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    997- better to rent than to own?

    Love the new 997 BUT I am wondering if it's better to lease one than actually own it. My ongoing review of this and other boards suggests that these cars have significant potential for problems. I wonder if they will demand Ferrari levels of expendeiture once the warrenty is up.

    Re: 997- better to rent than to own?

    I think it's a great question.

    If "owning" would mean buying and financing a portion of the total amount of the car, then I would lease for sure. Either way, you're paying some interest. With the lease, you can negotiate a high residual value, so that if the car turns out to have problems and you don't like it, you can just turn it in at the end, or trade it in during the lease at no penalty (there's no penalty if you trade up - only if you terminate the lease early with no trade). The reason to negotiate a high residual value is that you'll pay less over the term of the lease - if you're going to get out, it's better to have paid less rather than more. If you do like the car, then you just purchase it at the end of the lease. By leasing, you have many options without too much hassle.

    If you'd walk in and write a cheque for the total amount (no financing), then I'm not sure what'd be best, since it'd be best to avoid paying any interest, but if you have problems with the car, you have to deal with getting rid of it. It may not be easy to sell an expensive car, especially if it has had problems. Nonetheless, I think I'd probably buy and hope for the best and deal with any problems or the need to sell if such a situation arises. If you have the cash to walk in and buy, I'd imagine you're not too worried about losing out in a sell situation anyways.

    I think the best thing to do is wait for an '06 or '07 if you can though. In the meantime, one might be able to find a good deal (preferably private sale) on a nice used 996 in good condition to drive for a year or 2.

    -SB

    Re: 997- better to rent than to own?

    Depends on personal purchase against company purchase / lease. Here in the UK, the tax would be exorpendent for a company purchase/lease, so the personal lease would be best, but you would then have to pay VAT on your payments (17.5 %). So there's only one choice, purchase outright with a balloon deal or pay the total price.
    UK residuals will be strong, the 997 IMO is a very good residual purchase, just renew the warranty or trade up at two years ownership.

    Re: 997- better to rent than to own?

    Med, any reason you choose two years for the point at which you chnage?

    Re: 997- better to rent than to own?

    Yes. I was wondering. I discussed this point with the dealer. He says that depreciation is very linear. And there is no real benefit at changing your cars every two years as oppose to three (except that he gets a sale quicker).

    Or is this because the warranty expires at two?

    ...Add

    Re: 997- better to rent than to own?

    Quote:
    JohnA said:
    Med, any reason you choose two years for the point at which you chnage?



    John A, My thoughts were based on renewal of warranty and keeping the milage down. I'll probably keep this car for several years.

    Re: 997- better to rent than to own?

    Also, forgot to say that at two years it might be easier to stay on top of the depreciation curve, as the car is relatively new and shouldn't shed to much money, apparently it is very common practise to order a new car every 18 months at my local dealer.

    Re: 997- better to rent than to own?

    Depends on how long you plan to keep the car. I like to keep my cars for at least 8 years so I always buy. I don't understand people that buy and sell every 4 years or when a new model comes out (whichever comes first).

    David

    Re: 997- better to rent than to own?

    Quote:
    DavidSF said:
    Depends on how long you plan to keep the car. I like to keep my cars for at least 8 years so I always buy. I don't understand people that buy and sell every 4 years or when a new model comes out (whichever comes first).

    David



    I was reading this thread thinking that on average I keep a car for 2 yrs. I buy rather than lease, mainly because of the tax laws here. If I see something new that is better ( and it usually is ) I succumb to temptation and get it. I would love to keep a car for longer, ( I'd be rich!!) but just can't help myself. It'll be interestingto see how long I keep my 997S.

    I enjoy cars too much, and suspect there are a few like me here.

    Re: 997- better to rent than to own?

    Depending on what residual you negotiate (and therefore depending on what depreciation you pay), it may be cheaper or more expensive to lease rather than buy every 2 years. In general however, if you're into a new vehicle every 2 years, you'll be better off with a lease - if only because you only pay taxes on the portion you lease, rather than on the total sum.

    -SB

     
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