Open ended lease vs. buy - Page 2 - 6SpeedOnline - Porsche Forum and Luxury Car Resource

Sep 3, 2008 | 01:36 PM

#16

Nova87

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Again, thanks for the responses. I think I knew that financing anything other than real estate over 12 years is a waste of money.

I was approved for the above rate 5.7% over 5 years. Now its just a matter of agreeing on price. I still think 119K is a tad high for this particular car:

2007 PORSCHE TWIN TURBO ATLAS GREY METALLIC/STONE GREY FULL LEATHER 6-SPEED NAVIGATION HEATED SEATS THICKER STEERING WHEEL ADAPTIVE SPORT SEATS TRIM STRIP PAINTED SPOILER LIP PAINTED LOWER PART OF REAR APRON PAINTED STORAGE COMPARTMENT LIP W/LOGO STANDARD ROCKER PANELS PAINTEDCENTER CONSOLE PAINTED SPORT SEAT BACKSPAINTED SEAT BELTS SILVER FOOT REST ALUMINUM CHRONO PACKAGE PLUS METAL DOOR SILLS CD PLAYER SUNROOF 2,974 MILES

Would love to get wholesale price on this car. Anyone have any rough ideas on what that might be?

Sep 3, 2008 | 02:19 PM

#17

Freezeman

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Freezeman is infamous around these parts

You may also try a leasing company like Global Auto Leasing. I used them on a 2006 Cayman S and they knocked $7,000.00 off when I got laughed at by the local dealer that did not have any in stock. Global only wants to make money on the lease so they will find you a car ship it to you for pretty much what they pay for it. Unlike the dealer that makes money on the car and more on the lease. Good Luck!

Sep 3, 2008 | 03:16 PM

#18

sbkim

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Posted a few months ago but just to help you gauge

Quote:

Originally Posted by MJS NYC

111k is pretty much a wholesale price... look at the recent Manheim prices below;

Transactions
Date Auction Sale Type Price Mileage Cond Color Eng Trans In Sample
04/17/08 MANHEIM Regular $117,000 4,221 Avg MIDMTBLE 6G 6 Yes
04/17/08 MANHEIM Regular $114,750 9,474 Avg BLK/TAN 6G A Yes
03/27/08 RIVRSIDE Regular $114,000 11,410 Avg BLACK 6G A Yes
03/27/08 RIVRSIDE Regular $98,000 19,536 Avg BLACK 6G M Yes
03/27/08 RIVRSIDE Regular $91,000 28,387 Below YELLOW 6G A Yes
03/20/08 MANHEIM Regular $115,000 2,528 Avg BLACK 6G 6 Yes

So long at is a clean car with a clean title I would jump on it immediately. I would even pay you 118k for it myself...

Sep 3, 2008 | 03:18 PM

#19

sbkim

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More quotes

Quote:

Originally Posted by C4SxM5

There was one locally 2007 (asking $103K, I offered $100K) but the deal fell through. Heres whats going on on Manheim:
2007

<TABLE cellSpacing=0 cellPadding=0 width=567 bgColor=#cccccc border=0><TBODY><TR vAlign=top><TD width=565><TABLE cellSpacing=3 cellPadding=0 border=0><TBODY><TR vAlign=top><TD width=559 bgColor=#000000><TABLE cellSpacing=1 cellPadding=2 width=559 border=0><TBODY><TR bgColor=#ffff00><TD class=text width=50>07/30/08</TD><TD class=text width=70>W PALM</TD><TD class=textCenter width=55>Regular</TD><TD class=textRight width=42>$100,000</TD><TD class=textRight width=45>10,053</TD><TD class=textCenter width=36>Below</TD><TD class=text width=45>RED</TD><TD class=textCenter width=24>6G</TD><TD class=textCenter width=32>A</TD><TD class=textCenter width=57>No</TD></TR><TR bgColor=#ffff00><TD class=text width=50>07/17/08</TD><TD class=text width=70>RIVRSIDE</TD><TD class=textCenter width=55>Regular</TD><TD class=textRight width=42>$101,000</TD><TD class=textRight width=45>21,415</TD><TD class=textCenter width=36>Below</TD><TD class=text width=45>GREY</TD><TD class=textCenter width=24>6G</TD><TD class=textCenter width=32>6</TD><TD class=textCenter width=57>Yes</TD></TR><TR bgColor=#ffffff><TD class=text width=50>07/17/08</TD><TD class=text width=70>RIVRSIDE</TD><TD class=textCenter width=55>Regular</TD><TD class=textRight width=42>$104,000</TD><TD class=textRight width=45>10,484</TD><TD class=textCenter width=36>Avg</TD><TD class=text width=45>BLACK</TD><TD class=textCenter width=24>6G</TD><TD class=textCenter width=32></TD><TD class=textCenter width=57>Yes</TD></TR><TR bgColor=#ffffff><TD class=text width=50>07/10/08</TD><TD class=text width=70>MANHEIM</TD><TD class=textCenter width=55>Regular</TD><TD class=textRight width=42>$110,000</TD><TD class=textRight width=45>4,871</TD><TD class=textCenter width=36>Avg</TD><TD class=text width=45>SILVER</TD><TD class=textCenter width=24>6G</TD><TD class=textCenter width=32>A</TD><TD class=textCenter width=57>Yes</TD></TR><TR bgColor=#ffffff><TD class=text width=50>07/17/08</TD><TD class=text width=70>RIVRSIDE</TD><TD class=textCenter width=55>Regular</TD><TD class=textRight width=42>$112,000</TD><TD class=textRight width=45>12,456</TD><TD class=textCenter width=36>Avg</TD><TD class=text width=45>SILVER</TD><TD class=textCenter width=24>6G</TD><TD class=textCenter width=32>A</TD><TD class=textCenter width=57>Yes</TD></TR><TR bgColor=#ffffff><TD class=text width=50>07/10/08</TD><TD class=text width=70>MANHEIM</TD><TD class=textCenter width=55>Regular</TD><TD class=textRight width=42>$113,750</TD><TD class=textRight width=45>2,608</TD><TD class=textCenter width=36>Avg</TD><TD class=text width=45>BLACK</TD><TD class=textCenter width=24>6G</TD><TD class=textCenter width=32>6</TD><TD class=textCenter width=57>Yes</TD></TR><TR bgColor=#00ff00><TD class=text width=50>07/17/08</TD><TD class=text width=70>RIVRSIDE</TD><TD class=textCenter width=55>Regular</TD><TD class=textRight width=42>$116,000</TD><TD class=textRight width=45>7,857</TD><TD class=textCenter width=36>Above</TD><TD class=text width=45>GREY</TD><TD class=textCenter width=24>6G</TD><TD class=textCenter width=32>6</TD><TD class=textCenter width=57>Yes</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD><TD bgColor=#000000>

