My First Porsche - Could be Lemon ?
07-19-2017, 11:37 PM
#46
Not really buyer's remorse when I'm just being wary if other issues will show up and I've only driven 2300 miles. Unless it's due to shortage of spare parts actually made to service the new 3.0 L turbo engines?
For piece of mind I rather not worry about driving on the highway someday and have an issue pop up again.
It's great to hear other opinions from members of the Forum. Even though I know my base Carrera is a great car somewhere in back of mind I'd always worry about another "error" issue popping up when I'm driving. I believe most have suggest I go the Porsche buy the car back route, but I'll think about it a little longer. Thanks fast1, I'm not sure how depreciation is factor and that's not a number I could look up on KBB easily either. But it doesn't hurt that I ask PCNA additional questions either.
Thanks for the input guys! I just never imagine finally getting a 911 and end up with problems. Just my luck LOL.
For piece of mind I rather not worry about driving on the highway someday and have an issue pop up again.
It's great to hear other opinions from members of the Forum. Even though I know my base Carrera is a great car somewhere in back of mind I'd always worry about another "error" issue popping up when I'm driving. I believe most have suggest I go the Porsche buy the car back route, but I'll think about it a little longer. Thanks fast1, I'm not sure how depreciation is factor and that's not a number I could look up on KBB easily either. But it doesn't hurt that I ask PCNA additional questions either.
Thanks for the input guys! I just never imagine finally getting a 911 and end up with problems. Just my luck LOL.
An excerpt from the site:
in a lemon law claim, if the manufacturer buys your vehicle back, you are refunded for the down payment, all of your monthly payments, your current registration fee, any towing or rental car fees, and your entire loan balance will be paid off in full by the manufacturer. The only amounts that may be deducted from your refund are aftermarket items that were added to the vehicle’s purchase at the time of the sale such as gap insurance or service contracts, and the mileage offset which is a credit to the manufacturer for the good miles on the vehicle before the problems began
07-19-2017, 11:46 PM
#47
The part of the lemon law payment that is for punitive damages is taxable. The part that is your original purchase price plus reimbursement for repairs (what you are actually out of pocket) is not taxable.
07-27-2017, 07:17 PM
#48
Track Day
Thread Starter
Forgot things are taxable, was just weighing the amounts. It's a good thing that I haven't had to pay much out of pocket for repairs but there are requirements in process to be completed before they will accept a buy back.
So in the end decision made after conferring with friends and family. Proceeding with buy back process which probably will take a little time.
Thanks for the inputs again.
So in the end decision made after conferring with friends and family. Proceeding with buy back process which probably will take a little time.
Thanks for the inputs again.
07-27-2017, 07:50 PM
#49
Rennlist Member
Forgot things are taxable, was just weighing the amounts. It's a good thing that I haven't had to pay much out of pocket for repairs but there are requirements in process to be completed before they will accept a buy back.
So in the end decision made after conferring with friends and family. Proceeding with buy back process which probably will take a little time.
Thanks for the inputs again.
So in the end decision made after conferring with friends and family. Proceeding with buy back process which probably will take a little time.
Thanks for the inputs again.
07-27-2017, 08:39 PM
#50
Track Day
Thread Starter
07-29-2017, 05:15 AM
#51
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Time to Lawyer up my friend!
I would demand 50 grand settlement.
Have them fix all outstanding problems.
Then sell the car for what you can get.
Then maybe buy a 2nd hand Porker.
Have them fix all outstanding problems.
Then sell the car for what you can get.
Then maybe buy a 2nd hand Porker.
07-29-2017, 12:40 PM
#54
Keep in mind that this settlement is taxable. After federal, state, and local income taxes are paid, the $30K will be substantially less. In my case the net would be about $16K.
The part of the lemon law payment that is for punitive damages is taxable. The part that is your original purchase price plus reimbursement for repairs (what you are actually out of pocket) is not taxable.
The part of the lemon law payment that is for punitive damages is taxable. The part that is your original purchase price plus reimbursement for repairs (what you are actually out of pocket) is not taxable.
07-29-2017, 02:32 PM
#55
Rennlist Member
07-29-2017, 03:15 PM
#56
Suggesting that anyone could write off $30,000 for loss of use, would be reckless advice IMO, especially if a comparable vehicle was offered by the dealership when the car was being repaired. I would certainly consult a tax attorney before I did this.
07-29-2017, 06:53 PM
#57
A lemon law settlement is not taxable, since it is only recovering something you lost. However, if the settlement exceeds the basis of the property then that extra amount is taxable.
Suggesting that anyone could write off $30,000 for loss of use, would be reckless advice IMO, especially if a comparable vehicle was offered by the dealership when the car was being repaired. I would certainly consult a tax attorney before I did this.
Suggesting that anyone could write off $30,000 for loss of use, would be reckless advice IMO, especially if a comparable vehicle was offered by the dealership when the car was being repaired. I would certainly consult a tax attorney before I did this.
You do know that pain and suffering payments are non-taxable, right? Part of this payment could easily be argued to be compensation for his stress over the car. Add that to loss of use, diminished value, etc., and none of this should be considered taxable.
12-20-2017, 09:22 PM
#58
Track Day
Thread Starter
Well I forgot to respond, it was an educational read since I'm not 100% familiar what's taxable on the lost of the car. However looking to return to being a Porsche owner again after I'm done with my current lease car since really needed a sporty 4 door that's not as big as a Panamera.
I'm just glad PCNA was able to take it back at the purchase price price so only lost for me is time spent, gas used and paid, and insurance. Oh and not forget the tire & wheel protection as well as service that was purchase with dealership I'm still awaiting for partial refund of those.
Issued Resolved with PCNA in September 2017.
I'm just glad PCNA was able to take it back at the purchase price price so only lost for me is time spent, gas used and paid, and insurance. Oh and not forget the tire & wheel protection as well as service that was purchase with dealership I'm still awaiting for partial refund of those.
Issued Resolved with PCNA in September 2017.