USCHANDPOD

I am waiting for my 997s arriving in feb/march. I drive by another dealer just to see what they have and low and behold the car I want almost to the last detail is on the lot for sale (new). I basically have to tell them first thing Thursday am if it is a go. Please tell me how these #'s look to you for a 36 month lease:

Sticker $93,390
Residual $55,100
Miles 12k/year (not a problem for me)
Drive off cost $3300
Monthly payment for 35 months $1700.

IS THIS WHATS OUT THERE?
IS THIS GOOD?
IS THIS BAD?

I am possibly cutting my wait by 2 months. I could have my first P-car tommorow. Please help!!

Thanks

jcnesq

Doesn't sound so hot to me. Looks to me like - no discount off sticker, and a money rate that is probably on the high side. My calculations suggest something closer to $1,400/mo. would be a good deal. You ought to find one of the various sites on the internet, get a car lease calculator, and understand the process, and ask the dealer to break down the components for you, so you know what's really going on.

Are you going to lose a deposit with the other dealer?

USCHANDPOD

Are you going to lose a deposit with the other dealer?[/QUOTE]

He said it was fully refundable. Is that not typical. All dealers said that when I spoke of placing an order

boolala

Let's see:

P = 93390

Res = 55100

Term = 35 months

1700 = (93390 - 55100)/35 + MF*(93390+55100)

or

MF = 0.00408 or interest rate = 24*MF = 9.8%

I didn't include your sales tax as I don't know how that is calculated in your state (total or just depreciated amount--if 1700/mon includes that then the calculated interest rate is slightly lower).

Redoing the calculation assuming 7% tax on the total amount (93390) then interest = 6.8%

USCHANDPOD

Tax in my county is 7% and that is included in the numbers I quoted. 9.8% seems high. What do you think?

USCHANDPOD

OOPS I saw the 6.8% now. That seems better. What do other people think. I just don't want to be worked over by the dealer.

Soulteacher

Uschandpod, I ordered my 997S today and, believe me, I have been very emotional (excited) over the past few weeks in my research and order preparation. I still tried to make very rational decisions, though.

First of all, and that's just my rule, I will not be pushed into a decision by somebody putting time constraints on me. Why would the dealer want you to decide by tomorrow morning? My experience is that whenever people try to push you into deals using time pressure, the deal is bad. Do not rush! What is the worst that could happen? You will still have your 911 in two months (and it will be truly YOURS, no other customer will have sat in it, touched it, farted in it, etc.). Consumer behaviorists call your present state "psychological reactance" (when time pressure is used and you experience a threat to your freedom of choice). Don't fall for it (or you'll experience cognitive dissonance soon after).

Second, the simple fact that you are not yet in a position to figure out the leasing deal means that you have not done your proper homework. Don't be offended, but you simply haven't. As previously suggested, plug your numbers into websites such as www.leasecompare.com and you will see that you can probably get lower rates even at significantly lower residuals. If you do not fully understand leasing, go to www.leaseguide.com and learn about it. That's what I had to do.

Tactically, you can always go to your original dealer and tell him about this car and ask him about another discount. I got 4K off on the car I ordered today (MSRP $87,000), but I'm in Louisiana where they don't sell that well.

When buying new cars, time is on YOUR side and should not be used against you.

billh1963

Leasecompare.com is offering these rates....

2006 911 Carrera Coupe S

24 mo/15k mi – Residual Value 63% of MSRP – .00425 Base Money Factor Rate
36 mo/15k mi – Residual Value 56% of MSRP – .00290 Base Money Factor Rate
48 mo/15k mi – Residual Value 48% of MSRP – .00300 Base Money Factor Rate
60 mo/15k mi – Residual Value 42% of MSRP – .00300 Base Money Factor Rate

Add 2% to Residual Value for 12k mi/yr and 3% for 10k mi/yr on all terms

You can use the following formula to calculate a lease payment:

(Capitalized Cost – Residual Value) / Term = Monthly Depreciation
(Capitalized Cost + Residual Value) X Money Factor = Monthly Interest
Monthly Depreciation + Monthly Interest = Base Monthly Payment

boolala

Although he didn't specify the milage allowance his money factor is 0.068/24 = 0.00283 and residual percentage is 55100/93390 = 59% which is quite comparable to the 36 month lease rate above.

boolala

Redoing the calculation assuming a 36 month lease with the first lease payment rolled into his $3300 deposit we get a money factor of 0.00306. Again comparable to the 36 month numbers above which would yield a monthly payment of (93390 - 55100)/36 + (93390 + 55100)*0.00290 + 0.07*93390/36 = 1675.82.

zumaron

The classic "sense of urgency technique" -- Chill out and a take deep breath....

I agree with SoulTeacher. You should take time to truly understand the details of leasing and what that will cost. Remember you are the one handing over the hard earned ca$h and you are in control. Don't let the dealer push you around.

It's year-end and they want to move cars. Push to get a discount off MSRP. Check 3rd party leasing options, etc. The dealer is trying to maximize their profits (which they should) MSRP + Leasing = BIG money for them.

You already have a car on order -- use this to your advantage. You don't 'need' to purchase the car sitting on the lot. However, you could purchase if the deal is VERY attractive. Otherwise you just wait for 'your' car.

THPorsche

What was the number offered by your original dealer (where you ordered)? Did you get any discount from them? Just compare two and you get an answer for yourself.

vtach88

You hold all the cards:
1) Already have a car on order elsewhere
2) End of year and month
3) Car is sitting on dealer's lot and not spoken for

Get a cap cost reduction or walk away.

TT Surgeon

I assure you that car will still be there a month from now, that lease deal is so-so at best. You should have zero sec dep, zero down pymnt, roll all the taxes into the lease, you want to minimize up front cash on a lease, esp if you run it through your business. Don't feel pressured, if you do walk away, believe me they will come crawling back to you.

USCHANDPOD

Thanks for all the help. I got them to buy out the lease on my 03 bmw 745i and to drop the msrp 2500 with good leasing terms (per my cpa). Great end of the year surprise for me. What an amazing machine. I can't wait to see what it does once I really know how to push her hard safely.