Walk me through leasing a 991.2 - Rennlist Discussion Forums



Walk me through leasing a 991.2

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Old 03-20-2017, 02:56 PM   #1
freeman727
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Default Walk me through leasing a 991.2

So I'm not a purist (although coming from an E90 M3, I may miss NA engine) and am therefore going for a new or CPO'd 991.2.

I notice not many here talk about leasing 911's. Any particular reason? I'm thinking of getting my car as a daily driver so it will be subjected to normal wear and tear. I hate to own the vehicle and then have it go through an accident or dinged up. I would put less than 200 miles/month for work. If the car works well I may buy off lease.

I know insurance rate is more for lease.

Thanks for any tips.
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Old 03-20-2017, 02:58 PM   #2
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Wow residuals are crazy for Porsche!
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Old 03-20-2017, 03:03 PM   #3
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Leased a '16 911 black edition back towards the end of 2015... something like this was my deal

.0017 money factory
no money down
1400 a month or so with no tax
msrp a little over 100k

i purchased my gt4 and recently purchased a 991.1 GTS. I'd really only consider a lease if I could write a portion off through my business. Which would be harder to do with a 911 in my line of work.
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Old 03-20-2017, 03:31 PM   #4
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The reason you don't hear about leasing Porsches much is that Porsches leases are dreadful compared to other manufacturers (BMW in particular). The residuals are lower and the money factor higher.... in the end not a good trade unless you can write off the lease under your own business. Porsche seems to be selling all 911s they make, so they don't need to subsidize that segment.
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Old 03-20-2017, 03:36 PM   #5
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Yeah, residuals aren't great. I leased a '12 Cayman S, no money down, negotiated a decent MF. Residual is not negotiable. I leased because if was my first Porsche so I wanted to hedge my bets in case I didn't like it I ended up buying at the end because it was worth more and I loved the car. Kept it another 2+ years and traded for a used Carrera S. Interest rates are so low, it often makes more sense to buy and just sell it if you want a new one in a few years. Here in TX, unless you can write if off for business, leasing is horrible because we have to pay tax on the entire purchase price. Same in a few other states, including IL.
PFS won't lease used cars, you'd have to go through a 3rd party which usually doesn't translate to good rates.
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Old 03-20-2017, 03:48 PM   #6
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I'm not sure I agree about the residuals (Porsche vs BMW). I'm quoted 58% on a 2017 C4 low km (16,000/year - 10,000 miles). the BMW 5 series is about the same. (Canada). Porsche interest rates are higher though.
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Old 03-20-2017, 05:09 PM   #7
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BMWs tend to lease really well. Really good residuals and relatively low money factors. They definitely know how their demographic likes to shop.

Want to see funny? Check out the lease numbers for Honda or Toyota. They generally lease really poorly since the manufacturers want people to buy their cars instead of lease.

Not sure about the argument that you want to lease because you'd hate for the car to get in an accident or dinged up if you owned it? You do realize that a lease would actually force you to get those things fixed or else you'd have to pay a stiff penalty when it was time to give the car back?
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Old 03-20-2017, 05:18 PM   #8
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Quote:
Originally Posted by Double_J View Post
Not sure about the argument that you want to lease because you'd hate for the car to get in an accident or dinged up if you owned it? You do realize that a lease would actually force you to get those things fixed or else you'd have to pay a stiff penalty when it was time to give the car back?
With a lease you have to fix the dings, paint panels etc, so you definitely have to budget for that, but that is a cost whether you lease or own (unless, of course you don't mind driving your Porsche with door dings, bumper rash, etc).

The difference is, on a lease, once you've fixed the damage, you just return the car and you have no further cost. When you buy a Porsche and you damage 2 panels and paint them, the Carfax report shows the repairs and any dealer taking the car on trade or someone buying the car wants a lower price, so you are paying again (for the diminished value).

People seem to treat the Porsche 911 as a piece of art, wanting one with zero damage, or a heavy discount if they are going to be persuaded to buy it. So while leasing is more costly than buying, you have some built in protection with respect to diminished value.
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Old 03-20-2017, 07:43 PM   #9
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Quote:
Originally Posted by saeyedoc
leasing is horrible because we have to pay tax on the entire purchase price. Same in a few other states, including IL.
Illinois did away with this a few years back....
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Old 03-20-2017, 10:51 PM   #10
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Quote:
Originally Posted by PCSandDDS View Post
Illinois did away with this a few years back....
Not Texas. Horrid law. Pick up a 6 month swap a lease and you pay the tax on the whole value!
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Old 03-20-2017, 10:57 PM   #11
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Leasing is pretty similar to purchase. Few key differences.

Don't shop payment.
Negotiate all terms separately.
Residual is non-negotiable. Set by the manufacturer. But all else is. Purchase price, your money factor, your trade in value (bad to do on a lease).

Some cars lease well (good MF offers, high residual, tax abatement, lease cash) some don't. It may be better to do a balloon payment loan. You wont be dependent on Porsche for your interest rate, but you will be at the mercy of what it's worth at the end and being upside down on your balloon.
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Old Yesterday, 07:10 PM   #12
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I wrote a very similar thread the other day. I live in south Florida. Congested and ******* drivers. So the chance of an accident is huge. Diminished value scares the **** out of me. It could be as much as 10-15% or more. I used penfed payment saver (balloon) for my 14 S. I'm hesitant for the 17 C2 since in two years the 992 is out and no one can predict what that will do to the 17. I think leasing is safe bet for those reasons. I priced out a 17 C2 with a 109k sticker. At a 7.5-9% off msrp the payment was 3k total due at signing 1355 per month for 3 yrs and 30k mileage. That's with 7% tax included.
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Old Yesterday, 10:02 PM   #13
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I was at the Amelia Werks and talked to these guys about leasing. I didn't pay attention to all the benefits over the Porsche terms but they might be worth a look. https://www.premierfinancialservices.com/

________________
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2013 958 CD
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Old Yesterday, 10:50 PM   #14
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Residuals do seem low, but Porsche leases (probably others, too) give you the right to buy the car at the end of the lease for the residual amount. So if the residual is below market, you buy the car at bit of a bargain price. Even better is if you can work with the dealer to CPO the car. You will give back some of the bargain that way but get an extended CPO warranty, and the dealer wins by not having to pay flooring for the car and having it sit.
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Old Today, 12:13 AM   #15
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One of my buddies got quoted 1899 for 10K/36 months on a manual c4S with a sticker around 125K. 4000 due up front
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