Is Porsche Taycan Finance Completely Broken?
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- เผยแพร่เมื่อ 20 พ.ค. 2024
- You might have gotten a finance quote for a Taycan recently and been a little bit shocked.
What's going on right now? Why are things the way they are?
We'll take a look at some real quotes I had through from Porsche for a PCP!
Be good to hear your thoughts and experiences on this topic too! Please do get involved in the comments.
#porsche #taycan #finance #why
Thanks for watching!
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I bought a 2020 taycan performance plus 35k miles for 39.5k and i’m so happy with it
That’s the only way to do it. But I’ll stick with my Cayman
That's a good deal. Great cars right?
@@TABonTV Yea sir! Perfect for my daily commute also took it on a few long drives. Love is so far.
The desirability comparison with watches is very valid in my opinion. Much harder to perceive the value in an electric watch or car over the mechanical counterpart.
Financing your premium car means you shouldn’t buy it because you can’t actually afford it 😂
Silly comment.
Agree
No one should purchase any new EV right now. Lease only. Give it back when done and walk away from the depreciation.
@@jagpilotohio No, you should probably purchase a used one right now if that's what you need and what you want (if you don't need a car then don't buy one!). If everybody is complaining how bad used prices are: use that to YOUR advantage and buy one of those.
@@geraldh.8047 that’s what I said. No one should buy a new one unless it’s a lease. If you want to buy a used one that’s still under warranty go for it.
Glad i found this channel mate, great content, i also have a Taycan & 570s!
You have great taste in cars! Thanks!
It’s got a GT badge, it’s not a GT car unless it has a flat 6.
The Cayenne Turbo GT quietly sits in the corner.
People simply look at EV's as throwaway cars, just like they do with all battery operated tech. I'm not saying it's right, but this will take some time to get over. The numbers don't lie, even here in the states , Taycan residuals and money factors (lease interest rates) are terrible leading to a crappy monthly payment. As you say best to buy one that's already taken the depreciation hit. The GT car won't be looked at as special even if it's in limited numbers.
To start as you also said they are simply priced too high to begin with. Porsche being porsche they run away from the trends which works for them on their ICE cars...
I'm very interested to see how these will hold up once they hit the market
Great video
Buy a barge pole the biggest one you can find instead
2020 taycan turbos are going for high 50s in the auctions here in the US. A 2020 taycan turbo with a redshift tune will be 9/10th a turbo GT
Seems like a bargain
Taycan over list in 2024?
Not a chance.
Monthly 4k payments are for the clever people that enjoy an investment vehicle, trust or well set up company that can easily pay for it efficiently so its good value. Good point about the vehicle landscape changing and effectivly upsetting the old reliable outlook model, car companies hate this and very recent announcements by manufacturers about ranges encompassing all feul alternatives show that EV take up is still reluctant ; could change over the next 5 years though.
If it doesn’t have an engine it’s not a GT car and Porsche knows this 🤷♂️😂
Remove finance is the way the uk government should go, first £20K is finance, anything more, pay for it for yourself.
No finance at all and same for houses is the way.
I am considering to get one. Waiting on the 2025 to see if they have any good lease offers. I would never buy any EV or other cars for that matter.
Ev holding its value ???
Wow, the calculated residual value quoted by Porsche Finance is ridiculous. It is two problems at the same time; new Taycan list prices are too high and the residual value quoted by Porsche Finance is below market value. The burned their fingers once and overreacted.
It’s ridiculous, but also realistic. Who wants an EV that’s out of warranty when a single issue with a battery cell can cost you tens of thousands.
@@KeatB I just checked the residual values quoted by the Swiss arm of Porsche financial services based on 15000 km/year. 4 years leasing: 35% of transaction price, 3 years leasing: 43%. 😩
Ouch. Hardly an incentive is it? I think they'll be looking to businesses for sales.
@@KeatBJust remember that the battery warranty is separate to the vehicle. Battery warranties are 8 years or 100k miles.
