Planet-9 Porsche Forum banner

1 - 19 of 19 Posts

·
Registered
Joined
·
110 Posts
Discussion Starter · #1 ·
first off I have to mention what an awesome site that this is; rarely do you find honest_ educated and unbiased opinions on anything anymore. That being said, I come to you guys looking for advice. I'm 24 and I recently bought my first home, but it's about time that I buy my 2nd car. Working everyday with doctors and seeing how common Porsches are with them made me curious as to what drew so many docs to the brand...so I went and test drove a cayman s recently...and boy was I blown away. I've already decided that I will be getting one later this year around December, but the confusion starts when I begin to think about leasing vs. Financing. What would you guys suggest? Should I lease so that I have the option to by it out at the end rather than jumping right into financing...or should I finance so that I can make all of the mods that I feel like making? Also, I'm being told by quite a few pwoplw that when I start to really look for one in late 2010, i'll only have the option to buy/lease a 2011 since all of the 2009 CS's will be gone (I only want 2009's and up due to PDK). Anyone think that this is true?
 

·
Premium Member
Joined
·
3,810 Posts
Welcome to Planet-9! :cheers:

The rationale for leasing vs. buying is really no different for a Porsche as with any other car. I would consider leasing if:
1. Want to drive a car you wouldn't otherwise be able to afford (to buy and maintain),
2. Only keep a car for 2-3 years no matter what, or
3. Can write off portion of lease/expenses as a business expense.

If you are planning to, or considering modding your car, then you will probably have to buy it rather than lease it (unless you plan on buying it at the end of the lease term anyway).

My :2cents:
 

·
Registered
Joined
·
110 Posts
Discussion Starter · #3 ·
Sorry about the wall of text before, but I was typing it on my cell phone. Thanks for your opinions on leasing vs. financing. I'm honestly not sure of what to do, and to tell you the truth this site is somewhat intimidating. I'm asking questions regarding leasing vs. buying ONE Cayman, while most of the people on here have MULTIPLE Porsches listed in their signature (talking about being impossible to keep up with the Jones' :().

My main issue is the fear of being overcharged for the car. If you choose to lease the car for 3 yrs, and you end up buying that car after the 3 years is up, are dealerships known to make the final price (payments DURING the lease + price to buy the car) even more than if you were to just flat out buy the car in the beginning without leasing? Honestly I think that I'm going to have to bite the bullet and dig a little deeper to finance once, but when I'm ready to do so in December, do you think that there will be any 09's or even a 2010 or two laying around...or do you think the only option I'd have is a 2011...
 

·
Super Moderator
Joined
·
6,027 Posts
Here's a few tidbits of advice from me, in a nutshell. I will say that I leased my first Porsche back in 2006 and financed my second last year.

- If you don't know why you'd want to lease a car, DON'T LEASE A CAR. You need to do a lot more planning and anticipating when you lease - you need to be aware of many of the restrictions that get imposed on you when you lease (annual mileage, maintenance, modifications, abuse, etc.), and decide whether your driving habits are compatible with these restrictions - or it will cost you big. And most importantly - don't choose leasing over financing just because the monthly payments are lower - you have to take ALL the factors of leasing into account.

- If you plan to lease a car with the intent of purchasing it at the end of the lease term, then you should strongly look into simply just financing the car instead. Overall you will pay more when you lease compared to financing. Another way to look at it is that leasing and then buying out the car is essentially financing with a big balloon payment at the end.

- Make sure you have a steady income or sufficient funds to ride out a lease. Ending a lease prematurely can cost a lot.

I'm not knocking leasing, it worked well for me (I was able to take tax deductions on the lease for my business). In fact, last year I was planning to lease another Porsche but the 1.9% financing deal Porsche Financial Services was offering at the time was too good to resist. If I had leased, I'd be paying more than 6%.

You mentioned that you may be ready to jump on a new Porsche in December. Around that time you may get lucky and be offered a low-interest financing deal like the 1.9% the Porsche offered a few months ago. If that happens, that's a good time to buy.
 

·
Registered
Joined
·
110 Posts
Discussion Starter · #6 ·
Here's a few tidbits of advice from me, in a nutshell. I will say that I leased my first Porsche back in 2006 and financed my second last year.

