Finance Options on a 7+ year old Porsche
Discussion
Hi guys,
My last couple of cars have been M cars, but I'm feeling a change this year and would quite like a Porsche.
I bought my current M5 in 2022 and I've taken a bath on it as values have tumbled in the last few months, as a result I'd say I've about £5k equity in it.
My gripe with the M5 is that it doesn't feel as sharp as my previous M4 did and I don't get the feeling of wanting to take it for a blast the way I used to with the M4. As a result I think I want something more focused next. I'm thinking:
981 GTS - Budget friendly, perhaps not special enough?
981 Spyder - Too hardcore for a daily? Mileage sensitive?
991.1 GTS - Out of budget?
991.2 GTS - As above, perhaps more finance-friendly being newer?
Is any form of finance with balloon available on these, if so what lenders can I approach for figures? I have absolutely no idea what I'm looking at as most dealers are only listing extortionate HP rates as most of these are older than 2018.
My M5 finance agreement was:
Purchase price £50k
Deposit £9k
48 months
GFV 21k
Balance to finance £20k
£620pm
Am I likely to be able to get into any of the cars listed above for a similar monthly figure? Happy to be told I'm miles off, but as before - I've no idea as I can't seem to get figures anywhere except for HP. Going back to a more focused M car is no great hardship!
Cheers guys.
My last couple of cars have been M cars, but I'm feeling a change this year and would quite like a Porsche.
I bought my current M5 in 2022 and I've taken a bath on it as values have tumbled in the last few months, as a result I'd say I've about £5k equity in it.
My gripe with the M5 is that it doesn't feel as sharp as my previous M4 did and I don't get the feeling of wanting to take it for a blast the way I used to with the M4. As a result I think I want something more focused next. I'm thinking:
981 GTS - Budget friendly, perhaps not special enough?
981 Spyder - Too hardcore for a daily? Mileage sensitive?
991.1 GTS - Out of budget?
991.2 GTS - As above, perhaps more finance-friendly being newer?
Is any form of finance with balloon available on these, if so what lenders can I approach for figures? I have absolutely no idea what I'm looking at as most dealers are only listing extortionate HP rates as most of these are older than 2018.
My M5 finance agreement was:
Purchase price £50k
Deposit £9k
48 months
GFV 21k
Balance to finance £20k
£620pm
Am I likely to be able to get into any of the cars listed above for a similar monthly figure? Happy to be told I'm miles off, but as before - I've no idea as I can't seem to get figures anywhere except for HP. Going back to a more focused M car is no great hardship!
Cheers guys.
I know someone who’s just bought a 981 GTS so those monthlies and deposit are definitely achievable. Basically for that money you should be ok with any of your options.
Spyders are lovely things and I’ve dailied them (along with GT3’s. & 4’s). But they are an acquired taste and if you get them you get them. If not you’d be better in a Boxster GTS.
Spyders are lovely things and I’ve dailied them (along with GT3’s. & 4’s). But they are an acquired taste and if you get them you get them. If not you’d be better in a Boxster GTS.
Shiverman said:
I know someone who’s just bought a 981 GTS so those monthlies and deposit are definitely achievable. Basically for that money you should be ok with any of your options.
Spyders are lovely things and I’ve dailied them (along with GT3’s. & 4’s). But they are an acquired taste and if you get them you get them. If not you’d be better in a Boxster GTS.
That's good to hear, thank you. Spyders are lovely things and I’ve dailied them (along with GT3’s. & 4’s). But they are an acquired taste and if you get them you get them. If not you’d be better in a Boxster GTS.
The Spyder is definitely the front runner at the moment based on reviews I've read, however I've yet to drive one. It would be a daily for me too however I do have access to my girlfriend's car if need be. Nice to hear they're daily-able!
Thanks
Hammy98 said:
That's good to hear, thank you.
The Spyder is definitely the front runner at the moment based on reviews I've read, however I've yet to drive one. It would be a daily for me too however I do have access to my girlfriend's car if need be. Nice to hear they're daily-able!
Thanks
The Spyder is a great car - I’ve had mine 7 years, but not as an only car. Just remember the roof is manual and it obstructs access to the boot when up - I’ll say it before anyone else does! GTS is more practical as a daily car and has most of the experience without any of the compromise I’d say. If you do go for a Spyder try to find one with a rear camera as vision is limited. Depreciation on either will be limited now if you avoid buying a low mileage car.The Spyder is definitely the front runner at the moment based on reviews I've read, however I've yet to drive one. It would be a daily for me too however I do have access to my girlfriend's car if need be. Nice to hear they're daily-able!
Thanks
elisered said:
The Spyder is a great car - I’ve had mine 7 years, but not as an only car. Just remember the roof is manual and it obstructs access to the boot when up - I’ll say it before anyone else does! GTS is more practical as a daily car and has most of the experience without any of the compromise I’d say. If you do go for a Spyder try to find one with a rear camera as vision is limited. Depreciation on either will be limited now if you avoid buying a low mileage car.
