Porsche 911 Lease Questions

kyfdxkyfdx Moderator Posts: 207,893
edited May 2015 in Porsche
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  • jlukawitz1jlukawitz1 Member Posts: 1
    I ordered a '06 911 Carrera S 6-spd that is arriving this week. I want to lease either for 36 months/15k a year, or 48 months/15k a year. Can you tell me what the residual rate for the 2, as well as the money factor. I was quote 45% and 4.5 for a 4 year lease, but this seems high.

    Any help you can offer is great.

    Thanks.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi jlukawitz1. If you were to lease a 2006 Porsche 911 Coupe S through Porsche Credit right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00290 and 53%, respectively. The numbers for an otherwise identical 48 month lease should be .00300 and 45%.

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  • JingleJillJingleJill Member Posts: 120
    Hey Mr. Car_Man,

    I'm looking at gently used 2003 911... Can you tell me what the going lease numbers are for 36 months at 15,000 miles per year?

    I am a traditional finance person, so leasing is a whole new ballgame to me. Care to assist so I don't get hammered?

    Thank you,

    Stacy
  • roadking1roadking1 Member Posts: 10
    Car-man -

    Looking to lease a 2006 or 07 997 Cab. Non S car. Looking at 24 or 36 mos, 10K annual miles. What should I be paying. Minimum down. 24mos - Dealer is hitting me at .73 resid on an 07, money factor of .00365. Thanks, Bill
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hey Stacy. Unfortunately, I don't keep tabs on used vehicle lease programs. The reasons that I do not are that they are much less popular than new vehicle leases and there are so many variables, like vehicle mileage, condition, etc. that have an impact upon used vehicle lease programs that it is a ton of data to keep track of. Sorry that I could not be of more help.

    Since you are new to the world of leasing, I can at least point you in the direction of some articles that are available here on Edmunds.com that will help you understand how it works. You definitely should check them out prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi roadking1. Porsche Credit's current buy rate lease money factor for all leases is .00310. If you are being charges a higher money factor than this, chances are that the dealer you are working with is marking your car's buy rate up to add additional back-end profit to your deal. This is a fairly common practice amongst luxury brand dealers. Now that you know what your car's buy rate is, you may be able to get the dealer that you are working with to use it to calculate your car's monthly payment. I would be happy to tell you approximately what that payment should be if you provide me with the full MSRP and approximate selling price of the car that you are interested in.

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  • jkwirelessjkwireless Member Posts: 3
    Greetings,

    I have a 2007 C2S Coupe Tiptronic arriving at a dealership later this week and wanted to do some homework on residuals and competitive lease rates before I arrive at the dealership to finalize. I tried to obtain a quote from LeaseWizard, but they replied that ALG hasn't posted residuals for the 2007 models as of yet. Does anybody have access to this information and may be able to post?

    I am looking at leasing for either 36 or 48 months with 15,000 (maybe 12K).

    Thanks for any assistance!
  • wantabentleywantabentley Member Posts: 31
    my experience is that car companies offer better residuals and/or money factors for cars they want to move. so it is logical that the 2006 would have a better mf but it should also have a better cap cost as well bcs it is a 2006 and the 2007s are hitting the dealerships.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hey Christina. Yes, Porsche Credit's buy rate lease money factor is the same for 2007 and 2006 models (it's the .00310 that you mentioned). The dealers that you spoke with are probably trying to take advantage of the fact that consumers would rather have a 2007 model than a 2006 model and the fact that the '07s have higher residual values right now by marking up Porsche Credit's buy rate on 2007 models.

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    P.S. I had to delete your original post because it contained masked profanity, which violates the Edmunds.com Forums' membership agreement.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    I haven't seen ALG's residual values for the 2007 Porsche 911, but I have seen something better, Porsche Credit's residual values for it. If you were to lease a 2007 Porsche 911 C2 Coupe with Tiptronic through Porsche Credit right now for 36 months with 15,000 miles per year, its residual value should be 60%. The residual value for an otherwise identical 48 month lease is 54%. If you were to lease this car with only 12,000 miles per year its residual values would be 2% higher.

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  • ajitpkajitpk Member Posts: 7
    Dear Carman,

    What are the residuals for a 2006 C4 cab manual vs a 2007 C4 cab manual 36 and 48 month with 12,000 miles. I am able to get about $10000 off the 2006 so figuring if its worth leasing that instead of a 2007.
    Thanks
  • bwedotnetbwedotnet Member Posts: 48
    I am in a similar situation. What I have found is that the 2006's are heavily discounted (~$10K off) but also have much lower residuals (8% lower).

    For example
    2006 C4, MSRP $95K, Sell $85K, Residual 54%
    2007 C4, MSRP $95K, Sell $92K, Residual 62%

    If you run the numbers the lease payments are about the same. For me, the conclusion was to build a 2007 car exactly how I want it ($87K) and get $2-$3K off MSRP. The payment is about the same as as if I got a discounted 2006 car with many options I do not want.

