76% residual on 991 from PFS
Thread Starter
Intermediate
Joined: Jan 2013
Posts: 41
Likes: 0
76% residual on 991 from PFS
Hi everybody, first post. Have found the info here invaluable, thought I'd "give back" and share some info now that I've pulled the trigger on a 2013 991.
thought a base 991 was too much of a stretch (coming from a 2011 Cayman on a 24 month lease). even at 36 months the payments was hard to justify on my budget. thought about getting a fun little 2013 JCW Mini Cooper (~$37K) but the depreciation was ridiculous (understandable, very niche car).
then the dealer emails me a special lease. I punched in the monthly payment he gave me into my lease calculator spreadsheet (to try to figure the residual and money factor)...made no sense. was he screwing with me to get me to come back in???
so I get to the dealer and he shows me the numbers. 24 months, 12k miles/year. 76% residual! I took the lease. the money factor was a bit high (0.0024) but that's the trade-off if you want a higher residual. since I'm 95% sure I'm not going to buy the car after 24 months, the residual is more important for me. didn't try to haggle further since the terms seem good for me, but maybe I could have negotiated a lower MF??
apparently, like in 2011, porsche financial services is trying to push 24 month leases. I guess they want a good crop of used cars for 2015. looks like it's also only on the base 991, not the S.
couldn't be happier. I get bored very easily w/ cars, 24 months is perfect for me. the 76% residual ends up being just a few hundred more than my 24 month base Cayman lease. for a car 1.53x the price of the cayman, I'm paying 1.24x the montly payment.
hope that helps anybody looking for a short term lease on the base carrera!
thought a base 991 was too much of a stretch (coming from a 2011 Cayman on a 24 month lease). even at 36 months the payments was hard to justify on my budget. thought about getting a fun little 2013 JCW Mini Cooper (~$37K) but the depreciation was ridiculous (understandable, very niche car).
then the dealer emails me a special lease. I punched in the monthly payment he gave me into my lease calculator spreadsheet (to try to figure the residual and money factor)...made no sense. was he screwing with me to get me to come back in???
so I get to the dealer and he shows me the numbers. 24 months, 12k miles/year. 76% residual! I took the lease. the money factor was a bit high (0.0024) but that's the trade-off if you want a higher residual. since I'm 95% sure I'm not going to buy the car after 24 months, the residual is more important for me. didn't try to haggle further since the terms seem good for me, but maybe I could have negotiated a lower MF??
apparently, like in 2011, porsche financial services is trying to push 24 month leases. I guess they want a good crop of used cars for 2015. looks like it's also only on the base 991, not the S.
couldn't be happier. I get bored very easily w/ cars, 24 months is perfect for me. the 76% residual ends up being just a few hundred more than my 24 month base Cayman lease. for a car 1.53x the price of the cayman, I'm paying 1.24x the montly payment.
hope that helps anybody looking for a short term lease on the base carrera!
Racer
Joined: Dec 2009
Posts: 496
Likes: 22
From: South Florida
Interesting. I'm in the market too as my current lease is up in 2 m. Can you please divulge the payments, money down, and miles? PM if you wish, and if you don't feel comfortable no big deal, I'll call a dealer. Thanks!
Thread Starter
Intermediate
Joined: Jan 2013
Posts: 41
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the MSRP was $98,085. got a few grand off (3%, probably could have haggled for a little more). 76% residual, 0.0024 money factor (so about 5.6% APR). 24 months, 12k miles/year. I'm not sure if the dealer padded the money factor, might be able to get a lower one. minimum drive off (basically just the 1st month's payment and some fees so about $2k). so $1400/month including CA 8.5% tax. my only caveat, not a good deal if you are planning on buying after 24 month.
for comparison, using typical values I've seen floating around on edmunds and other sites, 65% residual, 0.0020 MF (4.8%), a 24 month lease would be $1800/month. I couldn't justify $1800, but $1400 was just too tempting.
for comparison, using typical values I've seen floating around on edmunds and other sites, 65% residual, 0.0020 MF (4.8%), a 24 month lease would be $1800/month. I couldn't justify $1800, but $1400 was just too tempting.
Racer
Joined: Dec 2009
Posts: 496
Likes: 22
From: South Florida
Not bad! I'd like to lease to purchase if possible; purpose being so that I could use the write-off for a few years, then buy at a discount. Therefore, a lower residual might be better for me, but I could use a better MF!
Rennlist Member
Joined: Sep 2012
Posts: 104
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Certified
I just did this on a 2012 CTS-V wagon.
Rennlist Member
Joined: May 2012
Posts: 16,448
Likes: 8,300
From: Mid-Atlantic (on land, not in the middle of the ocean)
the MSRP was $98,085. got a few grand off (3%, probably could have haggled for a little more). 76% residual, 0.0024 money factor (so about 5.6% APR). 24 months, 12k miles/year. I'm not sure if the dealer padded the money factor, might be able to get a lower one. minimum drive off (basically just the 1st month's payment and some fees so about $2k). so $1400/month including CA 8.5% tax. my only caveat, not a good deal if you are planning on buying after 24 month.
for comparison, using typical values I've seen floating around on edmunds and other sites, 65% residual, 0.0020 MF (4.8%), a 24 month lease would be $1800/month. I couldn't justify $1800, but $1400 was just too tempting.
for comparison, using typical values I've seen floating around on edmunds and other sites, 65% residual, 0.0020 MF (4.8%), a 24 month lease would be $1800/month. I couldn't justify $1800, but $1400 was just too tempting.
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Instructor
Joined: Jan 2012
Posts: 244
Likes: 6
There are some good residuals, but there are ways to get a lower monthly payment. If you have chunk that you would normally put down on the loan as a down payment you might want to look at a Payment Saver from Penfed. You would have to put 10-20k down, but your payment would be $350-450 a month depending on length. Works out to something a bit under $900 a month over 4 years, plus the rate is only 1.75%. The only issue is the max loan is 70k. Only really works if you are on the "lower end" scale of the 991. Less then a lease and you own it (if that matters to you).
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Rennlist Member
Joined: Jan 2004
Posts: 975
Likes: 186
From: Larkspur, CA
That is a nice residual and that's at 12k miles/year! You could probably improve it a couple points if you cut it to 5k/yr. I've had my 2006 Carrera and didn't drive it that much. Plus you don't pay the full sales tax in CA on leases which is nice if you change cares often here.
Burning Brakes
Joined: Oct 2006
Posts: 880
Likes: 77
From: NW Arkansas
Yikes! $1400 a month for a lease is way out there for me. I guess if your business allows you to recoup some of that at tax time it might be worth it, but with finance interest rates of 1.9% common right now, I think it's a better proposition to do a 5 year loan.
