Planet 9

I've seen some old discussions about Porsche owners nearing the end of their leases. I haven't seen too many successful lease-end purchase stories. Anyone have one to share? My '07 comes off lease fall of '10 (4 yr lease) and I'm starting to think about what to do.

Thanks.
BW415

Get some Preparation H...... it won't be pleasant... My lease ended in June... an '07 w/ 21+K miles... residual was $43.7K... I tried to negotiate w/ Porsche Finance and they said they lost too much $$$ doing that. I could buy it for $43.7K or walk.... so I walked... and then discovered they sold it at auction 2 weeks later for $39K.

Then I got the bill from Porsche... $350 fee for lease turning and about $500 for being over mileage.... That made me feel better (NOT!).

This was my 6th Porsche.... Man, do I feel special !!!!! ? Then the guy who buys it calls me and asked for receipts, original window sticker, etc... and tells me what a wonderful car it is and how much he enjoys driving it... Yeah, I know what a great car it is (was)... thanks for rubbing it in.

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Cold Croc
38 years of continuous Porsche ownership

Ride History
1966-1969 ---- 1961 Rambler Classic (Sorry)
1969-1970 ---- 1969 Mustang Mach I (Engine lasted 49K mi... swore I'd never buy another American car)
1970-1972 ---- 1964 356C - Rust Bucket
1972-1976 ---- 1972 914 - Ball Buster
1976-1977 ---- 1973 911T - Was I crazy?
1977-2007 ---- 1963 356SC 306K mi
2001-2003 ---- 1984 911 SC Targa - For my son
2000-2005 ---- 1997 Ferrari 355-F Brain Fart
2007- ???? ---- 2007 Cayman S
2008 ---------- 2008 Audi R8 - Delivery late spring '08

Most car manufacturers have gap coverage on their leases. This is not the gap coverage you buy, but the one bought by the leasing company (Porsche Financial services in this case). It pays for the difference in Residual and the Actual market value at lease end. Porsche has no incentive to sell it to you for actual reduced price when they can get the difference form the gap insurance. If Porsche does not take ownership of the car, the policy is not valid and they can't collect on it.
I have been told that, you can turn it in and try to buy it back from them thru a dealer after the fact.

I had planned to buy my lease but why bother? The dealership isn't going to give me a deal. However, they might give you something on a trade. I have occasionally traded in my lease on a new car and gotten a little more than the buy out cost on the old lease. In addition, if I trade a lease I am not charged for any extra mileage. And I am getting a new lease with a new warranty. I go to the dealership and start talking several months before the lease ends. It doesn't always work but it is worth a try.

The last time I looked Mercedes was willing to let you walk away from the last five months of a lease if you would buy a new Mercedes. That isn't going to happen this time because the wife wants a smaller car. Oh well. VW Turbo Diesel here I come.

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Porsche Cayman 2.7
Mercedes E320 Bluetec Diesel
Ducati Paul Smart LE
BMW R1200GS

As someone else pointed out in another thread: what could you be complaining about? You paid less for the period of your lease than if you had purchased, and now can walk away without having to worry about the current market for selling your used car, or go through the hassle of selling it yourself- (probably to someone like you who wants it for rock-bottom wholesale). The problem is you already did your deal 2 or 3 years ago. If the dealer's so bad, show him by buying another used one in a private purchase after you turn in yours.

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996 GT3 lower control arms at all corners
997 GT3 front sway bar
Quaife TBD
DMC harness bar/G-force harness
Hawk HP Plus pads

I'm not complaining. Just checking to see if anyone was able to work out a mark-to-market deal as their Porsche came off lease. I'm not opposed to a private purchase and getting a steal of a deal.

I tried like you to buy a few cars coming off lease at a reduced price. Like you they always wind up going to the auto auctions in PA or some similar place at greatly reduced prices. I don't know about this auto "gap" insurance someone else mentioned but I was told by a friend that was a Ford salesman that they do get serious tax advantages to writing off the losses from residual value to actual selling price at auction. If thats the case its a no brainer to just take the path of least resistance, get their write off and not deal with haggling and retail sales.

