Hi Everyone,

Thanks in advance for reading this post. I am big in the forum community for everything I do to gain knowledge so it's no different that I turn to everyone here for a bit of actual owner advice when it comes to this car.

Little background: I currently own an E39 M5 that has been modified and I absolutely love the car but I had a few goals in life which made me work pretty hard. The M5 was one and a Porsche was the other. Knock on wood after a lot of hard work it's all paying off and I think it might be time that I step up and fulfill the next goal I had and enjoy it before kids and other stuff come into the picture and the timing won't be right.

I am pretty particular in what I want, or at least I think I want, based on what I have seen. I have been eyeing a 997 for a while and definitely want a White one with an Aero Kit for sure. I think I for sure want at least an S model. Those are two must haves. I love manual transmission so that is one more thing but possibly could be swayed away from it if there is something I should know like weak clutches, etc ,etc.

Now here are some questions I have in regards to it and want to get your opinions.

-What's the average lease price you guys are seeing for a new one if I were to get one from a dealership.
- Should I look used and not hit up the new market?
- What kind of negotiating room do you have with the dealerships compared to other cars. I have been able to negotiate pretty well with other cars I have bought.
- This will be my first lease (figured it made more sense then buying)
- Any options that are a must have?
- Any common problems that I should be aware of?

If there is anything else you could add to this list of questions please do. I look forward to hearing from all of the knowledge here on the board.

 

My first 911 was a lease, but a lease take-over. The car was local, passed PPI and the lease was handled by Porsche Finance.

I wanted a short-term lease (11 months in my case) with a predictable buy-out price at the end. I viewed the process as a 'try-before-you-buy'.

The process was painless and the car performed flawlessly. At the end of the lease, my situation had changed and I was able to move up to a used 996 TT.

All of that to say that leasing is ok, but leasing new is expensive. Taking over a lease may be a more cost-effective way of getting into a 911. If you don;t like it, you walk away at the end and find another one.

Being in Southern California, I would be very reluctant to buy new. There is such an abundant supply of excellent used 997s out there, that the depreciation factor is quite harsh.

To each his own. You'll find every opinion on this board. My posting only reflects my own. Today, I would rather buy a used 997TT than a new Carrera base at the same price.

I've had 3 996 and one 997.1. Every one was my daily driver. Every single one has been as reliable and as easy (read: cheap) to maintain as any Japanese, Swedish or German 'regular' car.

In your case, I would find a good CPO with the options you want and finance it. The bulk of the depreciation will already be factored into the price.

Leasing or financing a new Porsche is throwing away money twice. You pay interest on the loan or the lease (the money factor) and your payment is calculated on the new car price (of course), so the depreciation is all yours (assuming you are buying new or buying at end of lease).

Mechanically, these cars are strong and reliable. Keep an eye on your oil level and watch out for any leaks on your garage floor (much rarer with the 997 than with the 996 and I never had any leaks with either). Schedule your oil changes (or do it yourself) frequently (I do mine every 3,000 - 5,000 miles) and enjoy the car.

YMMV
Welcome to the board.

 

pvanosta -

Thank you for all the good information. I have been looking into used as well because I totally agree on the depreciation thing. I have always bought my cars used a few years after the initial hit was taken. Was just finding it hard to get exactly what I wanted but I guess there in lies the patience aspect of looking around.

I have been looking on swapalease for a while to see what comes up. Did you do your lease take over that way?

How does the CPO work on a porsche, is it 5YR/100K or something else?

I think you might be right in that if I don't find that then i could just get a used one that passes PPI and pay about the same as a new lease would be and I own the car at the end of the day. I will just have to do more digging for one that is white and has the Aero Kit. Or cough up the money after I buy it to get it put on.

I might just tell my buddy who's a dealer back in Houston where I am from to keep an eye out. He is the one that found my M5. Took a bit to get what I wanted but I found it. I wish I knew this a few months ago cause he bought a 2008 GT3 in white for like 60K.

