This is hot for Porsche because their rates usually run very high in the 6+% territory. Some dealers may even let you do 1.9% APR as well on the leftover MY2008 on the lot for substantial savings (google "Porsche 1.9% APR").
"1.9% APR applies to new Model Year 2009 Porsche models except for the 911 GT2. 1.9% APR available for up to 60 month financing, monthly payment of $17.48 per $1,000 financed for 60 months. Payment terms not to exceed 60 months on Approved Credit by Porsche Financial Services, Inc. Does not apply to Porsche Options (balloon) financing. Offer valid through 09/30/09 from participating U.S. Porsche dealers. Specific vehicles and options are subject to availability and your price may vary. For details about costs and terms call 1-800-Porsche. For additional information see your participating Porsche dealer or visit www.porscheusa.com."
mg42 said: Will the $4500 federal trade in work on these cars?
No, I think there is a cap of 45000 on the price of the vehicle you are purchasing. I doubt any Porsche gets enough gas mileage to qualify for the 4500 credit either.
And no you can't trade in a Cayenne! Duh. The car has to be built before 1999 I think.
mister2cool said: chino49 said: Wish I had the money. Actually, wish I had a job that paid enough to afford a Porsche. BTW, Porsche is about to be bought out by VW.
Porsche already owns VW. It was the scandle of the year in 08 how Porsche was able to take over VW.
Right, which nearly bankrupted Porsche since they borrowed all of the money, and now VW is going to buy them up since they're under distress with this loan.
jbserra said: mister2cool said: chino49 said: Wish I had the money. Actually, wish I had a job that paid enough to afford a Porsche. BTW, Porsche is about to be bought out by VW.
Porsche already owns VW. It was the scandle of the year in 08 how Porsche was able to take over VW.
Right, which nearly bankrupted Porsche since they borrowed all of the money, and now VW is going to buy them up since they're under distress with this loan.
There are some tax issues at the center of this deal that may prevent it from happening at all. From a WSJ article:
"The potential tax liability arises from the creation of Porsche's holding company several years ago as part of the aborted takeover. Tax rules may prevent Porsche from spinning off its auto division for a period of time without incurring a hefty tax bill."
They've closed entire dealerships in many parts of the country, including a possible closure of one of their dealers in Ventura County, California, which used to be the biggest selling dealer in the country, because of all the mortgage companies that used to be there.
JesseLivermore said: Porsche lost 4.3 billion USD this past quarter.
They've closed entire dealerships in many parts of the country, including a possible closure of one of their dealers in Ventura County, California, which used to be the biggest selling dealer in the country, because of all the mortgage companies that used to be there.
Sign of the times.
Well, this news should result in an influx of used Porsches on the market. Now THERE's the fatwallet deal!!
osmanu said: mg42 said: Will the $4500 federal trade in work on these cars?
No, I think there is a cap of 45000 on the price of the vehicle you are purchasing. I doubt any Porsche gets enough gas mileage to qualify for the 4500 credit either.
And no you can't trade in a Cayenne! Duh. The car has to be built before 1999 I think.
and put in 70000 Vehicle Price, 10000 Down Payment, 1.9 interest rate
The monthly payment comes out to 1049.04.
Is that all I need to pay, or do I need to do something with the $17.48 per $1,000 also?
Looks like a 60 month loan you're looking at. If so, yes. That's what you pay if the car is $70k all in.
Okay, cool. I'm still not quite sure what the "$17.48 per $1,000" is?
It looks like 1049.04 x 60 + 10,000(down) = 72,942.40 ... This math can't be right .... can it?
The $17.48 per $1000 is your payment based on the APR. It says for every $1000 you finance, your monthly payment is $17.48. So $17.48 * 60 is about $1049.
jbserra said: JesseLivermore said: Porsche lost 4.3 billion USD this past quarter.
They've closed entire dealerships in many parts of the country, including a possible closure of one of their dealers in Ventura County, California, which used to be the biggest selling dealer in the country, because of all the mortgage companies that used to be there.
Sign of the times.
Well, this news should result in an influx of used Porsches on the market. Now THERE's the fatwallet deal!!