    I hope this is useful info.
  • martinfmartinf Member Posts: 121
    You are making the right call. If you were purchasing, the 2006 would be the better deal, but if you are leasing, the loss of 8% on your residual will cost you about $7600, entirely wiping out the discount advantage on the 2006 car.
  • gblind8gblind8 Member Posts: 8
    I received a quote for $1,200/month, tax already included, for a 36 month lease with 12k miles/year for a 2007 911 Carrera with an MSRP of $74k.
    Residual is 57%. $0 down.

    Is this a fair monthly payment?

    Thanks in advance.
  • tabiggstabiggs Member Posts: 1
    can anyone help me come up with leasing 130,000.00 TT&L included for 36 months, 12,000 miles per year i couldnt find any residual values for this model.
  • martinfmartinf Member Posts: 121
    What is the discount they are giving you against the MSRP of $74,000 and what is the money factor they are charging you? I could figure one of those out if you gave me the other, but it would save me a little work to have both. If you are interested, cars.com has an extremely user friendly lease calculator on their website that I generally use to double check lease numbers for myself and friends.
  • gblind8gblind8 Member Posts: 8
    Unfortunately, I do not have the exact discount off the $74k. Money factor is .00330 and residual is 57%. Thanks again.
  • martinfmartinf Member Posts: 121
    Alright, you made me work a little harder, but no problem. I assumed a sales tax of 7% and was able to back out from your other numbers that your capitalized cost (discounted price) is $69,500, about $4500 under MSRP. Your Money Factor equates to an interest rate of just under 8% (.00330 x 2400). If those are the Porsche Financial residual factors and money factors, your discount seems reasonable. The dealership should give you the information on the capitalized cost at some point prior to you signing the contract. I have not been shopping the vehicles for awhile, but I did get $10,000 off MSRP in 7/06 for a 2006 C4 Cabriolet with MSRP of $93,000, purchase price of $83,000. Good luck, they are awesome vehicles!
  • martinfmartinf Member Posts: 121
    I think the residual of 57% is too low. Is that a Porsche Financial figure or some other lease company. See the other recent postings from fellow lessees. It seems your residual should be closer to 62% for a 36month/36,000 mile lease, which would translate into $3700 more in your pocket over the course of the 36 month lease or about $100/month. I should have checked those other posts first!
  • bwedotnetbwedotnet Member Posts: 48
    MartinF is correct. 57% might be the residual for a 2006 model but the 2007 models should be around 61% - 64% for a non S 2007 coupe (depending on miles per year).
  • gblind8gblind8 Member Posts: 8
    Just made a deal and here are the final #'s:

    2007 911 Carrera Coupe
    6 speed
    only options are floor mats and arctic silver metallic paint

    US Bank Finance Company
    0.00202 Money Factor
    $41,440.00 Residual
    $71,281.38 Selling Price
    $74,000 MSRP
    15k mi/year
    36 mos
    $1,163/month, tax already included

    Did I get a good deal here?
    Looks like I benefited from the lower money factor.

    I was considering the Cayman S but the payments were coming in at the $1,061 range (because of the much lower residual on that car). I figured I'd go ahead and spend an extra $100/month for the 911 but of course the options are minimal compared to the Cayman S.

    Any thoughts would be much appreciated. Thanks for all the help so far!
  • bwedotnetbwedotnet Member Posts: 48
    The money factor looks good compared to what Porsche financing is currently offering (~.0032). No need for a lot of options - most of the options are cosmetic anyway. If you shopped around a bit you might be able to get a lower price, but not by a lot. It looks like a decent deal to me. You'll love the car, enjoy.

    How did you end up with US Bank? Did you go through a lease company or direct?
  • gblind8gblind8 Member Posts: 8
    Thanks bwedotnet for the input.

    The dealer was the one who selected US Bank. He compared US Bank vs Porsche financing. I could have used Porsche financing with the same monthly payment but the residual was higher (60%) so if I decide to buy the car at the end of the lease, it will be to my benefit to go with US Bank. The Porsche financing money factor was .0031.

    If I were to use Porsche financing the sell price would have been $67,500, an 8.78% discount which is consistent with the discount percentages users here are seeing.

    Also my tax rate was 7.25% since I'm in Ventura County, California.
  • martinfmartinf Member Posts: 121
    What was the name of the dealership? The deal sounds very good, especially if you are considering purchasing at lease end.
  • bwedotnetbwedotnet Member Posts: 48
    I think that deal is in line with what you can get if you shop around. Porsche is currently offering a higher residual but their MF is also higher. Of course, if the payments are the same it is much better to have a lower residual and lower MF.

