I’m in the process of trying to hack a lease on a 2019 Porsche Macan for my Mom. She drives 25,000 miles per year (her current 2016 V6 Cayenne was purchased on 7/1/2016 and has over 75,000 miles on it).
I found out the money factor and residual value on a 24 month/15K miles per year lease from edmunds. I know that Porsche Financial charges $.25 per mile if you buy extra miles up front. On the Lease Hackr calculator, do I just add that extra $5,000 to the selling price?
I know this is going to be far from the cheapest lease out there. Depreciation on a Porsche (or any car for that matter) isn’t pretty when you drive 25,000 miles per year. Repairs and maintenance at the dealer past 50,000 miles is difficult to justify as well. To their credit, the service department at Porsche of Larchmont has been incredible. Mom’s current Cayenne had an MSRP of about $66K (they paid about $60 for it) and is currently valued by the dealer at $24,000 and by Carvana at almost $27,000. That’s why she is looking into leasing this time around. Fixed depreciation costs on a Porsche while leasing it under warranty.
I know a broker or 2 here has said they deal with Porsche in the NY/NJ/CT area. I haven’t ruled out reaching out to them and will do so when Mom & Dad are ready to pull the trigger.
Thanks so much in advance for your help! This is an incredible site!
Um don’t lease it but buy it, as Porsche don’t lease well and its cheaper in the long run to buy? The Macan depreciation is pretty good, but youll end up spending more by leasing it and turning it in with that mileage hit. And that 27K for the Cayenne is pretty good for depreciation considering the mileage and it being a luxury car just FYI.
But check Cargurus and youll see the discount on the left over 2018 Macan are pretty decent (atleast 10% off).
Where the heck is she driving? I drive from White Plains to Hoboken 3x a week, and I’m fine with a 12,000 mile lease. I was wayyyyy under on my last one, which was 15,000, because I used to go into the office 4 days a week. My commute is 75 miles round trip, so she’s driving at least 100 miles a day?
@nyccarguy I’d do a cost analysis on buying slightly used vs leasing 2019 vs buying leftover 2018. My suspicion would be that buying something that’s already suffered the initial depreciation hit from rolling off the lot or being a leftover unleasable prior MY would be the best financially. But you may have a point on the fixed $0.25/mi depreciation hit.
Either way this is a very expensive vehicle to run for 20k/year. But coming from a Cayenne it might look cheap. Those things absolutely tank in value with high mileage.
I suspect given the mileage being driven, a 24 month/50k lease is much more reasonable in terms of fixing the depreciation and maintenance costs - you know you’ll be in warranty the whole time. You pay one way or another for driving a Porsche like that, but at the end its someone else’s problem instead of yours.
To answer your question, @nyccarguy, I think that’s the right approach - calculate 15k residual and then add the prepaid mileage into the sale price.
She drives all over. She lives in Rockland, comes to see my family once a week in Stamford, CT. She goes into the city. She goes to NJ. I commute from Stamford, CT to The Bronx 5-6 days a week and she does more miles per year than I do.
That makes sense. I guess I was viewing it as a commute and regular mileage piling on daily, but it does matter how far north she is in Rockland, etc.
It doesn’t seem like it, but some very close places, or those that seem close, are actually a good 35 miles away, and the miles add up! I just couldn’t imagine them adding up that much without some decent commuting. I have a friend who commutes from South Tarrytown to Middletown, and he used to do that from Rye Brook! Now that’s a commute!
I average 18K miles per year, which is just vacation trips and daily driving (no commute). Leasing is a bit stressful when driving this much. But buying even if 1 year old, on some vehicles isn’t much cheaper than a new one, plus huge down payment to keep monthly payment close to lease figure. Tough choice.
Yeah, but now though 2025 (and then, who knows) you can’t deduct them in general if they’re not reimbursed, since miscellaneous deductions are suspended.
This is definitely true with many vehicles. For example it makes absolutely no sense to buy a used Accord with 10k miles at 15% below MSRP when you can buy a brand new one for 13% off without armor all slathered all over the dashboard and seats. I don’t know enough about Macans to know if the same applies for them.
My wife works 3 miles from our house. Our 2017 Pilot will be 2 years old at the end of December. We’ve got 30,000 miles on it. We also use her Pilot for vacation, weekends, & to take our 12 year old & 10 year old son to their respective travel hockey games. Since I joined this board, I’ve realized I can lease even if the program isn’t great and still come out ahead by fixed depreciation costs as well as preventative maintenance costs & consumables north of 50K miles.
On the flip side, these vehicles that hold their value so well, help out a bunch when you sell them. For example, I see Highlander Hybrids around SoCal that are about 3 years old selling for $2000/$3000 less than new ones with more than average mileage on them. Bad to buy, good to sell. The do sell, because I see them listed one week, then they are gone soon afterwards. So some Toyotas/Hondas are probably good choices to buy and then sell. BMW 740, not so much lol.
Another thought I had was to take a 15,000 mile per year lease and then pay Porsche the over mileage at the end of the lease. Why pay them $5,000 plus close to 7% interest for 2 years?