Very true. I regularly hang out on Porsche boards and have been seeing used 997 prices dropping like a rock. My 996, bought in the high 30s, is probably valued in the high teens
Emps
Senior Member
posted: Aug. 4, 2009 @ 3:18p
JungleX said: Emps said: JungleX said: I have a silly question.
and put in 70000 Vehicle Price, 10000 Down Payment, 1.9 interest rate
The monthly payment comes out to 1049.04.
Is that all I need to pay, or do I need to do something with the $17.48 per $1,000 also?
Looks like a 60 month loan you're looking at. If so, yes. That's what you pay if the car is $70k all in.
Okay, cool. I'm still not quite sure what the "$17.48 per $1,000" is?
It looks like 1049.04 x 60 + 10,000(down) = 72,942.40 ... This math can't be right .... can it?
The extra 2,942.40 is the interest you're paying on the $60,000 loan at the 1.9% interest rate. Go to http://www.bankrate.com/calculators/auto/auto-loan-calculator.as... and input the numbers, then click on the amortization schedule and see the month to month breakdown.
JungleX
Happy Member
posted: Aug. 4, 2009 @ 3:32p
Emps said: JungleX said: Emps said: JungleX said: I have a silly question.
and put in 70000 Vehicle Price, 10000 Down Payment, 1.9 interest rate
The monthly payment comes out to 1049.04.
Is that all I need to pay, or do I need to do something with the $17.48 per $1,000 also?
Looks like a 60 month loan you're looking at. If so, yes. That's what you pay if the car is $70k all in.
Okay, cool. I'm still not quite sure what the "$17.48 per $1,000" is?
It looks like 1049.04 x 60 + 10,000(down) = 72,942.40 ... This math can't be right .... can it?
The extra 2,942.40 is the interest you're paying on the $60,000 loan at the 1.9% interest rate. Go to http://www.bankrate.com/calculators/auto/auto-loan-calculator.as... and input the numbers, then click on the amortization schedule and see the month to month breakdown.
alright, i think it makes sense now. Thanks all. I have never really financed anything. So it looks like basically I would only be paying 3k for a 60k loan for 5 years. (plus the loan)
lray said: I like porsche, I just can't swallow the maintenance costs...
Huh? What are you referring to? Oil changes? Tires? Those would be tied to any car purchase. If not those, what? It's not like they need valve adjustments and a new clutch every 15k miles like some Italian vehicles. Are you referring to new car build quality or Porsche overall? I can tell you that my late model 911 has been more reliable and inexpensive to maintain then any of my other cars. That's not to say that there aren't certain parts that would break the bank, but I haven't needed to replace any of those because they're built like a tank to start with (knocking on wood).
Yobz
Senior Member
posted: Aug. 6, 2009 @ 9:03a
lray said: I like porsche, I just can't swallow the maintenance costs...
If you buy a $70k+ German sports car, expect to pay more for an oil change than one for your 1992 Camry.
newtopos
New Member
posted: Aug. 6, 2009 @ 11:28a
discoganya said: Very true. I regularly hang out on Porsche boards and have been seeing used 997 prices dropping like a rock. My 996, bought in the high 30s, is probably valued in the high teens
What Porsche board do you recommend as a place to check out prices from sellers who are knowledgeable about their cars (and the market)? Thanks in advance.
newtopos said: discoganya said: Very true. I regularly hang out on Porsche boards and have been seeing used 997 prices dropping like a rock. My 996, bought in the high 30s, is probably valued in the high teens
What Porsche board do you recommend as a place to check out prices from sellers who are knowledgeable about their cars (and the market)? Thanks in advance.
The #1 website is clearly Rennlist ( http://forums.rennlist.com/ ) It is worth paying the $18 to become a member and access the member only sub-forums, if you really want to get to know Porsches. http://www.6speedonline.com/forums/ is also a good free source, and finally, try your local PCA chapter ( http://pca.org/ )
and put in 70000 Vehicle Price, 10000 Down Payment, 1.9 interest rate
The monthly payment comes out to 1049.04.
Is that all I need to pay, or do I need to do something with the $17.48 per $1,000 also?
Looks like a 60 month loan you're looking at. If so, yes. That's what you pay if the car is $70k all in.
Okay, cool. I'm still not quite sure what the "$17.48 per $1,000" is?
