timefactors watches
Results 1 to 9 of 9

Thread: Nearing end of PCP

  1. #1
    Craftsman
    Join Date
    Sep 2009
    Location
    Warwickshire
    Posts
    530

    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

    Iím looking to get into a 997.1 911 so need about £25k for a decent one. Iím 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 canít 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?

  2. #2
    Master Dave+63's Avatar
    Join Date
    Jun 2012
    Location
    East Sussex
    Posts
    9,662
    Option 5 - px against the car youíre after with whatever form of finance you can get at the most suitable deal for you.

    Being on a PCP doesnít 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 youíre looking at a £25k car then youíd only have to find £15k which shouldnít be difficult to get at a good rate.

  3. #3
    Journeyman
    Join Date
    Feb 2016
    Location
    Worcester
    Posts
    103
    Have you considered the gen 2, they seem to have a lot less reliability issues than the .1 ( or so I have read)..


    Sent from my iPhone using Tapatalk

  4. #4
    Master
    Join Date
    Apr 2009
    Location
    Back home in Great Grimsby
    Posts
    1,688
    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...

  5. #5
    Master Thewatchbloke's Avatar
    Join Date
    Dec 2010
    Location
    Berkshire UK
    Posts
    5,969
    Excellent choice the 997.1. Go for one with a Hartech rebuilt engine and you wonít regret it or lose any money, so long as you look after properly. Canít help you with the finance choices apart from borrow as little as possible :)

  6. #6
    Craftsman
    Join Date
    Sep 2009
    Location
    Warwickshire
    Posts
    530
    Thanks for advice guys.

    Gen II would be good but theyíre pushing £40k and Iíd rather out that into a classic 911 (which is the future plan).

    A Hartech is exactly what Iím after and saw a lovely one for £27k the other month at Portiacraft but wasnít in a position to buy then.

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

  7. #7
    Craftsman
    Join Date
    Sep 2009
    Location
    Warwickshire
    Posts
    530
    Quote Originally Posted by Dave+63 View Post
    Option 5 - px against the car youíre after with whatever form of finance you can get at the most suitable deal for you.

    Being on a PCP doesnít 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 youíre looking at a £25k car then youíd only have to find £15k which shouldnít be difficult to get at a good rate.
    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 havenít a clue what Iíd need to put towards it if I PX mine (with him paying the PCP balance).

  8. #8
    Master
    Join Date
    Oct 2013
    Location
    Southampton, UK
    Posts
    2,897
    Quote Originally Posted by gavsw20 View Post
    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 havenít a clue what Iíd need to put towards it if I PX mine (with him paying the PCP balance).
    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

  9. #9
    Yep, people are presuming that due to the balloon being £19k, thatís 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 youíve made a £10k profit?

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •