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Porsche Cayman Lease Questions

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  • hannabhannab Posts: 21
    I've been shopping for a '10 Cayman S and Car_man is correct about the $2,000 lease cash incentive.
    For a purchase there is no incentive, however, the 1.9% financing offer is in effect again this month.
  • rravinrravin Posts: 27
    Do you mind telling me which dealers are offering this 2,000 lease cash incentive?
  • dwynnedwynne Posts: 4,018
    I am not sure that is correct. I think the $2k applies to lease or sale Cayman and Cayman S 2010 models. It MAY NOT apply if you do the cheap finance offer. Some (quite a few) dealers claim the $2k can't be combined with the cheap lease deal either. I don't know why there is confusion, but there seems to be over this point.

    Note that on 2011 Cayman and S the same residual and MF apply for August - so now you can get a fresh 2011 for the exact same deal as 2010 (not counting the $2k dealer money). A lot of folks may prefer the 1 year newer car, for sure if you are planning on buying (or selling) at the end of the lease - a whole model year newer car with the SAME residual as a year older car will always be worth a good chunk more money. If you are just going to turn it at lease end, then it does not matter - the only different will be the negotiated price of the car.

    For 2011 few changes, but all Caymans now comes standard with BT phone connection, universal audio interface (the cheap cable, if you get the PCM the expensive cable is still extra), and floor mats. Looks like the same MSRP as before as well,so these three items are "Free" on a 2011 car. These were $695, $95, and $90 as options on the 2010 cars. So a like equipped 2010 will be nearly $900 higher at MSRP. Just something to think about.
  • dwynnedwynne Posts: 4,018
    Not a leasing deal,but I think PFS is still doing 2.9% for up to 60 months on a CPO Cayman or Boxter. With the right deal, you can OWN your Porsche in 5 years for about the same payment as a 3 year lease. Another thing to think about .

    With the model year changing next month, those CPO Caymans are going to be yet another year older so time to move them off the lot...
  • rravinrravin Posts: 27
    edited August 2010
    Just leased a 2010 Cayman S last week. 36 months/12k. Fully loaded, 19" Carrera S II Wheels with PDK. MSRP $77,425. Gross Cap $68,986 (Factor Invoice) . Adjusted cap was $69,863 (Factor Invoice + Acquisition fee of $895). As has been stated before, MF of .00118 Residule 53% for Cayman S with PDK. No money down except for DMV/Registration and 1st months payment. I think this is a pretty good deal. How do you think I did?
  • dwynnedwynne Posts: 4,018
    Sounds good to me and about the same deal as I just completed. Mine was non-PDK and less loaded ($65k or so MSRP) also leased for invoice. I found most dealers still wanted to price over invoice by a good bit (keeping all that plus the $2k), but I found a couple that would do the deal for a $2k profit - so a 2010 leased at invoice or a 2011 leased at $2k over.

    Did you have to pay a doc or dealer prep fee?

    Enjoy your new ride, it is one sweet car. I can't believe owner's manual states the break in period is 2000 miles!

    Break in hints for the first
    2,000 miles/3,000 kilometers
    The following tips will be helpful in obtaining optimum
    performance from your new Porsche.
    Despite the most modern, high-precision manufacturing
    methods, the moving parts must still wear
    in with each other. This wearing-in occurs mainly in
    the first 2,000 miles/3,000 kilometers.
    Therefore:
    f Preferably take longer trips.
    f Avoid frequent cold starts with short-distance
    driving whenever possible.
    f Avoid full throttle starts and abrupt stops.
    f Do not exceed maximum engine speed of
    4,200 rpm (revolutions per minute).
    f Do not run a cold engine at high rpm either in
    Neutral or in gear.
    f Do not let the engine labor, especially when
    driving uphill. Shift to the next lower gear in
    time (use the most favorable rpm range).
    f Never lug the engine in high gear at low
    speeds. This rule applies at all times, not just
    during the break-in period.
  • Hi rravin. The $2,000 is being paid for by Porsche itself, so it should be available everywhere.

    Car_man
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  • dwynnedwynne Posts: 4,018
    Getting the Porsche dealer to acknowledge that and pass the savings on to the buyer can be the tough part - some dealers just will not deal that low.

    BTW, my dealer said the August lease number carried over to September unchanged.
  • I am trying to determine the PFS buy rate lease money factor and residual value for a 2011 Cayman S at 12000 Miles. Thanks for the help.
  • Greetings to the appropriately named cayman2. Here's the info that you're looking for.

    Porsche Financial Services' October buy rate lease money factor and residual value for a 36 month lease of a 2011 Cayman S with 12,000 miles per year are .00118 and 54%, respectively.

    Car_man
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  • Has anyone leased a used 2008 Cayman recently and if so, what was the MF and residual?
    Thanks
  • dwynnedwynne Posts: 4,018
    I asked a dealer about a lease on a CPO and the numbers were terrible (compared to a new Cayman or S). You can also check leasecompare.com to see what they have, but I don't expect you will be happy - Caymans just don't seem to lease well used.
  • Carman or anybody-
    Got quoted on a 2011 Base Cayman rates and wanted to know if they sound right.
    MF .00158
    Residual at 12k, 36 months 54%

    Thanks
  • dwynnedwynne Posts: 4,018
    The dealer can't change the residual, it is set by the lease bank. So whatever they told you (unless in error) is correct.