- If you don't know why you'd want to lease a car, DON'T LEASE A CAR. You need to do a lot more planning and anticipating when you lease - you need to be aware of many of the restrictions that get imposed on you when you lease (annual mileage, maintenance, modifications, abuse, etc.), and decide whether your driving habits are compatible with these restrictions - or it will cost you big. And most importantly - don't choose leasing over financing just because the monthly payments are lower - you have to take ALL the factors of leasing into account.

- If you plan to lease a car with the intent of purchasing it at the end of the lease term, then you should strongly look into simply just financing the car instead. Overall you will pay more when you lease compared to financing. Another way to look at it is that leasing and then buying out the car is essentially financing with a big balloon payment at the end.

- Make sure you have a steady income or sufficient funds to ride out a lease. Ending a lease prematurely can cost a lot.

I'm not knocking leasing, it worked well for me (I was able to take tax deductions on the lease for my business). In fact, last year I was planning to lease another Porsche but the 1.9% financing deal Porsche Financial Services was offering at the time was too good to resist. If I had leased, I'd be paying more than 6%.

You mentioned that you may be ready to jump on a new Porsche in December. Around that time you may get lucky and be offered a low-interest financing deal like the 1.9% the Porsche offered a few months ago. If that happens, that's a good time to buy.
Thank you very much for your advice. It's not that I don't know why I'd want to lease; I'd want to do so because I'd actually get to feel the Porsche out over the term of the lease and at the end I'd be able to decide if I personally thought that the car was worth fully owning. Again, I've test driven one, but test driving one for that short feeling of being on cloud 9 and having reasonable payments for the lease vs. owning one that's in your garage that's only used for 6 or 7 months during the year (not during the winter as many docs that I've worked with have had theirs get stuck in the snow) and paying full price for it are two totally different scenarios that could leave you feeling two totally different ways about the car.

Again, I'm not busting the car's chops at all. I loved driving it and I KNOW that I'll have one in the future..I was just asking these questions because I'm pretty young and while I have been blessed to be pretty successful right now, things could change in an instant today's world and I'm not sure if having those huge financing payments hanging over my head would be a smart move. I understand that I should probably wait a little longer and get a little more established like the rest of you guys on this site (congrats for having your own businesses and 3 or 4 Porsches a piece ;)), but I'm just starting out and I'm not that far along yet. However, you only live ONCE and i'm not the type to let my money stack up in a bank somewhere and not have fun with it...:cheers:
 

·
Registered
Joined
·
110 Posts
Discussion Starter · #7 ·
What Should I Aim For??

Good morning gentlemen (and ladies also if you're watching :)). I'm starting early with my research for Christmas present to myself that I could hopefully get around September. I'm aiming for a Cayman S of no particular year, as long as it has PDK. I'd like it to be either black or dark gray on the exterior with a red or tan on the interior. Friends think that those choices sound disgusting :crazy:, but I happen to think they're gorgeous. What about you?

In terms of options, I'm aiming for the xenon headlights, Bose system and POSSIBLY a GPS system, bluetooth and/or Sports package. Are there any crucial options that I am overlooking and should DEFINITELY have (wheels, PSM, etc)? Thanks for your advice!!
 

·
Registered
Joined
·
110 Posts
Discussion Starter · #8 ·
Re: What Should I Aim For??

Also, I'm wondering whether or not you guys see it fit to go for a lease or finance. I've asked around and I don't understand WHY people wouldn't finance if possible, but someone even said that "you shouldn't finance if you know you're going to put a decent amount of miles on the car." At the same time though, who would want a car that they owned but were afraid to put miles on?? What's the vote here...lease or finance? Please respond to both posts if possible..:)
 

·
Premium Member
Joined
·
3,810 Posts
Re: What Should I Aim For??

Well, color choice is really a personal thing, isn't it . . . if you haven't already, you might start by looking through the Gallery at cars in your color choice; there is also a section with pics of different interiors as well. You might check with your local dealer also to see if they have any cars (doesn't necessarily need to be a Cayman) with those choices your interested in.

There have been a lot of posts in the past regarding choice of options like the stereo, GPS, etc. - you might try Searching for those terms to find previous discussions. BTW, PSM is not an option, but PASM is. Of course a lot of this has to do with your budget and planned use of the car (i.e. weekend-only toy, daily driver, track rat, etc).

