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Prices Paid: Buying & Leasing Experiences Porsche Cayman Lease Questions
108 messages, Last post on Nov 24, 2009 at 3:05 AM
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2007 Porsche Cayman, turned in by owner with 5K miles on it Red with tan leather Tiptronic S Preferred Package MSRP = 56K Price = $46,500 39 month lease 56% residual 12K/year mf = .00340 $2,300 negative equity from my Saab trade-in $3,700 total out of pocket at delivery payments of $799/mo I cannot figure out if this is a good deal or not. Sounds good considering the negative equity and the discount on the car, approx. $2k of out of pocket goes to fees (just tags on a Porsche are $850 in AZ!). Not often I can get into a Cayman with tip for $46,500 - but I am just concerned b/c it is fairly stripped down, no Bose, no xenons, no navi, no sunroof. But I would be willing to overlook these things if you told me this was a great deal. Any help Carman???? I probably need to act quick as I already put a deposit on a 2008 Audi TT roadtser leased at $680/mo. Thanks in advance for your help - or anybody else of course! Now if only someone could help me decide between the Cayman and the new TT roadster!!
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Replying to: lbh2315 (Mar 21, 2007 5:54 am) Forgive me in advance, but I'm feeling rather opinionated this morning and not inclined to mix my words or try to be politically correct. So take the following as you wish: - Do you know what the heck you are buying? The "Preferred Package" on the Cayman does include Xenons and Bose. - $680 to $800 per month for what? In the case of the TT a grossly overweight pretender of a sports car and in the case of the base Cayman, a competent sports car, but handicapped with that god-awful tiptronic. Obviously, you don't really care about performance...but, you are spending a small fortune for exactly what? Looks? For someone who is upside down to the tune of $2,300 on a Saab it seems like you like to waste your money. I get kick out of some who comment that I must be rolling in the dough to be driving a 2007 911S coupe. I do well, but a long way short of "rolling" as I define it. I negotiated a great discount to MSRP, paid cash and, based upon my calculations, it will cost me less than $800 per month over 3+ years. $8,000 to $10,000 per year to lease a TT or base Cayman with tiptronic? 
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Replying to: redsoxgirl (Mar 22, 2007 5:12 am) 1. The preferred package on the Cayman does NOT include Bose or xenons, that is the preferred package PLUS. 2. I assume you know plenty about cars. The new TT certainly is not overweight and the reviews have been absolutely stellar in saying that the TT can finally be called a sports car. That being said, no - performance is not number one in my book. Both the Cayman and the TT will out-perform 95% of the cars on the road, and that is good enough for me since 95% of my driving is done in harsh urban conditions. I don't need 0-60 in 4 seconds. So yes, I care about looks, build quality, good performance, value, service, technology and the fun factor. Either of these cars will be fun on a daily basis. 3. Wasting my money? Simple concept. Bought the Saab. Bad decision to ever buy a Saab because of depreciation. I can admit that. And at this point in time, I was interested in getting a new car and seeing if the inequity was going to kill me on a trade. If so, I wait a few months and get even and I have no worries. I think my reason for getting a Saab in the first place was because I didn't want to waste money living in the city on a car I didn't use much - now I am in the burbs and drive all the time. 4. As to your final comment, we simply choose to spend our money in different ways. I don't like to buy depreciating assets - that is why I normally lease and that is why I should have never bought the Saab. If I would have saved $80-$90K, I certainly would not have thrown it into buying a Porsche outright. When I have nice chunks of dough like that I invest with long term growth in mind. I am sure you have your investment strategies and I am sure they work for you. We just do things differently. And finally, yes - tiptronic. Again, I do a lot of driving in traffic and don't want to drive a stick. Simple as that. So, I guess thanks for your comments - considering that the majority of those who lease either of these cars are well into 700/800/900/mo payments, I wanted to see how the price and total lease package on the Porsche was. Obviously, you don't like the car, me or the deal. So I guess I have at least one opinion the matter. |
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Replying to: lbh2315 (Mar 22, 2007 7:09 am)  That was a pretty brutal assessment by redsoxgirl - someone who is normally pretty pleasant in these forums. However, if you want an equally biased, but perhaps gentler assessment, I'd say negotiate your best cash deal on the Cayman, margin borrow against your long term investment account (assuming you can match the 6% Fidelity just quoted me) and buy, rather than lease it. I'm not going to claim expertise in the lease vs. buy analysis, but $800 per month on a $46,500 car seems way too high. Just stopped in the BMW dealership next to my Porsche dealership and the lease on a brand new loaded 335i coupe, with an MSRP of around $45,000 was UNDER $500 per month. Second, even though you may not care about ultimate performance, I'd have to disagree about the TT's weight. It is a cow. Nearly 3,500 lbs for the "roadster" is nearly 700 lbs more than my former S2000, 550+ lbs more than a loaded Boxster S that I considered in 2005 and 200 lbs more than the loaded 911 Carrera S Cabriolet that I bought. I even consider my 911 slightly heavy, but my daughters fit in the back and it's still capable of a low 4 second 0-60 sprint, so it's hard to complain. The TT - as with all Audi's - is just too damn heavy, without acceptable justification, IMO. And yes, I paid cash too. Previously paid off my mortgage and had the margin borrowing capacity, so I didn't feel guilty about losing the interest on my money at an after tax rate of about 3%. But, based upon your numbers, if I had a payment of about $1,500 coming due every month, I'd feel sick to my stomach. I am quite certain that after 18 months and 12,500 miles, I could sell my car for about $10,000-12,000 less than I paid for it, taxes included. Get whatever you want, but I think the Cayman is a true sports car and the TT isn't. Still.
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Replying to: lbh2315 (Mar 21, 2007 5:54 am) On the other hand, a tiptronic Cayman is pretty rare so if that is a must have option, you have limited choice. |
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Replying to: habitat1 (Mar 22, 2007 11:30 am) Porsche Financial Services subvents no rates v. BMW that carries of great deal of rate on their backs...4.9% on 2004s, for example. |
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I've never leased a car before and have been thinking about the Caymen Coupe (not S). Want manual transmission and maybe the preferred package. Dealer says there is a Porsche lease program right now of $5K down and $599/mo for 48 months. I know nothing about leasing. Is it better to buy under these circumstances? What would be the chance of getting them down from MSRP? Dealer has 20 Caymens on the lot right now. I'm leasing nieve.......please help! Thanks, Car Nieve |
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Replying to: carnieve (Apr 02, 2007 12:30 pm) |
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Replying to: carnieve (Apr 02, 2007 12:30 pm) That 48 month lease will cost you a total of approximately $34,000. Not sure what the exact MSRP is of the Cayman you are considering, but if it's in stock and the dealer has 20 Caymans on the lot, you should be able to get at least 8-10% off, maybe slightly more. Assuming the MSRP is around $53k for a base Cayman with just the preferred package and metallic paint, you should be able to buy that car for around $48k Hopefully, I don't need to point out that buying the car for $48k is a heck of a lot better than renting it for 4 years for $34k. Unless you are just strapped for cash, I'd buy it outright. And if you are strapped for cash or on a tighter budget, I'd wait (or buy a nice Honda S2000 like I did in 2001, before I bought our 911S Cab in 2005). In any event, don't buy or lease any Cayman without at least trying out the $920 sport chrono option. Have it in my 911S and the sport setting increases throttle response and makes the car feel much quicker. Not sure how much it will transform a base Cayman, but you should look into it. Good luck.
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| Thanks for your help - I'm off to the Porsche dealer armed with good info! I appreciate you sharing your knowledge! | |
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