Porsche Coronavirus Financial Relief and New Car Incentives

Rebecca Lindland | May 14, 2020

No one is immune from the potentially devastating effects of the coronavirus pandemic, and automotive brands are responding with assistance to prospective and existing customers.

Porsche Coronavirus Financial Relief and New Car Incentives

Porsche Cars North America (PCNA) and Porsche Financial Services (PFS) are rolling out programs to support customers and dealers alike in the midst of the COVID-19 chaos. These measures include temporary customer payment relief, incentivizing home delivery, expanding online retailing capabilities, and reducing operational costs for its 192 independently owned and operated U.S. dealers.

Here’s a look at what Porsche is doing in the U.S. and abroad, including the company’s coronavirus car payment plans.

Porsche Customer Relief Programs - Find the best deals!

Porsche Financial Services (PFS) is providing car payment relief to existing customers who need assistance. Payment deferrals of 30-60 days are available on a case-by-case basis, mirroring a strategy PFS employed during the 2008 financial crisis. 

Customers could also get up to a 6-month lease extension for contracts expiring by April 30, 2020, adding four months to the standard 2-month extension period. This is ideal for not only securing transportation for its customers but also delaying an outlay of cash at an inopportune time. In addition, Porsche automatically extended warranties that expired between March and May, adding three months of extra coverage.

Proactively managing your account during this time, especially if you are facing difficult financial circumstances, is the best course of action. Current Porsche owners with questions or concerns can reach out to PFS via online by logging into their PFS Account via My Porsche and sending a message using the secure message portal. Email the company via [email protected]; or call 1-800-PORSCHE (1-800-767-7243).

 
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Porsche New Car Incentives - Find the best deals!

Unlike many automakers, Porsche did not initially offer any additional new car incentives due to the COVID-19 pandemic, although national programs for sales and leasing already existed on a variety of models. Now and through June 1, however, Porsche is offering 1.95% APR financing for 60 months and a first-payment deferment of 90 days on some models.

Additionally, in order to facilitate sales, dealers are encouraged to expand their online retail services. Porsche is reducing the cost to launch the amenity, simplifying the processes to speed up installation of digital retail on dealer websites. The tool makes it easy to arrange a purchase, financing, and even insurance options through PFS, and customers can complete the entire process online, although a visit to the dealer for final signatures and to collect the vehicle are still required at some locations.

Porsche is working on expanding at-home delivery for new sales and availability of at-home pick-up and drop-off for maintenance and repairs. Many dealerships already offer this benefit for existing customers, so check with your local dealer for availability.

Individual dealers are using enhanced cleaning techniques for vehicles brought in for service or new vehicles purchased. Particular attention is paid to touch points such as door handles, steering wheels, seats, and other hard surfaces, which serves as a good guide for any vehicle.

Porsche Factory Closures - Find the best deals!

While Porsche does not produce vehicles in North America, production at its Zuffenhausen and Leipzig locations stopped as of Saturday, March 21. Originally planned as a two-week shut-down, the company did not resume production until May 4.

European delivery of Porsche vehicles in Stuttgart was also suspended in accordance with local regulations. The Factory Delivery Center closed from March 23 until May 4 but is now delivering cars again. Factory tours, museum visits, and lunch at the company restaurant remain closed until further notice. 

The Porsche Experience Centers in Los Angeles and Atlanta also closed. Atlanta plans to re-open on May 19, but no date is available for L.A.

Porsche Economic Outlook & Sales Forecast - Find the best deals!

Porsche’s first quarter sales declined by 20.2% despite a strong start to the year. All models saw double-digit declines, with the iconic 911 and compact Macan SUV down the least at 10.5% and 10.2% respectively. The Panamera, Cayenne, and 718 were down by as much as 40%. Sales of the all-new, all-electric Taycan numbered 221 units. The 4S version of the four-door EV sedan is still due for a second-quarter launch.

On a broader basis, J.D. Power’s industry sales forecast for 2020 has fallen from a pre-virus estimate of 16.9 million units to between 12.6 and 14.5 million units for 2020. 

While the current situation may look bleak, the auto industry is remarkably resilient. Fortunately, many brands were in relatively good financial health when the pandemic struck, but it’s small consolation if the economy and the workforce does not get back on its feet soon.

The information in this article is from Porsche and was accurate as of May 13, 2020. Plans and programs may have changed since that date. Be sure to confirm with your Porsche dealer that offers discussed in this article remain valid.

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