Car Buying Advice - what is the best deal leasing a 2017 Porsche Cayenne Platinum edition.

sknum_55

I want to lease a 2017 Cayenne platinum edition. The dealer offers:
Money Factor : 0.0002
discount: 8%
terms: 36months
Mileage: 12,000/yr
down payment; $0
monthly payment:$1,080.34
free prepaid 2yrs maintenance program
MSRP $77,630

Is this a good deal?

thank you in advance.

kyfdx

sknum_55 said:

I want to lease a 2017 Cayenne platinum edition. The dealer offers:
Money Factor : 0.0002
discount: 8%
terms: 36months
Mileage: 12,000/yr
down payment; $0
monthly payment:$1,080.34
free prepaid 2yrs maintenance program
MSRP $77,630

Is this a good deal?

thank you in advance.

We don't have any Porsche lease numbers, but I'll guess that money factor is .0020, not .0002

Did they give you a selling price or CAP cost?
How about the residual percentage or dollar amount?
How much is due at signing?
Does that include tax? If so, what is your state and tax rate?

sknum_55

Yes the money factor is .002
selling price: $71,420
fees: $256
tax (6% PA): $4,285.20
net sale price: $75,961.20
residual %: n/a (will ask)

Tax already included in the monthly payment and it's $1,080.34 due at signing.

kyfdx

sknum_55 said:

Yes the money factor is .002
selling price: $71,420
fees: $256
tax (6% PA): $4,285.20
net sale price: $75,961.20
residual %: n/a (will ask)

Tax already included in the monthly payment and it's $1,080.34 due at signing.

Forget that tax number. And, by extension, the net sale price. Neither is accurate for the lease.
PA taxes the monthly payment, and it's 3% higher than your local rate (so, 9%)

Let's assume the fee total is $1300, including the ones you listed and the acquisition fee.
$71420+$1300 = $72,720 adjusted CAP.
Your pretax payment is $991.14 (+9% tax)

At 59% residual, I get $985/mo.+tax
At 58% residual, I get $1005/mo.+tax

If my estimated adjusted CAP was correct (of course, it isn't, it's estimated), then the numbers would match up exactly with one of those residual percentages.

Of course, if the residual is a lot higher than that, then they are padding the payment, somewhere.

sknum_55

kyfdx,

let's assume that your estimate (59% residual, $985/mo.+tax) is correct. Is this a good deal? i am not sure if 8% discount is good enough for this model as they will introduce the all new Cayenne by the end of this year. what about the money factor? is it something that can I negotiate or not? However, I will contact the dealer and ask for more details on the tax and fees.

thank you.

Michaell

sknum_55 said:

kyfdx,

let's assume that your estimate (59% residual, $985/mo.+tax) is correct. Is this a good deal? i am not sure if 8% discount is good enough for this model as they will introduce the all new Cayenne by the end of this year. what about the money factor? is it something that can I negotiate or not? However, I will contact the dealer and ask for more details on the tax and fees.

thank you.

The .00200 is the standard Porsche rate; to our knowledge, no way to bring it down.

We don't track pricing - use the 'make / model / year' pull downs at the top of the page to link to the price tools.

sknum_55

here is the update numbers from the dealer.

MSRP $77,630
saving: $6,210 (8%)
tax: 9%
cap cost:$72,415 ($71,420+995 acquisition fee)
money factor is .002
terms: 36months
Mileage: 12,000/yr
down payment: $0
monthly payment:$1,080.34 (tax and acquisition fee, doc fee included)
residual value: 63% or $46,746
free prepaid 2yrs maintenance program included
Amount due at signing: $0


Can anyone tell me if this a good deal for 2017 Cayenne platinum edition?

thank you in advance.

kyfdx

sknum_55 said:

here is the update numbers from the dealer.

MSRP $77,630
saving: $6,210 (8%)
tax: 9%
cap cost:$72,415 ($71,420+995 acquisition fee)
money factor is .002
terms: 36months
Mileage: 12,000/yr
down payment: $0
monthly payment:$1,080.34 (tax and acquisition fee, doc fee included)
residual value: 63% or $46,746
free prepaid 2yrs maintenance program included
Amount due at signing: $0


Can anyone tell me if this a good deal for 2017 Cayenne platinum edition?

thank you in advance.

63% of $77,630 is $48,906.90, not $46,746.
To get that residual with 63%, the MSRP would have to be $74,200.
If their MSRP, CAP cost and residual percentage were correct, the payment would be about $975, including 9% tax.

So, we can't check their numbers, if the basic variables they give you are incorrect.

One thing to check. On a new car, the residual is always an exact full percentage of the MSRP. No fractions.

Possibilities? Maybe one or more of these:

1) The residual isn't 63% (though I think it might be)
2) $77,630 is not the actual MSRP (substituted a different vehicle?)
3) You aren't getting 8% off
4) Maybe a demo model with extra mileage? (lowering the residual)

Ask them to reconcile that residual amount with the MSRP and residual percentage. That math is as simple as it gets, and is at the root of why their payment is far off.

sknum_55

This is the explanation I get from the dealer: 

"The residual is 63% of MSRP in most leases. Because Porsche has such a vast array of options, Porsche limits the residualized MSRP of their leases. This is called MRM (Maximum Residualized MSRP).

In the case of the Cayenne Platinum, the maximum allowed MSRP to be residualized is $74200 (This is a number Porsche generates. We have no say in the figure). Porsche’s residual calculation is $46746 at the end of this lease."

So, if what they explain is true, do you still think that it's a good deal or not?

sknum_55

If anyone is getting a better deal or more discounts than 8%, please share. Thank you.

kyfdx

sknum_55 said:

This is the explanation I get from the dealer: 

"The residual is 63% of MSRP in most leases. Because Porsche has such a vast array of options, Porsche limits the residualized MSRP of their leases. This is called MRM (Maximum Residualized MSRP).

In the case of the Cayenne Platinum, the maximum allowed MSRP to be residualized is $74200 (This is a number Porsche generates. We have no say in the figure). Porsche’s residual calculation is $46746 at the end of this lease."

So, if what they explain is true, do you still think that it's a good deal or not?

Well, that's true, and that sucks.
Man... I'd want a model that didn't sticker for more than $74,200!

Anyway, using these numbers--
$77630 MSRP
$72415 CAP
$46746 residual (I substituted 60.217% to get to that number)

$951.34/mo.+tax
$1036.96 total.

$43/mo. off their quote.
Now, they can explain where the other $1500 is coming from. lol
I'll guess doc/dmv fees, etc, etc.. are they charging you for that maintenance plan?

Really, the only explanation left is that $72,415 isn't really the adjusted CAP cost. That there is something else added in there.

sknum_55

They say the 2 yrs prepaid maintenance program is free. So, I guess there is something else they forget to tell me about. I'll ask them again. Thanks 

kyfdx

sknum_55 said:

They say the 2 yrs prepaid maintenance program is free. So, I guess there is something else they forget to tell me about. I'll ask them again. Thanks 

I will say.. they seem pretty forthcoming with answers. It would be nice if they would just lay it all out, so you don't have to keep asking.