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Porsche Coronavirus Financial Relief and New Car Incentives

The Coronavirus pandemic is wreaking havoc on the globe, both from a health perspective as well as an economical perspective. The destructive effects of COVID-19 have many companies - including a number of automotive brands - responding to the crisis by providing much-needed assistance to both prospective and existing customers. Porsche Cars North America (PCNA) and Porsche Financial Services (PFS) have implemented a number of programs in support of its customers and dealers in response to the devastation brought on by the novel Coronavirus.

Porsche Coronavirus Financial Relief and New Car Incentives

While there have been continued reports of improvements being made in certain metropolitan areas across the nation, infection rates as a whole continue to rise, negatively impacting millions of people around the country. Virtually no business or individual has been exempt from the widespread effects of COVID-19. The automotive industry in its entirety has certainly been no exception.

A brand built on performance and style, Porsche is leveraging its significant media presence and strategically utilizing its corporate resources to help flatten the curve of the Coronavirus. This includes deploying the brand’s own highly trained personnel to the front lines of the disease to help in the fight to eradicate the virus.

The following is a detailed overview of the initiatives Porsche has put in place for its customers in both the U.S and abroad, including the automaker’s Coronavirus car payment plans and other relief efforts.

Porsche Customer Relief Programs - Find the best deals!

Porsche Financial Services (PFS) is one of many brands offering payment relief to its existing customers who find themselves in a difficult financial situation during this crisis. PFS understands that financial difficulties have presented themselves for millions of people around the nation, and is offering up to a 6-month lease extension for contracts expiring by April 30th. This extension adds an additional four months to its standard 2-month extension period, help alleviate the economic pressures of the crisis.

On top of the relief efforts extended to lease customers, PFS is also offering payment deferral options between 30 to 60 days for select customers, determined on a case-by-case basis. Porsche employed a similar strategy during the financial crisis of 2008. For customers experiencing financial distress, the best course of action is to manage your account and explore your options for relief. Current owners who have questions or concerns regarding their account and potential options are encouraged to reach out to PFS directly via their website by logging into their PFS Account via My Porsche. Once signed into your account, send a message with the secure message portal and inquire about your potential relief options. Customers are also encouraged to email the company directly at [email protected] or by calling 1-800-PORSCHE (1-800-767-7243) to discuss your specific options on a case-by-case basis.

 
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Porsche New Car Incentives - Find the best deals!

Though a number of major automakers have put together incentive packages for new customers, Porsche is not currently offering any additional new car incentives as a result of the Coronavirus. However, that doesn’t mean there may not still be incentives available to new customers. Porsche dealerships are independently owned and operated entities, so it’s encouraged that potential customers check directly with their local dealer to learn about the potential incentives for that location.

Dealers have been encouraged to amplify their online retail services to assist in generating sales during these difficult times. In response to this growing need, Porsche has reduced the cost to launch the amenity and simplified the processes in order to speed installation times of digital retail services on dealer websites.

PFS customers have the option to complete the entire purchase process online, though it should be noted that visiting your dealer for final signatures and to collect the vehicle may still be required at certain locations. In light of this obstacle, Porsche is also looking to expand upon its at-home delivery capabilities to support new car sales, including the availability of at-home pick-up and drop-off services for maintenance and repairs. Many dealerships have already begun offering this benefit to existing customers, so Porsche encourages customers to check with their local dealer for availability.

Porsche Factory Closures - Find the best deals!

While Porsche does operate a business arm in North America (PCNA), the automaker does not produce vehicles here. However, production at its Zuffenhausen and Leipzig locations was suspended on Saturday, March 21st in response to concerns surrounding COVID-19. It was originally planned to be a two-week hiatus, yet the company has not announced an official date it plans to resume operations as of April 1st.

Vehicle deliveries in Europe from Porsche’s Stuttgart location have also been suspended in accordance with local regulations as a result of fallout from the Coronavirus. Currently, the Factory Delivery Center is scheduled to remain closed from March 23rd until April 10th, though it remains to be seen if that order will be extended as a result of continued safety measures surrounding COVID-19 and social distancing.

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

Despite a strong start to 2020, Porsche’s first-quarter sales declined 20.2% compared to sales figures from the prior year. Multiple vehicle models experienced double-digit declines in sales, including the classic 911 and Macan SUV, both of which declined 10.5% and 10.2% respectively. Other models like the Panamera, Cayenne, and 718 were down as much as 40% year-over-year.

Due to the uncertainty surrounding the outbreak of COVID-19, J.D. Power's March retail sales outlook leaves much to be desired for nearly every automaker, including Porsche. J.D. Power expects to see a decline of 16% to 41% from car sales in March of the previous year. It’s predicted that somewhere between 14% and 39% of that decline is attributable to the effects of COVID-19.

J.D. Power also stated that its 2020 outlook of 16.8 million U.S. light-vehicle sales - an outlook projected before the globe was ravaged by the Coronavirus - is no longer realistically attainable. J.D.Power expects that sales will likely fall in the range of 14 to 16 million units as a result of the fallout from COVID-19.