 6%.
PowerMalc said:
Thanks for all your helpful replies. I will be spending c£40k which is double what I have previously spent on a car so feel I have to do plenty of research.
I went into Silverstone OPC and went through some figures and got the fixed % reduced down to 4.5% on a PCP although I could not work out why the APR was still 8% plus.
To Kudos Is that 5.8% fixed or APR and was it on a PCP or HP
APR is the important figure - ignore the flat rate number you've been quoted (4.5%) - that's a fairly meaningless number used to fool you into a thinking you're getting a lower rate! The APR is the true cost of finance, that's what you should be getting down to 6% or so.I went into Silverstone OPC and went through some figures and got the fixed % reduced down to 4.5% on a PCP although I could not work out why the APR was still 8% plus.
To Kudos Is that 5.8% fixed or APR and was it on a PCP or HP
Sidicks
I didn't really haggle on the finance as I got a good deal anyway, I think the apr is around 8.5%. I could have got a better rate from another source but the balloon was £3k lower than the Porsche Finance GFV.This was the biggest draw for me, it's set at just under 70% over 2 years, which is pretty reassuring.I'm sure if you push them you will get it down a percentage point or two.
Little Lofty said:
I didn't really haggle on the finance as I got a good deal anyway, I think the apr is around 8.5%. I could have got a better rate from another source but the balloon was £3k lower than the Porsche Finance GFV.This was the biggest draw for me, it's set at just under 70% over 2 years, which is pretty reassuring.I'm sure if you push them you will get it down a percentage point or two.
Lower balloon means you pay more interest over the period shirley? You just looking at the monthly repayments?I've been asked if I would speak to the finance guy at the OPC I'm buying my Boxster from and I've been told to expect "very low rates" by the car salesman. Let's see what they come up with - but I've said that if I wanted to finance the car (which I don't) - I can draw down on my offset mortgage and that only costs 2.87% per annum ....
I'll share what rates they're talking about after the conversation - but I'm expecting this to be well under 5% APR.
I'll share what rates they're talking about after the conversation - but I'm expecting this to be well under 5% APR.
Kudos said:
Lower balloon means you pay more interest over the period shirley? You just looking at the monthly repayments?
A third party lease purchase would have cost me less over the 2 years as the APR was around 7%, the balloon was £3k lower meaning monthly payment were higher, which would have been fine, but I liked the fact that Porsche guarantee me almost 70% of my money back after 2 years, so I went with the PCP.If I take finance I normally haggle quite hard, but I'm very happy with the deal overall so left it at that.Gassing Station | Porsche General | Top of Page | What's New | My Stuff