[mirob]

Originally Posted by Sedan_Clan

It is done! I opted out of my G8X allocation and I now await the arrival of my Porsche Carrera S! It has been a long day.

Congrats man! That's awesome! Not gonna lie, I thought you'd be one of the last to leave after all the championing you did for the G8X. Enjoy in good health!

[gohawks23]

Originally Posted by mirob

Congrats man! That's awesome! Not gonna lie, I thought you'd be one of the last to leave after all the championing you did for the G8X. Enjoy in good health!

Funny, I dumped my 21 C2S likely for a new M3 when I can buy a house with a garage again...also, Porsche MF's really suck at almost 5% rate.

Living in Chicago cash is king on cars and only the cash poor (or uneducated) lease with 18% payment taxation.

[acre22f90]

Originally Posted by greginchi

Funny, I dumped my 21 C2S likely for a new M3 when I can buy a house with a garage again...also, Porsche MF's really suck at almost 5% rate.

Living in Chicago cash is king on cars and only the cash poor (or uneducated) lease with 18% payment taxation.

Upon moving to Chicago I was shocked to hear about the 18% taxation on leased cars here in the City. Luckily I can register in DuPage as well.

[Multimodal]

Originally Posted by Sedan_Clan

I'm aware of the risks. I would rather have the lower monthly. I'll be keeping this car and buying out the lease as well.

P.S. LOL, watch this car have like 6000 miles after 3 years.

If you’re planning to buy I recommend you do that up front, perhaps through a balloon loan financing program to keep initial payments low. In calculating my options for an M3 I found that lease-to-buy was several $K more expensive than just buying up front. Over a three year time horizon you avoid paying sales tax on about 60% of the cars value but the financing costs are higher than an auto loan by about the same amount.

If you want to try it before you commit the lease could make sense but financially it would still be a better option to put the $25K in an interest bearing savings account and setup a $700/month autopay so the same amount was due out of your primary checking each month. Time value of money, investment opportunity costs, risk of losing your down payment if the car is totaled early, etc. etc. You can see a deep dive comparison of lease vs buy in my thread at https://f87.bimmerpost.com/forums/showthread.php?t=1820937.

[Sedan_Clan]

Originally Posted by JTO24

Congrats, man!! Excited for you I'm still debating to go new G80 6mt or back to Porsche-land... don't think I can swing a new 911 of any flavor at the moment but the CGTS 4.0 is looking tempting as a long-term buy and hold.. we'll see. Did you go 7MT or PDK??

I'm a diehard MT guy, so I went 7MT. I got Chalk with the carbon fiber roof and GT3-esque AeroKit. I already have a mini mod list building.

Originally Posted by mirob

Congrats man! That's awesome! Not gonna lie, I thought you'd be one of the last to leave after all the championing you did for the G8X. Enjoy in good health!

I think the G8X is a great car. The Porsche has always been my dream car, specifically the GT3, but I know I can't afford that variant. The universe worked things out for me to get into the Porsche following the sale of my F82, so I figured now is the best time to do it. I knew if I didn't do it now I would likely never do it; the G8X was going to be my last car (..as I am getting to the point where I don't want payments anymore). Now, the Carrera S will be my last car unless a miraculous GT3 lands in my lap in a few years. My goal is to be completely payment free in the next 5-6 years. My Ducati V4 will be paid off in 3 more years and my commuter Corolla in 4 years. I figure I'll do the 3 year lease on the Carrera and then buy out the lease and refi for 3 more years......and be done. That's my short plan anyway. I had actually planned to do that with my F82, but I sold for a profit.

[gohawks23]

Originally Posted by Mr. Maboomba

If you’re planning to buy I recommend you do that up front, perhaps through a balloon loan financing program to keep initial payments low. In calculating my options for an M3 I found that lease-to-buy was several $K more expensive than just buying up front. Over a three year time horizon you avoid paying sales tax on about 60% of the cars value but the financing costs are higher than an auto loan by about the same amount.

