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Thread: Nearing end of PCP

  1. #1
    Craftsman
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    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
    Grand Master Dave+63's Avatar
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    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
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    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
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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...

  5. #5
    Master Thewatchbloke's Avatar
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    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
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    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
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    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
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    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?

  10. #10
    Master
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    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).
    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 itís deposit vale against the other car is 25 - 19 = 6k

    I suspect you see more selling the current car privately

  11. #11
    Grand Master Dave+63's Avatar
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    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).
    Go to the dealer and see what px heíll 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 youíll only need to sort out the finance for the new car.

  12. #12
    Craftsman
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    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.

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