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Prices Paid: Buying & Leasing Experiences Porsche Boxster Lease Questions
188 messages, Last post on Nov 24, 2009 at 2:53 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: ron11612002 (Jun 25, 2007 1:58 am) Car_man Host Prices Paid Forum |
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Car man,,I would like you to assess my recent situation and tell me how badly I got screwed by my dealership. I went ahead and leased a Porsche Cayman S without really understanding the leasing process. Dumb move on my part. Anyway, the car is metallic slate grey with black interior. The original MSRP was $66,650.00 and did not really include that many options. I ended up getting the vehicle for $59K. However, I had a Mazda RX8 that was only two years old and in excellent condition with only 7,350 miles on it that I basically gave to them for $16,850 which is what I owed on the car. I knew that Edmund's said I could get $19K but they gave me a bunch of double talk about how they go by this supposed "black book" which listed my car for the price of "$16,500.00." Because I did not understand the lease process I figured that if I put down a larger down payment it would work for me in regard to a much lower monthly payment. At the time, both the sales person and leasing agent were not offering up a lot of information as to how the lease really worked. Long story short. I really wanted the car and didn't think to scrutinize the deal until after the fact. The ugly truth is I now have a monthly payment of $740/mo, a 60 month lease, and I am out a down payment of 5K that I really did not need to make. I called the salesman back the following day when I started to panic and at that time he finally told me "that I did not have to make such a large down payment." It turns out that for every one-thousand dollars you put down it lowers your monthly by only twenty lousy dollars. I'm feeling pretty bad at the moment. Is this deal as bad as I feel like it is? Is there any kind of silver lining here? Your comments are much appreciated. Thanks, Tesla
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Replying to: tesla43 (Jun 28, 2007 5:15 pm) - 60 months is a really long lease. Leases are usually no longer than the warranty lasts. Couldn't you of gotten close to the same deal on the 36 month leaase? - On a 60-month lease, each $1,000 of down payment saves you $20/month. That is correct. So I don't think you necessarily got screwed by putting down money. Please refer to Car Man's specific warning about putting any money down on any lease. - Regarding the trade-in, it sounds like you got a trade in value equal to the outstanding loan. Not necessarily getting screwed. If you didn't like the deal of you felt you needed more information then you should of waited. Not sure why you did it if you were going to make this post shortly after. |
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If possible, please post lease money factors and residual values for a 2007 C4S Cab/tip. For 12-15-20K miles. Thanks
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Have now had the car for a week and loving every mile. Came out of a bmw, which I really enjoyed, but this is a very different experience. My question comes down to the break-in period. I have been keeping the car below 4k rpm, but since this is a commuter/weekend car, it will take some time to hit the 2k miles. What is the real deal on the break-in? Dealer suggest just keeping the rpms varied (not running over 4k for an extended period of time) Also, dealers are making great deals. Did my research and ended up just slightly over the invoice price. If your looking, now is the time!
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Replying to: heusler (Jul 26, 2007 6:49 am) My dealer claimed never to have seen an RMS (rear main seal) leak from buyers that followed this advice. For those that didn't, they fared much worse down the road. I've since heard this same advice from experts who own / service Porsches, Ferraris, etc. Oddly, it's nowhere to be found in the owners manual. |
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Sorry I don't have a lot of facts yet. 2008 Boxster Tiptronic, Navigation, bose premium stereo other gadgets 58, 175 list 56, 175 sale price What should I expect the Money factor to be .00310? or has it changed? I was estimating a lease price with no down at just over 1000.00 Was I even close? Thanks Michael |
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Replying to: wmsc998 (Aug 03, 2007 12:17 pm) You are considering, a base Boxster with Tiptronic for $1,000 per month? Good grief. My last two cars have been Porsches, half of my immediate family has worked for Porsche and even I find this absurd. A base 911 C2 6-speed with a few key options can be leased for around $1,000 per month, $0 down. And it's 10 times the "Porsche" as a Tiptronic base Boxster in both performance and respect. If you really want to blow $1,000 a month that's your perogative. But in this case "there is a substitute". |
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Replying to: tesla43 (Jun 28, 2007 5:15 pm) Since we're already here, I'll take a quick look at your deal. A base 2007 Porsche Cayman S has a spread of around $7,500 between its full MSRP and its dealer invoice price. The discount of $7,600 that you were given looks very attractive to me. As far as the rest of your deal goes, 60 months is really too long to lease for. I usually advise consumers to lease for 36 months or so. A lot can happen over the course of five years to make one want to get out of their lease early and unfortunately it is very expensive to do so. Your family situation could change causing you to need a larger vehicle, your daily commute could change causing you to go way over your mileage allowance, or you could just decide that you want something new (you wanted our of your RX-8 after only two years). As far as the $5,000 down payment goes, I would have advised you against making it, but doing so is not the end of the world. The main drawback of making a down payment on a lease is that if your vehicle is totaled in an accident or stolen and never recovered there is a good chance that part or all of any down payment that you made will disappear. That's why I always tell consumers not to make any capitalized cost reduction when leasing. I don't think that this deal is as bad as you believe it is. Your car's selling price was excellent. It is difficult to say what money factor the dealer used to calculate your lease payment. It is possible that there was some mark up there to make up for your car's low selling price. Furthermore, I wouldn't have leased for such a long term or made such a large down payment. Just remember not to do these things the next time that you lease and enjoy your cool new car  . Car_man Host Prices Paid: Buying & Leasing Experiences Forum P.S. Don't forget to stop by the new Dealer Ratings & Reviews section of this site to share your thoughts on this dealer with everyone. |
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Replying to: psmd (Jul 12, 2007 6:50 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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