Ah, I hadn't actually thought of this. Just watched a video of the roof operation there and can see what you mean. Can you lift the rear deck (roof up) if you unclip the two roof catches?The GTS is still an option, I'm just waiting to see how the figures for both look. Just not sure what lenders to reach out to for quotes.
Hammy98 said:
Ah, I hadn't actually thought of this. Just watched a video of the roof operation there and can see what you mean. Can you lift the rear deck (roof up) if you unclip the two roof catches?
The GTS is still an option, I'm just waiting to see how the figures for both look. Just not sure what lenders to reach out to for quotes.
Yes but to do that you should release the front of the roof from the screen (the only electric part of the process) - not so good if it’s raining. If you do start looking seriously at a car check the stitching underneath where the flaps attach to the main roof - if they’re giving way that will tell you the boot has been regularly lifted without releasing the roof and or flaps. Not the end of the world Porsche do a kit to repair it invisibly.The GTS is still an option, I'm just waiting to see how the figures for both look. Just not sure what lenders to reach out to for quotes.
I don't think you will, apart from a 981 GTS.
The rest are too expensive to get down to £650 a month with £10k down.
Take the cheapest 991 GTS at £65k, no one will do PCP on those as they are too old, so straight repayment over 60 months.
Even if you get 7% apr you're going to be looking at £1,100 a month with £10k down.
For £70k you can be in a 30k mile 991.2, but that is now 7 years old, so again, they will want straight repayment. So £1200 a month over 5 years.
To hit £650 a month, you have a budget of around £43000 if you have £10k to put down and that is at 7% apr.
Many are at 11-13% currently.
But still, buy something for £50k, run it for 5 years and I bet you have a car that you own that is still worth £30k.
Gone are the days of buying a £70-80k car and paying £600 a month, double that with a cherry on top.
The rest are too expensive to get down to £650 a month with £10k down.
Take the cheapest 991 GTS at £65k, no one will do PCP on those as they are too old, so straight repayment over 60 months.
Even if you get 7% apr you're going to be looking at £1,100 a month with £10k down.
For £70k you can be in a 30k mile 991.2, but that is now 7 years old, so again, they will want straight repayment. So £1200 a month over 5 years.
To hit £650 a month, you have a budget of around £43000 if you have £10k to put down and that is at 7% apr.
Many are at 11-13% currently.
But still, buy something for £50k, run it for 5 years and I bet you have a car that you own that is still worth £30k.
Gone are the days of buying a £70-80k car and paying £600 a month, double that with a cherry on top.
elisered said:
Hammy98 said:
Ah, I hadn't actually thought of this. Just watched a video of the roof operation there and can see what you mean. Can you lift the rear deck (roof up) if you unclip the two roof catches?
The GTS is still an option, I'm just waiting to see how the figures for both look. Just not sure what lenders to reach out to for quotes.
Yes but to do that you should release the front of the roof from the screen (the only electric part of the process) - not so good if it’s raining. If you do start looking seriously at a car check the stitching underneath where the flaps attach to the main roof - if they’re giving way that will tell you the boot has been regularly lifted without releasing the roof and or flaps. Not the end of the world Porsche do a kit to repair it invisibly.The GTS is still an option, I'm just waiting to see how the figures for both look. Just not sure what lenders to reach out to for quotes.
Don't buy one without a rear camera as rear visibility is shocking and as a daily with regular reverse parking it will test your skills. That said Boxsters are not much better but at least most come with front/rear sensors which were not available on the 981 Spyder
Ed.Neumann said:
I don't think you will, apart from a 981 GTS.
The rest are too expensive to get down to £650 a month with £10k down.
Take the cheapest 991 GTS at £65k, no one will do PCP on those as they are too old, so straight repayment over 60 months.
Even if you get 7% apr you're going to be looking at £1,100 a month with £10k down.
For £70k you can be in a 30k mile 991.2, but that is now 7 years old, so again, they will want straight repayment. So £1200 a month over 5 years.
To hit £650 a month, you have a budget of around £43000 if you have £10k to put down and that is at 7% apr.
Many are at 11-13% currently.
But still, buy something for £50k, run it for 5 years and I bet you have a car that you own that is still worth £30k.
Gone are the days of buying a £70-80k car and paying £600 a month, double that with a cherry on top.
Unfortunately I was thinking this would be the case for mainstream finance. I can secure 8.9% on a PCP through the lender I'm with at the moment, but they won't lend against anything pre-2019 now - and obviously HP hikes the monthly cost right up since there's no balloon.The rest are too expensive to get down to £650 a month with £10k down.
Take the cheapest 991 GTS at £65k, no one will do PCP on those as they are too old, so straight repayment over 60 months.
