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Porsche Cayman Lease Questions

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Comments

  • habitat1habitat1 Member Posts: 4,282
    "You must be confusing the new TT with the old. The new TT has an aluminum space frame and is some 300 lbs. lighter than the previous car. Car and Driver weighed the TT at 2960 lbs., which is lighter than the Boxster, Cayman, and 911."

    You need to get ALL of your facts straight. The TT coupe (not roadster), 4-cylinder (not V6), front wheel drive (not quatro) weighs in at 2,965 lbs. Which IS still heavier than the Boxster (a roadster), Cayman and S2000.

    The V6 Quatro version of the TT coupe weighs in at 3,218 lbs, which is 100-150 lbs more than a 911 coupe. The roadster version of that model TT is up at least another 100 lbs.

    If you want to contend that the anemic 4 cylinder, FWD TT coupe is not a pig becuase it slides in at just under 3,000 lbs, that's up to you. But pig or not, that car is absolutely NOT A SPORTS CAR, unless you also define the New Beetle as one. By the time you give the TT, coupe or roadster, the proper engine and Audi's stubborn, heavy quatro only alternative to FWD (where's RWD?) you are back to comparing it to farm animals relative to weight.

    I believe in calling a pig a pig. You may want to consider the piglet version less offensive, but it's more competitive with econoboxes in performance than any of the other cars we are discussing here.
  • chanderchander Member Posts: 21
    Hi Habitat,
    Trying to decide between a Caymans S, one with a color I like but has no chrono vs another color which is my second choice but with chrono which is better?, Is it true the sweet engine sound is a little different with the chrono? This is once in life time purchase for me and want to make the right choice. :)
  • habitat1habitat1 Member Posts: 4,282
    That's a decision only you can make. Drive both.

    Or if for some reason, you can't drive the one without the sport chrono, drive one with the sport chrono and decide if the difference between activating the "sport" button is worth taking your second choice in color.

    I can't tell if there is a difference in engine sound with just the sport chrono because I also have the sport exhaust which is also activated by pressing the sport button. There is a big difference with the sport exhaust, but I don't think much, if any without. The "sport" feature on the sport chrono increases the throttle and braking response. It is quite noticable in my 911S. It may not add to the objective performance figures, but subjectively the car feels quicker.

    Do either/both have PASM as well? That's standard on the "S" version of the 911, but I believe an option on the Cayman S.
  • chanderchander Member Posts: 21
    Yes, Both with pasm,arctic without chrono and meteor grey with.Thanx for ur advise :D
  • habitat1habitat1 Member Posts: 4,282
    Like I said, you should really drive both to see if the sport chrono is worth it to you. But it is interesting that both have the $2k PASM option, but only one has the $920 sport chrono. I use the "sport" setting on my PASM less than 10-20% of the time - usually only on smooth higways or smooth twisty roads. But I use the (separate) "sport" setting on the sport chrono about 50% of the time.
  • digieditdigiedit Member Posts: 5
    I'm looking at either leasing a standard Cayman (preferred package, heated seats, no bose) or buying a 2006 used Cayman S.
    The dealership has told me that the MSRP on the base is $53,760 and they'll sell it for $47,400. With 2500 down the payments for 12k miles/48 months will be $690/month. Is this a good deal? Seems high to me.
    The used Cayman S has 12500 miles on it, PASM, PCM, Bose, 19" wheels, Sport Chrono plus etc. They are listing it at $54,900. This seems to be a great price.

    Any recommendations would be greatly appreciated
  • habitat1habitat1 Member Posts: 4,282
    What was the in service date and MSRP on the 2006 Cayman S. You should be able to pick up a brand new one at close to 10% off. Unless you are getting at least 25% off the equivalent MSRP on a used one (i.e. 15% discount to what you could buy a new one for), the price is too high. And if that 2006 was an early arrival that is now 20+ months old, I'd want the price to include an extended warranty.

    Porsche lease rates are expensive, compared to say, BMW. If you would buy the Cayman S, why wouldn't you do the same with the base Cayman?
  • digieditdigiedit Member Posts: 5
    Not sure about the MSRP or date in service. I appreciate your insight. I agree that the lease rates are very high, especially when compared to BMW. What are your thoughts about Porsche Options financing? I prefer lease payments, but enjoy the feeling of actually owning the car.
  • habitat1habitat1 Member Posts: 4,282
    Actually, don't know much about Porsche financing options either. I paid cash, but could have (and still can) borrow at a margin interest rate of 6% or a home equity rate in the 7% range (which is tax deductable). The effective after tax rates of those options (3.5-5%) is better than any "conventional" car loan, I think.