Just turned my 2006 Cayman S in. Residual was 36,500. Porsche wouldn't budge an inch on the negotiation. I talked to my local dealer (Who was actually responsive this time..they lost out on the first deal and remembered). I ended up dumping the 2006 (with only 12k miles) and getting a 2009 PDK for INVOICE on lease. Money factor was .00340 on a 36 month lease. Porsche corp wont deal (and were pretty arrogant about it when I called) but the dealers sure will. Alot of cars to choose from out there and I suspect they are losing some business, but its still the right car for me. Happy with my deal. My only complaint is...how can a 75k car have a crappy stereo and no auto dimming mirrors standard ....My crappy Chevy has it!??? Good luck

Trying to learn . . . so help me out here . . . what exactly does that mean? I have an idea but I'm not sure. Thanks.

As much as I would like to keep my current Cayman I don't think there is much (any?) hope. I'll probably just look around the lot to see what's available.

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Porsche Cayman 2.7
Mercedes E320 Bluetec Diesel
Ducati Paul Smart LE
BMW R1200GS

Its essentially the interest you pay on the lease term. It is fixed in my experience and not really negotiable unless you find another lender. This is not an oustanding rate. As an example Chevy was giving money factor of .001!

The money factor gets converted to an interest rate when multiplied by 2400.
So, 0.00340 becomes 8.16% interest, which in my opinion is a rip-off.

I leased a 2005 BMW 545i for a money factor of 0.001 which is only 2.4% interest.

By the way, the money factor is NOT fixed. There is a base money factor which the dealer can jack up if he wants to and you don't know any better.

The residual value of the leased vehicle IS fixed.

Please don't give out "advice" if you don't know whether it is accurate.

So, 0.00340 becomes 8.16% interest, which in my opinion is a rip-off.

Yup I agree unfortunately, that what porsche financling is giving currently.

This article in our Articles section is useful: Basics of leasing a Cayman (or any other car, for that matter) - My Articles
And Google can turn up plenty of lease calculators and helpful definitions.

I sure wouldn't pay 8.16% interest-not when fed funds is essentially 0%!!

As nice as the Cayman is, with Porsche Finance functioning in fantasyland, a wise consumer would move on. If Porsche goes under, as they almost did already back in the day, they have only themselves to blame.

One Porsche dealership already declared chapter 11 in Florida, recently, with more possibly to follow.

On the other hand, BMW let me lease a 2005 545i for 2.4% interest and a month before lease end called me to let me know they would knock the $33k residual value down to $29k if I would buy it.

A tale of two companies. Which one would you bet your chips on as most likely to survive?

Pretty soon, one may add decaying Porsche hulks to the many fossilized remains of the American Southwest.

Not sure a 2005 BMW lease is equivalent to a 2009 situation. Outside porsche leasing, 2 other companies gave worse rates. I too leased a 2005... SAAB at 1.9% finiancing. Worst car I ever owned and where are they now? A wise consumer knows what he likes and gets the best deal on what makes him happy. I would lease a BMW and be trying to get out of the lease in 1 year.

Well you can lease what Car and Driver calls possibly "the best car in the world" the BMW M3 sedan or coupe at this time for a base money factor of 0.00260 which translates to 6.24% interest. The BMW will absolutely knock your socks off!

You all are aware that you can lease (if that is your favored acquisition plan) through third parties and not the dealer? We even have a sponsor you can lease from. Porsche Cayman Lease and Loan Offers

This has been a great thread. Thanks for all the input.

One other thing to factor in. I prefer leasing because I am self-employed and get itemized tax deductions for all my lease payments, gas, etc. so at the end of the year, your cash cost of owning the vehicle is discounted by your effective tax rate, ie, $12K really more like $8K after taxes.

Anyone know why leases for older models end up being higher per month? That's what the sponsor link shows and that's what my dealer told me when I was leasing my 07 CS.

No need to sell me on leasing. I have leased exclusively since 1993-love driving a new car every 3 years. I seriously hope Porsche Finance reconsiders their anachronistic money factor rate on the Cayman and brings it down more in line with other luxury manufacturers. I don't think a 6% interest rate is asking too much.