Advice on buying 07 997TT off lease
#1
Advice on buying 07 997TT off lease
My 2007 black on black 997TT tip 60 month lease is up the first week of June. I built her with nice options incl. PCCB, sport chrono, sport seats, yellow seat belts, yellow dev. stitching, carbon multi-function steering and other carbon bits. MSRP was approx. $150K in 07. Due to how I structured my lease, the buyback is only $56,845.30. I have close to 52K miles on her from daily driving her to Court for the last 4 and 1/2 plus years (mostly highway miles). She was even CPO'ed by Porsche NA for me in writing in February 2011, which means I have a factory warranty until June, 2013. As prices on our cars have literally plummeted with no end in sight, I was wondering what the "real" value of my car is. Specifically, does it pay for me to buy her at $56,845.30 ? If the wholesale auction type price for my car is basically what I have to pay then why bother purchasing her ? I can't be emotional about this decision and need some objective financial advice from my 6speed colleagues. What say you ?
#3
No question in the secondary market that more buyers want a 6 speed. That being said and considering that this is a less desirable tip, is it still a good deal ? I thought that the auction prices for my car were already in the high 50's because of the miles.
#5
How long do you plan to keep this car if you purchase it?
I think there is something special to being the orignial 'owner' of a vehicle. Knowing everything about the car and it's history since day one is unique.
Have you considered turning it back in and waiting to lease the next turbo model?
I think there is something special to being the orignial 'owner' of a vehicle. Knowing everything about the car and it's history since day one is unique.
Have you considered turning it back in and waiting to lease the next turbo model?
#7
Given that the car is to your liking and the buyout price, I would keep the car a few more years and fully appreciate it for what it is, which is a great performing car.
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#10
56.8 is a good price for the car. Yeah the miles are high and it is a tip but the car is worth more than that. But if you just want to be done with the car walking away is not a bad option. You didn't mention if you wanted to keep the car or if you are ready for something new.
#11
I would buy it for the reasons listed above as well as the car being on a flatter part of the depreciation curve. For the first five years and ~55K miles, it went from $150K to $56K. Say you keep the car for two more years, it'll have ~70K miles and say have a value of ~39K. So for first five years, it averages $19K depreciation in. For the next two years, it will average around $8.5K per year.
70K miles sounds kinda high, but it will still be a freaking supercar with the highly moddable mezger engine which is why I think the car will settle in the high 30s range.
70K miles sounds kinda high, but it will still be a freaking supercar with the highly moddable mezger engine which is why I think the car will settle in the high 30s range.
Last edited by superthinh; 02-23-2012 at 09:00 AM.
#13
Thanks for the responses. I could have gotten out of my lease last June and gone with a 2012 TTS coupe (or even waited for the 991 Turbo) but I decided against it. The plain unvarnished truth is that I'm bored with the 997TT. The 458 Italia I ordered should be here by Oct. and I intend on using the 458 as my DD. I have an 05 Wrangler that is my true winter beater car when it gets really nasty out. My only thought was that if I bought the 997TT I can use it to supplement the 458 as a DD. Like I said, if I wasn't bored with the 997TT this would be an easy choice. I also think that if I keep the 997TT that I'll drive the 458 much less which really isn't my intention. At this point I'm leaning towards buying her as all responses uniformly think that its a fair buyout deal. Thanks again to everybody.
#14
I think you made a good decision. The price is fair, you know the history, and it's not like you can't change your mind and sell it after a few months. Per the CPO, I wasn't aware dealers would sell you a CPO warranty. Can you provide any more information? My 2009 Porsche runs out next year and I would consider keeping it if I could purchase the CPO warranty. Thanks and congrats on the decision.
#15
Any authorized P car dealer can "CPO" the car for you. It's just a checklist of items that they need to go through and vouch for with Porsche NA. I don't know what Porsche NA charges for the CPO process/designation, but between extending the new car warranty to 6yr./100K miles plus roadside asst., the CPO designation has significant value to me.