I figured maintenance would be right around what I pay for the M5 to be worked on so it's nice to hear that mechanically you guys like the build quality.

 

Stack24,
I got my lease take-over on leasetrader.com.

CPO on a Porsche is 6 years / 100K miles if I'm not mistaken.

I would focus on a car that is mechanically what you're looking for (model, options) and be flexible on the cosmetic items such as aero kit. Those can be added easily.

There are also several reputable used high-line dealers in Orange County and San Diego County, as well as plenty of excellent Indy mechanics (which is how I shop). Feel free to PM me for details, lest I be perceived as shilling for any particular shop

 

Any options that are must have's? Any that are not really worth it?

Any suggestions in regards to Manual vs PDK. I have been a manual guy and love it in my M5 but wonder about how it is in the P-Car

 

I thought the SMG in my M5 was horrible...but from what I've read, the PDK is head and shoulders better than SMG. I'd still rather have the manual transmission.

 

That is what I am thinking as well because I just love the connection between car and driver.

 

I would buy a quality used car with no less than a PPI and a rev report. The depreciation is brutal in the first three years on these cars. CPO is a great way to go, but be careful on price. You can get a PPI done and a rev report for around $300 and buy a good used car warranty (not sure of any vendors I would recommend here - no experience with it) and save some money over CPO, but there could be trade-offs. You live in CA, so heated seats aren't a necessity, but I have passed on buying cars that did not have them, so you may want them just for resale - they are a cheap option in the grand scheme of things. The OEM heated seats are great for those of us that do have some winter. I am partial to full leather interiors as well. Sport Chrono is not a must have, but in these two cars, it does make them more responsive - not faster - just more responsive. Nav and Bose high end sound is a matter of choice, but these cars do tend to have upgraded sound packages. Nav is not a must-have. If the car has a clear bra installed after-market, that is a great thing to have. My first one did not have one and I regretted it.

Everything is a matter of taste, but do your homework and pounce when the right one is there. If you don't, it could be gone the next day. I have missed on two cars that I hesitated on that were great deals when I was shopping.

Have fun with it - buying one is great fun! Having one is even better! Good luck.

I would at least get a C2S, but if you can, a C4S is a nice car to have.

 

I'd go with buying a new car or used ... if used, the recent examples will still have factory warranty or you could go with CPO coverage for '07 and earlier. Don't know the specifics, but have heard Porsche's lease factors are not very favorable. Suggest you peruse Porscheusa.com's pre-owned search utility ... you can specify color (exterior/interior), options (aerokit), mileage, etc. It's a great source of information.

If you go down the used car road, are you only interested in a local buy or are you open to a national search?

Highly recommend the manual transmission. It's a great one and I also come from BMW, although my modest little 3-series E90 couldn't hold a candle to your V8 beast!

Also, I wouldn't base your decision on having kids or not. My two boys love riding in the jump seats. You can do a search on here for other folks that take the whole family all over the place in their 911s ... it's one of the great things about owning a sports car that doubles as a people-hauler.

 

Options I would like:
-sport chrono
-the best of the factory sound systems (still not great but good enough)
-NAV
-Full leather interior (as opposed to vynil)
-For a 2009, I'd look for PDK, for 2005-08 I'd go manual
-Heated seats (in a cab)


In my '06 C2S I have the sound but not the nav, I have full leather and heated seats, manual box, no sport chrono.

 

I've found that unless you plan on keeping your car for a long time, or will sell it privately, you're going to get beat up on a trade-in anyway, so leasing may make sense. Especially with the 991 coming out soon, it's very unpredictable what a car may be worth in several years, leasing takes that out of the equation. I like to get a new car every 3 years or so and have no patience trying to sell a car privately, so I lease. Yes, it costs more than buying used, but everything is known ahead of time.
There are not many lease trades out there because Porsche Financial doesn't let the original leaseholder completely off the hook, they are still responsible financially if the new lesee defaults. That said, you can find good deals if someone put up a big downpayment and needs to get out of the lease. By the way, if you do lease, never put any money down.

