After all calculations the lease numbers the dealer is offering is a little over 4% discount from MSRP, 59% residual,.00250 MF (the exact residual and MF that the Edmunds forums says they should be for the months and miles). My question is not should I lease rather than buy. My question: Is this a fair lease deal?

 

Need more information. Lease term? Price of car after discount? How much cash is being asked for at lease signing? How many miles? All of that stuff goes into whether or not it’s a good deal.

 

$0 out of pocket. 12k miles/39 months. $121,300 discounted to $115,448. With 7% tax $1801 a month.

 

$70,239 in lease payments
Presuming 12k/miles per year, that comes out $1.80/mile, absolute best case, presuming that you use all 39k miles over the lease term. More than likely, it will end up being > $2/mile.

While you didn’t mention it, I am presuming that this is a Base Carrera with some options. It’s not the worst lease deal that has been posted here. It’s the $0 down part that makes this one better than some of the others posted on RennList. Again, these cars aren’t great lease candidates for most people — as directed by your post, I am not here to talk you out of it. It really comes down to whether or not the base model 911 rental experience at ~$2/mile (plus gas and insurance) is worth it for you.

 

0.00250 MF is 6% APR--that's high in today's market but that's all you can get from Porsche. That's why they don't lease a lot of cars. 59% residual on 39 month lease is about normal.

 

Just to put it into perpsective, in Dec the vantage lease was like $100 cheaper per month with 0 down and 10k miles/yr 36 mo. msrp 192k.
not sure how they lease rates are now

 

I was actually tempted to lease a Vantage for that reason specifically; they had some service loaners for 5k down, 1400/month 10k miles/yr 180k MSRP. The interest rate was pretty much 0%

 

delete

 

Leasing a Vantage is indeed a good deal. Leasing a Porsche 911 is not a good deal.

 

How important is it to you to get a new car after 39 months? Or have the ability to do a "pull ahead program" after 27 months? I don't know what kind of interest rates are available in your area, but for my loan, I got 3.44% from Bank of America (including a discount for being a preferred member). If you financed this car with the same discount and 7% sales tax with $0 down, your payment for 72 months at 3.44% interest would be roughly $1914 per month (estimating registration costs). If the car really is worth 59% of MSRP after 39 months, that's $71,567 and you would owe $60,195. You'd have made $4,407 in extra car payments, but obviously you'd still be ahead in that scenario. Of course, putting some money down on a loan would help, $2500 for example brings your payment down to $1876 per month and gets you to $58,895 after 39 months. These are all approximates and would depend on the exact loan, etc. If you're willing to go to a higher payment, a 60 month loan with $5000 down would be $2168 but after 39 months you'd owe $44,133 on a car worth $71,567. That's $14,313 in extra payments and $5000 in cash down, but you're still up $8,121 in car "equity" even accounting for the extra payments.

There's some risk to that model, you don't know if the car will really be worth 59% of MSRP after 39 months and to get that full amount might require you selling privately as opposed to just handing the car back to a dealer and walking away. Of course, there's also some risk with a lease, excess wear and tear, etc. That said, if you keep the car for 48 months, or the entire length of the warranty, those "equity" numbers get a lot better. The other variable is that having equity in a car almost requires you to continue financing since (as you're well aware with these numbers), putting money down on a lease makes no sense.

The numbers all look right for this lease, but leasing a 911 is always tough unless you know you're absolutely going to want a new car before or around the end of the term. For me, with the Porsche lineup, you want to buy a 911 or a Macan, and lease the Cayenne/Panamera/Cayman since the depreciation on those cars seems a lot steeper. Hope that helps.

 

Fair deal. Enjoy it in good health!

 

It's the best I've seen posted here.

$70,239 in payments

car worth $71,597 at the end.

You're paying roughly $18K for interest, $8k for taxes. If you were to finance at penfed for 3% you're looking at $9k over 5 years.

$9k extra to lease. It's not terrible, and the luxury of being able to throw the keys back at the end is worth a lot in some cases. Especially if you get in a smash. Diminished value is a total PITA to prove, and the payout is rarely fair.

 

I just leased a Vantage:

2020MY with a loaded $231k sticker

$5k total drive ; 36/10k
35 payments of $1650 with 9.5% tax

Payments on a $200k car were $1500 with tax, $4k drive, but I wasn’t into the color combo. So far, the car’s been great! Very good value (comparatively) in my opinion.

 

honestly, that's a smoking good deal for a lease on these... generally they suck for leasing.. And smart man, going for 0% out of pocket.