Speedraser

As my lease comes to an end, I have been negotiating with my leasing company in the hopes of getting a lower purchase price than my residual. Their new number (and they say it's the absolute bottom) is $31,500, down from the original residual of $35,100. The car is a late '95 (May '95 build) 993 Coupe, 50,000 miles (I bought it 3 years ago with 34K), well-optioned and in immaculate condition. Seems like a great deal to me -- I really doubt I could get another '95 in the same shape for that money without getting really lucky. BTW, I told them (truthfully) that I would circumnavigate the country in the car if I decided not to keep it, so the mileage would be in the mid 60s by the end of the lease (end of March).

I have to tell them whether I'll take the deal tomorrow.

PWC

start drivin' call me when you are in Vancouver

ca993twin

That sounds like a great deal on a car that you know has no problems. I'd jump on that in a minute. Do it, and enjoy.

Todd

"BTW, I told them (truthfully) that I would circumnavigate the country in the car if I decided not to keep it, so the mileage would be in the mid 60s by the end of the lease (end of March).""
<img border="0" alt="[hiha]" title="" src="graemlins/roflmao.gif" /> <img border="0" alt="[hiha]" title="" src="graemlins/roflmao.gif" /> <img border="0" alt="[hiha]" title="" src="graemlins/roflmao.gif" /> <img border="0" alt="[hiha]" title="" src="graemlins/roflmao.gif" />

Steve 96C4S

Sounds great... unless you have your sights set on an "S" model or something different. Usually, I get tired of a car after 4-5 years, but you're driving a 993!

The only upgrade from where you're at is to a TT or "S" model. I'd buy that car in a minute if that's the color, the year and condition you want. A known quantity is a good thing when it comes to 993's.

Congrats on your decision to continue being the caretaker of that fabulous vehicle.

Steve

MetalSolid

What are the tax implications if you decide to keep it? Let the IRS plan your next road trip.

993chaz

hey Speedraser,

sounds like a great deal to me, I'd jump on that one. The best part is is that you know the car inside out, and sounds like you've kept it in great condition. I think you would be hard pressed to find a 95 in immaculate condition for 31.5k

Keep it!! <img border="0" alt="[cheers]" title="" src="graemlins/beerchug.gif" />

spinning disc

Speed:

does it say in your lease that you can negotiate, or you tried anyway? am curious because i know some leases explicitly say no way.

thanks,

fbfisher

If the lease expires in March, why are they putting pressure on you for a decision "tomorrow."

My guess is that the closer you get to the end of the lease, the better deal you are going to get, particularly as they watch the wholesale auction market drop on these cars.

Hold out for a few more weeks and see what happens.

steve g

Buy the car later because you assume its value will be lower with higher miles, but they are your miles.
Good Luck !

smile smile smile

Speedraser

Thanks for the input, everyone. About the questions:

There are no tax implications other than having to pay sales tax, of course.

I don't think my lease says anything about negotiation. It does say that they will sell the car to me at the pre-set residual at lease-end. I figured it couldn't hurt to ask.

I do think I might be able to get an even better deal if I wait longer, but I wonder if there is much room left. The specific offer expires Monday, so it is possible that they could raise the price and/or the interest rate if I turn it down now and try again later. Of course, they may lower the price and/or the rate, so it's something of a gamble either way. I only have one more payment left (March), so the end of the lease is near. Does anyone have any thoughts or experiences with pushing it right to the end?

Terry Adams

</font><blockquote><font size="1" face="Verdana,Tahoma,Arial,Helvetica,Geneva">quote:</font><hr /><font size="2" face="Verdana,Tahoma,Arial,Helvetica,Geneva">Seems like a great deal to me -- I really doubt I could get another '95 in the same shape for that money without getting really lucky. </font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Arial,Helvetica,Geneva">The finance company does not have the same emotional involvement that you do. They want it back by a certain date (today?) so they can sell it for what they think it is worth. You will be standing there watching the repo truck load it up, ready to start the coast-to-coast shopping experience so many have described here. Fun if you like it and don't have to settle for a lesser car for more money.

J-McDonald

&lt;&lt;&lt;The specific offer expires Monday, so it is possible that they could raise the price and/or the interest rate if I turn it down now and try again later. Of course, they may lower the price and/or the rate, so it's something of a gamble either way&gt;&gt;&gt;

Todd - so you're financing the balance with the same company? If you haven't done so already, you might want to shop the financing around some local banks and/or credit unions - you may be able to get a lower rate. You'll also be able to separate the lease buyout price negotiations from the financing.

Good luck!

Speedraser

J-Mc

The negotiated price is only valid if I finance through the same company. The rate is very competitive, though -- I've called around some.

993944S2

They want to make 1$ more from you than what they expect to sell the car at auction for minus any additional shipping charges they incur. If it is any of the major lease companies, they know, fairly accurately, what the car will do at auction. Believe me, they want to sell you the car to you. In my experience, the longer you wait the better the deal.

You may ask them to include an extended warrantee. I did this on my last lease "buy".