So I had what I thought was a bright idea of leasing a lightly used CPO Panamera. I know they had some good deals on new 2016s last year but I missed the boat. Here’s what I’ve been offered:
2015 Panamera 4 with only 56 miles on it, I will be the first owner. MSRP $97,055…selling price $74,945 with up to 100K factory warranty.
36 months/ 7,500 miles per year
MF .0024
Buyout is $48087.50
Based on NY registration and sales tax of 8 7/8%; requires $6369 due (including 1st payment)/ $1041 per month
10K miles/year adds only $39/month
2015 Panamera S E-Hybrid with 3K miles on it. This is a 1 owner car. Original MSRP was $106K and selling price is $69,995 with up to 100K factory warranty.
36 months/ 7,500 miles per year
MF .0024
Buyout is $40,998
Based on NY registration and sales tax of 8 7/8%; requires $6497 due (including 1st payment)/ $1071 per month
10K miles per year is also $39/month difference.
Both cars have some nice options: chrono, etc… but these rates seem really poor and there appears to be no benefit to leasing a cpo. None of the Porsche dealers seem particularly interested in leasing CPO’s, but does anyone have experience or advice on what my best outcome after negotiation could be? Where will they bring the MF down to?
This is my first time leasing a car- this will be business use, so lease will be preferable.
Porsches generally lease pretty badly. Compounding to this is the CPO gets a high interest rate (5.76% @ .0024 MF) and a low residual (38% for the Hybrid at 7.5k – yikes). The discount from MSRP is great but not enough to offset the other factors.
The problem with used and CPO leasing is that no lender has really figured out how to make it work well from a risk/payment stand point. Incentive budgets are rarely allocated to this side of the business so the rates are almost always high. The only form of discounting is to get the dealer to lower his profit margin on the vehicle. This will only happen if he buys a vehicle at auction or off lease and it sits on his lot for too long. The dealer makes a large portion of their overall profits on used/CPO sales (gross profit of around $3-4k).
This particular car is basically a band new 15MY selling VERY late in CY17. So right now a 15MY car is perceived as being a 2-3 year old product with extremely low miles. When this comes back at the end of this lease in early 2020, it would be perceived as being a 5-6 year old car with EXTREMELY low miles. With cars lasting longer and overall build quality improving ove rhte last couple decades, mileage isn’t worth as much as it used to. A 5 year old Panamera with 30k miles compared to one with 60k miles is only about $4-6k at auction.
Thank you to all who responded. I feel like I learned so much and I greatly appreciate the advice and feedback.
Have reached out to perhaps ten Porsche dealers- all similar MF’s on their pre-owned. The variability seems to come in on the cap cost reduction. Going to have to get something else, finance, or wait until the new Pana comes to market.
