0 Cash down… sort of. This is my 3rd lease with Porsche and I previously had a solid deal on a 2016 Porsche 911 C4S ($120K MSRP, paid $102K, monthly was $1080 with a $72K residual).
Instead of returning the 911, I used it as a trade 2 days before the lease was due to be returned.
Residual was 72K, got 82K as trade. Probably could have gotten more but there was some bumper damage, the car had a vinyl color change wrap on it, and some curb rash on the wheels that I imagine would have cost me if I had just returned it to PFS.
So, $0 cash out of pocket but technically $10K off free money on the leased trade-in.
Taxes covered by PFS except for $800 (Texas hits you for full 6.25% sales tax on lease!)
150 doc, 194 title fees, 995 PFS acquisition fee.
Paid the extra $1040 for porsche prepaid maintenance to increase residual 1% which was probably break even.
I think I could have done better if I had more time but only had 2 days to flip the 911 before my lease was up. Had 79K offer from Carvana and 80K from Tesla, so thought 82K was okay for doing it all in one spot!
You are presuming that OP could unlock the phantom equity in a leasehold by simply selling it to the dealer as opposed to flipping into another lease. On the other hand, OP could have done a private sale too. In any event, this goes to show that getting a Porsche that has a low residual can result in phantom equity at the end of the term which can then be unlocked for another Porsche. Not a given for all Porsches but intriguing nonetheless.
Wasn’t a demo, had like 30 miles. It was a model year old- 2016- and the 2017 had just come out with a new engine that had a bit more power. It was the last 2016 on the lot, and was a manual C4S which isn’t a common combo. I had all the time in the world to make the deal, so I spent like 2 weeks wearing them down.
The other thing I did, which I think helped but not sure, is while we were negotiating the price of the car they were running the numbers with a wildly high MF, so I think they were willing to bend on the price thinking they’d have a bunch of profit in the MF. Then once we got down to 102, I obviously let them know I was only willing to pay the base MF of .00XX
25k for 10k miles of driving a Cayman S is a waste honestly. $2.5 a mile…
And this is coming from a guy who was paying almost 3k a month for a Huracan for 10 months (drove it 9k miles in that timeframe) and spent only 14k with everything said and done after selling it and recuperating my initial heavy payments (which left me with a ton of positive equity).
