Hi guys,
First time poster here but have been reading the great posts and information on this forum for a few months. I am on the verge of pulling the trigger on a 2012 GTS coupe 6 speed and have a few questions. I have never leased before but I need to replace my M6 that was totaled last year and the GTS has peaked my interest. The porsche dealer quoted me $1065.00 per month including taxes on a 24 month lease with 8K total out of pocket and 10K miles per year. The money down is a little higher than I would like for a lease but it puts the payments right where I want it. The car has leather seats but it's not full leather and only the back rest is electric. The sticker is just shy of 115k. They are discounting it quite a bit and adding a conquest program discount as well. Does this sound like a good deal? Also, they quoted me a money factor rate of .220. Is this the going rate for porsche? I kind if like the 24 month term as opposed to 36 months in case I find that I need something different since it will be a daily driver. Those of you who drive your 911 daily, do you find the car adequate for running around town? Thank you in advance for taking the time to answer my questions.

 

$8,000.00 down divided by 24 months equals another $333.00/mo. Add that to the $1065/mo and you're at $1400/mo. 1400 x 24 = $33,600 paid for the use of the car for 2 years, plus maintenance and at least one new set of tires before you turn it in from the lease. So probably around $36,000 total cost for 2 years of ownership. It doesn't sound like such a bad deal on a $100,000 plus automobile, as depreciation after 2 years is probably just about what you'll be paying in total for the lease.
But it's also important to go into it knowing that Porsche kills you on the mileage overage charge - I believe it's 30 cents per mile.

 

Agree with mseligon, that seems like a pretty good deal considering the MSRP but definitely think you should think about your total exposure for 2 years.

That said, I've been shopping multiple brands in that range with $7k down and have not been able to get anywhere near that. Give it a few more days and see if you can do even better with the end of month/year coming up in a few days . . . no need to put down more money than you're 100% comfortable doing (not to mention that you'll never see those $$$s again). Good luck!

 

This is such a bad financial outlay unless you got money to burn. Actual cost of ownership is more because you got get a new car at the end the lease. That can easily run you another 7 - 8k if you want a similar car. So after 2 years, you have paid out over 40k and you don't have ownership of any car! It just a very expensive rental. I have done it and it sucks.

 

I think it's a decent deal. When I was looking at GTS' last may, lease payments (3 year) were around 1,400 - 1,500 with first payment, taxes and title OOP. I would suggest you consider less out of pocket with a larger payment just in case something happens with the car as you would lose the 8K out of pocket. Gap insurance will cover the difference.

- What's the selling price?
- What's the RV after 24 months
- Interest rate is 5.28% (MF x 2400). P Financial is always high. BMW is .00165 to compare.
- Are there any dealer fees?

 

I would just buy a low mileage CPO 09 C2S or C4S for around $73 - $83 and sell it in 2 years. I would imagine that you could sell that same car in 2 years for around $55 - $65 with one major service and new tires in maintenance cost. Total cost of ownership is around $21 - $23.

As far as using these cars as a DD, I would say any of the 997 variants are good. I might get tired of my GT3 if I had to drive it every day, but it is possible. The variant you are looking at would make a great DD and would be even better with the PDK - I am six speed guy, but it is hard to deny the PDK transmission. It makes anyone a better driver.

My $0.02

 

If the dollars and cents are the most important issue, this is a good way to go. But if the op wants a new car, and especially a new GTS, his lease deal is not so bad.

 

Agreed. I should have mentioned that for a new car, the lease does not sound bad. I would also agree with a prior post that I would limit the down payment as much as possible.

 

I also agree with this.

 

Thanks for all the replies guys. I agree that the money down could be lower but I think if we were looking for any car purchase to make financial sense then we would never buy them. More than anything, I wanted to hear if anyone had heard of better deals being had by others. I have been shopping around and this is as good as I have found. I try to get as much information as possible before I move forward on any purchase. Thanks again for the insight.

 

Okay, can I ask a question? Why not just buy it instead of the lease?

If the car is at $115k you will be able to get that car for $100K, or real close.

If the payments are basically $1500 per month for 24 months you are at $36,000

I don't think the car will depreciate that much in the 24 months. Plus owning the car might provide things for you that leasing won't.

 

Yep, but payments on $80k after putting $20k down will be way more than $1500, regardless of how long the loan. That's why people lease, low down and low payments for things that could not ordinarily be purchased.

 

+1. I originally leased my GTS in the spring, but I have plans to keep mine for long-term, and given than money is so cheap nowadays, I bought out my lease for a 72-mth, 2.75% loan...and spending $150 LESS per month now.

But I know that I won't be considering a 991 until I've seen the WB version and it's been out for at least a year. In my case, I wasn't going to be ready to replace my GTS when the 24-mth lease was up anyway.

 

+1. Good analysis.

 

I agree with this too. Depends on whether you are ok coughing out the coin.