Porsche PCP - Help !!!

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Jeffb
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Joined: Sat Sep 14, 2019 3:09 am

Post by Jeffb »

Hi

I’m really looking for some advice regarding purchasing a Mecan via Porsche PCP. The intention is to buy the Porsche with the lowest annual mileage of 5K per annum although I will exceed this. I intend to just pay for the car outright in April 2020 when I’ll have access to my pension pot and be able to cover the outstanding balance (it’s a 67 plate and with my Jag trade in there’s a PCP of £33K). Alternatively I just wait until April and buy a Mecan then with cash and no PCP although I know my Jag will be worth less.

I’m absolutely lost on what the best route is, buy now under PCP or just wait until next April and buy then.

Any advice would be greatly appreciated.

Thanks in advance

jk88
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Post by jk88 »

Waiting and buying for cash when you have it will cost you a lot less in the long run. There are several threads on PCP total cost of ownership vs cash (or non PCP loans) if you search a bit. Plus be mindful of taxation rules when accessing your pension pot as will be taxed at your current marginal rate.
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Makanik
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Post by Makanik »

Wait!
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PaulR
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Post by PaulR »

I'd wait, no question. Especially as you ultimately want to buy cash. Your Jag may be worth a little less, but a 67 plate Macan will also be worth less by then. (Possibly depreciated more than your Jag has, so might even be in your favour.)
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Jeffb
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Post by Jeffb »

Thanks so much for the replies, I think my brain was telling me to wait but my heart was telling me to go for it. Thanks also for the pension advice but I’ve worked as an IFA for the last 27 years so I’m well acquainted with pension rules.

I’ll just count down the days until April !!
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Wing Commander
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Post by Wing Commander »

Jeffb wrote: Sat Sep 14, 2019 8:09 am Thanks so much for the replies, I think my brain was telling me to wait but my heart was telling me to go for it. Thanks also for the pension advice but I’ve worked as an IFA for the last 27 years so I’m well acquainted with pension rules.

I’ll just count down the days until April !!
I've worked in financial services for 36 years, but that doesn't stop my heart over-ruling my head on occasion, especially when it comes to cars, and Porsches in particular! :lol:

Welcome to our friendly forum. Hopefully we'll help you pass the time until April. 55th birthday...? :geek:
Simon

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wilko
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Post by wilko »

I’m not an IFA, but I’d suggest that buying a porsche unless you can afford £1000 a month for the rest of your working/retired life is unwise, and spending any of your pension pot lump sum on one would not be financially prudent.

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Jeffb
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Post by Jeffb »

Hi Simon,

Many thanks for the welcome and you have summed me up with the heart ruling the head !! Yup, the big 55 in April but intend to keep on working. Just going to access the PCLS, clear the remaining mortgage and buy a Porsche !!

Hi Wilko,

Sound advice indeed and why would I want to purchase a depreciating asset ? I’ve worked ridiculously hard over the years like a lot of people so I’m going to treat myself, I feel it’s right lol.
Last edited by Jeffb on Sat Sep 14, 2019 9:28 am, edited 1 time in total.
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Wing Commander
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Post by Wing Commander »

Hi wilko,

Just wondering where you get £1,000 a month from?

Surely if one buys a Porsche for cash (from wherever) especially a fairly new, low mileage one, £1,000 a month for running costs is excessive, unless you're factoring in replacing the Porsche for another Porsche on a regular basis?

As to spending money from the pension (especially if tax-free cash element) not being prudent, surely that depends on countless other factors relating to the individual in question?

Cheers,
Simon

Sold: 2016 Rhodium Silver Macan 2.0
Sold: 2013 Platinum Silver 911 (991.1) C2
Sold: 2017 Carmine Red Panamera 4
Mine: 991.2 Carrera T Racing Yellow 06/04/2018
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Wing Commander
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Post by Wing Commander »

Jeffb wrote: Sat Sep 14, 2019 9:25 am Hi Simon,

Many thanks for the welcoming me and you have summed me up with the heart ruling the head !! Yup, the big 55 in April but intend to keep on working. Just going to access the PCLS, clear the remaining mortgage and buy a Porsche !!
Hi Jeff,

I turn 55 in June next year! :)

I retained my 'sensible head' until 50, when I bought my first Porsche - a Macan.

I too will certainly carry on working past 55 and as my pensions are the final salary variety, I don't think I'll be accessing any cash from them until at least 60...

Cheers,
Simon

Sold: 2016 Rhodium Silver Macan 2.0
Sold: 2013 Platinum Silver 911 (991.1) C2
Sold: 2017 Carmine Red Panamera 4
Mine: 991.2 Carrera T Racing Yellow 06/04/2018
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