I’ve fallen in love with a 2020 992.1 Carrera 2S CPO, but I’m a bit confused about how the lease terms compare to a traditional lease. Here’s what I’ve gathered from the forum so far:
Money Factor (MF): The suggestion is the MF for a CPO is matched to that of a new model. In my case, I’ve been quoted an MF of 0.00380 for a one-pay lease or 0.00430 for a 12-month lease, compared to the base rate of 0.00390 for a new 2024 model.
No Incentives: There are no incentives like conquest or pull-ahead available for CPO leases. I have a leased Volvo now, so that doesn’t really apply anyways…
MSRP: Forum suggests: The MSRP doesn’t affect the residual value calculation, contrary to what multiple dealers have suggested. They claim it’s done through their computer programs with the MSRP as key criteria and the higher the MSRP the better.
Residual Value (RV): Forum suggests: The RV is determined by the car’s current mileage, the mileage allowed in the new lease, and the car’s model year.
Lease End Options: At lease end, Porsche may allow you to use any lease equity you have. Alternatively, they might offer to CPO the car again and sell it with another warranty extension, using the current new car lease rates.
One-pay: MF would be reduced by .0007 with one-pay and if the car is totaled/stolen or whatever, you would get the remaining escrowed lease payments back?
2020 911 Carerra S
MSRP 159k
40k miles (high)
Selling it at 112k
RV 66% and is noted as 105k … but its not clear if this is the buyout
MF .00430 or .00380 w/ one-pay
Cap cost: $116k including tax and their add-on undercoating
12M/15k (don’t need 15k but that is the minimum) = 1.9k w/ 2.2k DAS
24m was much higher then 72m finance
And even though I am in love, I can’t help but wonder about the practicality of this being a daily driver versus, say, a Taycan.
P.S. The rates in the calculator differ from those posted on Edmunds.
My thinking is that a 12-month lease will give me the chance to evaluate its practicality as a daily driver without being tied to a $100k+ loan. And part of that is 2S versus 4S in the winter, this one being a 2S. Make sense?
911s are actually terrible dailies in general. On top of that, this is a terrible value proposition ($23k to rent a $112k asset for one year: even Rent A Center doesn’t rip off their customers this much).
Great question! It reminds me of a time many years ago when my only car was a Z4 with summer tires—it was downright unsafe to drive in winter conditions. I was young and maybe I’ve learned some things?
Nowadays, my Volvo has switchable AWD, but I’ve used it only a few times in the past three years. It really depends on the winter—some years we get a lot of snow, while other years are relatively mild. Since the Z4 my dailies have all been AWD.
I’ve seen others drive their GT3s with winter tires and perhaps naively started to believe that having the right winter tires and a rear engine might be enough to handle most conditions safely.
Not sure how much different a Carrera 4 would really make with its giant tires.
My taycan is a daily driver for me (80-90 miles a day) and im also curious how this will handle in snow on rwd . But i have a pick up truck as a back up. So if you go down this road make sure you have a back up car
Not sure … ya know the thing is my M550 lease ended 3 years ago and BMW had limited cars and everyone else was upcharging. The BMW dealership is next to a Volvo dealer and liked the way S60 T8 r-design polestar they had in the showroom looked and they were happy to lease it. The car doesn’t drive especially well - but it preconditions amazingly. 99 degrees out - give it a few mins via the app and it’s nice and cool in the cabin. Same in the winter. It’s also super quiet and rides pretty softly. The brakes are terrible but otherwise I’m really pleasantly surprised how nice it is and seems to be a good value. ACC also works perfectly. I had a 718 that I’d store for the winter and switch to for summer but the manual started to wear on me with Chicago traffic. Realized I wasn’t driving it so sold it and haven’t thought about it. I swear the 718 is a softer sprung car than the 992 but I’m getting older so that may be related. And getting in and out of sports cars isn’t as easy and my partner just wants quiet cars that won’t wake her up in the morning if I leave early…
I turo’d a 991.2 for a week and it looks so much like the darn 987 and 718 every time I went to start the car I tried to use the non existing clutch pedal. LOL. The Turo was low spec but worked well enough and I really like what the 992 is - for some simple things like a Yeti mug has a place to go. And I’m told the ACC works well.
So like probably a lot of people I’m hoping to find the unicorn sporty GT one car solution. The M cars have worked well for this but the design of the new M cars is not my favorite. And they’ve gotten bigger… and theres the itch to experience a 911
Will the 992 be everything I hope? Not sure. I know it won’t precondition and I’ll really miss that. I’m sure I’ll know in a years time. 22k is a lot of money - and I of course want to hack it down. Comparatively the Porsche Drive subscription is over 2x more. How that’s priced in really don’t understand. I want the opportunity to scratch the itch for a year at the best value possible- and then purchase or give it back and move on with my life having lived with the experience. Am I crazy?
The Taycan really does drive well, but it’s not a sports car.
Its clear that Porsche Financial Services (PFS) leases aren’t designed to be particularly favorable. This is more about securing the best possible deal under the circumstances. To do that, I need to understand where the Money Factor and Residual Value are coming from.
So, a few questions:
1. Is the MF for a CPO matched to that of the new model?
2. For a one-pay lease, is there a 0.0007 reduction in the MF?
3. Is the RV based on the original MSRP, and since this is a CPO, is it negotiable? Also, how does mileage affect the RV?
Something else to consider is has the 40K service been performed? How much do you plan on actually driving the car? How much is the 50K service going to cost you?
Potentially dumb question but just to verify, the CPO is for 6 years total and unlimited miles so given your 12 month term there would be no warranty concerns right?
Why not just buy the car , you’re paying so much in interest charges for a car that should have pretty minimal depreciation over the term, as exemplified by the differential between selling price and RV . 10% interest is pretty wild and it’s pretty unlikely 992 values are going to plummet that much in one year. Think the TCO would be much lower purchasing it.
P.S. While I’m no finance expert, leasing changes the economics, at lease when it comes to taxes in Illinois. For a purchase, the 8.25% tax on $112k significantly increases the 12-month cost, and while you might recover some of it on a trade-in, that’s not guaranteed. On the other hand, a lease is only taxed based on the monthly payments.
. But i have a pick up truck as a back up. So if you go down this road make sure you have a back up car