Good luck in your search . . . are you planning to order a car to your specs, or hoping to find one matching your specs?
 

·
Super Moderator
Joined
·
6,027 Posts
Re: What Should I Aim For??

Also, I'm wondering whether or not you guys see it fit to go for a lease or finance. I've asked around and I don't understand WHY people wouldn't finance if possible, but someone even said that "you shouldn't finance if you know you're going to put a decent amount of miles on the car." At the same time though, who would want a car that they owned but were afraid to put miles on?? What's the vote here...lease or finance? Please respond to both posts if possible..:)
Actually, it's the opposite. If you know you're going to put a lot of miles on the car, then leasing might not be the way to go. If you go over your allotted miles on a lease, the overmileage charges can add up fast ($0.18-$0.20/mile).

Your question is a tough one because there are so many factors involved in deciding between leasing and buying/financing. If you're the type of person who likes to drive a new car every few years, then leasing may be the way to go. If you like to tinker with your car and add permanent mods, then financing would be a better choice. If you have a business where you can take a tax deduction on lease payments, then leasing may be better.

What you should do is read up on the benefits and drawbacks of each approach and then take a good hard look at yourself and your priorities/goals, which will make your decision much easier. Asking a bunch of strangers on a forum isn't going to help you much because both choices are acceptable and benefit certain types of people.

Car Lease Guide - Free Guide to Smart Car Leasing - LeaseGuide.com is a good place to start.
 

·
Premium Member
Joined
·
3,810 Posts
Re: What Should I Aim For??

Also, I'm wondering whether or not you guys see it fit to go for a lease or finance. I've asked around and I don't understand WHY people wouldn't finance if possible, but someone even said that "you shouldn't finance if you know you're going to put a decent amount of miles on the car." At the same time though, who would want a car that they owned but were afraid to put miles on?? What's the vote here...lease or finance? Please respond to both posts if possible..:)
Didn't you already ask that question before here: http://www.planet-9.com/porsche-sales-leasing/40775-great-site-anyone-have-some-advice.html ?

I think Interpol's advice in that thread (and above) regarding leases was very good. I also think that polling the members here for their "vote" is kind of meaningless, because everyone's financial situation is different, and you shouldn't base your decision on some random vote on a forum. Do you have a financial advisor or accountant you can consult? That would make more sense to me if you are uncertain which course to take.

BTW, excessive mileage is usually a concern with leases (where you are charged extra for mileage over the contract), not cars that you finance.
 

·
Registered
Joined
·
110 Posts
Discussion Starter · #12 ·
Re: What Should I Aim For??

Didn't you already ask that question before here: http://www.planet-9.com/porsche-sales-leasing/40775-great-site-anyone-have-some-advice.html ?

I think Interpol's advice in that thread (and above) regarding leases was very good. I also think that polling the members here for their "vote" is kind of meaningless, because everyone's financial situation is different, and you shouldn't base your decision on some random vote on a forum. Do you have a financial advisor or accountant you can consult? That would make more sense to me if you are uncertain which course to take.

BTW, excessive mileage is usually a concern with leases (where you are charged extra for mileage over the contract), not cars that you finance.
Wow..didn't mean to bother anyone at all and I honestly didn't think it was too meaningless, but if it was a nuisance then I apologize. I saw how conversations seemed to flow so well on this site and how almost everyone's questions were answered, so I figured I'd throw mine out there too no matter how much "sense" I thought it made. I was confused and figured I'd give it a go but it won't happen again; once again, sorry for posting such stupidity...
 

·
Registered
Joined
·
732 Posts
Re: What Should I Aim For??

Consider this....I waxed one black car in my life....never again! Heated seats are great if you need them where you live or have back problems.
 

·
Super Moderator
Joined
·
6,027 Posts
Re: What Should I Aim For??

Wow..didn't mean to bother anyone at all and I honestly didn't think it was too meaningless, but if it was a nuisance then I apologize. I saw how conversations seemed to flow so well on this site and how almost everyone's questions were answered, so I figured I'd throw mine out there too no matter how much "sense" I thought it made. I was confused and figured I'd give it a go but it won't happen again; once again, sorry for posting such stupidity...
No need to apologize. You're new here, and we're all here to learn. KS' point was that you had started a similar thread and asked a similar question previously, so there really was no need to start a new one - feel free to tack on additional questions to the thread you started previously, as long as they're somewhat related. That way it saves others from having to look at new redundant threads and it also saves the moderators from having to go back, find the old thread, and merge them (in fact, that's what I just did).
 