Very insightful input on desirability. My view on EVs generally, is that they should be cheaper than their petrol equivalents. Remove the concept of the manufacturers needing to recoup initial development costs. Surely the bare components should be worth less? Surely battery prices should come down as they crank up production? The only way to press EVs home is to have consumers faced with a choice - the EV is *always* cheaper than the ICE equivalent. Make it impossible as an economic concept to decide not to buy the EV over the ICE vehicle. I'm not talking about tax (which would be a very unfortunate way to achieve that). I am talking about retail price. The EV option should always be cheaper. Instead, we have the opposite. We need cheaper cars with cheaper running costs. Only then will EVs bag the net win.
Thanks, I agree with your thoughts there. I think China EV production is going to force legacy manufacturers into being more competitive in the longer term.
You only need to look at the USA where folk paid stupid amounts for cars to see what will happen over here....the saying used to be 'more money than sense' now its 'more credit than income'
I agree this is a very disturbing time, it won’t matter soon about residuals as some tw.t will soon destroy all that goes as humanity 😵💫
Interesting, thank you. I agree with your observations too.
I’m a product development engineer for a global car company, have been for over 3 decades.
Society is in a tricky transitional phase I think when it comes to personal transportation….& I think we are on,y at the start of it still.
We have a convergence of technology happening. Apps like Uber, that make hailing a cab easy, in vehicle comms for fleet management, EV’s & self driving technology. Those combined have the potential to rewrite the personal transportation landscape.
Taking a cab today is relatively expensive per mile, because you are paying the driver’s salary, his insurance, fossil fuel (most of the time) etc.
But when you can hail a self driving EV, suddenly, the cost per mile drops drastically. No drivers salary, the EV taxi could be stationed where it charges at a low cost via a battery bank charged by solar &/or low rate over night grid rates. When it’s statistically proven that self driving cars are safer than humans, insurance costs will drop. The fleet management software will be able to route the nearest EV robotaxi to you, know when they have to return to base to recharge, will be able to coordinate switching to another robotaxi mid journey on longer trips when your first robotaxi is running low on charge. This will all make taxis so much cheaper and more convenient, that many may opt not to bother with car ownership at all. It may seem hard to accept where we are now, but in a period of around a decade in the past, a similar transition was made from horses to cars, as mentioned in this video.
The desirability of a vehicle is a good point. For many, cars are just a tool to get around. EV’s may be faster than ICE’s, but despite the performance, I’m not sure many find them as desirable as the traditional ICE sports cars….not in the same way at least - more desirable as a tool to get around rather than for the fun of driving.
Final comment, I’ve made this point elsewhere, I’m n a pretty good salary but don’t count myself as ‘rich’, according to government stats, I’m in top 6% of earners (something I find hard to believe), we run an 18 year old Transit and a 16 year old diesel Fiesta in our household, I’m always amazed by how many people seem to be able to afford to run £100k+ cars, and lose thousands on them each year. Each to their own though, we all make our own choices where any disposable income goes. I love our Transit, it’s not used for business, only pleasure, and it’s created lots of memories for my family, camping out of it, as well as transporting sports equipment to sporting events, & aiding us endulge in other hobbies involving transporting of equipment and providing a mobile base / shelter.
Some great insight there. It really is going to be a generational shift.
I read Gen Z have the lowest number of license holders in the 17-25 group in recent times. Back in my day pretty much everyone had a license. Those that didn't got funny looks 😆
I just don't get the Taycan at all. It's about the width of a bus and equally pretty. Porsche will design a really desirable replacement and the Taycan's value will plummet even further. Knowing me, I'll then suppress my previous thoughts and go "hmm, that's pretty good value...".
😂 I find myself looking at a lot of cars these days and telling myself the same thing about value...
As for the looks it's definitely a divisive one! I'm on the beauty side of the fence though.
Another great vid TAB.....is the unpalatable truth EVs are disposal and the early adaptors are just caught as the first generation buyers.....?? i believe EVs will be purchased as mobile phone contracts in the future where the power company's will subsidise the cost of the car to sell the energy as the mobile phone company's sell data.
Thanks, that's an interesting idea, a bit more challenging to control though - with a mobile you're tied to a specific network. You're probably going to need to charge across multiple providers.
@@TABonTV my thinking is if you buy a TESLA you can only charge on a TESLA network, just like you can only make calls our take data from Vodaphone as an example.
