New Member / potential purchase

[PJV997]

Thanks for the replies.

Depreciation on the high mileage one is my major concern. I'd essentially have to run it until its no longer economical to repair.

For me, I like to keep a car 3 or 4 years tops. I do 15k a year of motorway miles.

I would ideally like a 19+ facelift for the nicer media unit etc, however I don't wish to sacrifice too much performance.

I know I'm not going to get EV level acceleration, mine is beyond rapid, Taycan 4s levels of performance... but I'd ideally like to get as much bang for my buck as possible.

My budget will be fairly strict especially given Porsche finance rates!

I've got one eye on panameras aswell, partly because of the enhanced interior of the facelift (not the latest).

I had a 2017 Gen 1 Turbo for about 8 months before my GTS was delivered. It was a great car that convinced me Macan ownership was the way forward.

But if you’re coming from a newish car under a lease scheme, you’ll probably find the tech in a Gen 1 Macan a bit old school, the NAV screen in particular is very small and IMO looks out of date.

So I’d recommend going for a Gen 2. Many say it the best interior with the larger NAV screen and the physical buttons along the centre console.

My second recommendation, based on my personal experience, is to have low mileage as one of your high priorities. If you do 50K-70K over 3-4 years, if you start with a 4 year old car that has done 20,000 miles, you’ll end up with a 7-8 year old car with 70,000 - 90,000 miles which will be around average for its age.

A quick check on the approved used website shows there are a lot of Gen 2 Macan S, GTS and Turbos with under 30,000 miles for less than £60K. All around 4 years old.

[SportsExhaust]

Thanks for the replies.

Depreciation on the high mileage one is my major concern. I'd essentially have to run it until its no longer economical to repair.

For me, I like to keep a car 3 or 4 years tops. I do 15k a year of motorway miles.

I would ideally like a 19+ facelift for the nicer media unit etc, however I don't wish to sacrifice too much performance.

I know I'm not going to get EV level acceleration, mine is beyond rapid, Taycan 4s levels of performance... but I'd ideally like to get as much bang for my buck as possible.

My budget will be fairly strict especially given Porsche finance rates!

I've got one eye on panameras aswell, partly because of the enhanced interior of the facelift (not the latest).

I had a 2017 Gen 1 Turbo for about 8 months before my GTS was delivered. It was a great car that convinced me Macan ownership was the way forward.

But if you’re coming from a newish car under a lease scheme, you’ll probably find the tech in a Gen 1 Macan a bit old school, the NAV screen in particular is very small and IMO looks out of date.

So I’d recommend going for a Gen 2. Many say it the best interior with the larger NAV screen and the physical buttons along the centre console.

My second recommendation, based on my personal experience, is to have low mileage as one of your high priorities. If you do 50K-70K over 3-4 years, if you start with a 4 year old car that has done 20,000 miles, you’ll end up with a 7-8 year old car with 70,000 - 90,000 miles which will be around average for its age.

A quick check on the approved used website shows there are a lot of Gen 2 Macan S, GTS and Turbos with under 30,000 miles for less than £60K. All around 4 years old.

I've got a 2022 Genesis GV60, so extremely modern, similar setup to the Taycan / latest porsche offerings.

Part of the reason I had another look through the lease calculations on a new Cayenne vs used Macan.

Your thoughts re mileage echo my own, it will equal less depreciation.

[Neil1911]

I'm not sure HSBC will play ball. It's an interesting idea though.

If you don't ask.....

[SportsExhaust]

I'm not sure HSBC will play ball. It's an interesting idea though.

If you don't ask.....

Very true.

[Wing Commander]

Oh I hate interest, believe me, but I don't think I'd be comfortable going down the 2 loan route, given my current circumstances.

How about extending your mortgage? This can be a very cost-effective way of funding a car.

Do you mean re-mortgaging? Whilst the interest rate might be slightly lower than a personal loan, you will end up paying more in interest if you’re paying it over a longer term.

Either remortgage, or a further advance on existing mortgage. The loan for the car can be a separate advance over a shorter term.

[Wing Commander]

How about extending your mortgage? This can be a very cost-effective way of funding a car.

+1. I did this. Interest way lower than PCP, HP or personal loan.

You can have a further advance on your mortgage over a shorter term than the main mortgage too.

At the end of the day, a debt is a debt, so borrowing against your home makes a lot of sense for many, providing you have the equity.

I don’t think it will be way lower than a personal loan at todays rates. However if you are looking for over £25k I can see the advantages in a further advance if your mortgage provider is happy to approve it.

Have just done a quick bit of research. With my mortgage lender, I could borrow at 4.34% over a five year fixed term with no reservation fee payable. Their current rate on a personal loan would be 6.4%. So the rate/cost of borrowing on the unsecured personal loan is over 47% greater than the mortgage rate available. (Other lenders & rates are available.)

[SportsExhaust]

That would make a large difference!
I might we'll contact them. My only issue would be if it would impact my remortgage next summer.

[DJMCUK]

If you took a personal loan instead, it's higher repayments would still be taken off your monthly budget for affordability purposes by the remortgage lender.

[SportsExhaust]

If you took a personal loan instead, it's higher repayments would still be taken off your monthly budget for affordability purposes by the remortgage lender.

Naturally, I'm just thinking if I increase my LTV through a car, that it might impact the whole of the mortgage by going into a higher interest bracket

[Wing Commander]

If you took a personal loan instead, it's higher repayments would still be taken off your monthly budget for affordability purposes by the remortgage lender.

Naturally, I'm just thinking if I increase my LTV through a car, that it might impact the whole of the mortgage by going into a higher interest bracket

That is a possibility, but unlikely to wipe out the savings versus a personal loan etc.

Obviously depends on individual circumstances and may be sensible to take advice.