    I found that leasecompare.com quotes tend to be in this range. i.e. much lower residual value but much better MF. The payment comes out about the same as the current Porsche program.
  • gblind8gblind8 Member Posts: 8
    The dealer is The LA Auto Gallery in Woodland Hills, CA.
    I must admit though, it was tough finding a lightly equipped 911; as we all know, Porsche options are quite pricey.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi ajitpk. Porsche Credit's current buy rate lease money factor and residual value for a 36 month lease of a base 2006 Porsche 911 C4 Cab with 12,000 miles per year are .00310 and 53%, respectively. The numbers for an otherwise identical 48 month lease are .00320 and 46%. The money factors for an identical 2007 model would be the same, but the residual values would increase to 61% for 36 months and 55% for 48 months. The higher residual values make the 2007 model's lease program much more attractive right now. Which model has a better lease payment will depend upon what sort of selling price you can negotiate on the 2007 model.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Greetings gblind8. You never mentioned the selling price of the car that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what its selling price is.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi tabiggs. Porsche Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Porsche 911 Turbo Coupe with a manual transmission and 12,000 miles per year are .00310 and 62%, respectively. I would be happy to use these numbers to estimate what your car's monthly payment should be, however in order for me to do so I need you to provide me with its MSRP and selling price. Let me know and I'll crunch some numbers for you.

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  • gblind8gblind8 Member Posts: 8
    Car_man, here are the details of the deal:

    $71,281.38 Selling Price

    US Bank Finance Company
    0.00202 Money Factor
    $41,440.00 Residual
    $74,000 MSRP
    15k mi/year
    36 mos
    $1,163/month, tax (7.25%) already included

    Thanks!
  • jhl1963jhl1963 Member Posts: 19
    Carman, residuals please on: C4/C4s/C4Vert (12k miles, 36 months) Thanks!
  • jmatson266jmatson266 Member Posts: 3
    Local dealer is offering the following lease: MSRP $93,000 Discount of 3,000 so cap cost is 90,000 with 0 down, money factor .00380, residual 55%, 12,000 miles for 48 months. Lease payments including tax is $1475. It seems a bit high to me but I don't know if they will come down any more. What do you think? Thanks
  • bwedotnetbwedotnet Member Posts: 48
    Hi:

    With $0 drive off, this sounds about right. I would need to know the drive off fees that are being rolled into the payment and your tax rate to confirm.

    If you paid the drive off fees I estimate payments would be approx $100/mo lower. Using your MSRP, cap cost and MF:

    The Edmunds lease calculator gives a payment of ~$1409 / mo incl tax (8%).

    Leasecompare.com comes out to $1287/mo before tax.

    I think you can get a better discount. $5500 off MSRP is more appropriate on this vehicle at this time. An extra $2500 off cap cost will save you approx $60/mo ($2880 over 48 months).

    Take a good look at leasecompare.com. I like their plans because their residuals are much lower. All things being equal (i.e. payment) a lower residual with lower MF is better than a high residual and high MF.
  • jmatson266jmatson266 Member Posts: 3
    Thanks so much for your input. My total initial payment would include $1410 in fees and $388 for "other upfnt" as well as the 1st lease payment. I had the dealer run a lease payment for US Bank as well, and it did have a lower MF and RV, but the monthly payment was just over $1500. I don't plan on buying the car at the end of the lease so do you still think it is better with the lower MF and RV? Also, to be complete, the Porsche lease payment of 1475 includes a base of 1365 and taxes of 110. Thanks again.
  • bwedotnetbwedotnet Member Posts: 48
    Hi:

    If you are paying the fees and first month up front then $1365/mo (before tax) sounds higher than I would expect.

    leasecompare.com quotes $1287/mo (before tax) for your MSRP and Cap Cost. Over 48 months the $80/mo difference will add up ($3840).

    It might be worth getting an alternate quote. If nothing else it will make you feel better about the Porsche Financing numbers. Good luck. Let me know how it goes.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    No problem, gblind8. OK, so you're interested in a 2007 Porsche Carrera Coupe that has an MSRP of $74,000 and a selling price of $71,281. You're being given a $2,700 discount on this car. I know that Porsche dealers are heavily discounting leftover 2006 Cayman S and Cayenne models, but I am not personally all that familiar with what the market is like for the 2007 911 right now. Have you tried comparison shopping any? It might now be a bad idea to get another price quote or two on this car.

