Nearing end of PCP

Had my Cayman 981 on a PCP and it ends in August, my options are...
1) Hand it back and do nowt
2) Back to Porsche Dealer for another PCP on a newer car
3) Finance from Porsche finance to pay the car off (likely high APR)
4) Personal loan (£19k @3.1%) to pay off the balloon

I’m looking to get into a 997.1 911 so need about £25k for a decent one. I’m thinking of going with option 4 as looking online I can sell the Cayman for £29k and be a little in pocket.

Only real worry is if I can’t get the loan (as bought a new house last year) my options are limited. Will a loan company take into account that my PCP payments end in August and the loan will effectively replace that payment? Or do they calculate on current expenditure?

Option 5 - px against the car you’re after with whatever form of finance you can get at the most suitable deal for you.

Being on a PCP doesn’t actually limit your options in any way.

Obviously just hanging the car back and walking away is a dumb thing to do. If yours is worth £29k and you’re looking at a £25k car then you’d only have to find £15k which shouldn’t be difficult to get at a good rate.

Have you considered the gen 2, they seem to have a lot less reliability issues than the .1 ( or so I have read)..


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Keep the 981. The last of the flat 6 Caymans might not bear fruit at the moment but you never know a couple of years on...

Excellent choice the 997.1. Go for one with a Hartech rebuilt engine and you won’t regret it or lose any money, so long as you look after properly. Can’t help you with the finance choices apart from borrow as little as possible :)

Thanks for advice guys.

Gen II would be good but they’re pushing £40k and I’d rather out that into a classic 911 (which is the future plan).

A Hartech is exactly what I’m after and saw a lovely one for £27k the other month at Portiacraft but wasn’t in a position to buy then.

Good shout re keeping hold of it although I desire more power, which is why I’m after a 911.

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Originally Posted by Dave+63

Option 5 - px against the car you’re after with whatever form of finance you can get at the most suitable deal for you.

Being on a PCP doesn’t actually limit your options in any way.

Obviously just hanging the car back and walking away is a dumb thing to do. If yours is worth £29k and you’re looking at a £25k car then you’d only have to find £15k which shouldn’t be difficult to get at a good rate.

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Dumb question can you explain the whole £15k thing please?

I have seen a £25k car at a dealer and looking to go and see it, but haven’t a clue what I’d need to put towards it if I PX mine (with him paying the PCP balance).

Quote:

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Originally Posted by gavsw20

Dumb question can you explain the whole £15k thing please?

I have seen a £25k car at a dealer and looking to go and see it, but haven’t a clue what I’d need to put towards it if I PX mine (with him paying the PCP balance).

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First post your option 4 to pay off the loan at £19k and lower down you value the cayman at £29k. Therefore £10k equity to put into the 911 which at £25k leaves £15k to finance

Yep, people are presuming that due to the balloon being £19k, that’s the GFV at the end of the term but you say you can sell privately for £29k.

So if the figures are correct, you pay the £19k off with a loan or something, sell the car for £29k and you’ve made a £10k profit?

Quote:

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Originally Posted by gavsw20

Dumb question can you explain the whole £15k thing please?

I have seen a £25k car at a dealer and looking to go and see it, but haven’t a clue what I’d need to put towards it if I PX mine (with him paying the PCP balance).

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Put you current car into we buy any car, be honest about any issues this should give you a minimum figure as trade in value.

So for example, if you value it at 29k for a private sale, wbac say 25k, and you owe 19k it’s deposit vale against the other car is 25 - 19 = 6k

I suspect you see more selling the current car privately

Quote:

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Originally Posted by gavsw20

Dumb question can you explain the whole £15k thing please?

I have seen a £25k car at a dealer and looking to go and see it, but haven’t a clue what I’d need to put towards it if I PX mine (with him paying the PCP balance).

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Go to the dealer and see what px he’ll offer you god yours. As said above, the difference between the px value and the balloon payment is yours to use as you wish.

If you decide to px then the dealer will do all the legwork with yours and you’ll only need to sort out the finance for the new car.

Thanks all. Have fired off a few emails so will see what happens.

Think the private route will reward the most, just depends what faffing it entails with time wasters.