Anyone here leasing their 997 or previously were looking into leasing it prior to financing or straight cash?

I'm thinking of of it for a 24-36mo lease as I tend to get sick of cars quickly / move on to the newer more updated model. This would also be my first new Porsche.

What kind of monthly payments should I be expecting, what is a good deal in your eyes (other than completely free)?

 

My 997 C2S is leased. As for cost, it all depends on how much cap cost if any you want to reduce and how long as well as agreed price.

My car was to spec, not off dealer inventory.

Shop around for rates as you'll probably do better than Porsche Finance.

If the interest rates were lowered when I went to get my car, I would have re-fi my mortgage and purchased the car that way. Rates dropped now, so who knows.

Deanski

 

My ideas so far is 24/36mo terms, I dont really like to put money down on a lease but would consider up to $2500cap cost if it was favorable. I'm a little wary of contacting a dealer now since I'm up to 12mo away from actually pulling the trigger, lots can happen in a 12mo period, so I was just looking for $ ideas.

I live 6.3mi from my office so I would be good under the 10k/12 mileage allowance.

 

I looked into leasing a 2008 c2s. for a sticker of 90000 the numbers worked out to 5000 out the door (including first month's payment) and roughly 1400 a month for 36 month lease. this was driving under 7500 miles/year. i worked the money factor down to 0.0035 to 0.0036 and may be able to needle it down more if so inclined. however, i looked at it as spending 55000 over 3 years and having nothing to show for it at the end of the lease. as seen in my other post, i am heavily leaning towards buying a a low mileage 06 c2s for 65 to 67000 (6700 miles). i only put on 4000 miles or less a year and after 2 or 3 years would be able to turn around and sell it or trade in for a favorably depreciated price bearing in mind that the brunt of depreciation was borne by the first owner. just something to keep in mind.

btw i contacted several local banks but the leasing rates were much higher than through porshe financial.

 

one other factor regarding leasing that appeals to me having read owner experiences on this board - if you get a "lemon", a chronic oil burner for example, you have an endgame for the car, you can turn it in and walk away and its the dealer's problem. If you buy it outright and have problems with it, the burden is on you to extract the maximum from your warranty to resolve the problem.

 

Surfer, have you considered leasing a used car. If leasing is good for you, it's away to get teh best of both worlds.

 

I had gone into the dealer intending to lease. As it turns out, the Porsche is the first car I have bought in about 10 years. The past 4 cars I have had have been leased and I always seem to get rid of them early and under the mileage limit. Taking into account the high residual value 911s traditionally have as well as the fact that the dealer was willing to negotiate the interest rate, a purchase seemed to make more sense. For reference, I bought a new 07 C4 (final price 84k including all taxes, reg, etc.). Lease prices with zero down (and I mean zero i.e. nothing up front at all) was approx 1375 for 3 years, 1250 for 4 years with 12k per year). I wound up financing at 6.25% for 5 years (again zero out of pocket) and payments are about $1650. Obviously, how long I wound up keeping it and what it's worth at trade will tell if I made the right decision, but it seemed to make sense to me.

 

Congrats- $84K out the door is a steal on a new C4S. Check out Pentagon Federal Credit Union to cut that monthly down by prob another $60/month immediately by doing re-fi of your note for 5.29% 60 months (new & used currently same 5.29 rate) with PenFed. I was alerted to PenFed a couple of years ago by other Rennlisters; the only catch is a one-time $20. military family foundation membership fee.

I had my wife's truck switched from Chase to PenFed, from 6.5 to a shade over 5%.... all application process done via web, two days later they FedEx a payoff.. one piece of mail to sign and send back...totally painless. No fee to refi (except if there's a pre-payment penalty on existing loan), PenFed simply asks for 15-day payoff amount from current lender & then handles the payoff.

Sorry if presumptuous, but imo anyone debating btwn lease/buy should run the #s with PenFed, esp. if no business/tax incentive to do a lease as opposed to purchase.

https://www.penfed.org/productsAndRa...dAutoLoans.asp

 

jim w, your point is a good one. unfortunately in my town 1 or 2 y/o 997s are very few and far between. i've been looking for the past 5 months and no desirable used 997s have come through the local porshe dealership. ideally leasing would work best for me since i change cars every 3 years but without inventory i am somewhat stuck.

printemps, how is it that the monthly lease payments for 36 months are lower than for 48 months or did you have it switched? that's a very attractive lease, again with only 1 dealership in town i'm kinda stuck and living in hawaii the nearest porshe dealership is 2500 miles away lol. for a used car loan i am able to get a fixed rate of 5.49% which i think is pretty good. plus i have the option of paying off the loan at anytime without penalty.

 

Surfer
If you want to keep your monthly nut down and have the option of paying off early Porsche will do a Balloon loan.

Mahalo
(Is that right?)

 

forgive me for my ignorance but what is a balloon loan? if it means putting more down upfront i'm not really down with that. plus i'd rather finance a low mileage 2 y/o 997 c2s at 65 k than a new 08 c2s at 93 k. with leasing the capcost doesn't matter as much is the residual is 65% at 36 mos like my lease proposal.

btw, i should say mahalo (thanks!) you may say aloha (hello or goodbye depends on context)

 

Balloon loan involves a big payment, typically at the end of a loan for the outstanding balance. E.g., you would make $500 a month payments for a while, and then pay a $30K balloon. Check with PNA for actual terms.

 

thanks, is that only applicable for new c2s or could i do that for a used one? my federal credit union did not mention a balloon loan, is that something only offered through pna?

tia

 

I am not sure if they'll offer the balloon loan for a used car. There really isn't any reason for them not do so, but you'll have to check. I haven't heard of many people doing the balloon loan. You'll want to carefully examine the underlying economics of the transaction (interest rates, total payments, total interest, etc.) before signing on. You will be paying more in interest that a traditionally amortized loan. Leasing may be a better option ...

 

I think anything that they can CPO they can lease or balloon.