Macan GTS - PCP 6.9% APR?!

[Cam]

Hi all,

I'm new to the forum and new to Porsche! I have put a deposit down for a new Macan GTS (PRF2LBS2) hopefully for March 2024 delivery. I'm really excited about it!

I have previously owned company cars only. This is my first direct experience with OPCs and I'm still trying to get my head around PCP, GAP insurance etc..It would be great if you can give any advice to a newbie like me! Any pitfalls I should be aware of, common mistakes to avoid?

The main reason of this post is about PCP. In the current climate, I have managed to apply for a PCP with my bank for 6.9% APR vs 11.3% APR offered by my OPC! Now, things which seems too good to be true, normally aren't, or they are true by with caveats.

There is a difference of £10K+ GFV between Porsche Financial Services and my bank. I would really like to know your opinions and what are Pros and Cons of PCP with banks/third-party vs OPC financial services.

Thank you!

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Ordered: Macan GTS
Current car: Mercedes-Benz C300
Prev car: BMW 3 Series

[MCDK]

Is your bank a Guaranteed Final Value or simply a balloon amount owing on the loan at the end of the term irrespective of the cars value? There is a big difference in both scenarios and a lot of banks will be a simple balloon payment.

[DrRob]

Are Porsche offering £10K more GFV or your bank?
Which bank out of curiosity?

[Jon A]

You pay it up front or you pay it at the end. Just work out what overall payments add up to (with interest) and take it from there.

[Cam]

Ah...I knew it

It is with Lloyds bank and Porsche final payment is 10K more expensive than Lloyds'

I have just checked and this is what it is stated in both cases:

Lloyds: "Final lump sum payment"
Porsche: "Followed by a final rental of"

I think I need to ask further details. I didn't know that the final ballon in PCP is not equivalent to GFV. The only think I can tell you is that in changing the mileage the final payment changes so they must take into account the depreciation of the car....uhm....I need to ask. Many thanks for your answers, much appreciated

[SAC1]

You could get a Contract Hire quote. At the end of the term, you just hand the keys back and walk away. See how it compares to your two PCP quotes by working out the full cost to you for each of the 3 scenarios. If in any doubt, get each company / bank to provide the full figures for you in writing.

When PCP interest rates were low I was a fan of PCP when getting new Mercs. As I got a big up front discount on the car and with a big deposit, relatively low finance charges. Also mitigated against the big depreciation gamble with the final balloon figure. This was usually more than the trade-in value after 3 yrs.

With Porsche and their non existant discount and high interest charges, I have paid cash for both of mine. Also Porsche depreciation on the Macan has been historically low. Typically 66% of new after 3yrs and 30,000 miles.

[Jon A]

Ah...I knew it

It is with Lloyds bank and Porsche final payment is 10K more expensive than Lloyds'

I have just checked and this is what it is stated in both cases:

Lloyds: "Final lump sum payment"
Porsche: "Followed by a final rental of"

I think I need to ask further details. I didn't know that the final ballon in PCP is not equivalent to GFV. The only think I can tell you is that in changing the mileage the final payment changes so they must take into account the depreciation of the car....uhm....I need to ask. Many thanks for your answers, much appreciated

When I bought the 911 in July it was 9% which I thought was almost ridiculous at the time but Porsche PCP is a guaranteed final value, so either sell the car and hope you get more or give it back and that’s an end to it.
This is important because your banks version will not allow to simply give it back and you will have to sell it with outstanding finance on it.
I put down a healthy deposit but was always prepared to say adios to that after four years if things start to go south on the used market. Signs are that things are certainly softening so maybe a GFV is some sort of safety net?
Bottom line is there are hundreds of schemes out there and it needs to fit YOUR needs

[Cam]

Is your bank a Guaranteed Final Value or simply a balloon amount owing on the loan at the end of the term irrespective of the cars value? There is a big difference in both scenarios and a lot of banks will be a simple balloon payment.

Just received this reply from Lloyds bank:

"Good morning,
Thank you for your email. The final lump sum payment will be your Guaranteed Final Value (GFV), positive equity can be used towards a new vehicle but that will be done through a dealership rather than us."

I have this in writing, but I will pay attention to T&Cs before going ahead.

Thanks again for the heads up

[andreas]

"Guaranteed Final Value" is a massively misleading term!

[Skyway]

"Guaranteed Final Value" is a massively misleading term!

Yeah, guaranteed final payment more like it