Covid-19 - are you cancelling?

Are you cancelling due to Covid-19


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Brassfactory

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Just seems odd to worry about for a 100k+ car.

But my main push back is against the idea that ‘Porsche should’ do something odd because one of us wants it.
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Singularity

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My 4S was in production when the big pause started. I have no intention of cancelling. I have the money needed for the purchase already separated and in cash. The financial effect of Corona personally is relatively small. Of course, many of my investments have gone down. But nothing I can't handle. In terms of business/income, our company is not taking a hit from the virus at this time. In fact in some ways it's improving our business. Not going to disclose the industry but that is just the way it is.

But I am slightly worried about how it will look driving an expensive new car when the economy is possibly going to be entering a major recession which hits a lot of people very badly and may take years to come back from... the local people are envious types even without this type of situation.

Before Corona it would have been more often "this guy is well off! good for him" after Corona it can be more like "this guy is rubbing it in our face!"...

Happy to hear more thoughts on this. I have no intention of cancelling, it's my dream car and I do want it. But am worried about what other people think if we are going to hit a major recession.
 

dryii

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I don’t get all this pushback against people who think about resale value. Sure, the Taycan isn’t an investment. But, all else being equal, no matter how easily you can afford the car, higher resale value is better than lower resale value. Hoping for a good resale value doesn’t make you cheap, and it doesn’t mean you won’t enjoy the car.
People are free to their own opinions and decisions so I wouldn't call it pushback. Some, including myself, have no issues with buying a previous model year vehicle once prices drop due to new model year inventory going on sale, especially if changes in spec and features are minimal or nil. But for those that feel they have a two year old car after 6 months of ownership then maybe this method of purchase isn't for them. And that's fine.

I’m about to sell my 8 year old BMW, with mileage on it of a typical 5 year old car. The blue book valuation is close to a typical 8 year old car. No way it will go for what a 5 year old car would go for. The model year of the car matters.
3 extra years is a big difference (some vehicles more than others) when it comes to wear and tear on unseen parts like rubber grommets, A/C filters, etc. 1 year, not so much unless it was during a revamp/redesign.
 

dryii

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But my main push back is against the idea that ‘Porsche should’ do something odd because one of us wants it.
It's an opinion. If you disagree, fine. I'm not pushing for it, so I'm not sure why there is a need to push back against it. ;)
 

dryii

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Happy to hear more thoughts on this. I have no intention of cancelling, it's my dream car and I do want it. But am worried about what other people think if we are going to hit a major recession.
Drive around town with rolls upon rolls of toilet paper visible in the back seat. hehehe

My vehicle is apparently stuck in a German parking lot right now. :confused: When it does arrive I'm not going to worry about what other people think. The only way to keep the economy going is to buy things. Being able to afford quality items is not a crime. I'm thankful that, right now, things are still OK for my family and we still have the opportunity to afford this excellent vehicle.
 


GDHazy

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Whilst I understand peoples views on morals with what's going on in the world but I do agree that if people dont buy the economy will not get better. Plus all the workers in the factories and sales will lose their jobs if people dont buy the cars.

I feel bad but I've come from a low income working class family, I've worked my ass off to get to where I am and yolo!
 

Friedrich

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If one is so worried about the resale value of a Luxury car to the extent that one is worried about the month when you get it, perhaps one should just wait until the cars are in stock at the dealers and one can time the purchase much better.
I agree but would also advise anyone that is worried about a plus or minus $10,000-$20,000 resale three to five years from now on a car valued at $140,000-$200000 when bought new probably should not be buying a car in that price range. The car is for pleasure, not a financial investment and $10k to $20k is equal to one vacation trip. Driving the Taycan is like driving a dream vacation every day!! If the pandemic does not effect your income, buy the car, you are doing yourself and the economy a big favor!!

