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Porsche Cayman Lease Questions

107 messages,  Last post on Nov 04, 2009 at 4:34 PM

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What is this discussion about? Porsche Cayman, Porsche Cayman S, Car Leasing, Car Buying, Coupe

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#40 of 107 Re: Caymen Coupe Lease [carnieve] by lbh2315 Apr 02, 2007 (1:26 pm)
Replying to: carnieve (Apr 02, 2007 12:30 pm) Horrible idea. With a lease you want to put as little down as possible. I was considering a Cayman lease, but ended up with a 2008 Audi TT roadster and only paying fees upfront, no cap cost reduction. $5K down is crazy. It will effectively add $104/mo to your payment, meaning that you are quickly up to $700/mo. in real dollars. Moreover, the 599 car is as base as base gets. You will want some options as base Porsches have NOTHING on them, plus you will need to pay taxes and finally, you should not lease for more than 36 months (maybe 39). After 36 months, the residuals crash and that affects your monthly payment. Finally, you should be able to get at least $4-7K off an in-stock Cayman. If they say no, there are plenty of other dealers that will discount. Also, Porsche Credit North America offers the worst money factors in the business when comapred to the big three German competition. You might want to see what money factors Audi, BMW and MB offer and compare against Porsche. I learned that leasing a Porsche is simply not a good idea absent a fantastic deal.
#41 of 107 Re: Caymen Coupe Lease [carnieve] by habitat1 Apr 03, 2007 (2:41 am)
Replying to: carnieve (Apr 02, 2007 12:30 pm) I agree with ibh2315 that Porsche is not very lease friendly. When you compare the lease terms on a $55k Porsche to a similarly priced BMW, it's like night and day, with the BMW payments often 20-30%+ less.   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. Replies to this message: chander (May 19, 2007 4:33 am) habitat1 (May 19, 2007 5:50 am) chander (May 19, 2007 9:49 am) and 1 more...
#42 of 107 Thanks! by carnieve Apr 03, 2007 (7:43 am)
Thanks for your help - I'm off to the Porsche dealer armed with good info! I appreciate you sharing your knowledge!
#43 of 107 Re: 2007 Cayman lease questions - help Carman! [lbh2315] by Car_man HOST Apr 24, 2007 (1:30 am)
Replying to: lbh2315 (Mar 21, 2007 5:54 am) Hi lbh2315. Let's take a look at the deal that you were quoted. The first thing that I notice about it is that the money factor you were quoted is a little high. Porsche Credit's current buy rate for consumers who qualify for its top credit tier is only .00310. If your credit is in good shape, the dealer that you are working with is trying to mark your car's factor up to add additional hidden profit to your deal. Try to get them to use the .00310 factor.   The selling price that you were quoted looks outstanding. Even with the marked up money factor, this is a good deal. As I said earlier, try to get the dealer to lower the money factor, but other than that I don't see any reason not to go for it.   Car_man Host Prices Paid Forum
#44 of 107 Re: Caymen Coupe Lease [carnieve] by Car_man HOST Apr 24, 2007 (1:40 am)
Replying to: carnieve (Apr 02, 2007 12:30 pm) Greetings Car Nieve. Since you admittedly do not know much about leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.   Porsche usually does not provide lease support on its vehicles and the advertised Cayman lease that you mentioned is no exception. If you choose to lease a 2007 Cayman through Porsche Credit right now, you will have to use its standard lease money factor of .00310. This is equivalent to an interest rate of around 7.44%, which isn't great.   Both leasing and financing or paying cash for this car have merits. Neither one jumps out at me as the better deal right now. Whichever one you choose, make sure to negotiate the selling price of the Cayman that you want. The selling prices of leased vehicles are negotiable, just as if you were paying cash or financing. Porsche dealers seem to be providing substantial discounts on the Cayman right now. If you decide to lease, negotiate the lowest possible selling price and then have the dealer that you are working with use the aforementioned money factor to calculated your monthly payment.   You also should not make such a large down payment when leasing. I always advise consumers to put as little money down as possible when leasing. Lessees who make large down payments risk losing them if their vehicle is totaled in an accident or stolen and never recovered.   Car_man Host Prices Paid Forum
#45 of 107 2006 Cayman S Leftover by elmfd3s May 14, 2007 (1:18 am)
Car_man,   I was wondering if you know the current buy rate from Porsche Finanical for a New 2006 Cayman S leftover. I could not find any residuals or money factors for a new 06.   Thanks. Replies to this message: vwguild1 (May 15, 2007 10:08 am) elmfd3s (May 15, 2007 9:17 pm) kyfdx (May 16, 2007 3:35 am)
#46 of 107 Re: 2006 Cayman S Leftover [elmfd3s] by vwguild1 May 15, 2007 (10:08 am)
Replying to: elmfd3s (May 14, 2007 1:18 am) No longer available from any lender...only 2007 Replies to this message: elmfd3s (May 15, 2007 9:17 pm) kyfdx (May 16, 2007 3:35 am)
#47 of 107 Re: 2007 Cayman lease questions - help Carman! [habitat1] by b6s4 May 15, 2007 (3:33 pm)
Replying to: habitat1 (Mar 22, 2007 11:30 am) "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."   You must be confusing the new TT with the old. The new TT has an aluminum space frame and is some 300 lbs. lighter than the previous car. Car and Driver weighed the TT at 2960 lbs., which is lighter than the Boxster, Cayman, and 911. Replies to this message: habitat1 (May 19, 2007 3:48 am)
#48 of 107 Re: Cayman Lease Help [Car_man] by b6s4 May 15, 2007 (3:42 pm)
Replying to: Car_man (Feb 15, 2007 4:20 am) "What I can tell you is that $3,000 and $7,000 are way too much money to put down when leasing. I always advise consumers not to make large down payments on leased vehicles. Those who do risk losing them if their vehicle is totaled in an accident or stolen and never recovered."   This is not exactly true. The down payment goes to reducing the payoff amount on the lease, so you do not really lose the down payment. The payoff amount is the cost to purchase the car from the lease, and is the same amount for the insurance company to purchase the car from the leasing company, as in the case of an accident or if the car is stolen. The difference in the payoff amount and the street value of the car is refunded to you (or owed to the insurance company). I know this well because I have been through it. Replies to this message: Car_man (May 18, 2007 2:47 am)
#49 of 107 Re: 2006 Cayman S Leftover [vwguild1] by elmfd3s May 15, 2007 (9:17 pm)
Replying to: vwguild1 (May 15, 2007 10:08 am) So, how does a dealer lease a brand new 2006 Cayman S on their lot? Replies to this message: kyfdx (May 16, 2007 3:35 am)

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