June 16, 2024
Money

How to buy a Porsche on finance


Owning one of these German-manufactured vehicles is seen by some as a sign of opulence. We list some of the ways you can get your hand on one of these cars.

In August, to mark the 60th anniversary of one of its most popular models, Porsche launched a special edition.

It was named the Porsche 911 S/T, coming with retro design, a lightweight makeup, and a top speed of 300 kilometres per hour. Porsche released 1,963 of these models, and you can still purchase one today at just under £232,000.

This means it’s one of its most expensive models but, with other new models retailing at nearer £50,000 the company doesn’t just cater to just the very rich.

If you’re in the market for a new Porsche, we discuss your financing options:

Read more: How does car finance work and is it worth it?

How much is a Porsche on finance?

The cost of financing your Porsche will depend on the value of your vehicle and how you intend to finance it.

As laid out in this guide, there are multiple ways to finance a vehicle. A personal loan, for example, will give you outright ownership of the car while a Personal Contract Purchase (PCP) could provide more flexibility.

Since Porsches can also vary in value, your monthly repayments on finance can range widely too.

According to Porsche’s annual results, the Cayenne remains one of its most popular cars. In the 2022 business year, it manufactured and sold nearly 96,000 units – more than any other model. These models typically cost between £70,000 to just over £130,000.

Read more: Who can claim car finance compensation?

How to finance a new Porsche

If you’re buying a new Porsche directly from its dealership, you’ll be presented with four financing options. These include:

  • Porsche Solutions Personal Contract Plan – This is one of the more flexible ways of financing a car. You’ll be required to put a deposit down and adhere to a monthly repayment plan. At the end, you have the option of paying a “balloon payment” to own the vehicle outright, part exchange it for a newer model, or hand it in and consider your options elsewhere. While you finance the vehicle you’ll need to adhere to an agreed upon mileage each year.  
  • Porsche Lease Purchase – This option is often preferred by drivers which wish to own their vehicle at the end of the repayment plan. Under this agreement you’ll make a deposit and adhere to a monthly repayment schedule. Then, when the period ends, you’ll need to make the “balloon payment” to own the Porsche outright.
  • Porsche Hire Purchase – Under this plan you’ll also work towards owning your Porsche. How it differs from a Porsche Lease Purchase plan is that there’s no “balloon payment” at the end of your repayment period. However, you’ll probably be charged a higher monthly repayment fee.
  • Porsche Contract Hire – If you know that you don’t want to own your Porsche at the end of your repayment plan, and you want to move onto a newer model, then you may prefer this plan. Under this agreement you’ll pay a rental fee each month over a certain period. Once this expires, you’ll need to return the vehicle to the dealership.

Depending on your chosen means of financing, your repayments will take place between 12 and 60 months, or one and five years.

The interest, or APR, you’ll be charged depends on your circumstances.

Read more: Buying a car: The dangers of using PCP car finance

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How much is a used Porsche?

If you’re looking for something more affordable, a second-hand or used Porsche could be a cheaper alternative.

Online dealer Autotrader said the average price of a used Boxter was about £20,400, with new versions of these vehicles retailing between approximately £54,000 and £75,000.

To purchase a used Porsche, you could go through their own dealership. The website listed a 718 Boxter, which had one previous owner and 61,000 miles on the clock, at £34,500. It was over £19,000 cheaper than a newer version of this vehicle.  

Porsche did provide an example of the figures you could expect for this used vehicle on a hire purchase agreement. At an APR of 11.90%, a deposit of £8,625, and a repayment period of four years, your monthly repayments would be about £670.

Porsche CayennePorsche Cayenne
The Cayenne is one of Porsche’s most popular models, delivering nearly 96,000 units last year. In comparison, Porsche delivered almost 88,000 Macans and made over 18,000 Caymans in the same period.

For a used Porsche it’s worth remembering that your options aren’t just limited to the German-based manufacturer. In fact, there are a range of other dealerships which offer these vehicles too.

Autotrader, at the time of writing, listed a 2003 Porsche Cayenne with 123,000 miles on the clock at just under £2,000. We mention this listing because it illustrates that cheaper options do exist.  

Magnitude Finance, a company specialising in car financing, also provided an example for what a Porsche Macan GTS valued at almost £60,000 would look like on a PCP.

A PCP deal is likened to the Porsche Solutions Personal Contract Plan mentioned above. You’ll have a set repayment plan and at the end you can choose to own your car outright by making a once-off lump sum repayment, hand it in and walk away, or part-exchange the vehicle for a newer model. For more information, the process can be found in our guide.

Based on a £10,000 deposit, an APR of 8.9%, and a repayment period of four years your monthly repayments would work out to about £700. At the end of your agreement, the “balloon payment” to own your car will amount to nearly £30,363.

How much does it cost to insure a Porsche?

In addition to your financing costs, Porsche drivers will also need to factor in the cost of insurance.

These prices will depend on your personal circumstances, such as claims history, age and location.

To give you an idea of what you can expect, the Times Money Mentor ran a quote through our whole-of-market insurance comparison tool for a 2023 Porsche 911 Carrera valued at about £110,000.

We based the quote on a 45-year-old man with 20 years of driving experience and full no-claims history living in North London. For comprehensive cover, the cheapest policy cost £12,336 a year and required a £2,500 worth of excess in the event of a claim.

Read more: How much does it cost to insure a Range Rover?

Important information

Some of the products promoted are from our affiliate partners from whom we receive compensation. While we aim to feature some of the best products available, we cannot review every product on the market.



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