Price Crash & Rate Hike – My car finance options after 2 years ! | 4K

In the last 12 months or so the has actually been a cost crash and hike in interest rates. I am 2 years into my current financing agreement on my Porsche Boxster so I paid a visit to my good friends at Lillian Stanley Finance to see what my monetary options are. I likewise got an appraisal on my car from Harbour where I bought it.

I take a seat with Matt from Lillian Stanley to talk through the various types of finance available to my and then look at some alternatives of possible dream vehicles for my to proceed to. How did I get on?!


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00:00 – Introduction
01:23 – Who are Lillian Stanley Financing?
04:42 – Vehicle Financing choices discussed
08:05 – with Ballon
13:21 – My financial position
16:42 – What is my and truck worth?
18:13 – ?!
21:29 – 911 Cabriolet?!
24:00 – What should I do?

#PetrolPed # #CarFinance


46 responses to “Price Crash & Rate Hike – My car finance options after 2 years ! | 4K”

  1. @spendover Avatar

    Oh stop it, I worked my way up the car sales and finance ladder… no one person is open, honest and transparent … just stop it

    1. @Justthreepedals Avatar

      No one works out the full costs…. Or will tell you them…. It’s the depreciation on the car and the total monthly payments and the deposit less amount back at sale…

    2. @caractacus22 Avatar


    3. @brutusoftroy2810 Avatar

      Are they a channel sponsor?

    4. @PetrolPed Avatar

      @@brutusoftroy2810 This was marked as a paid promotion !

    5. @wordreet Avatar


  2. @terryjones6504 Avatar

    NOBODY in finance is your friend.

    1. @greggdavies5827 Avatar

      Not true. Find someone you trust and use your calculator

    2. @PetrolPed Avatar

      I’ve know the owner for 3 years. She is a friend 🤷‍♂️

    3. @RobertMackenzie-yn8ig Avatar

      Too right Finance companies are not your friends, they are business that make money from finance

  3. @stevenbennett3922 Avatar

    Pete. These guys sell money and not cars, well they have just started doing so. A dealer has got a lot more targets to meet etc. Like everything in life we have choices.

  4. @redcarrot1148 Avatar

    Hi Ped, I am a big fan of your channel so I clicked on this one as well. This video has a lot “noise” so I skipped most of it. Therefore I don’t know if the interest rate was ever brought up. I saw the part that was focused on monthly payment with a balloon valuation/payment at the end of loan’s term – it immediately made me cringe . Please please please shift your focus on the actual interest rate of the loan. Do not never evaluate a non-essential purchase based on whether one can fit its monthly payment within his/her current monthly budget as that is incredibly short-sighted. It can also lead one to overpay on interest, which is what all lenders and even brokers want. The higher the interest the bigger their commission/kickback. If one has to resort to balloon gimmick to “afford” a car, then he/she should buy something cheaper or keep what they have. This is the kind of practice that will keep people on a financial hamster wheel (if not stumble off of it entirely) and also keep them from achieving financial independence in the future. Please be discipline on your purchase decision.

    1. @christophertyler8051 Avatar

      No noise when i watched it …….

    2. @PetrolPed Avatar

      Due to compliance we weren’t allowed to state the actual interest rate but spent plenty of time talking about how important it is and what impact it has to the total cost of the loan.

    3. @redcarrot1148 Avatar

      @@christophertyler8051 I meant “noise” as a whole lot of stuff that’s irreverent to the topic and not interesting. Hence the quotation marks…

      Honestly the video felt like a bloated infomercial for that broker company.

    4. @christophertyler8051 Avatar

      @@redcarrot1148 Okay ……

    5. @GordyM-ov7pt Avatar

      @@redcarrot1148 Agreed. Not as transparent as was implied.

  5. @chrisclokey4840 Avatar

    What was the interest rate being offered? The video focuses on balloon payment and monthly. Being transparent on the interest rate and how much you will actually pay in interest would be helpful. Porsche at the moment are around 11%.

    1. @PetrolPed Avatar

      One of the compliance restrictions we had to adhere to sadly. It’s currently more than one and less than two under that number 😉

    2. @911aircooled5 Avatar

      Porsche at 11% at the moment? Is that in the UK?
      Mate just got his with Porsche in Oz at 6.5%, 4 yrs.

    3. @findtomdotcom Avatar

      @@PetrolPedthat makes the examples useless Pete. If you assume 75k with a 10k deposit over 4 years and a £35k ballon, £999 per month puts the Apr at about 9%. That’s still a high interest rate and I’d bet you probably need to be a high bet worth individual to get any lower.

    4. @andrewcharlesworth2512 Avatar

      I bought a new BMW 2 years ago coz used values were c30% higher than pre-covid and new cars hadn’t gone up that much at the time. I wouldn’t normally buy new.
      However BMW pcp at 6.5% was c£4k more than Sainsburys loan at 3.2%. Please don’t use pcp it’s a rip off because capital element stays high and your paying more on same rate if HP.

    5. @chrisclokey4840 Avatar

      @@911aircooled5 yes, that is the average interest rate at Porsche UK dealership at the moment.

  6. @Thegowfer65 Avatar

    Good luck getting a higher return with your savings than the interest on your loan.

  7. @adrianwhitehead1950 Avatar

    £1000 a month and £10k deposit. Has the world gone mad?

    1. @supertouring22 Avatar

      Its only money.

    2. @nigel.w Avatar

      ​@@supertouring22 I reckon when a lot of today’s younger people have retired, they’re going to seriously regret how much money they wasted ‘renting’ brand new high-value cars to impress others more than themselves while actually impressing nobody worth impressing.