If you want to try it before you commit the lease could make sense but financially it would still be a better option to put the $25K in an interest bearing savings account and setup a $700/month autopay so the same amount was due out of your primary checking each month. Time value of money, investment opportunity costs, risk of losing your down payment if the car is totaled early, etc. etc. You can see a deep dive comparison of lease vs buy in my thread at https://f87.bimmerpost.com/forums/sh....php?t=1820937.

Yep, putting 25K down on a lease just to lower payment is a horrible idea.

[Sedan_Clan]

Originally Posted by Mr. Maboomba

If you’re planning to buy I recommend you do that up front, perhaps through a balloon loan financing program to keep initial payments low. In calculating my options for an M3 I found that lease-to-buy was several $K more expensive than just buying up front. Over a three year time horizon you avoid paying sales tax on about 60% of the cars value but the financing costs are higher than an auto loan by about the same amount.

If you want to try it before you commit the lease could make sense but financially it would still be a better option to put the $25K in an interest bearing savings account and setup a $700/month autopay so the same amount was due out of your primary checking each month. Time value of money, investment opportunity costs, risk of losing your down payment if the car is totaled early, etc. etc. You can see a deep dive comparison of lease vs buy in my thread at https://f87.bimmerpost.com/forums/sh....php?t=1820937.

I don't think Porsche offers a balloon-finance program like BMW does. I have time to adjust my finance approach though. The car won't be here until Dec/Jan.

[Sedan_Clan]

Originally Posted by greginchi

Yep, putting 25K down on a lease just to lower payment is a horrible idea.

Everybody has their methods. I know the risks. Normally I would be giving someone the same advice you're giving me. Honestly, I'm not all that worried about wrecking the car and losing money. I don't drive/ride my fun stuff that much anyway. I mean, I put 16,000 miles on an M4 in nearly 5 years; 500 miles on my most recent Ducati in 2.5 years.

[chris3g]

Originally Posted by Sedan_Clan

Everybody has their methods. I know the risks. Normally I would be giving someone the same advice you're giving me. Honestly, I'm not all that worried about wrecking the car and losing money. I don't drive/ride my fun stuff that much anyway. I mean, I put 16,000 miles on an M4 in nearly 5 years; 500 miles on my most recent Ducati in 2.5 years.

it just makes no sense, take the 25k, put it in a separate account that you own and take 700/month from it every time you make your payment if that makes you feel better about the monthly amount. there's zero benefit to give it to Porsche financial up front.

[gohawks23]

Originally Posted by chris3g

it just makes no sense, take the 25k, put it in a separate account that you own and take 700/month from it every time you make your payment if that makes you feel better about the monthly amount. there's zero benefit to give it to Porsche financial up front.

Well, he is paying a crazy high MF of 0.002 (if getting buy rate) on that 25K by not putting down and including in lease cap.

Porsche leasing is fiscally horrible (great for Porsche) because they can do it with good vehicles and purchase prices >100K limiting consumer financial choices.

[mirob]

Originally Posted by Sedan_Clan

I think the G8X is a great car. The Porsche has always been my dream car, specifically the GT3, but I know I can't afford that variant. The universe worked things out for me to get into the Porsche following the sale of my F82, so I figured now is the best time to do it. I knew if I didn't do it now I would likely never do it; the G8X was going to be my last car (..as I am getting to the point where I don't want payments anymore). Now, the Carrera S will be my last car unless a miraculous GT3 lands in my lap in a few years. My goal is to be completely payment free in the next 5-6 years. My Ducati V4 will be paid off in 3 more years and my commuter Corolla in 4 years. I figure I'll do the 3 year lease on the Carrera and then buy out the lease and refi for 3 more years......and be done. That's my short plan anyway. I had actually planned to do that with my F82, but I sold for a profit.

Shoot man, can't fault you for following that dream! That is not a bad way to go out! Hope you're gonna stick around - don't be a stranger!

[Sedan_Clan]

Originally Posted by mirob

Shoot man, can't fault you for following that dream! That is not a bad way to go out! Hope you're gonna stick around - don't be a stranger!

