Porsche 993 6th best luxury car to lease.
#1
Porsche 993 6th best luxury car to lease.
As reported in yesterday's AZ Republic, they listed the cars that Premier Financial Services rated as the best choices for luxury car leases. Along with Bentleys and Ferraris etc. were two Porsche models, the 1956-58 356 Speedsters which were #9 and the 993s which were #6.
#4
Originally Posted by Dan V
I never knew it was possible to lease a 47 year old car!
I thought this information was just another intriguing example why many of us think we should hang onto these "last real 911s."
#5
Originally Posted by Pedro356C
I don't think there's a single Speedster for lease in the world today!!! These are over $100k collectibles...real keepers...who would have them for lease?
http://www.roadandtravel.com/autonew...rstolease2.htm
#6
The low depreciation of these cars makes them a great deal in lease terms. A $50K 993 will be worth, say, $30K in 3 years time, assuming the leasee actually uses the car @ about 10 - 12 K miles per year.
If you lease an Audi S4, which is also about $50K to buy, the residual will probbaly be closer to $20K.
If you lease an Audi S4, which is also about $50K to buy, the residual will probbaly be closer to $20K.
#7
Originally Posted by hddude
I imagine it wouldn't be cheap either since Premier listed the range of current values for the Speedsters as $110,000 to $115,000.
I thought this information was just another intriguing example why many of us think we should hang onto these "last real 911s."
I thought this information was just another intriguing example why many of us think we should hang onto these "last real 911s."
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#8
I can imagine a 10 years old "depreciation-proof" 993 available for lease but a, 100k plus, 356 Speedster is another thing...they made less than 4,000 of these babies from 1955 until early 1959 and I doubt there's a single example available for lease on planet earth today...the survivors are being hauled in trailers and not available for lease terms...
#10
What bank does leases on a 993? If you go to leasecompare.com they won't lease a Porsche more than 4 years old.
This looks more like a ballon loan.
http://www.premierfinancialservices.com/pfs/
This looks more like a ballon loan.
http://www.premierfinancialservices.com/pfs/
#11
Originally Posted by RallyJon
Fascinating. Given a 60k mile 993 worth ~$35k today. The same car worth ~$28k in two years with 80k miles. That's a mere $291/month in depreciation. Must be a pretty cheap lease.
But then add the money factory into it and it will at least double that figure.
#14
I agree, Anir a lease on a 10 year old car doesn't make much sense to me. Maybe if you have the car owned by your business.....
In a lease you are paying interest on the full amount of the purchase price and at the end you don't own the car. For a new car with very low money factors, leasing might be a good option but when you start trying to lease a new car the money factors easy go up to over what a fnance option might be. I looked at leasing my 02 BMW and it just didn't make any sense. In my case it was worth the peace of mind to not have a payment and just pay for the car outright. Probably the best way to finance a used car is to use home equity and take a fixed term loan, probably in the 5-6% range.
In a lease you are paying interest on the full amount of the purchase price and at the end you don't own the car. For a new car with very low money factors, leasing might be a good option but when you start trying to lease a new car the money factors easy go up to over what a fnance option might be. I looked at leasing my 02 BMW and it just didn't make any sense. In my case it was worth the peace of mind to not have a payment and just pay for the car outright. Probably the best way to finance a used car is to use home equity and take a fixed term loan, probably in the 5-6% range.
#15
When trying to decide on a lease a few things need to be decided, who is using the vehicle, how they are using it, and how long they plan on using it. Vehicle leasing's history is based on commercial use of a depreciating asset for a set amount of time. I.E. - Independent commercial truck driver may be restricted to writing off his vehicle for a certain time period, usually around three years, it has it's risidual set by the bank, apply a money factor, and you have his lease payment, and the amount preset that he will be writing off for that area of his expenses.
For our personal use, we might go pick out a new 997, knowing we only want it thru it's warranty term,and weigh the lease payment vs the out right purchase, or finance options to see which way it sets up best for our personal transportation expenses, for the same time period.
For our 993's it makes little sense to lease them because:
1. We want to keep them(& sink huge amounts $$ into them)
2. We do not want a lease company to dictate how we use them(DE etc are no-no's)
3. We would have a tough time convincing an auditor a 10 year old porsche is our work vehicle, and something we should be able to write off.
Mostly, leasing is noot financially beneficial to anyone when broken down and compared to a purchase on a normal simple interest contract.
If anyone wants to figure a lease for themselves, here is a basic equation:
purchase price - residual/# of months= monthly depreciation (obvious part)
purchase price + residual * money factor = monthly lease charge (not quite as obvious)
add the two up and apply your local tax and you have your payment
$35,000 993 today - $30,000 residual 3 years = $5,000 deprec. / 36 = $138.89 monthly depreciation
$35,000 + $30,000 * .00250(lease money factor(midrange))= $162.50 monthly lease charge
$138.89 + $162.50 = $301.39 + tax(9.1% here)$27.42= $328.81 monthly 993 payment
There are a lot of variables, but a must for a good lease is resale, and we have it.
P.S. On new vehicles, if the money factor is not a factory lease special, you are more than likely going to be gouged here by the dealer(they do mark them up(a lot)).
For our personal use, we might go pick out a new 997, knowing we only want it thru it's warranty term,and weigh the lease payment vs the out right purchase, or finance options to see which way it sets up best for our personal transportation expenses, for the same time period.
For our 993's it makes little sense to lease them because:
1. We want to keep them(& sink huge amounts $$ into them)
2. We do not want a lease company to dictate how we use them(DE etc are no-no's)
3. We would have a tough time convincing an auditor a 10 year old porsche is our work vehicle, and something we should be able to write off.
Mostly, leasing is noot financially beneficial to anyone when broken down and compared to a purchase on a normal simple interest contract.
If anyone wants to figure a lease for themselves, here is a basic equation:
purchase price - residual/# of months= monthly depreciation (obvious part)
purchase price + residual * money factor = monthly lease charge (not quite as obvious)
add the two up and apply your local tax and you have your payment
$35,000 993 today - $30,000 residual 3 years = $5,000 deprec. / 36 = $138.89 monthly depreciation
$35,000 + $30,000 * .00250(lease money factor(midrange))= $162.50 monthly lease charge
$138.89 + $162.50 = $301.39 + tax(9.1% here)$27.42= $328.81 monthly 993 payment
There are a lot of variables, but a must for a good lease is resale, and we have it.
P.S. On new vehicles, if the money factor is not a factory lease special, you are more than likely going to be gouged here by the dealer(they do mark them up(a lot)).