
To offset a lack of low-mileage used cars, Porsche is promoting 24-month leases for its 911 and for its sports cars, it is running a six-month lease pull-ahead incentive. Michael Bartsch, COO of Porsche Cars North America, said that in 2011, about 22% of all 911 lessees have opted for the 24-month contracts instead of the 36-month deals. But before the push was made, only 10% chose the 24-month contracts. The 24-month leases are highly unusual. J.D. Power and Associates analyst Thomas King said that they only made up 5% of industrywide leases in February. After Porsche’s US sales dropped from 34,693 in 2007 to 25,320 last year, it wanted to resolve the problems related to the shortage of low-mileage cars coming off lease.
For the 24-month lease, the 911's monthly payment was reduced by 10% to $1,263, says AutoWeek. This means that it is now comparable with the $1,118 payment on a 36-month lease. Bartsch explains that Porsche is able to decrease the payments due to improved residual values and lower interest rates. He said that with used-car demand is increasing along with the interest in the new 911 GTS and the GT3 models, so it’s the right time for people to get out of 36-month leases early and shift to shorter leases for similar costs. He added that Porsche is concentrating on the 911 since its owners are likelier to trade up for the newer 911 derivatives than those who own the Cayenne SUV or the cheaper Boxster or Cayman. The 911 Carrera coupe has a starting price of $78,750, while the top-of-the-line 911 GT2 RS costs $245,950. Shipping cost is included in these prices. From January to February 2011, Porsche sold 841 units of the 911 while in 2010, it sold 842 units. Its overall sales grew 33% to 4,419 units for the first two months of 2011.