</TD></TR><TR><TD bgColor=#000000 colSpan=3>

</TD></TR><TR><TD></TD></TR></TBODY></TABLE>

Sep 3, 2008 | 03:32 PM

#20

Nova87

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sbkim - thank you very much for the listings.

I assume that the car that I'm looking at woud be considered Above or avg, low miles or around the one that sold on 7/10/08. Am I reading that right?

I think 115 would be a good counter offer. The seller said the car stickered for 138K but they don't have the sticker.

Sep 3, 2008 | 05:03 PM

#21

gmar85

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it doesent sound like its worth it to lease a used car. Although the car is real nice it depends on you and what you can afford.

Sep 3, 2008 | 05:36 PM

#22

mondohoss

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mondohoss is infamous around these parts

If you are worried about it dont do it
Dont ever lease a car over 3 years period!
You never know what could happen to you from a financial situation,
The sellers always make more profit on a lease.

My best advice is to wait....
if the car is aged inventory they will call you,
then you will have some room to negotiate.(end of month always works)

If the showroom attendant is wiping your saliva off the
front quarter panel your going to pay what they want.

if someone else buys it there will be another one
that you may want even more

good luck

Sep 3, 2008 | 06:28 PM

#23

Nova87

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This is not a lease - I ruled that out a day or so ago. This is a purchase over 5 years.

I will make an offer and then wait. I have a great car and there are plenty of low mileage Turbos out there for sale. I don't have to have it now, at least that's what I keep telling myself. LOL

Sep 4, 2008 | 07:10 AM

#24

sbkim

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Nova87 - I am in similar situation. I noticed TONS of used 997s for sale on Autotrader but pricing seems to be very strong right now. I presume it will get a bit weaker - as do most other sports cars - in the winter. I am not looking to buy until next Spring at the earliest. Good luck!

Sep 4, 2008 | 03:41 PM

#25

robertp

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wait until you can buy it cash. Why rent a car?

Sep 4, 2008 | 04:37 PM

#26

SaintlySins

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SaintlySins has a spectacular aura about

Glad to see you're not leasing in your situation. However, you've still got some negotiating work to do ... your focus on the 'buy-price' is good, but if you're turning a car in as part of the sale, you've got to negotiate that price too. If you're trading it in, that's where you're really going to get your pockets picked. Those two numbers are part of the whole picture. You're pushing to get 4K off one end, yet mentioned your sale price with a 5K variable.
Seems you can afford the payments - (based on the way you laid out the finances). But you haven't a buyer for your current ride who's accepted your sale price – and there’s little chance you’ll get 35K for your trade-in.<O

</O

I suggest you sell your current ride outright, first, as trading it in is throwing money away. THEN you've got the power to negotiate for immediate purchase with cash in hand, whether it's this ride or another one. And take your time! Someone mentioned waiting a year for the prices to drop to 100K, but at this month’s end, is also the start of the "new 998 model year" (if not already) and the used car prices will noticeably drop again, so waiting a bit to get your financial ducks in a row won't be such a bad thing - as you can see, there's always a few for sale. MONEY is what’s at stake here ... NOT THE CAR. Besides, you live here in Jersey … there are a LOT of lightly used ones available regularly.

Again, my intention is for your financial benefit as it seems that's really the most important thing in your story. Hope this helps and good luck! <O

></O

Last edited by SaintlySins; Sep 4, 2008 at 04:39 PM.

Sep 4, 2008 | 09:46 PM

#27

Nova87

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Well I offered 113.5K and of course they countered at 115.5K which was only 500 more than I thought I would pay so I bought it.

Now I have an 02 C2 to sell. I should get the car next week.

I couldn't wait. I've always wanted one and now I have it. Thanks very much to sbkim your numbers are what sealed the deal. I told the dealer that I had them and cut and pasted the numbers in an email. He was impressed with the amount of research I had done as I also outlined two or three other cars that I was watching as justification for my 113.5 bid.

I'll post pictures when it arrives. Right now I'm entering my nesting phase.

Thanks again for all the thoughts and advice. Great b-day gift and to top it all off I found out that I'm getting promoted in a week. Let's hope my run of good luck continues.