@@kengormley4530 you can charge a Tesla anywhere you want.
wow that’s just millionaire territory. i can’t afford to throwaway that amount of money
It's a significant sum for sure
The Vauxhall Corsa E at £236 for 36 months is looking great value. My wife’s Viva six years old and 8600 miles on the clock valued at £6800 bought for £8450 looks like the deal of the century. My second best buy a Corsa bought new for £8500 sold for £4000 seven years later.
My expensive German brands can’t hold a candle to those Vauxhalls! Having been in the motor industry for 30 years I’ve seen it all.
I have a favourite Vauxhall. The Lotus Carlton. ❤️
@@TABonTV great car had the pleasure to drive one.
@@sevesellors2831 very lucky, hope it wasn't 40 RA whilst being pursued by the police. 😂
12:55 Let's just not do any of that and let the market sort it out.
"Drill baby drill!!!"
Concur on EVs & high Porsche financing. No thanks!!!
They're the ones missing out in my case because I waited until I could purchase a 911 outright ... which I know people do.
Still, if the rate were 5% or under, I would've financed a chunk of it.
It all boils down to supply & demand, and Porsche hasn't felt enough pressure to adjust.
No way I'd ever get an EV anytime soon unless I lived on an island with $8 per gallon gas.
Yeah, a 911 is a relatively safe outright purchase. A Taycan really isn't right now either in full or on PCP.
Have you watched any Mac master videos , similar problem with his EV
Yeah, he didn't seem too happy.
No matter how good the car, larger luxury cars are not suited to the limitations of EV battery power density and weight. The only changes that could save that are better batteries or en-route wireless charging. The latter would transform motorway capacities, level demand on the grid and allow EV’s to have smaller, lighter batteries.
Interesting video reload by Carwow on depreciation of EVs. They also compared with ICE versions where possible. EV was worse. Interesting which cars are the worst!
Autocar had an article on EV offers. Big discounts mainly on pcp, where they give a big contribution. APR rates are also lower than Porches. Porsche must think their buyers don’t read anything or are so desperate for an EV with Porsche badge! The sticker price of some pre owned Taycans are now looking g great value! Still don’t want one though.
Yeah, fully agree on this. I think we'll get to a point where Porsche will be forced to do something to simulate new sales... It's a real possibility.
Sympathy for people who can afford >£2k/month on car payment that lose a fortune… ZERO.
Another great video! Common sense and a balanced view. I’ve driven both ICE and EV and I think in 10 years plus there should be more affordable and exciting EVs. Possibly we might miss those screaming V8s/V10s/V12s.
Like all new things it takes time for a proper consensus to evolve over desirability and hence values to be established.
Totally agree, it's a shift, but it will take time. And there may be other new tech just round the corner!
I think, that the big financial burden of a combustion engined car is really known or taken into consideration.
The amount of people buying an AMG car while having just the money for the car itself is astonishing. They dont know, that those engines can be babies to take care off and that a new one can set u back 50-60k as well.
But on the other side everyone is looking on the batteries and the cost for a new one.
I as well currently dont know, if those batteries really just give you 100-200k. Back in the day everyone talked, that battery degradation isnt really a thing and you can run them for 20 years and even then they degraded just like 10%. If that would be true, it is a fair bit of being afraid at the wrong end....and that this also is holding back many people zo buy a used one.
I would love to buy a used taycan, BUT I simply dont know, what cost will come with it. Thats my main problem...I can afford 70k, but it is not like I can live with a wrong move that well. So, this would need to be all totally forgettable aspect. You buy it, you put your 10-20k km on it per year and as the car is still Porsche quality, you can use it for the next 10 years and still sell it for 30k at the end. If thats realistic, I would do it...but many people forget in general, what the potential costs for fixing stuff really is. And crazy enough people dont have the same financial eyes on a combustion car...they simply buy and get a huge burden if something happens.
Its weird and I honestly dont know, what to do. The crazy thing: If you want a nicer car (middle class) you are now facing 60-80k for a new one....and sorry...I earn a couple percent more than many others, but I am still middle class...and buying a thing that is a third of my house? Sorry....in our economy, we need to go back in pricing...not up. Nobody can afford buying a car for 50k onwards. We are in a time, where this will divide people...because middle class will need to go back to superfragile loser cars, because anything remotely cool will be out of touch.
I think your best bet would be to wait a bit longer and see what happens with them
The right context for an EV is a cheap mode of transport for short journeys ONLY for those who have the ability to charge at home .