Having said that, my real estate business may be hit so hard by the corona virus that I am anticipating losing somewhere between $100,000 to $300,000 per month. The US bailout generously helps out the unemployed and the large corporations, but does essentially nothing for the smaller business owner, especially not real estate landlords that have fixed expenses that essentially cannot be reduced. No-one wants to pay rent and no-one wants to pay mortgage.....and when Landlords are not able to pay their mortgages, this may cause financial system to collapse, unless there is another banking system bailout.....sorry, ranting and going on a big off topic subject.

So I am putting my purchase on hold until I see the full impact of the pandemic. :eek::crying::oops::eek:
Of course no vehicle is no even available if I did place an order....:CWL:
 

Reg

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I agree but would also advise anyone that is worried about a plus or minus $10,000-$20,000 resale three to five years from now on a car valued at $140,000-$200000 when bought new probably should not be buying a car in that price range. The car is for pleasure, not a financial investment and $10k to $20k is equal to one vacation trip. Driving the Taycan is like driving a dream vacation every day!! If the pandemic does not effect your income, buy the car, you are doing yourself and the economy a big favor!!

.... So I am putting my purchase on hold until I see the full impact of the pandemic. :eek::crying::oops::eek:
Sorry to hear about the impact of your business, but if it is any consolation, your loss is helping people who are in significant need if they can't pay rent due to the crisis. Not clear if you employ people as part of your business, but if you do, there are provisions to get a forgivable loan of 3 months worth of salary, benefits and I believe rent for the running of your business.

On this issue of morality that people keep bring up, one can also feel that is immoral to buy anything more than a used corolla (cheap, reliable, good gas mileage) even when the stock market is high and unemployment is low because poverty and financial hardship still exist. Of course with recent events, the number of people with significant hardship goes up a lot, with no clarity as to how quickly it will improve and that puts the morality question front and center. It is heartbreaking no matter how you look at it.

I completely agree that a luxury car is not an investment and if one is that concerned about indeterminate changes to what is by nature a depreciating asset, that one should re-consider purchasing. Regardless of month purchased and it being a 2020 vs. a 2021, the resale value can be all over the map.

Despite being frugal all my life, I am going ahead with the purchase. Events last year brought home the reality that I am not going to live forever, or even be in good health forever, so YOLO became painfully real for me. Owning a Porsche is something I wanted to do for over 40 years. If not now, not sure it would ever happen.
 


Genau

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The Germans have an exemplar for how to enjoy wealth in a time of great suffering: Bertolt Brecht, the playwright best known for The Threepenny Opera. A fashionista, he is said to have had fine leather coats made from mismatched pieces sewn with crude-looking stitching to fit in with the less fortunate. Following his example, perhaps we should apply fake dents and dings decals to our Taycans.
 

BayAreaKen

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But I am slightly worried about how it will look driving an expensive new car when the economy is possibly going to be entering a major recession which hits a lot of people very badly and may take years to come back from

My 18 year old son, an Environmental Studies major in college, is completely torn in my infatuation with this car. He badly wants me to ditch the entirely fuel inefficient V8 twin turbo 650 I presently drive for an all electric car. But high end luxury cars bother him. He'd prefer me to drive a Bolt (or is it Volt, I can't keep them straight!?). He said there is no way he'd ever sit in the Taycan if I should buy it, especially if it is purchased when so many people have lost their jobs. I certainly have no qualms with driving/owning an expensive car and feel extraordinarily lucky to be able to afford it. As Reg said above, life is dealing us an odd assortment of cards lately. But you only live once. I've never owned a Porsche...and this is one exciting Porsche to own.


My car was supposed to begin it's construction on Wednesday, April 1st. Because of the factory being closed, everything is being pushed back several months. I have decided to delay any decision on what to do until the car is sitting in the dealer's garage, which at this point, looks like it will be November. My deposit bought me a call option. I'm willing to wait and see.
 