    The U.S. Bank money factor that you were quoted for this car is much lower than Porsche Credit's current money factor for it. As long as its residual value is close to Porsche Credit's then you would be better off leasing through U.S. Bank.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Here's the information that you're looking for, jhl1963. Porsche Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Porsche 911 C4 Coupe with 12,000 miles per year are .00310 and 62%, respectively. The numbers for the 2007 911 C4 Coupe S are .00310 and 60%. Lastly, the numbers for an otherwise identical lease of a 2007 911 C4 Convertible are .00310 and 61%. All of the aforementioned residual values are for cars with manual transmissions.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hello jmatson266. I'm not all that familiar with what the market is like for the 911 right now, so I can't comment on this car's selling price, but I can tell you that the money factor that you were quoted is too high. For consumers who qualify for its top credit tier, Porsche Credit's 48 month current buy rate lease money factor for all models is currently .00320. Make sure that the dealer uses this money factor to calculate your car's payment. The residual value that you were quoted look about right to me.

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  • john_galtjohn_galt Member Posts: 3
    anyone know the current money factors & residuals for the new Targa 4S?
  • outdrguyoutdrguy Member Posts: 8
    Thanks for the great info in the past. How does this deal measure up?
    2007 911 Carrera Coupe Tip

    0.0034 Money Factor
    $44,520.00 Residual (56%)
    $79,350 Selling Price
    $83,680 MSRP
    15k mi/year
    36 mos
    $1,390/month, tax already included

    Did I get a good deal here? I would like to make the deal soon if it's good, or I'll keep looking and ask for advice from you later. Thanks for all your wonderful help.
  • bwedotnetbwedotnet Member Posts: 48
    FWIW it looks decent to me. Inline with what I have been seeing lately. Is this through Porsche or a different lease company?
  • outdrguyoutdrguy Member Posts: 8
    Thanks for the reply. It is through Porsche per the dealer. I was a bit confused because when I ran it through edmunds lease calculator, I was coming up with the quoted lease rate ($1317lease not including tax which is $73/mo) with different numbers:
    a selling price of $78,000, residual 61% and MF of 0.0033

    If I run it with the numbers from the dealer ($79,350 selling price, residual 56% and MF of 0.0034, I come up with $1453/mo excluding tax.


    From the other disussions, I understand the current MF to be 0.0031 and RV 61% for 2007 C2s.

    Please help if you can. Thanks again very much.
  • bwedotnetbwedotnet Member Posts: 48
    Hi:

    Can you get a better deal? Could you lower your payment by $50-$75/month. Probably. For example, you could negotiate another $1000 off your purchase price (6% discount should be fairly easy to negotiate). You could also negotiate the MF if the dealer is adding some backend profit (the difference between 7.44% and 7.92% interest).

    In general however I think your deal is decent.

    I ran your numbers through lease compare. The best lease payment for 36mo 15k/year was:

    RV: $45,980
    MF: 0.00224
    Payment: $1,238 before tax

    It might be helpful for you to use this as a comparison (I don't know what your tax rate is).

    I hope this helps.
  • outdrguyoutdrguy Member Posts: 8
    Thanks very much. I appreciate the advice. I'll see if a better deal can be had, if not, I'll still look forward to driving a great car.
  • bwedotnetbwedotnet Member Posts: 48
    Good luck and congrats. Let me know the details of the final deal when you take delivery.
  • turboguyturboguy Member Posts: 2
    hi guys,
    i ordered and will be leasing a 2007 911 turbo tiptronic from rusnak.
    they have us bank and porsche financial services leases. the list and selling price as ordered is about $133,000. i'm debating a 36 or 48 month lease and am wondering if you know the current buy rates and residuals for the institutions and lease periods. i drive about 6k/yr. also, does it make sense to go elsewhere for the lease? i have excellent credit and can come up with a decent cap reduction if it helps rate-wise.
    please advise.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi john_galt. This car's lease program varies depending upon how long you lease it for and what mileage allowance you choose. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Porsche Credit's current 36 month, 15,000 mile per year buy rate lease money factor and residual value for the 2007 Porsche 911 C4S Targa without the Tiptronic transmission are .00310 and 55%, respectively.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi turboguy. I haven't seen U.S. Bank's lease program for this car lately, but I have seen Porsche Credit's program. According to the latest information that I have seen, Porsche Credit's buy rate lease money factor and residual value for a 36 month lease of a 2007 911 Turbo with Tiptronic and 15,000 miles per year are .00310 and 56%, respectively. The numbers for an otherwise identical 48 month lease are .00320 and 50%. The lowest mileage allowance that I have seen Porsche Credit offer on leases is 10,000 miles per year. Its 10k residual values are 3% higher than the aforementioned 15k residuals. You may be able to lease through them with fewer miles than this. Check with your dealer to see if it is possible to do so.

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  • john_galtjohn_galt Member Posts: 3
    I'll lease at 12k miles/year and either 36 or 48 months.

    I've also heard that US Bank is typically lower money factor and lower residual than Porsche, thereby making the payment roughly the same.

    Is that true, and if so, other than if one wants to purchase at the end of the lease, how does one decide which is better?

    Thanks
  • turboguyturboguy Member Posts: 2
    thanks car_man. i'll check.
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