      Twelve grand a year over a 40+-year working life is not only the equivalent of half-a-million quid, but when you think what compound interest you could have earned from simple term deposits, or how else you could have invested the money, it is serious wastage.

      Most young people don’t realize how difficult it is to maintain one’s lifestyle in retirement. IMO, the sooner people stop ‘buying’ cars this way for instant gratification the better.

      Instead of seeing a finance broker and telling them you have a deposit and a grand a month spare to waste, buy a car outright with that deposit, then go see a financial advisor and tell them you have a grand a month spare to invest.

      I wish I had been given this advice and been wise enough to follow it. I wouldn’t just be a multimillionaire, I’d probably have at least 10 mil, maybe even several times that, and not only be able to afford to buy the hypercar I want, but also be able to afford to own it, which incidentally costs at least half-a-million for the average length of retirement.

    3. @greggdavies5827 Avatar

      Always been the case

  8. @kevinmcg6747 Avatar

    Well Pete I’m guessing you might’ve had an inkling this topic could come with a backlash. Car finance vlogs nearly always derive a high level of toxicity in the commentary and to be fair past behaviours of unscrupulous firms merits caution. Despite I’m sure your good intent, the limitations of what you can share means that it’s a lose/lose topic to cover. In terms of your personal choice on car type, I think the convertible lover in you will win through and therefore the 992 over the GT4!

    1. @PetrolPed Avatar

      Thanks Kevin 🙏🏻👊

  9. @gordonmackenzie4512 Avatar

    I bought my current car cash, 10 years ago new, it cost £21,000 and is still worth about £5,000 now with only 39700 on the clock. That’s £1600 per year, zero road tax, fault free, cheap insurance. In total around £2000 per year total ownership.

    1. @stefanl.7586 Avatar

      If you financed with a 50% down payment and put the other half into Bitcoin, you would have 35 BTC = 2.2 Million USD (+ 5.000 car worth)

    2. @greggdavies5827 Avatar

      That’s great. Your choice

  10. @jimmyjt16 Avatar

    Problem with this company is when you apply they want to ring you and email and assign you with an account manager. JUST GIVE MY RATE so I can decide if I’m using you or not. So frustrating! I won’t be answering their sales calls.

    1. @PetrolPed Avatar

      It’s called customer service

  11. @jc74435 Avatar

    How to keep paying interest and the steepest depreciation for the rest of your life

  12. @domhens8502 Avatar

    Wait, what? You’ve paid £10k deposit, 24 months of undisclosed payments and the car has lost £14k.. +£8k of your deposit (£1.49/mile) and you’re left with £2k? So your net loss must be huge?!

  13. @GordyM-ov7pt Avatar

    If you NEED to finance a car, you can’t afford it. It’s a generally depreciating asset.

  14. @k17sher Avatar

    Most people buy cars with finance only think about low/affordable monthly payment, without considering the size of deposit and final payment. I used to buy my cars with finance provided by dealers or bank loans when I was young. But I stopped doing that when I got older, as I finally realised the interests I paid. I bought my last 2 cars with cash.

    1. @nigel.w Avatar

      I’m not opposed to HP if the interest rate isn’t too high, especially for young people to get a decent car.

      It’s also fine to finance something if it’s cheaper money than alternative sources of finance you need. For instance, there’s no sense paying off your mortgage — the cheapest money available for most people — if you’ll then need to take out a loan to buy a car and/or for business at much higher interest rates.

      The reason not to pay cash for a car is to free up that money to take advantage of other opportunities you may otherwise be unable to take advantage of.

      Still, I think it’s fair to say that for the average person, paying cash is best.

      Also, if you’ve got a reasonable sum that you could put down as a deposit on a car, and the ability to pay 12 grand a year, and every few years you’re back where you started or worse off, or even just slightly better off, consider the opportunity cost, especially over the long term.

      IMO, it’s one thing to take a big hit once or twice, but to keep doing it every few years doesn’t make much sense to me.

      I’ve been fortunate not to lose much money on cars over the last 45 years.

  15. @guy3point14 Avatar

    Ten grand up-front, 48 x £1K…hmmm, so 58 grand…which is £14,500 per year… for a car with mileage & wear’n’tear restrictions placed on it…that you don’t own at the end of the agreement. It’s not overly appealing TBH mate. I did like the yellow one though 😉😉

  16. @beatles4sale2007 Avatar

    I think people have to get over the fact that the “era” of cheap money is over, since 2008 banks and manufacturers have used cheap money to push on the industry. And this is the same for credit cards, housing etc.

  17. @M4rky71 Avatar

    Buy the car = cost of the car plus dealer margin. All other options are rent the car + interest, finance broker commission plus dealer margin = cost of car. No investment can offset the cost of finance at the moment so buy outright now. There is a reason why top end car prices are plummeting. Rolling one PCP into another is when they have you as you’re simply renting. Imagine spending money every month and never owning something.

  18. @PixelVibe42 Avatar

    ‘Live within your means, even if you have to borrow to do so’.

  19. @nigelk780 Avatar

    Pete your a decent guy I followed you from the beginning and now your a full on youtuber. You probably dont want my life experience but I will offer it anyway, try and steer away from money especially direct like this as it’s the root of all evil. Talk values etc etc but not fca stuff. Oh dont get the GT4 you will find it like the ruby roadster except you cant reverse it.

  20. @RobertMackenzie-yn8ig Avatar

    Keep with the boxster , put £1000 away a month in a high interest account that you are paying the finance compu and in 12 months go and find a car 3:55 and pay cash using your car as a deposit
    This is the way I do my new car purchases

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