My 991.2 lease is up next month. Its my only car so I've got 44k mi on it.

The buyout with taxes is approx. $70k. I just moved so the coffers are still depleted which means no real money to put down.

The shortest term I'd be comfortable with is 60 months. See where this going...

I'd be over 110,000.00 miles by the time the car was paid off. Its in great shape and I love all the spec; the only thing I would add to the car if I got another one would be all wheel drive (the new driveway is a challenge in the snow).

I've bought a few cars over the years but I've leased the vast majority of my vehicles. I'm a huge fan of leasing and I'm also self-employed. In my opinion, the worst part of owning a car you love is getting sodomized selling it. As solid as Porsche residuals are, I have a feeling I'd be upside down for a few years if I buy my car off lease with a 60 month note and nothing down. That concerns me.

Perhaps getting an inexpensive beater would solve this dilemma?

Any feedback is appreciated.

Regards,
DRP

 

Would need more info to assist - year, model version i.e. Base, S, GTS, etc., manual or PDK, color, options and condition? Has the car been mechanically sound and all required maintenance completed? Most people that lease tend to appreciate the fact the car is typically covered by the factory warranty thru the majority/all of the ownership period. Are you willing and able to do any required maintenance or basic repair yourself and have you looked into extended service contract cost?

 

maintaining these cars is a breeze for the first 50k miles. It’s really just brakes tires and oil changes. I would not want to make significant repairs (anything over $2k) to a car I’m financing.

my car is a base manual 991.2. Agate grey with black 20 inch wheels, red brake calipers (Done at a custom shop along with full Xpel) glass roof, black badges and black sport exhaust. Black led headlights and a sport spoiler. It looks amazing and candidly like it cost $40k more than it did.. Mechanically, it’s been an 8/10. My last car, a 991.1 was a little more bulletproof. But nothing major. This car needed a water pump at 40k. Apparently a known issue.

I’m still within the original warranty, so I can get an extended warranty but I’m sure that’s a huge cost.

at this point I’m thinking I may extend/release for a year and re-evaluate.

thanks for any suggestions

 

I would say your idea to extend would likely be a good one if you are happy with the car. I believe the max lease extension is 6 months. Assuming your car is a 2017 the trade-in, aka wholesale value, is going to be in the $55k to $60k range in most markets. Private party sale in the $65k to $70k range would currently appear realistic. So big picture there is no material equity as it stands today. That could change over time...

As you know these cars are expensive if they break and based on your response an extended service contract would be something to strongly consider if you decide to purchase - many people recommend Fidelity and folks on the Rennlist forum speak highly of a guy by the name of Michael Jordan for good pricing - search that forum for contact info and just give him a call to chat about options. You can also use his price as a negotiation tool at your local dealer. The good news is you have a Manual since if a PDK breaks you are looking at $20k-$25k...You could also look at your original leasing dealer selling you back the car as a CPO which comes with its own factory coverage. Im not an expert on how you can attempt to go about that but others can chime in - clearly the selling price would be key to if that made financial sense vs. the purchase of an extended service contract from a provider like Fidelity.

 

Thanks for the feedback and the details on the warranty options.

Regards
DRP

 

Oh, what an uncomfortable situation. I understand you very well. Indeed if you take a 5-year loan, the mileage on board will be very high. That's why the idea of taking so many years is not good at all. I had such thoughts in my head when I wanted to buy my car. My parents helped me find a better and more efficient option. We searched together for several solutions and decided to turn to a Mortgage Broker Doncaster. The conversation with them was amicable, and they immediately started looking for a suitable mortgage. After he found one, he connected Lender and me, and here I took a mortgage much more convenient than paying for a few years.