Advice on purchasing a Porsche

Spizz said:
:D

I did a lot of phoning around about a year ago and they came out way on top. So fingers crossed I don't have to claim, but I'm pretty sure you'd face the same battle with any of these shysters.
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Cheap premium = claiming headaches.

If you really think you won't be claiming then rather put a very high excess instead like 15k on a regular underwriter.
 
Hoping I'm getting a good F&I deal.
Prime less 1.25%
Insurance R2800. Excess R5k but must have tracker.
 
Finance is great I usually get prime less 1% .... Insurance a little steep? Is that unlimited mileage ? If so then I guess it's ok
 
adamr said:
Finance is great I usually get prime less 1% .... Insurance a little steep? Is that unlimited mileage ? If so then I guess it's ok
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Yes unlimited. Insured amount is R1.24.

Just some help....my broker said actual "book value" is a lot lower. Not sure if that has anything to do with extras.
Unlike "normal" cars, book values don't normally take into consideration extras.
 
Pretty sure that if insured value exceeds book value dramatically then you're getting screwed. Might want to check that out.

Depends on the wording though...some policies pay straight insured value...for cars book is more likely.

As for extras...don't think its going to make much of a difference insurance wise one way or other tbh.
 
HavocXphere said:
Pretty sure that if insured value exceeds book value dramatically then you're getting screwed. Might want to check that out.

Depends on the wording though...some policies pay straight insured value...for cars book is more likely.
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No. Insurance is on full value. He just noted that selling price is much higher than book so thought I was getting a bad deal.
 
Perhaps we're talking past each other here.

With insurance you can be paying premiums based on one amount...and if things go wrong you get paid out *different* amount. So if by "full value" you mean purchase price and the policy is written to pay out book value (most of them are)...then you're paying too much insurance if as you say selling price exceeds book significantly.

The broker seems chilled though - so I'd be inclined to just straight ask him/her to please explain. At this stage I'm sure he/she knows you're committed so I'm sure he/she is willing to explain.
 
HavocXphere said:
Perhaps we're talking past each other here.

With insurance you can be paying premiums based on one amount...and if things go wrong you get paid out *different* amount. So if by "full value" you mean purchase price and the policy is written to pay out book value (most of them are)...then you're paying too much insurance if as you say selling price exceeds book significantly.

The broker seems chilled though - so I'd be inclined to just straight ask him/her to please explain. At this stage I'm sure he/she knows you're committed so I'm sure he/she is willing to explain.
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I understand you now.
The insured value = purchase price which should = payout price if stolen tomorrow.
But I'll confirm with him in any case thanks.
For accidents it depends on quote.
 
Insurance generally pay retail + trade value divided by two (well some of them do). Porsche pricing highly dependent on extras (one of the few cars where extras matter on a second hand car)
 
tRoN said:
I understand you now.
The insured value = purchase price which should = payout price if stolen tomorrow.
But I'll confirm with him in any case thanks.
For accidents it depends on quote.
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Yep - just confirm that part. Seems a little unlikely to me. I've only really seen "pay-out on raw insured value" in the enterprise space...consumer grade stuff seems to be mostly book value / last assessed.

Porsches might be different...seems unlikely to me though...ultimately its still car insurance even if its a really nice car. ;)
 
adamr said:
Insurance generally pay retail + trade value divided by two (well some of them do). Porsche pricing highly dependent on extras (one of the few cars where extras matter on a second hand car)
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Broker is a family friend. So he was just "concerned" how the base book value was less until he spoke to dealer who told him about the extras.

So during resale...are those "extras" going to be an advantage ?
 
tRoN said:
No. Insurance is on full value. He just noted that selling price is much higher than book so thought I was getting a bad deal.
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In a way, you are. Without even knowing if you truly getting a bad deal based on retail price; you will get screwed over if you ever want to sell the car again. I'm fairly sure I've seen many posts here about how you cannot sell your Porsche privately without the warranty being voided? Which means you are forced to sell through dealership and then they will absolutely make sure they make more money than you ever will.
 
Splinter said:
In a way, you are. Without even knowing if you truly getting a bad deal based on retail price;
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Not so sure.

Realistically any car is going to take a 20% hit on initial purchase so selling price being higher than book isn't all that far-fetched. I'd rather treat it as something requiring a bit more investigation rather than jumping to "bad deal".

Splinter said:
I'm fairly sure I've seen many posts here about how you cannot sell your Porsche privately without the warranty being voided? Which means you are forced to sell through dealership and then they will absolutely make sure they make more money than you ever will.
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Yip. They don't depreciate as heavily though & realistically you're going to take a hit no matter what you do car side. So personally I think OP should just stay chilled and make sure nothing is dramatically wrong on the insurance side (doubtful)....if not then things should be fine.
 
HavocXphere said:
Not so sure.

Realistically any car is going to take a 20% hit on initial purchase so selling price being higher than book isn't all that far-fetched. I'd rather treat it as something requiring a bit more investigation rather than jumping to "bad deal".


Yip. They don't depreciate as heavily though & realistically you're going to take a hit no matter what you do car side. So personally I think OP should just stay chilled and make sure nothing is dramatically wrong on the insurance side (doubtful)....if not then things should be fine.
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But a broker would know all about initial depreciation on buying a new car. So him saying what he said, imo, means that he was subtly trying to tell his client something. For the broker it would just be money in his pocket; him offering that little smidgen of info speaks volumes. And nothing you have said is rebutting the fact that you are forced to sell back to a dealership or otherwise lose the warranty.

And I'm still amazed about that - not sure how the Competition board hasn't drilled them a new one yet.
 
Lots of confusion here. I've alway been offered to insure either retail, or trade. Retail slightly higher premium, but you will get closer to replacement value. Trade is what you would get, if you traded it in. Lower premium, but you will have a shortfall, if something happened...
 
Nope splinter...not even close.

Don't want to derail this thread though - feel free to create a new thread & we'll go 1:1 on this discussion there though. (If we do that I'd ask that you present an actual position / opinion / stance though)
 
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