Even if you get 7% apr you're going to be looking at £1,100 a month with £10k down.
For £70k you can be in a 30k mile 991.2, but that is now 7 years old, so again, they will want straight repayment. So £1200 a month over 5 years.
To hit £650 a month, you have a budget of around £43000 if you have £10k to put down and that is at 7% apr.
Many are at 11-13% currently.
But still, buy something for £50k, run it for 5 years and I bet you have a car that you own that is still worth £30k.
Gone are the days of buying a £70-80k car and paying £600 a month, double that with a cherry on top.
Presumably there must be lenders which offer balloon-based agreements on older cars, unless people just buy those cash or on HP.
I'll see if I can get a look around a 981 GTS locally.
Hammy98 said:
Unfortunately I was thinking this would be the case for mainstream finance. I can secure 8.9% on a PCP through the lender I'm with at the moment, but they won't lend against anything pre-2019 now - and obviously HP hikes the monthly cost right up since there's no balloon.
Presumably there must be lenders which offer balloon-based agreements on older cars, unless people just buy those cash or on HP.
I'll see if I can get a look around a 981 GTS locally.
A few will, like Magnitude and Oracle, but mainly on stuff like GT3s, not regular 911's that are going to be 10 years old cars that "might" be a money pit a the end. Presumably there must be lenders which offer balloon-based agreements on older cars, unless people just buy those cash or on HP.
I'll see if I can get a look around a 981 GTS locally.
They just don't want the risk of handbacks on those.
When people are saying that the new prices combined with 11-13% aprs at Porsche just means they will buy something a bit older, rather than new or nearly new, when it is time to change, don't seem to have considered this.
I mentioned this before, and I just tried to find the figures from Porsche but couldn't, but the 992 I wanted (or rather the one she said I could have!
) was £750 a month, that was with £19k down and leaving £44k after 48 months I think it was. I'm sure the car was £84k new, but looking now it is £97k for a base 992. But maybe it has gone up that much?
But the difference in monthlies back in 2020 and today is huge.
You think I will go a bit older but no one will PCP it.
That's why I think used prices still have quite a way to fall yet.
These 12 year old cars at £50k need to be £35-40k, to be fair, they ones that hit that price sell, the ones at £50k are sitting for months.
Until they hit a price point people can take out a straight loan on, which most lenders seem to stop at £35k, if you want a decent rate, that is where the prices will end up.
Cars seem to be dictated by finance these days.
Ed.Neumann said:
A few will, like Magnitude and Oracle, but mainly on stuff like GT3s, not regular 911's that are going to be 10 years old cars that "might" be a money pit a the end.
They just don't want the risk of handbacks on those.
When people are saying that the new prices combined with 11-13% aprs at Porsche just means they will buy something a bit older, rather than new or nearly new, when it is time to change, don't seem to have considered this.
I mentioned this before, and I just tried to find the figures from Porsche but couldn't, but the 992 I wanted (or rather the one she said I could have! ) was £750 a month, that was with £19k down and leaving £44k after 48 months I think it was.
I'm sure the car was £84k new, but looking now it is £97k for a base 992. But maybe it has gone up that much?
But the difference in monthlies back in 2020 and today is huge.
You think I will go a bit older but no one will PCP it.
That's why I think used prices still have quite a way to fall yet.
These 12 year old cars at £50k need to be £35-40k, to be fair, they ones that hit that price sell, the ones at £50k are sitting for months.
Until they hit a price point people can take out a straight loan on, which most lenders seem to stop at £35k, if you want a decent rate, that is where the prices will end up.
Cars seem to be dictated by finance these days.
Good points. I have been looking at 991s and their depreciation curve seems glacial, and unsupported by historical trends. I want a car new enough that I can buy with and keep on OPC insurance, but you need to be into the mid £40s to buy one. I'd imagine they would be some 20% less by now. They just don't want the risk of handbacks on those.
When people are saying that the new prices combined with 11-13% aprs at Porsche just means they will buy something a bit older, rather than new or nearly new, when it is time to change, don't seem to have considered this.
I mentioned this before, and I just tried to find the figures from Porsche but couldn't, but the 992 I wanted (or rather the one she said I could have!
) was £750 a month, that was with £19k down and leaving £44k after 48 months I think it was. I'm sure the car was £84k new, but looking now it is £97k for a base 992. But maybe it has gone up that much?
But the difference in monthlies back in 2020 and today is huge.
You think I will go a bit older but no one will PCP it.
That's why I think used prices still have quite a way to fall yet.
These 12 year old cars at £50k need to be £35-40k, to be fair, they ones that hit that price sell, the ones at £50k are sitting for months.
Until they hit a price point people can take out a straight loan on, which most lenders seem to stop at £35k, if you want a decent rate, that is where the prices will end up.
Cars seem to be dictated by finance these days.
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