Financing or Buying Outright? How will You Pay??
#16
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I think I am going to start looking into a lease. I can definately write it off with my business. I like the fact that you have the option to buy it at the end of the lease.
For the lease experts [mind you, I have a lot to learn]. Can you enlighten me about the process of how exactly you go about buying the car after your lease is up? Do you pay the current market price [kbb value when turing in the car] minus what you have already paid during the lease? If I buy back my lease after turning it in, does that automatically make it a Porsche Certified Pre-Owned vehicle complete with warrenty?
Thanks for the help.
For the lease experts [mind you, I have a lot to learn]. Can you enlighten me about the process of how exactly you go about buying the car after your lease is up? Do you pay the current market price [kbb value when turing in the car] minus what you have already paid during the lease? If I buy back my lease after turning it in, does that automatically make it a Porsche Certified Pre-Owned vehicle complete with warrenty?
Thanks for the help.
#17
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Porsche like most manufactures have a "closed end" lease. Basically you have a predetermined price and you pay that. You can finance the balance, lease again, or pay cash.
No, it is not certified.
No, it is not certified.
#18
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I'm not sure how Porsche handles their leases, but with BMW I discussed the lease-end options with my dealer and he then agreed that if I wanted the car, he'd pass-through the CPO process to me at his cost of $995 as a courtesy. The lease has a predetermined value at the end - the residual. So you know even before you lease the car (in the proposal) what it will cost you at the end. It has little to do with wholesale, KBB, or anything else - it's just a percentage of the cost calculated at the start of the lease (ie: 60% Residual). That basically means that 40% is "paid down" during the lease and 60% is the agreed value of the car at the end. So, walk away or buy it for that residual value.
#19
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RonCT;
I understand leasing does not include the insurance, I did a bad job expressing myself.
Obviously, if your lease or finance the GT3 there are more rules in place to protect the lenders and you give up some freedom. The lease would be the most restrictive form; vehicle services, vehicle modifications, insurance coverage, and track use are typical areas where the leasing company could have stipulations.
I understand leasing does not include the insurance, I did a bad job expressing myself.
Obviously, if your lease or finance the GT3 there are more rules in place to protect the lenders and you give up some freedom. The lease would be the most restrictive form; vehicle services, vehicle modifications, insurance coverage, and track use are typical areas where the leasing company could have stipulations.
#21
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Preferred Lease?
Retial Financing?
Porsche Options?
What's best? It seems that Porsche Options has the smallest payments.
Retial Financing?
Porsche Options?
What's best? It seems that Porsche Options has the smallest payments.
#22
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I think the cheapest financing option is not to go through Porsche for your financing, if you go that way. Porsche options is a balloon financing option for the people of NY who cannot lease. It also has a different legal, as you are the full owner of the car. Porsche makes a lot of money on this option....
#24
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If leasing is the way to go (I'm not convinced - I have always paid cash), then is there a particular lease financier or source of competitive rates for leases? Or is Porsche leasing the only game in town?
#25
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yetis:
I'm oblivious to the Porsche Options program. How exactly does Porsche make so much money on that program? It just seems that they offer the cheapest payments around. Of course, that balloon payment just means you have to get another loan to cover that as well.
Like lawjdc, I would like to know what the best company for leasing is? Anyone know of a really good company (read: offers really low rates) for leasing a Porsche with little to no money down?
I'm oblivious to the Porsche Options program. How exactly does Porsche make so much money on that program? It just seems that they offer the cheapest payments around. Of course, that balloon payment just means you have to get another loan to cover that as well.
Like lawjdc, I would like to know what the best company for leasing is? Anyone know of a really good company (read: offers really low rates) for leasing a Porsche with little to no money down?
#27
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Originally Posted by RonCT
Well, it all depends. At this point in my life, I don't like going into debt for "option" things, like a new Porsche. Save up, pay cash. Many will say that's not good financial management, but at a certain point, piece of mind is worth more than a little VIG.
" If you pay cash, you have many options because you bought it with surplus. So, maybe you would never sell it..."
It's not always about the numbers...
" If you pay cash, you have many options because you bought it with surplus. So, maybe you would never sell it..."
It's not always about the numbers...
Ron,
That's my thought process too.
The finance mgr thought I was crazy when I paid for my 03 GT2 with a check.
One less thing to be concern about!
#29
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I would love to pay for the car with my debit card/check. I wish I was at that point in my life. I give it a few more years before I get there.
For now, I have to consider leasing with minimal cash down or put $35K-$60K down to have my monthly payments where I need them.
This dilemma is killing me. Time to get a drink.
For now, I have to consider leasing with minimal cash down or put $35K-$60K down to have my monthly payments where I need them.
This dilemma is killing me. Time to get a drink.
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#30
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Originally Posted by ESCALVANTE
For now, I have to consider leasing with minimal cash down or put $35K-$60K down to have my monthly payments where I need them.