Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





Porsche Cayman Lease Questions

1356711

Comments

  • carnievecarnieve Posts: 2
    Thanks for your help - I'm off to the Porsche dealer armed with good info! I appreciate you sharing your knowledge!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    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
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    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
  • elmfd3selmfd3s Posts: 3
    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.
  • vwguild1vwguild1 Posts: 98
    No longer available from any lender...only 2007
  • b6s4b6s4 Posts: 2
    "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.
  • b6s4b6s4 Posts: 2
    "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.
  • elmfd3selmfd3s Posts: 3
    So, how does a dealer lease a brand new 2006 Cayman S on their lot?
  • kyfdxkyfdx Posts: 27,640
    Technically, you could still lease any car. You can even find an independent bank on your own.

    But, if the Porsche dealer doesn't have a bank that wants to do it, then you can guess that the payment will be outrageous.

    Leasecompare.com is a broker for independent bank leases. You can check out their website for quotes.

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks for sharing your experience, [b6s4. The problem with making a large down payment when leasing is that vehicles are often worth significantly less on the open market than what consumers owe to the bank that they are leasing through. If this happens, gap insurance covers the difference, but it does not refund any down payment that was made. Down payments have absolutely no impact upon vehicles' residual values or their lease-end purchase prices. While there is no guarantee that one will lose the down payment that they made on their lease if their vehicle is in an accident, it frequently does happen and in my opinion is not worth the risk.

    Car_man
    Host
    Prices Paid Forum
  • habitat1habitat1 Posts: 4,282
    "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."

    You need to get ALL of your facts straight. The TT coupe (not roadster), 4-cylinder (not V6), front wheel drive (not quatro) weighs in at 2,965 lbs. Which IS still heavier than the Boxster (a roadster), Cayman and S2000.

    The V6 Quatro version of the TT coupe weighs in at 3,218 lbs, which is 100-150 lbs more than a 911 coupe. The roadster version of that model TT is up at least another 100 lbs.

    If you want to contend that the anemic 4 cylinder, FWD TT coupe is not a pig becuase it slides in at just under 3,000 lbs, that's up to you. But pig or not, that car is absolutely NOT A SPORTS CAR, unless you also define the New Beetle as one. By the time you give the TT, coupe or roadster, the proper engine and Audi's stubborn, heavy quatro only alternative to FWD (where's RWD?) you are back to comparing it to farm animals relative to weight.

    I believe in calling a pig a pig. You may want to consider the piglet version less offensive, but it's more competitive with econoboxes in performance than any of the other cars we are discussing here.
  • chanderchander Posts: 21
    Hi Habitat,
    Trying to decide between a Caymans S, one with a color I like but has no chrono vs another color which is my second choice but with chrono which is better?, Is it true the sweet engine sound is a little different with the chrono? This is once in life time purchase for me and want to make the right choice. :)
  • habitat1habitat1 Posts: 4,282
    That's a decision only you can make. Drive both.

    Or if for some reason, you can't drive the one without the sport chrono, drive one with the sport chrono and decide if the difference between activating the "sport" button is worth taking your second choice in color.

    I can't tell if there is a difference in engine sound with just the sport chrono because I also have the sport exhaust which is also activated by pressing the sport button. There is a big difference with the sport exhaust, but I don't think much, if any without. The "sport" feature on the sport chrono increases the throttle and braking response. It is quite noticable in my 911S. It may not add to the objective performance figures, but subjectively the car feels quicker.

    Do either/both have PASM as well? That's standard on the "S" version of the 911, but I believe an option on the Cayman S.
  • chanderchander Posts: 21
    Yes, Both with pasm,arctic without chrono and meteor grey with.Thanx for ur advise :D
  • habitat1habitat1 Posts: 4,282
    Like I said, you should really drive both to see if the sport chrono is worth it to you. But it is interesting that both have the $2k PASM option, but only one has the $920 sport chrono. I use the "sport" setting on my PASM less than 10-20% of the time - usually only on smooth higways or smooth twisty roads. But I use the (separate) "sport" setting on the sport chrono about 50% of the time.
  • digieditdigiedit Posts: 5
    I'm looking at either leasing a standard Cayman (preferred package, heated seats, no bose) or buying a 2006 used Cayman S.
    The dealership has told me that the MSRP on the base is $53,760 and they'll sell it for $47,400. With 2500 down the payments for 12k miles/48 months will be $690/month. Is this a good deal? Seems high to me.
    The used Cayman S has 12500 miles on it, PASM, PCM, Bose, 19" wheels, Sport Chrono plus etc. They are listing it at $54,900. This seems to be a great price.

    Any recommendations would be greatly appreciated
  • habitat1habitat1 Posts: 4,282
    What was the in service date and MSRP on the 2006 Cayman S. You should be able to pick up a brand new one at close to 10% off. Unless you are getting at least 25% off the equivalent MSRP on a used one (i.e. 15% discount to what you could buy a new one for), the price is too high. And if that 2006 was an early arrival that is now 20+ months old, I'd want the price to include an extended warranty.

    Porsche lease rates are expensive, compared to say, BMW. If you would buy the Cayman S, why wouldn't you do the same with the base Cayman?
  • digieditdigiedit Posts: 5
    Not sure about the MSRP or date in service. I appreciate your insight. I agree that the lease rates are very high, especially when compared to BMW. What are your thoughts about Porsche Options financing? I prefer lease payments, but enjoy the feeling of actually owning the car.
  • habitat1habitat1 Posts: 4,282
    Actually, don't know much about Porsche financing options either. I paid cash, but could have (and still can) borrow at a margin interest rate of 6% or a home equity rate in the 7% range (which is tax deductable). The effective after tax rates of those options (3.5-5%) is better than any "conventional" car loan, I think.

    Paying cash is something I've been doing since my first new car in 1978. Not necessarily the most financially prudent way to pay for a car, but it's kept me from ever buying more than I could afford and there is no monthly pain.
  • al_93al_93 Posts: 2
    I'm considering the same thing--there's a leftover (new) '06 Cayman S at my local dealership. I'm trying to infer the money factor and residual from the '07 values that I've found in your posts. Is this a good assumption? What are the values for the '06 on a 24 month lease?

    Thanks.
Sign In or Register to comment.