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Porsche Boxster Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Ron. Porsche never really provides any sort of lease support on the Boxster, so leasing one is usually pretty expensive. On the other hand, BMW has a pretty good lease program on the Z4 right now. I would be happy to give you an idea of how much a lease on the Boxster that you are interested in would cost right now. In order for me to do so I need you to provide me with the MSRP and approximate selling price of the exact model that you want.

    Car_man
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  • tesla43tesla43 Posts: 2
    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
  • A few comments:

    - 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.
  • psmdpsmd Posts: 12
    If possible, please post lease money factors and residual values for a 2007 C4S Cab/tip. For 12-15-20K miles.
    Thanks
  • heuslerheusler Posts: 1
    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!
  • habitat1habitat1 Posts: 4,282
    Break-in is important on Porsches. My dealer, a former factory engineer, told me during break in that, in addition to the 4,300 rpm limit, and vary speed/rpms, to AVOID SHORT HOPS. His rule was, don't start the car unless you intend to drive it for 15+ minutes and allow not just the water, but the oil temperature to reach full operating temperature and hold it there for 5-10 minutes. That allows all engine components, gaskets, seals etc. to fully expand and contract during break in.

    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.
  • wmsc998wmsc998 Posts: 4
    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
  • Am I reading this corectly?

    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".
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Tesla. This particular discussion is really for consumers to discuss the Porsche Boxster. Please post any additional questions that you have on the Cayman in the following discussion: "Porsche Cayman: Lease Questions".

    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 :shades: .

    Car_man
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    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.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the info that you're looking for, psmd. Porsche Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Porsche 911 C4S Cabriolet with Tip and 15,000 miles per year are .00310 and 51%, respectively. The residual value for an otherwise identical lease with only 12,000 miles per year would be 2% higher. 15,000 miles per year is the highest mileage allowance that Porsche Credit publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until the scheduled end of your deal and have to pay an excess mileage penalty.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on your new Boxster, heusler. This particular discussion is for community members to discuss leasing one. You will probably have better luck getting information on the break-in period for your car in the following discussion: "Boxster and Boxster S". Also, don't forget to stop by the new Edmunds.com Dealer Ratings & Reviews section to share your thoughts on your dealer experience.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Michael. As you suspected, Porsche Credit's current buy rate lease money factor for a lease of all of its models is currently .00310 for consumers who qualify for its top credit tier. Your lease payment for this car will vary quite a bit depending upon how long you lease it for and what mileage allowance you need. If you provide me with both of these variables, I should be able to give you an idea of what sort of monthly payment to expect.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • wmsc998wmsc998 Posts: 4
    Thank you Car_man,

    Lease term would be 36 months and miles would be 15,000. What is the residual percentage? 60%?

    Congratulations redsoxgirl you are a much better neotiator than I...
  • I will be completing a lease contract on a 2004 Boxster at the end of this year and am interested in a 2008 model. Assuming a 48 month lease period, standard mileage allowance, no additional options, and top credit tier, what monthly payment range would be considered optimal for me as a repeat customer?

    Thanks,
    The Doc
  • Hi

    I have leased based on advice on these forums and have been very pleased - thanks! Car man - can you help with current residual and money factor numbers?

    I have no experience with negotiating on a Porsche - can expect to get about $1k above invoice? I plan to lease for 24 or 36 months based on best rate and need just 10k miles per year.

    Any help/advice would be much appreciated.

    Thanks
  • No problem, wmsc998. Porsche Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Porsche Boxster without Tiptronic and with 15,000 miles per year are .00310 and 55%, respectively.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • What's up Doc? Unfortunately, the fact that you are a loyal Porsche customer will not have much impact upon your ability to get a good deal on the new Boxster that you are interested in. Porsche is not currently running any special loyalty promotions that I am aware of. You may be able to negotiate a slightly better selling price than someone off the street would be able to get if you have a good relationship with a specific dealer, but they aren't going to sell you a car for much less than they could sell it to anyone else.

    I would be happy to estimate what sort of monthly payment you should expect to pay for the car that you are interested in. However, since there is so much variability in Porsche's pricing because of the long list of options that it offers, it would be easier for me to give you an accurate payment estimate if you were able to provide me with at least this car's full MSRP and ideally its approximate selling price as well first. Let me know what these numbers are and I will use Porsche Credit's current lease program to estimate what your monthly payment should be.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • You're very welcome, thewyz. Here's the information that you're looking for. Porsche Credit's current buy rate lease money factor and residual value for a 24 month lease of a 2007 Porsche Boxster without Tiptronic and with 10,000 miles per year are .00310 and 65%, respectively. The numbers for an otherwise identical 36 month lease are .00310 and 58%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Due to a wrinkle in NY law, in 2005 Porsche was not writing leases, so I purchased it with a balloon so the effect is essentially the same. The term started at the end of January, 2005. The payoff amount now is $28,566 and at the end of the term it will be $25,083. I had a mileage allowance of 45K and the odometer is about there right now. I don't know what the excess mileage charge will be, so I can't figure out if I should trade it in now (per blue book the trade in value is $26,875) and pay the difference between $28,566 and $26,875, or wait until the end of the term and pay the extra mileage fee. Any information would be appreciated.
  • I'm looking to lease an 08 Porsche Boxter. The MSRP is $52,790 w/ destination charge. The sales person drew up a 36 Month / 12,000 Miles a year Lease $769 a month. He supposedly said he already included a discount when I asked him for one. Any help would be great.
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