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Porsche Cayman Lease Questions

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Comments

  • voodooistvoodooist Posts: 10
    Hello Car Man,

    I too was drawn to the dealer by this lease add.

    Since then I have decided that I am interested in the following Cayman:
    Base Cayman 5 speed with no upgrades other than the Arctic Silver Paint, 18" Cayman S wheels and some floor mats.

    My credit is excellent, (above 800)

    I was quoted the following:
    52,300 MSRP
    48,789 Sale Price
    3000 down
    48 Month Lease
    10K Miles per year
    $722.35 total monthly payment in CA (w/Tax)

    We hashed through so many different scenarios that I am not sure if they are taking into account about 2K in equity I have in my trade in this calculation or not.

    Miles aren't really an issue for me as I have another car, this is the weekend fun and trip car.

    I have played with the leasing calculator on the site, but still not sure if I am plugging the numbers in correctly

    Some have suggested that I save up more cash for a down payment and buy the car using extended financing such as a 72 Month loan.

    Any suggestions and guidance would be greatly appreciated.
  • digieditdigiedit Posts: 5
    I got my Cayman last week. Base. Manual. Artic Silver. Preferred Package. Heated Seats. $2800 down. $655/month. 36 months. 12k year.

    I love it!!!
  • voodooistvoodooist Posts: 10
    Congrats digiedit!

    Can you shed some light on MSRP, Sell Price, residual, and money factor?

    Sounds like I can work myself a better deal.

    If so I may get my Cayman after all.
  • digieditdigiedit Posts: 5
    MSRP - 54, 760
    Sale Price $48,500

    Trade in $21, 500
    Amount owed on Trade in $22300

    Down Payment $2800 (including first month)
    Residual $35220

    Monthly payment $663 (includes negative equity for trade in)

    Not sure what they money factor is.

    Hope this helps
  • voodooistvoodooist Posts: 10
    Thanks Digiedit,

    Sounds like I should be able to work a better deal than offered the first time around.
  • voodooistvoodooist Posts: 10
    Hello,

    I'm looking for suggestions on a Cayman Lease.
    So far this is the car I am looking at, though I did find one slightly more expensive with the heated seats, xenon lights and stereo upgrade that is an option also.

    Base Cayman 5 speed with no upgrades other than the Arctic Silver Paint, 18" Cayman S wheels and some floor mats.

    My credit is excellent,

    I was quoted the following:
    52,300 MSRP
    48,789 Sale Price
    3000 down
    48 Month Lease
    10K Miles per year
    $722.35 total monthly payment in CA (w/Tax)

    We hashed through so many different scenarios that I am not sure if they are taking into account about 2K in equity I have in my trade in this calculation or not.

    Miles aren't really an issue for me as I have another car, this is the weekend fun and trip car.

    I have played with the leasing calculator on the site, but still not sure if I am plugging the numbers in correctly

    Some have suggested that I save up more cash for a down payment and buy the car using extended financing such as a 72 Month loan.

    Any suggestions and guidance would be greatly appreciated.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello voodooist. Let me begin by saying that you really shouldn't make such a large down payment when leasing. I always advise consumers against making down payments on leased vehicles because consumers who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. This goes for any equity that you have in your trade as well. You would be better off having the dealer cut you a check for your trade rather than using the proceeds from it as a capitalized cost reduction.

    The selling price that you were quoted for the Cayman that you are interested in looks reasonable to me, but it probably wouldn't hurt to comparison shop with another dealer or two to see if that is the best that you can do on this model in your area. Also, make sure to stop by the following discussion to see how much other community members have paid for similar cars lately: "Porsche Cayman: Prices Paid & Buying Experience".

    Once you arrive at a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using Porsche Credit's buy rate lease money factor of .00310.

    Car_man
    Host
    Prices Paid Forum
  • Hello! This will be my first Porsche and I'm very excited, but would appreciate a little help from someone who knows more about leases (Porsche leases, to be exact) than I do. So thanks in advance for your help!

    I am considering leasing a 2008 Cayman (in California) with a MSRP of $51,845. I haven't gone in to see the car yet, but plan to do so this weekend and if the price is right, I'll lease it. I talked to a salesman on the phone today and he said that he could get my monthly payment (on a 10,000 mile, 36 month lease) to be at or just below $800 per month, including taxes, with $3000 down. There is no trade in here. This seems a bit high to me; is it? How can I negotiate a better deal (I'd like to get the car at around $650 a month with the same or less down)- what is a realistic expectation?

    Thanks again for your help!
  • habitat1habitat1 Posts: 4,282
    I'm sure others will assist you on the lease feedback. However, if I might ask, why are you leasing?

    By my calculations, you would be spending nearly $32,000 over 3 years to "rent" a car that would only cost about $52,000 to purchase outright (figuring the sales tax would be mostly offset by a 7+/-% discount off MSRP). Hell, why don't you just go the extra $20k and purchase it? Even at $650-700 per month instead of $800, you are still paying over half of the price of the car over a 3 year/30,000 mile lease.

    Unless there is an overriding reason why it makes sense to lease (100% tas deductable business expense) it doesn't make sense to me. And the way I look at it, if I couldn't afford to pay cash for my current 911S or previous Honda S2000, I shouldn't be getting it. They are a discretionary purchase, after all. Just my perspective, for what it's worth or not.
  • You should be able to do better. This was my deal in June in Dallas, TX - BTW, The Cayman is a great car, but be prepared for every idiot kid in a Honda Civic / Mitsubishi Eclipse wanting to race you at stop lights - its actually kind of funny. I just sit there and watch them floor it - i'm WAY too old for that

    MSRP - 54, 760
    Sale Price $48,500

    Trade in $21, 500
    Amount owed on Trade in $22300

    Down Payment $2800 (including first month)
    Residual $35220

    Monthly payment $663 (includes negative equity for trade in)

    Not sure what they money factor is.
  • Welcome vmichael. Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. The best way to get a good deal on a leased vehicle is to negotiate its selling price and then have the dealer that gives you a price that you are comfortable with calculate your monthly payment using its buy rate lease money factor. Porsche Credit's current buy rate lease money factor for a 36 month lease of a 2008 Cayman is currently .00310 for consumers who qualify for its top credit tier.

