I’m torn between buying a used Taycan or leasing a new one. I’m hesitant to buy a new one because of the depreciation factor. After a test drive, I noticed the Taycan might not be the ideal family car since the seats felt tight, but I wasn’t impressed by other EVs either. What do you all think?
You might consider leasing a certified pre-owned (CPO) Taycan.
Financially, leasing often doesn’t make sense compared to buying, especially if you’re financially stable. A CPO could be a good option since it’s already depreciated. If you plan to keep it long term, buying new might be better and you can negotiate a good deal. Prepare for a flood of opinions from this forum!
@Noor
But if the lease and a financed purchase have similar interest rates, why not lease, especially if you’re unsure about keeping a first-gen Taycan with new models on the horizon?
San said:
@Noor
But if the lease and a financed purchase have similar interest rates, why not lease, especially if you’re unsure about keeping a first-gen Taycan with new models on the horizon?
Leasing has its terms tied to a ‘money factor’ which is different from interest rates. While it can offer lower payments, you’re locked into the lease without easy exit options. Given your concerns about the car’s size, I wouldn’t recommend a long-term lease.
@Noor
Just to note, the ‘money factor’ concept is mostly a US thing, and it can be converted to an APR for comparison.
San said:
@Noor
Just to note, the ‘money factor’ concept is mostly a US thing, and it can be converted to an APR for comparison.
Ultimately, everyone has the freedom to spend their money as they see fit. Hope you find the best deal for your needs.
@Noor
Leasing electric cars often works out financially better when you compare total lease payments to depreciation and interest on a purchase, especially with CPOs.
@Noor
I’d advise against buying Taycans or most EVs; leasing is usually the more prudent financial choice.
I’d go with a lease.
I’m currently leasing a 2024 GTS and love it. I got a great deal on a loaner with minimal miles. I prefer leasing because I enjoy driving newer models and plan to lease again.
I recently got a great deal on a 2024 4S loaner with 300 miles for $1054/month. Look for a low mileage 2024 model that a dealer has had for over 200 days, then negotiate hard. You could get $30k off plus tax credits. The car is fantastic, just make sure you buy it right.
Always lease. You can also lease a CPO for even better value.
Roux said:
Always lease. You can also lease a CPO for even better value.
What’s a CPO?
Roux said:
Always lease. You can also lease a CPO for even better value.
What’s a CPO?
Certified Pre-Owned. They are used cars that Porsche dealerships sell, which come with a warranty.
When you lease, you’re essentially paying for the car’s depreciation. For example, a $1k/month lease over three years means $36k out of pocket, and you end up with no asset.
Skyler said:
When you lease, you’re essentially paying for the car’s depreciation. For example, a $1k/month lease over three years means $36k out of pocket, and you end up with no asset.
In the US, a 2024 lease might qualify for a $7.5k federal rebate, matched by Porsche, with an additional $15k in incentives. That’s over $30k in total discounts, making leasing a no-brainer. You can buy the car at the end of the lease if you like it. Dealers are less likely to negotiate on CPO prices and often add costly extras.
@Vaughn
Where are these $15k incentives coming from? Also, doesn’t making a down payment on a lease mean you lose that money if you return the car?
Davin said:
@Vaughn
Where are these $15k incentives coming from? Also, doesn’t making a down payment on a lease mean you lose that money if you return the car?
You should never make a down payment on a lease. That’s a basic rule to ensure you’re not out of pocket if something goes wrong. Check out some car sales forums for more detailed advice.
Davin said:
@Vaughn
Where are these $15k incentives coming from? Also, doesn’t making a down payment on a lease mean you lose that money if you return the car?
The incentives were available as of last September. I got $32.5k in total. It’s worth learning about leasing details on forums like Leasehackr to understand what costs are involved and how to minimize upfront payments.