Dave T

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My 18 year old son, an Environmental Studies major in college, is completely torn in my infatuation with this car. He badly wants me to ditch the entirely fuel inefficient V8 twin turbo 650 I presently drive for an all electric car. But high end luxury cars bother him. He'd prefer me to drive a Bolt (or is it Volt, I can't keep them straight!?). He said there is no way he'd ever sit in the Taycan if I should buy it, especially if it is purchased when so many people have lost their jobs. I certainly have no qualms with driving/owning an expensive car and feel extraordinarily lucky to be able to afford it. As Reg said above, life is dealing us an odd assortment of cards lately. But you only live once. I've never owned a Porsche...and this is one exciting Porsche to own.


My car was supposed to begin it's construction on Wednesday, April 1st. Because of the factory being closed, everything is being pushed back several months. I have decided to delay any decision on what to do until the car is sitting in the dealer's garage, which at this point, looks like it will be November. My deposit bought me a call option. I'm willing to wait and see.
Haha. He sounds like my environmental studies major daughter. But where are you getting your information from regarding the delay? Several months? I’m not sure you’re wrong, but so far Porsche hasn’t said the delays will be that long, as far as I know.
 

BayAreaKen

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Haha. He sounds like my environmental studies major daughter. But where are you getting your information from regarding the delay? Several months? I’m not sure you’re wrong, but so far Porsche hasn’t said the delays will be that long, as far as I know.
My original delivery date was supposed to be late July or August. I asked to swap with another person on the list to push out a bit (due to extenuating circumstances in my own financial life due to Covid-19) and he replied that based on a minimum of the two week factory shut down (which we know will likely be longer), this may impact delivery times by 30-60 days because of global supply line issues. We'll see.
 
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TAYC4N

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I spoke to my dealer principal (head) who is working from home to ask if there was any update on my car and has told me many have cancelled their cars now and are asking for their £5k deposit back. All the sales staff have now been furloughed too (huge losses as I imagine they make more than the £2500 the government have offered!).

Sad times indeed. They are currently working hard on skeleton staff trying to give peoples deposits back. Not only the Taycan people have cancelled numerous other models they had ordered. I really can't imagine what long term impact all this Covid-19 shit is going to have on the UK car market. He anticipates around 65% of cars they had deposits for have been cancelled. This is crazy and scary.

I imagine there will be plenty of physical cars available post lockdown and many new earlier build slots available too. A good friend of mine just cancelled his 992 4S which was due to be delivered imminently as he can't justify driving around in that car whilst he is unable to pay his staff salaries.

:(
 

Jdqt458

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I spoke to my dealer principal (head) who is working from home to ask if there was any update on my car and has told me many have cancelled their cars now and are asking for their £5k deposit back. All the sales staff have now been furloughed too (huge losses as I imagine they make more than the £2500 the government have offered!).

Sad times indeed. They are currently working hard on skeleton staff trying to give peoples deposits back. Not only the Taycan people have cancelled numerous other models they had ordered. I really can't imagine what long term impact all this Covid-19 shit is going to have on the UK car market. He anticipates around 65% of cars they had deposits for have been cancelled. This is crazy and scary.

I imagine there will be plenty of physical cars available post lockdown and many new earlier build slots available too. A good friend of mine just cancelled his 992 4S which was due to be delivered imminently as he can't justify driving around in that car whilst he is unable to pay his staff salaries.

:(
This is unbelievable but you can see it will definitely effect the car trade big time and effect all of us —with our personal ownership.
It’s going to be a very bumpy ride and we must all carefully review our individual options .
 

Chuck J

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I'm fortunate that my Turbo has been delayed a few times in the last few weeks and the last i heard my build freeze was mid April so I have a bit of time to decide to cancel and get my deposit back

as others have said spending over 130k on a car when we have no idea what’s going to happen financially to our businesses is a big decision
Good news is you know the Government is willing to spend 20T or more to keeping the US going.

Chuck J
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