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Rumor has it that the name Cayman is an alternate spelling of 'caiman', which is a species of reptile that is closely related to the alligator. The name does not have anything to do with the Cayman Islands, although that is seemingly more exciting. Porsche has oddly donated to a Stuttgart Zoo's caiman exhibit. This mid-engined 2-seat sports car produced by Porsche AG of Germany was first launched in the 2006 model year. The Cayman is the coupe version of the second generation, and extremely popular, Porsche Boxster convertible. Much like the Boxster, the Cayman is fabricated in Finland by Valmet Automotive. After two long years of development, the first model of the coupe to be launched was the Cayman S. The S suffix indicated that this was a higher performance version of a then unreleased normal model. The model previously mentioned, the Cayman, went on sale in July of 2006. Further, a motor sport-tuned model, the Cayman RS, is said to have been tested at the Nürburgring that same year although it has yet to make any formal appearance. When or if it ever will is up for debate.

The Cayman coupe and the second-generation Boxster convertible share the same mid-engined platform and many additional parts, including the front fenders, the trunk lid, the side doors, the headlights and portions of the interior. The design of the Cayman's body is a mixture of styling cues from two classic Porsches: the 550 Coupe and the 904 Coupe. However, unlike the Boxster, the Cayman has a large hatchback for access to a cargo and luggage area on top and in back of the engine cover. The suspension layout is more or less the same as that of the Boxster, but revisions were made to accommodate the increase in chassis stiffness resulting from the Cayman's fixed roof.