Appreciate your thoughts, you sound like the little Angel sitting in my right ear and telling me the same things, which absolutely make sense. That is the reason I am discussing this topic here. I am just not sure about this.
To clarify few things:
With “once in a lifetime opportunity” I mean the combination of things I have on the table: 1. I can trade a two year old car in and get the exact same amount I paid two years ago. That means I drove this car for free. In similar situations in the future I might have no or very little equity to trade in. 2. Porsche has started to increase the prices significantly and this will continue for the next few years. The same car I will pay $78k out of the door will cost in 2024 before discount around $90 and I don’t see those being discounted anytime soon. 3. I am getting 7% off a Porsche which I am not sure is a thing we will see very often. So with all these factors together I see that as an unique opportunity which most probably wont be possible to be replicated.
Regarding my financial situation and why I finance over 84 month: I am sure I am not the first person here who could pay any car they buy in cash but prefer not to touch their savings. I hope it makes sense.
Regarding the urgency, you are right, except two facts: 1. I don’t know who long my trade will stay that high in value. There is a good chance that in 6 month I get $10k less for it. 2. There are a limited number of 2023 Macan S on the market and as mentioned before, the 2024 with much higher MSRP will arrive soon (in July). I am just concerned that the cheaper base Macan S (like I am looking for) will be gone very quickly and in the same time my trade will be worth less. So in case I want to pull the trigger I have probably about 2 -3 weeks time to get this deal.
Independent of all theses, compared to all the leases quotes, I think I get a pretty darn good deal. Here my math when I calculate the cost to own the car for 3 years, I hope it makes somehow sense:
I am putting $33k down. Lets say I would put this money into my bank account and get 4% interest for it, the bank will give me $4200 for parking the money there for 3 years.
My payment is $641 per month (I actually found CU which gives me 5.24% for 84 month) and in 3 years I would pay $23k in payments.
Lets say I put 15k miles per year on the car and will have 45k miles after 36month. Based on the current market I anticipate my car to have a whole sale value of about $52k (I am going pretty low).
After 3 years my pay off amount to the CU will be $27k.
Let’s say I sell the car in 3 years and get $52k for it. After paying the $27k payoff amount to the bank, I will get $25k back, which is $8k less than I had put down. So in total my entire cost would be: $23k in payments, $4k in lost interest, $8k loss after final trade in = Total cost is $35k
This is equivalent of $5k down and $830 monthly payment for leasing a Porsche macan S with 15k miles per year. I don’t know if I am comparing apples with coconuts but I think overall this is not a bad deal and if I decide to get out earlier probably even a better deal.
Anyway, if I go for it or not, appreciate all the good discussions here!
You are absolutely right and i am not even deducting the $5k which people put down for the example lease. In this case my investment would be $27k. Earned interest would be $3370. After Tax it will be $2400. In this case total cost will come down to $32600.
I am getting now 9% off which is unheard of for a Porsche. This makes the deal even better. I will probably pull the trigger this week. Will report and post final numbers.
It is a Macan S and is directly with the dealership. That is a crazy deal considering they were marking the same car up to $10K or more about a year ago. I have never bought such an expensive car but this one is too tempting to not take it. I did my math earlier and the cost of ownership for 3 years (when financed and driven 15k miles per year) was around $33k and now with this higher discount it will be around $31k.
There’s no f$#@%&$ way in hell a 3 year old Macan with 50k miles is going to be worth 55k.
You’re going to pay around .60-.70/mile in depreciation to drive a new Macan.
Sounds like you can afford it but for high mileage drivers you are usually better off driving a 3-4 year old car so your depreciation is not as brutal, and then mitigating the maintenance cost by finding a good mechanic outside of the dealer.
I would go for a 911 but 1. 911 is not baby friendly 2. There is no way you can get a 911 without paying 10-20k markup and I really don’t want to spend over $100k for a car.
Haha! My 911 was the most impractical, noisy, consistently on the edge of death vehicle I have ever owned! And even as a slim athletic guy (I am 6’3" tho) an event to get in and out of!
I had two higher offers from Carvana and Vroom last week, those expired. I owe $6k on the car and Carvana was giving me $32500 and Vroom $32200. Both dropped it $1 k within a week as I asked for a new quote and I just got an offer from Carmax for $31k. I prefer Carmax over the online guys. I tried Autonation today but haven’t heard back. Porsche Dealership was giving me only $28k otherwise it would have been easier to go with them. I will probably just go with Carmax.
It’s a very nice, well performing SUV, that more than transcends ifs last gen Q5 roots. But a real Porsche? At best that’s debatable. But the only thing that matters here is if it’s a ‘real Porsche’ to you.
Same way some might consider a Jeep Renegade or Compass a ‘real Jeep’ or not. Or a Mach E as a ‘real Mustang’. There’s no right or wrong but there really isn’t broad consensus either I guess.
This. It definitely gets worse as you go from infant car seat to rear facing convertible. Starts to ease a bit when your toddler switches to forward facing around 3-4 years old depending on height or weight. But then you have to consider your tolerance for said toddler kicking the seat back with sandy, dirty shoes fresh from the park.
And even as a slim athletic guy (I am 6’3" tho) an event to get in and out of!