 

1) I ABSOLUTELY would NOT lease the car . Porsche leases are the worst i have ever seen in terms of value and that's why most buy the car.
The prices can vary but figure two years is about 40 grand plus service with mileage restrictions. A Turbo cost 2500 a month back in 07 when I bought mone . Could you imagine paying 90 K to have nothing now ?

2) New Vs used is up to you . Recent pricing places both high but my feeling is that if one has to over pay due to market conditions then it may as well be a new car.

3) The best I've ever seen in my life is 20 percent off and the worst is paying over MSRP . In current times expect 6 - 8 percent off.

4) First lease ? Please re evaluate that position. It's a lot of money to rent THEIR car.

5) Options -- Must have are Bose, Sport Chrono (especially with PDK) . Sports adapative seats or Sport seats. prefer full leather but not imperative , clear side markers .

6) The cars are basically very reliable .

Manul or PDK .. Tough call . Porsche happens to make incredible gearboxes in both setups . If it was my first Porsche coming out of an E39 M5 (I had one for three months back in 2000 --nice car but I was not ready to feel like i was driving a family car even though it has Hp ) I'd get a manual. It will also save money on the new car.

 

- Alcantra interior
- sports exhaust
- PCM, bluetooth, and iPod integration
- sports chrono
- colored dials

 

I just left the thread and i have to voice my opinion . Sometimes I read thse threads and scratch my head in confusion.

In this example the original poster points to wanting to save money yet is ready to consider spending an astronomical amount to opt for leasing ?

He considers new Vs used but at the same time desires an aerokit (8 grand option) and considers PDK (another 4K ) .
Just getting a manual with no aerokit saves 12 grand !!!!!!

Buying the car new also eiminates CPO markups .

So I ask the questions -
Is he really trying to save ?

How many times do we read posts asking price questions which contradict the goals of saving ?

To the Op - I put down the "must have " options that i wouild want but I am not usually trying to save money when i buy a new car.

If saving money was at the forefront I would buy it new and strip down toi the most basic options . I would want Bose because the factory system is awful. I would want Sport Chrono because resale benefits . Ipod and bluetooth are needed too but the PCM is not mandatory . Power seats are not mandatory. Neither is full leather.

If really pressed a New car can MSRp under 100K and with a discount pull into the low 90's . A used car at 80K that is three years old (09) is no bargain . In fact dollar for dollar it costs more. A lease with aerokit and PDK .. is in my opinion is a financial disaster. a high mileage used car with no warranty is another financial freefall move .

Hedging the loss , retaining the value , getting the most out of the gate with the security of a 4 year 50K mile new car warranty .. is in my opinion .. the way to minimize the loss and even then it's not cheap.

 

This is the main reason I came to this forum because I like to do my homework before buying anything honestly. When I say save money it's more in the sense of get my moneys worth not to nit pick.

I have personally never leased a car but notice when I was buying my wifes car brand new that they lease options were very reasonable and made it worth it if you are going to change out your car every 3 years or so. That is the main reason I was asking in regards to the Porsche. The coefficient factor for the lease is sometimes really good and drops your payment hundreds of dollars if not more.

I personally have always bought my cars used as I stated in one of my previous post but wanted to see how it works in regards to this car. My first option was to find a used one and just get it out right at the end of the day.

The Aerokit on the 997 is $5990 according to Porsche USA when i was pricing out a 911S. I personally didn't want to get PDK but rather was inquiring on it vs Manual. I personally love the manual gearbox but if there were any issues I would be running into then I would want to know. In essence I am trying to learn from other owners as the benefits and complaints on every aspect of the car.

I love modifying cars and have done a lot to the M5 but I am looking to not do much to the Porsche if I get it. I just love the Aerokit and that's one option I would love to have on the car or add on after I get one for sure.

So if you take my post as if i am trying to save money like be frugal that's not so much the case. It's more about getting the best bang for the buck and making sure I soak up enough knowledge to go in there and negotiate a great price for a most likely used Porsche at the end of the day.

Thank you again for all your posts.