Financing a (used) Porsche GT3
Discussion
Hi,
First post in a long time...
I'm hitting the big 5-0 this year and planning on feeding my meno-porsche.
I've generally purchased cars outright, but I've never purchased anything over £50K before.
I just want it for a bit of weekend fun, but also as somewhere I can park some money without getting too majorly punnished when it comes to moving it on. I'm absolutely not speculating it will appreciate - though I obviously wouldnt mind if it did!
Am I best buying outright - or would I be better financing it in some way?
Any thoughts or personal experience appreciated
Thanks
First post in a long time...
I'm hitting the big 5-0 this year and planning on feeding my meno-porsche.
I've generally purchased cars outright, but I've never purchased anything over £50K before.
I just want it for a bit of weekend fun, but also as somewhere I can park some money without getting too majorly punnished when it comes to moving it on. I'm absolutely not speculating it will appreciate - though I obviously wouldnt mind if it did!
Am I best buying outright - or would I be better financing it in some way?
Any thoughts or personal experience appreciated
Thanks
mark4 said:
Hi,
First post in a long time...
I'm hitting the big 5-0 this year and planning on feeding my meno-porsche.
I've generally purchased cars outright, but I've never purchased anything over £50K before.
I just want it for a bit of weekend fun, but also as somewhere I can park some money without getting too majorly punnished when it comes to moving it on. I'm absolutely not speculating it will appreciate - though I obviously wouldnt mind if it did!
Am I best buying outright - or would I be better financing it in some way?
Any thoughts or personal experience appreciated
Thanks
Great car - definitely do it!First post in a long time...
I'm hitting the big 5-0 this year and planning on feeding my meno-porsche.
I've generally purchased cars outright, but I've never purchased anything over £50K before.
I just want it for a bit of weekend fun, but also as somewhere I can park some money without getting too majorly punnished when it comes to moving it on. I'm absolutely not speculating it will appreciate - though I obviously wouldnt mind if it did!
Am I best buying outright - or would I be better financing it in some way?
Any thoughts or personal experience appreciated
Thanks
How you finance the car won’t affect whether (and how much) it depreciates. However, finance rates have increased a lot in the last 12 months and with a negative economic outlook and a used market still benefitting from a shortage of new car supply, personally I think that there is a significant risk that you end up suffering a fair amount of depreciation on top of any financing charges.
However, it’s still worth i!
If you have the means to pay for it outright and aren't planning on using those funds for something else, then it makes sense to pay it in full.
Any borrowing in effect adds to the price you are paying, fine on a new car where you can hand it back after x amount of time, knowing almost exactly what it would cost over the anticipated length of ownership.
But also tell yourself we only get 1 go at life, so why not - whatever works for you (from an almost 50 year old).
Any borrowing in effect adds to the price you are paying, fine on a new car where you can hand it back after x amount of time, knowing almost exactly what it would cost over the anticipated length of ownership.
But also tell yourself we only get 1 go at life, so why not - whatever works for you (from an almost 50 year old).
Depends upon which GT3 ... your appetite for the cost of finance (which is now insane to me) ... your appetite for potential loss ... and whether you'll need the money for something else anytime soon. If your a gazillionaire, do what you like :-)
Personally, if I were to buy a used GT3 I'd buy a 996 (.. because I like 'em) with cash, or with a top up via a personal bank loan. But I'd also have as much fun in numerous other 911 or Cayster alternatives (for less).
YMMV
Personally, if I were to buy a used GT3 I'd buy a 996 (.. because I like 'em) with cash, or with a top up via a personal bank loan. But I'd also have as much fun in numerous other 911 or Cayster alternatives (for less).
YMMV
churchie2856 said:
Depends upon which GT3 ... your appetite for the cost of finance (which is now insane to me) ... your appetite for potential loss ... and whether you'll need the money for something else anytime soon. If your a gazillionaire, do what you like :-)
Personally, if I were to buy a used GT3 I'd buy a 996 (.. because I like 'em) with cash, or with a top up via a personal bank loan. But I'd also have as much fun in numerous other 911 or Cayster alternatives (for less).
