Lease Boxster or Cayman for $400/month possible?

[Sub]

I figure someone on here is in the know. I heard about deep discounts in this economy, especially on 2008 Pcars. Is it possible to lease a Boxster or Cayman for $400 a month? Maybe with just $1000 down, 10K miles and 3 years.

I was going to buy a used z4 soon but thought I should do a quick inquiry first. A Porsche could be fun! BTW, I thought about looking at older Boxsters, but with all of the failures and lack of warranty, thats a definite no!

Why do people lease cars? I've never understood this logic (except for business owners).

[Sub]

Originally Posted by bmussatti

Why do people lease cars? I've never understood this logic (except for business owners).

Uhm, seriously? Welp, the main reason is that for someone who does not keep cars long, it makes financial sense because after 3 years you still typically have little or no equity (especially in this economy - take a guess what your pricey '06 is worth now ).

The second reason is that a person who could not otherwise afford the monthly payment can get into a better car for the same money as a purchase.

Honestly, the only negative is that if you wanted to get out early, you cant.

[Perfectlap]

well its like renting. You're limiting your loss in a bad market. This would definitely qualify as a bad market for new car sales.
Going forward you're simply not going to escape the reality that lending will be more stringent which means fewer buyers for supply that's just sitting right now.
You'd have to shoot me to buy a new car right now.

Don't get me wrong, I would never advocate leasing but if the payments are low enough you might lose less than buying new. You can probably buy a 3 year old Lambo Gallardo for less than the price of a new high end SUV. Its like that commercial where the guy brings hefty bags full of cash to the garbage truck.

meanwhile I contine to delude myself into believing that if I can keep my 986S looking immacualte for the next 20 years, It will sell for more than $7K a typical old car.

Originally Posted by Sub

Uhm, seriously? Welp, the main reason is that for someone who does not keep cars long, it makes financial sense because after 3 years you still typically have little or no equity (especially in this economy - take a guess what your pricey '06 is worth now ).

The second reason is that a person who could not otherwise afford the monthly payment can get into a better car for the same money as a purchase.

Honestly, the only negative is that if you wanted to get out early, you cant.

Uhm, are you serious? Where is the "financial sense" in buying a new (or leasing) car every 3 years? There are more important things than cars; like education (yours or your children's), retirement savings, a debt-free lifestyle (pay off your mortgage if you own a home)...just to name a few.

Your second point is what I have always suspected of people who leased cars. I say if you can't afford it, don't buy/lease it.

I also don't subscribe to this whole notion that cars "depreciate". I think more in terms that I "consume" the car vs it depreciates. The car provides a value; enjoyment, transportation, therapy, exhilaration, status...whatever is of value to you. So, therefore the car will become worth less, because I have consumed part of the value. Not that it depreciated. Depreciation sounds like a loss in value without benefit. Consuming implies a receipt of some benefit and value. But this is really semantics.

I paid cash for my car 3 years ago. Would have never bought it if I needed a loan. It is a toy. Don't need it. Nobody really needs a Porsche. I just wanted it. I don't care what it's worth, I am not selling, and may never sell it. Sure, it's worth less than I paid for it, but I have consumed a ton of fun & enjoyment from it. So we are even.

[Sub]

Originally Posted by bmussatti

Uhm, are you serious? Where is the "financial sense" in buying a new (or leasing) car every 3 years? There are more important things than cars; like education (yours or your children's), retirement savings, a debt-free lifestyle (pay off your mortgage if you own a home)...just to name a few.

Your second point is what I have always suspected of people who leased cars. I say if you can't afford it, don't buy/lease it.

I also don't subscribe to this whole notion that cars "depreciate". I think more in terms that I "consume" the car vs it depreciates. The car provides a value; enjoyment, transportation, therapy, exhilaration, status...whatever is of value to you. So, therefore the car will become worth less, because I have consumed part of the value. Not that it depreciated. Depreciation sounds like a loss in value without benefit. Consuming implies a receipt of some benefit and value. But this is really semantics.

I paid cash for my car 3 years ago. Would have never bought it if I needed a loan. It is a toy. Don't need it. Nobody really needs a Porsche. I just wanted it. I don't care what it's worth, I am not selling, and may never sell it. Sure, it's worth less than I paid for it, but I have consumed a ton of fun & enjoyment from it. So we are even.

Of course all of the things in your first paragraph are nice, but what makes you think I am not doing all of that? In fact, thats why I cant afford to buy it outright - because thats where my money is going.

