Why? The resale values have largely been strong as compared to other cars recently. The lease programs are far worse than the finance programs. If you are looking for a short term, that is 3 years or less, why would you pay more to lease than finance? Please explain.
Do it then — IDC - historically speaking LR’s are bad buys
Slow mode unless you want everything landfilled.
Back and forth over personal opinions isn’t very productive here.
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Jeff do not do an 84 month loan on this. I forbid you.
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Love this entertainment while hunkered down with the kids in the storm! Refocusing back to my question, I’m hoping for just some opinions / feedback on (i) whether I should hang on to my 2020 Cayenne with 40k miles for a little longer (maybe 1-2 years) because of the low $700 payment locked in, OR if now would be a good time to trade it before values on it drop now that a new 2024 model design is here, and (ii) whether $4K off MSRP is a decent deal for a new Defender? I would lease it but the leases seem so awful. So the plan would be to finance it (or pay cash) and just ride it for 2-3 years and then hopefully be able to sell it without any loss. I agree the 4-cyl is not ideal but I’ve been driving my wife’s 110 4-cyl and don’t mind it that much. (In the Cayenne I catch myself going 100 mph without realizing it so that’s not good either!). Would love some thoughts on this thanks everyone !
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I’d hang on to the Cayenne. You’ve got 10k miles until the warranty expires and at least 1 year (?) until that overpriced 4th year service comes up. Whichever comes first, dump it then. If you’re not in a neggy eggy situation now, I doubt you will be in a year.
Hopefully in the next year we’ll see a bit of an interest rate drop and if you’re still interested in a defender, the rates will be better.
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The beauty of the Porsche’s in general is that they retain their values well even with new releases. This is partly because Porsche doesn’t tend to do major cosmetic (exterior) upgrades. That said, nobody has a crystal ball into the future. The question to ask yourself is whether you need/want a new car now and if that new car must be a 110. If yes, then your discount is relatively strong. Otherwise, waiting it out another 6-12 months could possibly be beneficial.
Keep the Cayenne… next year get a new Cayenne.
Is this true though? I thought Cayennes followed the same depreciation curve as most lux Suvs, 5 year 52-56% depreciation figures.
Not sure tbh. I am speaking only in generalities. @wam22 might have better insight as he is the resident Porsche expert
Thank you! This is the type of response I was hoping for. Would love to hear some more supporting or contrary opinions! Love the debate.
I got a covid deal Defender 110S in 2022 and it’s a great car. A lot of these comments are comical, the 4 banger is an excellent engine. With that said I would not pay that much for one. Skip and wait for the new GX550 if you want to overpay for a luxury off roader.
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I highly doubt you can live with a 72k defender after living with a 2020 cayenne… If you don’t off-road, there’s really no reason to get a defender over more street-focused SUVs (unless you’re obsessed with the looks). That said, discount is solid though.
I haven’t been following the Defender market but surprised to see a $4,000 discount and even more surprised to see that you can get it and sell it without any loss in 2-3 years?
I’m must be missing something–there aren’t many cars out there that could have that guarantee.
To be honest, people on LH like the best deals. So that means they will shift their priorities if it means that the leasehackr score increases on the calculator. You probably realized this when people suggested the Lexus when you were talking about a Defender and a Porsche. If you are not happy with the Porsche, then 4k discount is good on the defender. Maybe 5-6k would be better, but depends on whether you want to put in the effort. In terms of finance, it’s better to keep the Porsche and reevaluate in a year.
I don’t believe you can sell at no loss anymore. Inventory is back to normal and residuals have dropped from the 70s during COVID to the 50s for the same lease terms.
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That’s what I thought but I think the OP is banking on that to justify making this move.
I’m not really banking on selling it for a profit, but regardless of whatever car I get, I usually keep it for 2-3 years and then sell it. So I just hope I’m not upside down too much at that time. Even if I do an 84 month finance, I still view it as like a pseudo lease because it’s only a 2-3 year ride. cc: @mattevan
I could keep the cayenne for another year but by then I could be underwater on it as it nears 50k miles and is out of warranty.
I’m also looking at this scenario as a way to do a section 179 deduction for the full purchase price for 2023, so that’s additional motivation for me to grab the defender and trade out the cayenne.
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I think i have the most right to talk shit about LR in this forum than anyone else!! They are a piece of shit brand and will be a piece of shit brand even with the new releases!! Nothing can change my mind!! And no im not a lexus fan either! But i can see where all the Lr hate comes from !! And Op please please please don’t even think about financing anything that this brand offers!! Just look at the video!! Thats what happened with me!!
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