People who buy a car with their heart because they want drama and adrenaline rush and desirability aren’t going to buy electric, they want a petrol v6 v8 or v12.
Nobody other than a clueless millionaire would buy a £190k Porsche EV
If it wasn't for tax breaks EVs would be dead
And I still don't think governments are doing enough here...
I don’t blame Porsche…I blame the brainless buyer !! 😂
It's not a GT car!
Porsche would try and tell you otherwise
This is a nightmare that has come true. For YEARS all we've heard is EVs are the future. We were all told that. Every major company pivoted in the direction of an electrified fleet, but almost OVERNIGHT it all changes and now NO ONE wants them. These cars are like phones, they have NO LONG term value. This kills the secondary market because they are too expensive to fix, insurance premiums are high, dealers won't even let you trade them (some) so why would ANYONE buy one? So many companies are screwed.
They had no choice. The government's did it due to climate change, blah blah. If they don't have a certain % of EV on their stock list, they get a massive fine. All depends on your usage and charing infrastructure. I'd still get a EV as long as I can charge from home. It's much cheaper to run than filling up.
@@user-fs8lz9re2q(Casually drowns in rising sea levels)
The real problem is all EV’s are massively over priced.
Especially a Taycan
I could have had an EV on a work scheme that would have been cheaper than an ICE car. Free charging at work, all servicing and running costs covered as part of the lease. However, it wouldn’t have made me smile every time I got into it in the way that the 3 litre 6 cylinder bmw Z4 I bought instead. Cars are seldom bought entirely logically….
You have to do what makes you happy 👍🏻
9.9% holy fck! why would you pay that much!
You would have to be absolutely mental to buy an electric Porsche... A 911 GT3 would have cost less, be worth pretty much what you paid years later and would sell in a heartbeat. Swallowing £140+k depreciation on a Taycan is catastrophic. Small wonder people (and Porsche dealers) are not buying Taycans (even brand new ones for £30/40k! Add hopeless charging infrastructure that compounds the issue and it will lead almost ALL lessees to back them and buy elsewhere when the 3 years us up...
When I bought mine 2 years ago it was a very different landscape. It's still a great car - but - right now things are very different - I don't think anyone can disagree with what you've said there.
3:20 😂😂😂😂😂😂😂😂
A new Taycan is as zero desirable as a new Rolex ...
2 Years rentals alone would buy a 911 outright.
You cannot really have a sporty Boxster type EV with current battery technology. The pack is just too large and heavy.
They've changed the layout for the ev boxster, kind of a bench battery running behind the seat for better pivot mass. Be interesting to see if it makes a difference.
Taycan’s are simply priced too high when new, and Porsche and the free market know it, hence the nut job depreciation curve.
They are, been saying that for a while now
As the on road price is high the VAT is high. ALL Electric cars are dropping fast because no one is buying them. People are leasing ev's and the market is flooded causing prices to fall. I sold my 2022 V2 Cupra Born last week for £20,500 (4112 miles on the clock) so the car lost 45% in 2 years. I was offered £18,000 from my local Cupra dealer but they have preregistered cars bought from another dealership with 20 miles on the clock and £8650 off list price. The only ev's being sold are leased cars. DON'T buy an ev.
That’s IF you can get insurance on it…
Very expensive right now!
Porsche is 10.99% currently online
Headed in the wrong direction
@@TABonTV if that's bad i saw 14.99 at my local Audi dealer in London 😂
ICE cars are greener
Taycan GT is really just a GT in name only. A Taycan in a frock with a slap of lipstick.
But it has a 900A silicon carbide inverter? 😆
You lost me at Breitling
Thats gt3 992 money
Its ridic
It ain't good!
What absolute rubbish, 2nd hand values of EVs are falling through the floor for a reason.
I will stick with my used diesel, 65 mpg and service it myself.
I have a trusty diesel too, and think it will outlast me 😆
If the Taycan is all electric where is the “turbo”
Still looking for it...
Toaster on wheels
Quite good toast though.
The real point is there is no massive used car buyer appetite for EVs'.