    The last few months the lease MF has been 0.00118 so either the current rate is higher or (more likely?) the dealer has jacked up the rate for extra profit.

    I would just ask them if they are giving you the "buy rate" or not - most will honestly answer the question when asked - or check another dealer.
  • Hi xfdriver. Dwynne is right, the dealer appears to be marking up this car's buy rate lease money factor. According to the latest information that I have seen, PFS' buy rate for the Cayman is .00118.

    Car_man
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  • Thanks Car man
    I will challenge the dealer on that. Does the 54% residual on a Base Cayman for 12,000 miles sound correct?
  • No problem xfdriver. PFS' current 36 month, 12,000 miles per year residual value for a base 2011 Cayman is 55%.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • easy87easy87 Posts: 11
    Does anyone know if PFS released new January lease terms (residuals and money factors) on Caymans today? I am considering leasing a new 2011 Cayman and not sure if I should pull the trigger today on the final day they will honor the Dec terms (.00118 MF and 56/57% residual on S/non-S assuming 7,500/yr mileage allowance and 36 months). I am trying to find out if the new Jan terms will be the exact same carried over from these Dec terms or if the lease deal will get better or worse.

    Does anyone have any info or insight?
  • easy87easy87 Posts: 11
    Does anyone know if PFS released new January lease terms (residuals and money factors) on Caymans today? I am considering leasing a new 2011 Cayman and not sure if I should pull the trigger today on the final day they will honor the Dec terms (.00118 MF and 56/57% residual on S/non-S assuming 7,500/yr mileage allowance and 36 months). I am trying to find out if the new Jan terms will be the exact same carried over from these Dec terms or if the lease deal will get better or worse.

    Does anyone have any info or insight?
  • Hi easy87. PFS January buy rate lease money factor and residual value for a 36 month lease of a 2011 Cayman S with 7,500 miles per year are .00118 and 56%.

    The numbers for an otherwise identical lease of a base Cayman are .00118 and 57%.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • anijhawanijhaw Posts: 24
    Car_man,

    Thanks for everything that you do for this forum!

    Can you provide updated residuals on a 1, 2, and 3 year lease for a 2010 Cayman (7,500 mi per year)? If you could also provide the money factor for each, that would be greatly appreciated.

    I plan to make an offer this weekend, so this information will be very helpful.
  • You're very welcome anijhaw.

    Porsche Financial Services' January buy rate lease money factor and residual value for a 24 month lease of a base 2011 Cayman with 7,500 miles per year are .00118 and 68%, respectively.

    The numbers for an otherwise identical 36 month lease are 00118 and 57%.

    Car_man
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  • anijhawanijhaw Posts: 24
    Thank you Car_man. I believe those are for a 2011. How about a 2010?
  • I am considering acquiring a "new" (never titled) 2008 Cayman S. If a lease is offered and is favorable, I may lease instead of purchasing. Given the car is already two years old, based on its estimated new price in 2008 and what I can purchase it for now, its value today is about 60% of its original price.

    If I take a new lease now (based on its current age as a 2 year old car and its currently depreciated price) what would be the residual and the money factor for a new 36 month lease (that will expire when the car is 5 years old)? Also, what would they be for a new 42 month lease? I have a credit score over 725 and would want a mileage allowance of 12,000 miles per year. I am requesting for a closed-end lease. THANKS!
  • kyfdxkyfdx Posts: 30,571
    Porsche isn't going to have a lease program for a 2008 vehicle. If you wanted to lease it, you'd have to go through an independent bank, and consider it a used car...

    I wonder why a 2008 model is still on the lot? Dealerships that hang on to older models, usually don't have a realistic price.. that's why they still have the car.

    Also, used cars don't lease well.. It may be counter-intuitive, but it often is more to lease a used car than a new one...

    MODERATOR
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  • Sure, anijhaw. Porsche Financial Services' January buy rate lease money factor and residual value for a 24 month lease of a base 2010 Cayman with 7,500 miles per year are 00230 and 52%, respectively.

    The numbers for an otherwise identical 36 month lease are .00230 and 45%.

    When negotiating your lease on this car, make sure to take the $4,000 final dealer cash payment that Porsche made to dealers who had 2010 Caymans left in stock into account.

    Car_man
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  • Thanks kyfdx. This dealership has used the car as a service loaner for 1+ years and about 20K miles. They said it will be treated as new with regard to financing since they have not titled it. They have certified it with regard to warranty. I think I can purchase it for approximately $40K. Does this change things in your opinion?
  • kyfdxkyfdx Posts: 30,571
    It might be a good purchase.... I still don't think you'll find a lease program for it, that will make much sense.. It's 2011... it will be a six year old car, after a 36 month lease... That's going to be a pretty low residual...

    Figure a residual on a 3yr/36K lease to be somewhere around $15K-$18K... With a $40K purchase price, you'll probably have a lease payment of $900-$1000 per month... or more...

    You could buy the car for $800/mo..

    You can ask them... maybe Porsche will have some sort of program.. maybe a special finance rate for certified used cars.. But, treat it like any other used '08 Cayman S, when making a purchase decision...

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • Thanks kyfdx. I think you have given me good advice.
  • ras912ras912 Posts: 18
    My lease expires mid-March and my new car (non porsche) will be delivered 10 days later. I know BMW allows for a 10 day grace period. Does Porsche allow you to return the vehicle within 10 days of the lease expiration? Thanks
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