    I would be happy to give you my opinion of this deal if you tell me what this car's selling price is.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • hannabhannab Posts: 21
    The 36 mo MF's I am seeing are .00320, without mention of tiers.
    Thanks for all your valuable info.
  • You're welcome, hannab. Through the end of the year, Porsche Credit's buy rate lease money factor is definitely .00310 for consumers who qualify for its top credit tier and pay a security deposit and its $745 acquisition fee at lease signing.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Should I take the below offer?

    2007 Cayman
    MSPR $56000
    Selling price : $46000
    TDO : $4000
    Montly payment : $618 + tax
    Residual : $31000

    What do you think, Car Man?
  • mpc911mpc911 Posts: 1
    I am looking at leasing a remaining 2007 cayman that my dealership has left.
    MSRP 53,490
    discounted to 45,900
    5200 total down
    36 month lease $679 (includes taxes)
    Is this a good deal?
    I think it may be too much down.
    What is the current money factor?
    Any help is appreciated
  • robinkerobinke Posts: 1
    Car_Man

    My local Porsche dealer quoted a money factor of .0027 and a residual of 62% for a 36 month, 10,000 mile lease for a base Cayman. Have they marked up the rate? The Cayman lease advertised on the Porsche website appears to have a money factor of .0025 and a residual of 62% for the same terms. Also, can anyone advise on the price, i.e. how close to the invoice should I expect to pay? Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey robinke. The dealer that you are working with dis mark your car's money factor up slightly, but not nearly as badly as many Porsche dealers that I have seen. Porsche Credit's May buy rate lease money factor is .00250. Make sure to stop by the "Porsche Cayman Prices Paid and Buying Experience" discussion for feedback on how much you should pay for this car.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Can you please provide the dealers current buy rate for a 36 month, 12,000 Porsche lease for Tier 1 credit?

    Thanks in advance.
  • hannabhannab Posts: 21
    36 months - 12 K
    Cayman 61% residual, MF = .0026
    Cayman S 59 % - same MF
  • Hmmmph. The F&I guy told me "I'm giving you my buy rate" at .0033. I thought that sounded high.

    Now he just gets a check and no money on the backend.

    Thanks hannab!
  • Here was a dealer told me on either a 2008 Boxster or a red 2008 Cayman

    15kmiles/year $539+tax
    18kmiles/year $596+tax
    36months

    MSRP 51000
    Negoitated down to 47000
    Residual 53%
    MF .0030
    5900 down

    Is this a good deal?
  • Hi tightymcfish. Let me begin by saying that $5,000 is way too much money to put down on a lease. I always advise consumers not to make large down payments on leased vehicles. Those who make them risk losing part or all of them if their vehicle is totaled. Even though it means that your monthly payment will be a little higher, it would be much safer for you to go with a zero down lease.

    Also, the money factor that you were quoted is a little on the high side. Porsche Credit's current buy rate lease money factor is .00250 for consumers who qualify for its top credit tier. See if you can get the dealer to use that factor to calculate your car's payment.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Car_man is correct, this is not a fair offer. I leased an 08 Cayman in Aug. MSRP 53,300. Cap cost 47,000, MF .0025, resid for 36 mo /15K should be 57%.
    Payment on your car should be about $590 with ZERO down.
  • hi guys, i'm thining of embarking on my first porsche lease!!

    Does anyone know what a good lease (mf, residual, etc) for 24 months on a Cayman 2008 should be? i'm looking at one with an msrp of about 55k with a cap cost of 51k.

    thank you!!
  • Welcome bimmerlovr. Porsche Credit's current buy rate lease money factor and residual value for a 24 month lease of a base 2008 Cayman with 15,000 miles per year are .00270 and 54%, respectively. If you choose to go with a 36 month lease, Porsche is running a special conquest promotion for current owners of competitive vehicles which provides a money factor of .00208 (57% residual value).

    I am not personally familiar with what the market is like for the Cayman in your area right now, but I can tell you that business at Porsche dealers in general is very, very slow right now. Shoot for as close to dealer invoice as possible when negotiating your selling price on this car. You can look up the invoice price of the exact model that you want by visiting the New Vehicle Pricing section of Edmunds.com.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • what are the current lease deals on an 09 cayman? i'm looking to get a basic one (pdk, heat, ipod, bluetooth) around 52-53k off of 58 msrp. zero down, 10k.
  • what are the lease rates on a 09 cayman?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey croc. You're in luck, Porsche just introduced a new special lease program for July featuring a special lease money factor of .00146 on all models. That's about as good as it gets on Porsches. If you want to get one, now is the time to do so.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Thanks to Car_man's post the other day that alerted me to Porsche's new, lower lease rates, I pulled the trigger on an '09 Cayman this weekend.

    The deal was as follows:
    MSRP- 57,270
    Gross Cap Cost - 50,247 (12.25% discount from MSRP)
    Residual- 33,216 (58%)
    MF - .00146
    Months - 36
    Miles/yr- 10,000
    pmt- $597

    I paid taxes, acq & doc fee up front, but put no extra money towards Cap cost.

    I'm happy with the deal, and VERY happy with the Porsche!
  • crobar1crobar1 Posts: 7
    9squaregrid,

    Where are you located? Would love to bring these numbers into my dealer.

    Thanks,
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