You can call it "consumption," but the fact is that if someone like me buys a car and then sells it after 3 years, they will take a huge loss. I dont keep cars more than 2-3 years because I am a true enthusiast and like to enjoy as many cars as possible in my short time here on earth. So, if I assume that I will be paying X amount per year on a car, what does it matter if I am leasing it or buying it when the actually loss is virtually the same. Someone like me who chews through cars never has equity.

I guess what I'm saying is that you can either pay down your depreciation (ahem, consumption) or the financial lender. Isn't that, in the end, the same thing? You're throwing money out the window, just like me. Of course, if you're going to keep the car more than 3-4 years, leasing obviously turns into a worse proposition, but again, thats not my goal.

So if I can accept that I will pay $400 each month for a car that I really enjoy, (and I do) whats wrong with leasing over and over? Oh, and your comment about not doing it unless I can afford it.. well, I CAN afford it, if I lease.

So, ANYWAY, back to the original question.. anyone know?

[Brucelee]

Originally Posted by Sub

I figure someone on here is in the know. I heard about deep discounts in this economy, especially on 2008 Pcars. Is it possible to lease a Boxster or Cayman for $400 a month? Maybe with just $1000 down, 10K miles and 3 years.

I was going to buy a used z4 soon but thought I should do a quick inquiry first. A Porsche could be fun! BTW, I thought about looking at older Boxsters, but with all of the failures and lack of warranty, thats a definite no!

I would say that you have no chance of leasing a new Boxster for the price you quoted.

[super66]

Not to Hijack the thread but the better question is if bmussatti can get me a job so I can buy my next porsche in cash

I think $400 even is unrealistic.....but I bet you can get one for under $500 if you put down a little more than 1K

I see now that Porsche is offering 2.9% financing....tells you how tough the market is. When I bought my box the dealer wouldn't budge from 8%, until I secured my own financing, then all of a sudden the dealer could work miracles with their finace rates

Originally Posted by Sub

Of course all of the things in your first paragraph are nice, but what makes you think I am not doing all of that? In fact, thats why I cant afford to buy it outright - because thats where my money is going.

You can call it "consumption," but the fact is that if someone like me buys a car and then sells it after 3 years, they will take a huge loss. I dont keep cars more than 2-3 years because I am a true enthusiast and like to enjoy as many cars as possible in my short time here on earth. So, if I assume that I will be paying X amount per year on a car, what does it matter if I am leasing it or buying it when the actually loss is virtually the same. Someone like me who chews through cars never has equity.

I guess what I'm saying is that you can either pay down your depreciation (ahem, consumption) or the financial lender. Isn't that, in the end, the same thing? You're throwing money out the window, just like me. Of course, if you're going to keep the car more than 3-4 years, leasing obviously turns into a worse proposition, but again, thats not my goal.

So if I can accept that I will pay $400 each month for a car that I really enjoy, (and I do) whats wrong with leasing over and over? Oh, and your comment about not doing it unless I can afford it.. well, I CAN afford it, if I lease.

So, ANYWAY, back to the original question.. anyone know?

Thanks, Sub...I see and respect your points. Good luck with your search. I think you will be closer to $500/month too, and will need about $3-4,00 in up-front fees for security deposit and stuff.

These are unprecedented times, and I am sure you can get a super-great deal.

You will love the Boxster!

Being limited to 10,000 miles/year is something you may need to consider too. Heck, I drive that many miles in my short driving season (due to winter hibernation) and only take the car out on sunny Saturdays.

Originally Posted by super66

Not to Hijack the thread but the better question is if bmussatti can get me a job so I can buy my next porsche in cash

Hey Super66, my wife and I are just your average working joes. But, we have always:

1) Spent far less than we earn
2) Saved for retirement
3) Debt free lifestyle (except small mortgage)
4) Buy smart, negotiate hard on all purchases

[23109VC]

i think your target goal is possible. when I was shopping for cars, I saw a lease deal where the payment was around what you want - BUT it had quite a bi tmore down. maybe 4-5k... so it wasn't really 400/month... you can't just look at the monthly for a lease - you have to look at the total costs because many leases require cap cost reductions - which you have to factor in. many lease rates are quoted w/out tax - so you have to add that in depending on your local tax rate.

in general, when you lease you are better off to put nothing down or minimalmoney down. if you lease it, drive it off the lot, and it gets totalled, your insurance iwll pay off the balance due, not what you put down. you lose that.