Oh I'll stick around for sure. I doubt I'll spend much time on Porsche forums. I may monitor them for maintenance reasons, but I won't become a Rennlist regular.

[Multimodal]

Originally Posted by greginchi

Well, he is paying a crazy high MF of 0.002 (if getting buy rate) on that 25K by not putting down and including in lease cap.

Ugh, with a MF of .002 (equivalent to interest rate of 4.8%) I might put down money too.

In reality, if I had the same plans as Sedan_Clan, I would get a 65 month 1.49% loan from Digital Credit Union... that's what I'm planning to do for my G80.

[Sedan_Clan]

Originally Posted by Mr. Maboomba

Ugh, with a MF of .002 (equivalent to interest rate of 4.8%) I might put down money too.

In reality, if I had the same plans as Sedan_Clan, I would get a 65 month 1.49% loan from Digital Credit Union... that's what I'm planning to do for my G80.

I may look into that. That's a slightly better new car purchase rate than my department credit union.

[Transfer]

A down payment on a lease has nothing to do with saving interest relative to money factor. Down payments are purely pre-paying to decrease the monthly bill but you can't buy down the dollar amount that accrues interest on a lease. In some areas you can buy down the MF with MSDs, but that's not a down payment.

Nothing to be gained from up front (down) payment on leases.

[Multimodal]

I didn't know that - thanks for clarifying. In that case it would definitely be better to keep that money in an interest-bearing checking account, CDs, a stock market index fund or cryptocurrency (depending on your risk tolerance) until it's needed to make/subsidize a monthly payment.

[PLF69]

Originally Posted by Transfer

Nothing to be gained from up front (down) payment on leases.

Only utility I taught there was is to help people who have bad credit score.

[Transfer]

Originally Posted by PLF69

Only utility I taught there was is to help people who have bad credit score.

Down payment doesn't change the amount financed though so I would think that credit score might not be relevant there. Not completely sure though.

[snareman]

Originally Posted by From5toM

I don't know how all of you do it... I got into my F80 by buying an 8000 mile off-lease 2017 that was pristine. If I could stomach paying $1k or more for a lease - I'd just buy it... and pay cash (save up to do so of course). I hate car payments.

That was my logic this time around. I was able to sell my last M4 for a "profit" and with the delivery time for this one was able to save up for a large down payment so my monthly payments are only $300. Much better than the $1k/month I paid on my last lease.

[Dave07997S]

Originally Posted by Sedan_Clan

Everybody has their methods. I know the risks. Normally I would be giving someone the same advice you're giving me. Honestly, I'm not all that worried about wrecking the car and losing money. I don't drive/ride my fun stuff that much anyway. I mean, I put 16,000 miles on an M4 in nearly 5 years; 500 miles on my most recent Ducati in 2.5 years.

Sedan, just put that $25k in an account and pay the difference in payment between the 0 down and the $25k down. Huge mistake putting that money into a lease.

[AlterZgo]

Originally Posted by Sedan_Clan

I'm a diehard MT guy, so I went 7MT. I got Chalk with the carbon fiber roof and GT3-esque AeroKit. I already have a mini mod list building.

That's great! I wanted the aerokit too but they discontinued it for 2021 when I got my allocation. I was right on the cusp. Another 2 weeks and I would've gotten the 2022 allocation. So I missed out on the aerokit and the shark blue color which I would've definitely gotten.

Still, with how tight 911 allocations have been, I'm still glad I got one confirmed.

Your car is going to look outstanding in Chalk w/ CF roof. I didn't care much for Chalk in pictures, but when I went to the dealership and saw it in person, it was stunning and almost changed my mind. Are you doing the black aerokit or regular painted? Black aerokit would set off really well w/ the CF roof.

[dialogical]

Originally Posted by snareman

Do you even get FM radio and power windows if you don't add some options on a Porsche? Heck, do you even get a window?

That is not accurate.

One of the forum members is leasing a lightly optioned 911 S.

His lease payment is $1,200 on a 4 year lease with $20,000 down.

My payment is $1,200 for 3 years with nothing down.

They are not comparable and you're deluding yourself if you think they are.