Jesse95911

whats the best way of selling it quickly?

I have a 2009 997.2 with the following options: Black/Black with standard leather; xm radio, pwr comfort seats with driver memory; heated front seats, universal audio interface; Bose sound package; wheel caps with colored crest; sport chrono package plus; bluetooth phone, navigation; 19" Carrera Classic wheels; seat ventilation; park assist; tinted windows, euro side markers and PDK. All service records.

Issues: my daily driver . Has 54K miles on it. Minor paint work needed (car was keyed (twice)). My lease runs in three weeks and I do not want to pay for the paint or 10K excess milage charges since I believe the car is work much more than the payoff of $53,400.

Any advise appreciated.

PasPar2

Been looking for a 997.1S and keeping an eye on 997.2 non-s

Closest match to yours I can think off was a 997.2 S with 50k miles that I saw listed for 55k. Carmax has several 997.2 non-S in the 57-59k range but with a lot less miles.

I think your payoff is around the right price given the miles...

but that's just my 2c worth

sandwedge

As a point of reference, I stopped by my dealer yesterday for a look at the 991. Didn't even ask for it but they still worked up a trade-in figure for my car "in case I couldn't resist". The 997.2 C4S launch cars were pretty loaded up and I don't have either keyed panels or anything else in need of paint, nor do I have 54K miles but 11,600. Still....I was offered mid 60's.

Just my opinion but I'm not convinced that a base -09 997 with 54K miles and vandalism damage is worth substantially more than your payoff.

Jesse95911

Thanks, i appreciate your comments. Keep em coming.

ajayabb

Here's a Manheim listing for a 2009 C2S with similar miles for comparison sake

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2009 Porsche 911 Carrera S
WP0AB299X9S720516
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Time Left: 1d*2h*33m
End Date: 02/02/2012 12:55AM ET
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Buy Now Price: $51,000 *BUY NOW
Starting Bid: $49,999 *BID
No Floor
Vehicle Location: At Dealership
Pickup Location: Hayward, CA, US
Facilitated by: Manheim San Francisco Bay
(510) 786-4500
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Above: $59,800
Average: $52,400
Below: $45,100
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VEHICLE SPECIFICATIONS

VIN: WP0AB299X9S720516
Odometer: 50,745 mi
Transmission: Manual
Engine Cylinders: 6 Cylinder
Drive Train: 2 Wheel Drive
Fuel Used: Not Specified
Exterior Color: Silver
Interior Color: Black
Interior Type: Leather
Body Style: Coupe
Doors: Two Doors
Audio: Premium
Top Style: Not Specified
EQUIPMENT
Equipment Included

rodsky

I personally dont think its worth more than the payoff. You have "high" miles and some damage. To get more you'd have to fix it, and then sell it. Probably not likely in 2-3 weeks and not likely to yield much if any $.

PasPar2

dont forget that if you sell it you need to buy it first which mean you need to pay tax... (in NY thats how it works - not sure where you are)

rodsky

thats correct - for CA too.

utkinpol

if you are on lease - why not to give it back and get brand new on new lease?
i do not lease as i cannot write it off for business anymore so i always buy with cash and drive it until wheels will fall off. that will give best value.

to buy out lease and sell right after will hit you with taxes (twice?) i would guess. imho it cannot be profitable.

2K7TTMIA

FWIW, I just spoke to someone at Carmax yesterday about my wife's lease. He told me that Carmax usually tends to offer a little bit more that the payoff, so the customer can end up a thou or better selling the lease to Carmax.
I would suggest you get it detailed and see what Carmax will offer.
GL.

daddyscar

Any more experience from others on this with Porsche specifically in CA?

9 years ago I sold a leased BMW where buyer sent a check to BMW and paid sales tax at the dmv himself.

I sold a leased Honda three years ago where I bought out the lease and sold and transferred the title to somebody within 10 days. New owner payed sales tax.

A year later I tried to sell a leased Benz but Mercedes wanted the sales tax payment up front for the buyout price. I ended up turning in at lease end.

Now I'm considering selling my leased 2011 Cayenne. Again, in CA, can I avoid paying the sales tax if I transfer the title within 10 days?

PasPar2

Not sure about the CA specifics but call PFS and they will be able to answer you. I know for a fact that in NY if you take over a BMW lease, you need to pay tax on the payment amount x number of remaining payments while if you take over a Pcar or MB you dont need to do that.

Tcc1999

That info isn't exactly correct for California. I went through this process of buying out my lease and selling it to a third party in August. In California there is what is known as "The Ten Day Rule". This rule specifically relates to leased cars that are purchased by the lessee and sold, within ten days, to third party. If you fulfill this requirement you are not liable for sales tax in the state of California. However, you will owe taxes on any amount you sell the car for that is greater than the lease payoff price.

The trick here is that you do have to line up all your ducks and get the Title from PFS and complete the transaction within the time period (CA DMV told me that you actually have 30 days but I wouldn't trust that DMV talks to the Franchise Tax Board so I conducted my transaction within the confines of the rule.

If you want more information you can either go to the Franchise Tax Board or DMV Website or just do a global search on California car sale Ten Day Rule.

Hope this helps.

daddyscar

Thank you! From my experience in CA there is indeed a ten day rule. I believe it than varies by lease holder when the sales tax is paid. After speaking to three different people at Mercedes Financial service, the buyout payment had to include the sales tax payment where I'm guessing the I'd have ten days to transfer it to the new buyer who than hopefully doesn't have to pay the sales tax.

You certainly have to get your ducks in a row. It's not 10 business days, but 10 consecutive days. Say your title is getting mailed across the country and rush delivery is not available, than you have very little time to get the title transferred.

From boe.ca.gov:
Transfer of a Vehicle to Lessee by Lessor, when Vehicle resold to a Third Party (10-day Rule)
Generally, when a lessee elects the option to buy out the lease, tax does not apply to a vehicle if the lessee transfers title and registration to a third party within 10 days from the date the lessee acquired title from the lessor at the expiration or termination of a lease. However, if the lessee elects this option and then gifts the vehicle, the lease pay-off amount is subject to tax. For more information, please see Regulation 1610(d)(2).

Scroll down 2/3 of the page to this link for more details http://www.boe.ca.gov/lawguides/busi...sutr/1610.html

1985mb

A state's tax rules are not going to vary based on what brand you lease or who you lease through. The same rules that apply in NYS for BMWs also apply to MBs and P cars.

If you take over a lease in NYS, you are going to have to pay sales tax on the remaining payments or show proof that the entire tax amount was paid upfront. You are probably thinking of leases which had the entire tax paid upfront, rather than some difference caused by brand or finance company.