    Paying cash is something I've been doing since my first new car in 1978. Not necessarily the most financially prudent way to pay for a car, but it's kept me from ever buying more than I could afford and there is no monthly pain.
  • al_93al_93 Member Posts: 2
    I'm considering the same thing--there's a leftover (new) '06 Cayman S at my local dealership. I'm trying to infer the money factor and residual from the '07 values that I've found in your posts. Is this a good assumption? What are the values for the '06 on a 24 month lease?

    Thanks.
  • voodooistvoodooist Member 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 Member 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 Member 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 Member 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 Member Posts: 10
    Thanks Digiedit,

    Sounds like I should be able to work a better deal than offered the first time around.
  • voodooistvoodooist Member 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 Member Posts: 38,514
    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
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    Prices Paid Forum
  • vmichaelvmichael Member Posts: 22
    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 Member 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.
  • digieditdigiedit Member Posts: 5
    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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
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    Prices Paid: Buying & Leasing Experiences Forum
  • hannabhannab Member Posts: 26
    The 36 mo MF's I am seeing are .00320, without mention of tiers.
    Thanks for all your valuable info.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
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    Prices Paid: Buying & Leasing Experiences Forum
  • alphaomegaalphaomega Member Posts: 1
    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 Member 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 Member 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 Member Posts: 38,514
    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
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    Prices Paid: Buying & Leasing Experiences Forum
  • speedracerettespeedracerette Member Posts: 2
    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 Member Posts: 26
    36 months - 12 K
    Cayman 61% residual, MF = .0026
    Cayman S 59 % - same MF
  • speedracerettespeedracerette Member Posts: 2
    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!
  • tightymcfishtightymcfish Member Posts: 2
    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?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
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    Prices Paid: Buying & Leasing Experiences Forum
  • hannabhannab Member Posts: 26
    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.
  • bimmerlovrbimmerlovr Member Posts: 6
    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!!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
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    Prices Paid: Buying & Leasing Experiences Forum
  • crocodiletearscrocodiletears Member Posts: 18
    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.
  • crocodiletearscrocodiletears Member Posts: 18
    what are the lease rates on a 09 cayman?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
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    Prices Paid: Buying & Leasing Experiences Forum
  • 9squaregrid9squaregrid Member Posts: 15
    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 Member Posts: 7
    9squaregrid,

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

    Thanks,
  • hpowdershpowders Member Posts: 4,330
    Hello Car_Man.

    Is the 0.00146 money factor available on Boxster leases too or just Caymans?

    Thank you.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'm glad that you post helped you out, 9squaregrid. Congratulations on getting your new Cayman. Thanks for taking the time to give back by sharing the details of your lease with everyone. If you haven't already, make sure to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others as well.

    Enjoy your new ride :shades: !

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey hpowders. The special money factor is indeed available on Boxsters too.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • hpowdershpowders Member Posts: 4,330
    Thanks Car_Man! :)
  • beaubbeaub Member Posts: 1
    Hi Car Man,

    Thank you for your very informative posts. I'm looking to lease a new Porsche Cayman with a deal similar to 9squaregrid's. The dealership i'm in negotiations with is giving me the .00146 mf and the car is approx. $58k, i'm trying to get the cap cost lowered to invoice but the guy keeps telling me "porsche doesn't go into invoice territory". What should I do to get him to drop the price down to $50-51k? Should I try another dealer? I need to get a new car by friday, saturday at the latest.

    Thanks CarMan
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem hpowders.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, beaub. It's good that the dealer that you're working with is giving you the base money factor. If they aren't willing to go as low as you would like on the car's selling price, you can always comparison shop with a few other dealers. Pitting dealers against each other is always a good technique for getting a low price.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • nyubxtrnyubxtr Member Posts: 5
    That's a great deal! I am looking for the Cayman as well. What dealership did you get the deal from? or what city did you get it from? I would love to get the same deal from Southern California dealerships.
  • patco2927patco2927 Member Posts: 2
    Just took delivery 3 days ago on a 2009 Cayman, well optioned, 15K miles per year, 36 months, ZERO $ down except first payment. $725.00 month. Car is fantastic. Well worth the price and Porsche dealer was way more comptetive in pricing my lease than the BMW dealer on a 2009 135.
  • namshiknamshik Member Posts: 3
    is 725 including tax?
    what was the msrp on the car?
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