The battery will be less efficient after 3 years, and who could afford to replace it if it fails? Compare it to a petrol tank, how many people replace those in an ice car's lifetime? Some EV batteries are tens of thousands..It's just a tank right?, not ever lasting fuel, it still needs money to fill it up. Not everyone wants debt, finance, or leasing. Each to their own. I am not sure how cheaper EV Offshore import cars, made using fossil fuels are making the world a cleaner place. The real footprint should include all the energy to make and transport the things. Not very long ago you could buy new a very decent Porsche for 80k, now 180k is a good price? I think not, only if it's not actually yours.
I am, believe it or not all for EV's, done honestly, with better battery technology and usability, they will be the future, but at the moment, it all feels like one big con, great only for Finance companies, and tbats why a used GT has such bad depreciation.
If it's so rare and in demand, why have you been offered one? Be honest with yourself here.... (I'll retract my comment if you are of such status to have also been offered an ST or SC etc).
The fact of the matter is that any Taycan is not a future classic; it's a 2024 Tech gadget and will be superseded by the 2025 gadget.
This is exactly the question I posed to my friends.
Just a regular guy here.
EV’s are the biggest con of the century
in my opinion, absolutely insane, nearly a 200k car with a final value of £64k, buy a used one if you must have one or wait until the market sorts this out, £4000 per month to own a car with a £139k depreciation curve....Porsche have gone mad in my opinion!! Great point about watches and in the end of the day...you would buy a 991 turbo s just because....they DO NOT COST £130 odd thousand in depreciation.
It's a shame really, as the Taycan is a great car - it's just very hard for a new one make any sense right now. Thanks for the comment.
We are going to see a lot of consolidation on the market for the next 4 years!
Especially the Japanese OEMs are in trouble because they still try to hold on H2 cars and look on EVs only as a short period of time....
They are going to lose big points on the market!
EVs are set as the next mobility for individual transport! So every OEM has to make the transition in the next five years or they are determined.
Same stands for all "sport brands", because every "normal" EV is fast as the old supersport cars! So where is the benefit of buying a supersport EV?? Only in the combination of driving experience and direct horse power and exclusivity of the brand!
ICE manufacturers will not survive in this disruption because in this exponentially transition the disruption makes no prisoners!!
And no! No one has to wait on H2 cars or E Fuels! They are no future ideas for individual transportation. Just look at physics and thermodynamics and you will see there is no cheaper way to drive as in an EV!
Agree, the thing with H2 is, if it was that good, it would've taken off by now. It's been around for ages and never really caught on. E fuels may have some use but really depends on world government strategy.
Thanks for the comment!
@@TABonTV
To create E Fuels you need H2 and CO2 taken out of the air!
Until now there isn't anyone who reached the manufacturing goal on mass production!
Not even the Porsche site in Chile works correctly, they have to buy industrial CO2 and using much of brown H2!
Mr. Blume from Porsche corrected his goal from E Fuels for Porsche to only for the 911 fleet at 2035 if they can make the site effective and 5 times bigger!!
So it's never going to be happen!
We need E Fuels for the energy intensive industry and long distance flights, but never in individual transport!
It's not a trick, it's simply physics and thermodynamics... 😉 ✌️ 🙋🏼♂️
How do the Audi etron GT residuals compare?
"But... But... But... Fuel savings!!" - Every EVangelist.
So that will be about £9k over 3 years at 25p a mile saved. And that assumes 100% charged at home on a cheap tariff. The reality will be much less for a lot of owners.
It's like they don't understand numbers at all.
Ev not desirable
Your smart watch is probably between £200 and £1000?, where your Rolex is £10k+. That's the problem with some of these EVs. They're making you pay Rolex prices for a very functional but untimely undesirable smartwatch. If the price of the Taycan matched it's desirability, we wouldn't have this problem. And I'm a massive Porsche fan. I have a now old 991.1 C2S, and I wouldn't sell it or swap it for even a 992 right now, because even though on paper it's worth a 3rd of a new one, it's desirable to me because of that naturally aspirated engine, and therefore lost about £12k in the last 6 years of ownership, not bad for a 11 year old car.
Exactly, if that 991 is serving you well, doesn't make sense to change it. I wouldn't exactly call a 991 old yet either, not for a 911.
@@TABonTV indeed. I only called it older since there are now 3 generations since the 991.1. But it's still a very modern 911.
Electric is NOT the future
SUPER!!!!!!!!!!
👍🏻