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Porsche Cayman Lease Questions
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Comments
MSRP - 67,480
Cap Cost - 63,000 (6.6% discount)
Residual - 35,089 (52%)
MF - 0.00146
Months - 36
Miles/yr - 15,000
Payment - $1,025/month
Any comments?
Thanks.
which dealership did you use ?
I thought I'd get a bargain by leasing a pre-owned 06 Cayman S. The
Porsche dealer's quote for a 36 mo. 12K/yr lease was:
Price $41.5K
Cash Down $7.5K
MF .00350
48% residual (on price)
"bank fee" of $895
Pmt: $670+ tax
Not good. Looks like they really don't want to lease pre-owned cars. I could get essentially the same pmt on a brand new 09' Cayman S with a little price haggling. Or a stock Cayman for $100/mo less and 50% less $$ down.
I expected a lower MF reflecting the going loan rates and much a higher residual because its past the worst depreciation years and its a Porsche. With those lease variables, there's no way to get a price low enough to make up for the low residual and this work. Are my expectations unrealistic? It looks like I'll have to forget this as a bargain.
(i inadvertently posted this on the 911 forum too.)
From the manufacturer's perspective this makes sense, they earn a profit every time they sell a brand new vehicle but there's very little benefit to them if a consumer leases a used vehicle other than perhaps stronger resale values and a fee for certifying the car / truck.
If I was in the market for a Cayman, I personally would go new over used.
Car_man
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PFS is providing a special .00183 money factor on 2010 Caymans right now through.
Car_man
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MSRP $47965
Money Factor - 0.00186
Mileage - 12K/year
Residual - 50%
Cap Reduction - 3000
Porsche offers the lease payment offer of- $529/month.
But I am not able to calculate this payment unless I put about $7500 down, Which sounds ridiculous to me. Does anyone know what the details of this lease offer really means.
I'll Never a Porsche again.
Porche leasing:
1. NEVER returns calls
2. NEVER honors the contract commitment
I HAD to get a lawyer...
THEN they went after my credit
SCUMBAGS! all the way
What exactly did they not honor? In a lease document, they specify the payment term and the lease term.. There is normally nothing else that Porsche lease company should handle. Anything relate to the car is promised and fullfilled by the dealer.. Tell us some more about your problem..
Not sure if your a leasor or just curious,
The issue is it was an OPEN ended lease. I paid an extra 50 for it this privilege, which was stated on page 8 of the contract.
The car was 2 yrs old at the time (a 996).
I also put it through my Company, as I'm the owner.
After 3 accidents (and only 3 on 25 years), I decided either the car was going to kill me or I had to let it go.
SO, I voluntarily let it go with 15 months left on a 39 mo lease and signed paperwork to this effect.
No Issues right WRONG.
Porsche lesing never contact me, just hit up my credit.... all 3 of them...
2 lawyers both stated,
yes the lease is open ended, but... with the language in there, Porsche leasing could tie it up in court arguing points, both wanted $5,000 to enter court representing my company to fight the Outstanding balance of 17,000.
How wonderful.
Getting screwed on 2 fronts.
The sticky point they both made was I'm NOT an indidivual, but a CO, so I have NO rights.
Which Porsche leasgin was fully aware of and an I've proven i WAS NOT.
At this point, I waited 7 yrs, disputed and its off transunion and experian.
But equifax, in their infinitely limited capacity do not understand their own 7 yr rule and I'm still fighting to get it removed.....
No Judgement, liens from Porsche leasing which of course tells u all u need to know...
that make my point on "Honor" clearer??
This makes them liars, thiefs
Lesson -
First off thanks for all of the great information that you provide on this forum. I have read and learned a lot. Could you please proved June residual values and money factors for a 36 month lease for 12k and 15k miles per year on both the Cayman and Cayman S models. Thanks for your help.
Porsche Financial Services' June buy rate lease money factor and residual value for a 36 month lease of a base 2010 Cayman with 15,000 miles per year are .00118 and 53%, respectively.
The money factor for the Cayman S is exactly the same, but its residual value is 52%.
The residual value for leases with only 12,000 miles per year are 2% higher.
When negotiating your deal, make sure to take advantage of the $2,000 cash incentive that Porsche is currently providing on leases of this model.
Car_man
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I didn't get the Cayman numbers from the dealer, but you can figure them out from the offer on the Porsche web page. $59,465 MSRP + $33,300.40 purchase price at lease end = 56% for a 10k per year lease. Plug this info plus the net cap and payment into a lease calc and solve for MF = 0.00118, same as the S.
The dealer I talked to and Edmunds both say so money to go with the lease deals. Once the 2011 cars roll in the lease deals on the 2010 cars will likely go away and move the the newer models - but money may show up to help move the 2010 leftovers.
BMW lease numbers, for example, feature a much higher residual but also a higher MF.
If they lease you a car they have to sell it twice - once the first time and once again when you return it. So they want to have good lease deals to move cars, but if they make them too good they have to eat a lot of money in 3 years. I always thought Porsche had a strong resale value, but that is not really the case and is reflected in their own and 3rd party lease residuals.
For 2010 models: 0.00118 and 56% on Cayman for 10k with manual, drops to 55% with PDK, drops 1-2% for 12k miles. S is sane MF and 1% lower than the Cayman residual.
2011 is the same as last month as well: 0.00250 MF on both and the same residuals as the 2010 cars.
Porsche Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 Cayman with 12,000 miles per year are .00118 and 55%, respectively for consumers who qualify for its top credit tier.
The numbers for an otherwise identical lease of a 2010 Cayman S are .00118 and 54%.
If you were to lease either of these cars with only 10,000 miles per year their residual values would be 1% higher.
I've heard that Porsche is providing a $2,000 cash incentive on leases of this car.
Car_man
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For a purchase there is no incentive, however, the 1.9% financing offer is in effect again this month.
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.
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...
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.
Car_man
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BTW, my dealer said the August lease number carried over to September unchanged.
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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Thanks
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
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.
Car_man
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I will challenge the dealer on that. Does the 54% residual on a Base Cayman for 12,000 miles sound correct?
Car_man
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Does anyone have any info or insight?
Does anyone have any info or insight?
The numbers for an otherwise identical lease of a base Cayman are .00118 and 57%.
Car_man
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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.
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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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!
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...
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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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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...
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