you may also want to consider what it would cost you to get into a low mileage lightly used certified car. you get a good warranty, and with this market, maybe you can find a nice certified 05+ that would be cheap enough to essentially get you to that monthly price point.

another option is to find a really nice older porsche w/out a warranty. you will pay a heck of a lot less than $400/month, and you will likely get a car that willgive you 99% of the fun of that new one - for a fraction of the cost. bnak the money you would have spent for repairs.

my local dealer sellls warranties through fidelity. my dad had one of those warranties and htey paid on EVERY repair he ever needed. it was not cheap though. i think he paid about $3k for it. at that time the car had low miles. the lowe ryour mileage, the heaper these warranties are - so if you founda great used 986S that you coudl buy for $15k, then you buy one of these "higher end" warranties - you pay another $3k, you sitll will be spending less than 400/month if you financei t long enough.

do homework on warranties. lots of horror stories here of random companies shafting people. don't know what your local pcar dealer sells, but the particular warranty sold by my loal dealer sounds very reputable. the dealer says it's the only warranty company they deal with due to their level of service/history/etc...

good luck. whatever you get new, used, etc - the boxster is a hell of a pile of fun for not much money.

and dont worry about not being abler eto buy it in cash. i can't buy mine in cash either - and like you - i know that my time here on earth is limited, and while i'm not cashing in teh kids savings to buy a Gallardo - i do plan to have SOME fun while I am here - hence I bought a good used 986. and love it!

carpe diem

[Perfectlap]

good grief if you can lease a NEW Boxster for $400 a month then you know this economy is in the crapper. Recent developments aside, Porsche is not Chrysler or GM. Its been the most profitable car company in the world for some time now. I doubt they feel the need to unload inventory for those kinds of prices. I don't see how you can turn a profit on an expensive car taking in less than $7K a year. Particularly when they know that the car is taking a walloping of depreciation faster and sooner since Mr. Porsche started this company.
But hey let me know if you score one and I'll pick one up meself and just put the 986S into long term storage!

as far as leasing and depreciation.. True its consumption. But I guess its like leasing your consumption vs. buying it out right. Most financial advisors will give you 10 reason against non-business leasing for every reason for it. They'll also give you a 100 reasons to take advantage of cheap credit to finance your consumption, namely freeing up capital for other assets. I guess it depends on how important it is for you to have your money growing and how important it is for you to go to sleep at night without debts.

[Evan528]

A local dealer was offering an 08 Boxster base for $359.00 a month with $4600.00 due at signing.

I was quoted $578 (Including tax) a month for an 08 boxster S with $1,000 down. Unfortunately I fell in love with An 08 Cayman S they had on the lot.... $700 DP and $699 a month it is costing me. Not cheap but compared to other Cayman S' on Swap a lease it looks like I got a fantastic deal.

[leesboxster]

You Americans are so lucky

$400 a month gets you a basic domestic car in Canada

A base Boxster runs $1000 a month to lease over 4 years!!!!
A basic "3" series BMW $600 per month, still with PDI, freight etc due on pick up

Our cars are expensive

Get what makes you happy

cheers

[Paul]

Leasing saves paying sales tax upfront.

I usually lease cars for less than 1% interest, one had only $900 of finance charges for a 3 year lease.

Always negotiate the price of the car as if you are buying it, then mention that you want to lease it.

Cars are an expense, minimize your expenses.

Enjoy life now.

[RandallNeighbour]

I leased for years, then realized it was only so I could drive more car than I could actually afford to own, and when I counted all the $400 a month payments I paid I suddenly realized why I would never be able to retire or pay cash for a nice car like a BMW or a Porsche.

I easily paid for a 996 Turbo in lease payments on non-Porsches (mostly zippy rice burners) over the course of 10 years. Sheesh. I should have driven my Toyota into the ground then paid cash for a 2 year old Turbo, my dream car.

Why not BUY a pre-owned Boxster S for $400 a month, pay it off, and drive it hard while saving your cash so you can buy the next one without interest paid to some bank?

[Darkhamr]

It's all relative to what suits you and what else you do with your money. For many leasing is just a way to own more car than they can afford, but there are other options as well. In Toronto a new Boxster is $80k. So I could pay cash and feel good about myself or I could put $10k down and lease at 2.9% and put $70k into stocks which on the TSX has gained 25% since March. In that case I'd be up $15k+ in the last 3 months. There is no one right answer for everyone.