YMMV
I think many are starting to think like this. The high finance is the known part, the depreciation is the unknown part which could go either way. But if you’re 50 and you have always wanted one and can afford the loss and finance, why not. Personally, if I were to buy a used GT3 I'd buy a 996 (.. because I like 'em) with cash, or with a top up via a personal bank loan. But I'd also have as much fun in numerous other 911 or Cayster alternatives (for less).
YMMV
OP I’m not sure what model GT3 you are thinking of but if it’s a 991.2 winged gt3 have you considered a 600LT as they are starting to look excellent value.
I’m sure I read Porsches finance is something like 10.9 %, I’m sure plenty are in for a shock having placed their deposit a year ago for new cars when finance rates were half the price!
Yes correct, it is 10.9% APR, on their finance calculator
There's a white 997 GT3 clubsport in the classifieds with 60,000 miles for around £80k.
If it's a good car, no over-revs etc, to me that would be where I'd put my cash (+ personal loan to top up, as mentioned). Considering a 997 gt3 comfort with 80,000 miles just sold for £70k (including fees) on Collecting Cars last week, albeit looking particularly nice in Guards Red and solid history with respected indy specialists.
There's a white 997 GT3 clubsport in the classifieds with 60,000 miles for around £80k.
If it's a good car, no over-revs etc, to me that would be where I'd put my cash (+ personal loan to top up, as mentioned). Considering a 997 gt3 comfort with 80,000 miles just sold for £70k (including fees) on Collecting Cars last week, albeit looking particularly nice in Guards Red and solid history with respected indy specialists.
n12maser said:
Yes correct, it is 10.9% APR, on their finance calculator
There's a white 997 GT3 clubsport in the classifieds with 60,000 miles for around £80k.
If it's a good car, no over-revs etc, to me that would be where I'd put my cash (+ personal loan to top up, as mentioned). Considering a 997 gt3 comfort with 80,000 miles just sold for £70k (including fees) on Collecting Cars last week, albeit looking particularly nice in Guards Red and solid history with respected indy specialists.
FYI if its this one - https://www.pistonheads.com/buy/listing/14008160There's a white 997 GT3 clubsport in the classifieds with 60,000 miles for around £80k.
If it's a good car, no over-revs etc, to me that would be where I'd put my cash (+ personal loan to top up, as mentioned). Considering a 997 gt3 comfort with 80,000 miles just sold for £70k (including fees) on Collecting Cars last week, albeit looking particularly nice in Guards Red and solid history with respected indy specialists.
It was for sale a year or two ago and listed correctly as a comfort. Its got the wrong seats for a clubsport (should be nomex material) and the cage was a different one and never painted. I was also told by the old dealer it had a lot of paintwork to bring it up to standard (not necessarily a bad thing but you would want to understand what/where/when and why a little more...)
Finance made some sense when rates were cheap, but they're not now.
If you want to think of it another way, if you financed the car would you use the cash pot that you didn't use for an outright purchase for an alternative investment? Would you take a punt on a stocks/shares ISA returning more than 10.9% over the same term?
Whatever you do, make sure you enjoy the car. Don't be in a position worrying about depreciation or future values. Life's too short for that.
If you want to think of it another way, if you financed the car would you use the cash pot that you didn't use for an outright purchase for an alternative investment? Would you take a punt on a stocks/shares ISA returning more than 10.9% over the same term?
Whatever you do, make sure you enjoy the car. Don't be in a position worrying about depreciation or future values. Life's too short for that.
Totally agree with the above statement. I bought my GT3 997.2 in earlier last year. Its the best purchase I've ever made - I've written the entire lot of now as I know unless I can get into an RS I will not sell the car. And if I can get into an RS I figured most the prices would be relative anyway.
Yes this has been the speculation for the last 4/6 months…
Then an 80k mile gen1 comfort sold for 70k
It’s getting tiring everyone holding out for a drop in prices and the same conversation over and over.
My local dealer just sold their 992 touring for 240k and have took a deposit on their shark blue GT3 992 after it being with them for less than a day.
Then an 80k mile gen1 comfort sold for 70k
It’s getting tiring everyone holding out for a drop in prices and the same conversation over and over.
My local dealer just sold their 992 touring for 240k and have took a deposit on their shark blue GT3 992 after it being with them for less than a day.
Wow, thank you for all the good replies.
