A new reason to lease
#31
05-18-2012, 07:20 AM
I managed to get 5.1 from them about 2 years ago when they had a special - only reason I leased. Glad I did - 2 accidents later. Anyhow at 7.9 and really crappy residual Porsche canada has terrible lease rates.
#32
05-18-2012, 08:36 AM
Yes, another example of Canadians getting screwed by car companies. My strong preference would be to lease for 3 years and then if the car was solid, buy it at that point. I won't do that though, at 7.9 percent. I suppose I should ask about a better rate for a prepaid lease. Knowing Porsche Canada, there would likely be reduction in rate.
#33
05-18-2012, 08:42 AM
Registered User
but if you car is involved in an accident and get totaled i believe u are out all that money...the way the leases work these days with insurance companies...not sure it is what i heard
#34
05-18-2012, 08:56 AM
Agreed.
I'm on Porsche #3 and each time the lease numbers looked silly compared to financing or cash purchase.
BMW lease well and if you keep an eye on their rates over the course of 2-3 months you can usually snag yourself a real bargain.
I'm on Porsche #3 and each time the lease numbers looked silly compared to financing or cash purchase.
BMW lease well and if you keep an eye on their rates over the course of 2-3 months you can usually snag yourself a real bargain.
#35
05-18-2012, 09:01 AM
It is often advised to never put a downpayment (cap cost reduction) on a conventional lease because the downpayment will be lost if the car is declared a total loss by the insurers.
Isn't a prepaid lease just one big downpayment? Sure, you may get a lower interest rate, but if the car is totaled after one month, aren't you out all the money you prepaid?
This is something I would ask the lease company if you did a prepaid lease.
#36
05-18-2012, 05:31 PM
Well I guess this is the nice thing about Canada - zero exposure to me. Its a closed lease as long as Porsche repaired it and it passes the point inspection on return - I am free and clear. I would still consider buying it off them if they gave me a deal to take it off their hands. I love the car - handles like a jewel and is a performer. Still gets plenty of stairs and has all the gadgets I need! I bought it off the lot and the only thing I might have added is PSE.
Last edited by uhn2000; 05-18-2012 at 05:34 PM.
#37
05-19-2012, 02:42 PM
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Join Date: Dec 2006
Location: Playa Del Rey, Ca
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I agree with your statement, although 99% may be a bit strong. There are a few situations where leasing may not work as well as buying. In cases of very high annual usage, or in instances where the driver wants to make modifications, leasing may not be practical. I own a diesel Jetta wagon which I use for work and will drive it into the ground. On the other hand, I lease my wife's SL550. The previous SL was involved in a $40,000 collision. I was told that car had a $30,000 diminished value at lease end when sold at the auction. Dodged a bullet on that one in more ways than one.
Leasing usually involves termination fees and nitpicking for blems at the end of the term, but I consider that cheap insurance for risk of accident loss. Personally, I consider interest rates of approximately 6% or less perfectly acceptable as I lay the whole disposition process squarely on the shoulders of the leasing company.
Leasing usually involves termination fees and nitpicking for blems at the end of the term, but I consider that cheap insurance for risk of accident loss. Personally, I consider interest rates of approximately 6% or less perfectly acceptable as I lay the whole disposition process squarely on the shoulders of the leasing company.
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