·
Premium Member
Joined
·
4,143 Posts
Re: What Should I Aim For??

No need to apologize. You're new here, and we're all here to learn. KS' point was that you had started a similar thread and asked a similar question previously, so there really was no need to start a new one - feel free to tack on additional questions to the thread you started previously, as long as they're somewhat related. That way it saves others from having to look at new redundant threads and it also saves the moderators from having to go back, find the old thread, and merge them (in fact, that's what I just did).
+1

The things you like about the forum (I'm addressing the OP, not you Interpol! lol) are a result of what Interpol states. The original crop of mods used to drill this down consistently and it became the norm for us old forum farts - the mods used to alway push for correct titling, eliminating redundancy, looking in the manual, etc. If I remember correctly, Interpol and I had some virtual jousting a few years ago, and look at how we turned out!;) Now here I am even supporting his comments! lol

Oh, and lionheartzero - welcome to da swamp and I hope you get that Cayman you desire. Going on my fourth year and still loving it - haven't found another car that I even remotely like better!
 

·
Registered
Joined
·
110 Posts
Discussion Starter · #16 ·
Thanks alot guys. I've been doing alot of thinking and I think I'm going to put my doubts behind me and go for it. I'm not a track person, so all I really need are heated seats, Bose and Bi~xenon in my CS. I was actually just at the dealership today and the salesman tried to convince me to leave PDK behind also since I have an idea of how to operate a clutch with my motorcycle (he thinks i'd pick up driving the car manually in no time). I may give the manual a go, but I heard that Porsche's were NOT easy cars to start off with if you're not too familiar with manual transmissions. Hopefully by this summer I can actually feel like a true member of the forum when I own one...:cheers:
 

·
Super Moderator
Joined
·
6,027 Posts
Thanks alot guys. I've been doing alot of thinking and I think I'm going to put my doubts behind me and go for it. I'm not a track person, so all I really need are heated seats, Bose and Bi~xenon in my CS. I was actually just at the dealership today and the salesman tried to convince me to leave PDK behind also since I have an idea of how to operate a clutch with my motorcycle (he thinks i'd pick up driving the car manually in no time). I may give the manual a go, but I heard that Porsche's were NOT easy cars to start off with if you're not too familiar with manual transmissions. Hopefully by this summer I can actually feel like a true member of the forum when I own one...:cheers:
Don't sweat it. I pretty much learned how to drive a manual with my 2006 CS. Of course, the first day I got it I stalled at least 30 times, at every intersection I stopped at. Backed up traffic for about a mile. Got a LOT of dirty looks. After that, it was smooth sailing.

Seriously, though - if you know how to actuate a clutch on a bike, you'll get the hang of it on a Porsche in no time.
 

·
Premium Member
Joined
·
708 Posts
Thanks alot guys. I've been doing alot of thinking and I think I'm going to put my doubts behind me and go for it. I'm not a track person, so all I really need are heated seats, Bose and Bi~xenon in my CS. I was actually just at the dealership today and the salesman tried to convince me to leave PDK behind also since I have an idea of how to operate a clutch with my motorcycle (he thinks i'd pick up driving the car manually in no time). I may give the manual a go, but I heard that Porsche's were NOT easy cars to start off with if you're not too familiar with manual transmissions. Hopefully by this summer I can actually feel like a true member of the forum when I own one...:cheers:
I don't think the clutch in a CS would be difficult to learn. There are numerous threads on PDK vs manual, but at the end of the day the decision should be made by how you want to drive the car. Thinking about your motorcycle experience, would you enjoy it more if it had an automatic transmission?
 

·
Premium Member
Joined
·
602 Posts
This is how sharp I am, bought a used Honda Accord 15 years or so ago, drove 40 -45 miles to see it, liked it, bought it and learned on the way home how to drive a standard.

P-Cars much smoother plus your knack for riding a bike, no worries
 
1 - 19 of 19 Posts
Top