I successfully floated the idea to the missus, so it’s a tossup ATM between a 997.1 or 991.1. Would love a 991.2 manual, but can’t justify the 50%+ premium. Have looked at other models (incuding MC12C + 991 turbo which both seem relatively good value by comparison), but honestly only considering the GT3. I currently drive a C63 507, which is a wonderful thing but not that engaging to drive. I’m leaning to the manual 997 for that reason.
It's just something for the weekend, but I have a strong propensity towards tangible things at the moment as cash gets a kicking. And, yes, I'm only too aware I'm not getting any younger as funeral invitations become more common than weddings (or second marriages).
I did wonder about the lending costs since the base rate rises, though didn’t realise they had shot up to as much as 10%. It seems everyone and his dog has been buying new cars on finance until now, which is why I didn’t know if I was missing something. I guess not!
I successfully floated the idea to the missus, so it’s a tossup ATM between a 997.1 or 991.1. Would love a 991.2 manual, but can’t justify the 50%+ premium. Have looked at other models (incuding MC12C + 991 turbo which both seem relatively good value by comparison), but honestly only considering the GT3. I currently drive a C63 507, which is a wonderful thing but not that engaging to drive. I’m leaning to the manual 997 for that reason.
It's just something for the weekend, but I have a strong propensity towards tangible things at the moment as cash gets a kicking. And, yes, I'm only too aware I'm not getting any younger as funeral invitations become more common than weddings (or second marriages).
I did wonder about the lending costs since the base rate rises, though didn’t realise they had shot up to as much as 10%. It seems everyone and his dog has been buying new cars on finance until now, which is why I didn’t know if I was missing something. I guess not!
mark4 said:
Wow, thank you for all the good replies.
I successfully floated the idea to the missus, so it’s a tossup ATM between a 997.1 or 991.1. Would love a 991.2 manual, but can’t justify the 50%+ premium. Have looked at other models (incuding MC12C + 991 turbo which both seem relatively good value by comparison), but honestly only considering the GT3. I currently drive a C63 507, which is a wonderful thing but not that engaging to drive. I’m leaning to the manual 997 for that reason.
It's just something for the weekend, but I have a strong propensity towards tangible things at the moment as cash gets a kicking. And, yes, I'm only too aware I'm not getting any younger as funeral invitations become more common than weddings (or second marriages).
I did wonder about the lending costs since the base rate rises, though didn’t realise they had shot up to as much as 10%. It seems everyone and his dog has been buying new cars on finance until now, which is why I didn’t know if I was missing something. I guess not!
I really wanted a 997.1 GT3 and they are spectacular things, that drive train is so visceral, at the budget I had though it seemed to be a bit of a minefield of some cars with some undocumented chequered pasts, always worth posting cars here.I successfully floated the idea to the missus, so it’s a tossup ATM between a 997.1 or 991.1. Would love a 991.2 manual, but can’t justify the 50%+ premium. Have looked at other models (incuding MC12C + 991 turbo which both seem relatively good value by comparison), but honestly only considering the GT3. I currently drive a C63 507, which is a wonderful thing but not that engaging to drive. I’m leaning to the manual 997 for that reason.
It's just something for the weekend, but I have a strong propensity towards tangible things at the moment as cash gets a kicking. And, yes, I'm only too aware I'm not getting any younger as funeral invitations become more common than weddings (or second marriages).
I did wonder about the lending costs since the base rate rises, though didn’t realise they had shot up to as much as 10%. It seems everyone and his dog has been buying new cars on finance until now, which is why I didn’t know if I was missing something. I guess not!
Always worth going independent for finance if you need it, there are some good people out there. Not sure I can make recommendations here mind.
I just took delivery of a 992 gts (similar money to a 991.1 GT3)
I paid half and financed the other half at 7.3% apr which i thought was ok in the current climate. I could have paid for it in full in cash biut wanted to keep some for emergencies / opportunities in our business
Yes Porsche are 10.9% but you can get finance outside Porsche for less
I paid half and financed the other half at 7.3% apr which i thought was ok in the current climate. I could have paid for it in full in cash biut wanted to keep some for emergencies / opportunities in our business
Yes Porsche are 10.9% but you can get finance outside Porsche for less
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