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Hi,
First off, the Valet Key is just a key, no ability to open the Trunk/Hood. It still has a chip in it for the Ignition Immobilizer. This means that the Dealer needs to use the PST2 to program it.
The PST2 complete setup costs the Dealer something like $10k with Annual Subcription/Upgrade costs of about $4k. They need to charge to recover these costs, although I also believe many treat it as a Profit Center as well. Further Confirmation that owning a Porsche ain't cheap...
Happy Motoring!... Jim'99
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