It looks like 1049.04 x 60 + 10,000(down) = 72,942.40 ... This math can't be right .... can it?
If you don't know what financing something is and don't know what interest is...maybe you shouldn't be buying a $70K car off the bat...
newtopos
New Member
posted: Aug. 6, 2009 @ 12:17p
discoganya said:
The #1 website is clearly Rennlist ( http://forums.rennlist.com/ ) It is worth paying the $18 to become a member and access the member only sub-forums, if you really want to get to know Porsches. http://www.6speedonline.com/forums/ is also a good free source, and finally, try your local PCA chapter ( http://pca.org/ )
rigor said: Our favorite top gear said, "Coxster is just a poser 911."
And the 911 is just a poser for a 911 Turbo, and a 911 Turbo is a poser for a Carrera GT. It's useless drabble to compare what is a poser for what. A Boxster was never meant to compete with a 911. It's it's own car in it's own right. It was designed as a mid engine convertible with balance handling and instant throttle response, what Porsche is known for. So enjoy it for what it is.
smiledrs said: rigor said: Our favorite top gear said, "Coxster is just a poser 911."
And the 911 is just a poser for a 911 Turbo, and a 911 Turbo is a poser for a Carrera GT. It's useless drabble to compare what is a poser for what. A Boxster was never meant to compete with a 911. It's it's own car in it's own right. It was designed as a mid engine convertible with balance handling and instant throttle response, what Porsche is known for. So enjoy it for what it is.
I agree completely. I own both a 911 and a Boxster at the moment, and the Boxster is a much better balanced, agile car that was designed to be a roadster and fills the bill perfectly. That said, the 911's peculiar handling is addictive. I also second the comment that Porsche build quality is underrated and used Porsches are amazingly cheap at the moment (luxuries seem to be the first to go during a recession).
The #1 website is clearly Rennlist ( http://forums.rennlist.com/ ) It is worth paying the $18 to become a member and access the member only sub-forums, if you really want to get to know Porsches. http://www.6speedonline.com/forums/ is also a good free source, and finally, try your local PCA chapter ( http://pca.org/ )
Thanks very much. I appreciate it.
There's also good stuff over at Pelican Part's forums and tech guide (including buyers guides): Tech Articles Tech Forums
and put in 70000 Vehicle Price, 10000 Down Payment, 1.9 interest rate
The monthly payment comes out to 1049.04.
Is that all I need to pay, or do I need to do something with the $17.48 per $1,000 also?
Looks like a 60 month loan you're looking at. If so, yes. That's what you pay if the car is $70k all in.
Okay, cool. I'm still not quite sure what the "$17.48 per $1,000" is?
It looks like 1049.04 x 60 + 10,000(down) = 72,942.40 ... This math can't be right .... can it?
If you don't know what financing something is and don't know what interest is...maybe you shouldn't be buying a $70K car off the bat...
Took the words right out of my mouth. Take your 10K and buy a new or slightly used car outright. Then invest all that other money you'd be blowing on the Porsche and in 10 yrs you might be able to buy one outright like most Porsche owners do.
and put in 70000 Vehicle Price, 10000 Down Payment, 1.9 interest rate
The monthly payment comes out to 1049.04.
Is that all I need to pay, or do I need to do something with the $17.48 per $1,000 also?
Looks like a 60 month loan you're looking at. If so, yes. That's what you pay if the car is $70k all in.
Okay, cool. I'm still not quite sure what the "$17.48 per $1,000" is?
It looks like 1049.04 x 60 + 10,000(down) = 72,942.40 ... This math can't be right .... can it?
If you don't know what financing something is and don't know what interest is...maybe you shouldn't be buying a $70K car off the bat...
Took the words out of my mouth. Take the 10k you are planning to use on the down payment and use it to buy a solid used car in cash. Then take the $1000/month you want to blow on the Porsche and invest it. In 6 years, you'll have enough to buy 2 Porsches in cash.
mister2cool said: chino49 said: Wish I had the money. Actually, wish I had a job that paid enough to afford a Porsche. BTW, Porsche is about to be bought out by VW.Porsche already owns VW. It was the scandle of the year in 08 how Porsche was able to take over VW.Bzzzz, sorry you don't get to continue to the million dollars, you should have used a lifeline before answering.
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