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-   -   How does a Lease look on the new Camaros? (http://www.camaro5.com/forums/showthread.php?t=4006)

Indpowr 05-04-2008 09:17 PM

How does a Lease look on the new Camaros?
 
Anyone leased an older Camaro? Were there decent leases out there back in 02?

I am very seriously considering a lease so i can leave my Vette sit in the garage during the week and will use the Camaro for a DD. Took a few cars out this weekend and unimpressed thus far.

Thanks
Jon

z28camaro2471 05-04-2008 09:25 PM

NICE Vette!

Indpowr 05-04-2008 09:29 PM

Quote:

Originally Posted by z28camaro2471 (Post 67613)
NICE Vette!

Thank you, trying to build it up like my last one..Will take years...:bellyroll:

CamaroSpike23 05-05-2008 01:33 PM

why lease? waste of money IMHO

Indpowr 05-05-2008 04:41 PM

Work pays Miles on a car. So the cents I make per mile can pay for the car payment plus gas.

Thought I would enjoy a nice Chevy without having to kill the miles on my Vette.

No need to buy it if I put on the miles, I can drive it then drop it off.

Jon

Omega94 05-05-2008 04:55 PM

Ok, I don't know much of anything about leasing...so this has nothing to do with leasing...but:

Wow:confused0068: Your Vette looks amazing! I've always been partial to that hood that you have on it...I really think it really compliments the C6's lines. And the rear fascia is awesome, too...Ok, that's all :thumbsup:

Camaro_Corvette 05-05-2008 05:01 PM

:thumbsup: :thumbsup: I Know its been said but awesome vette

Indpowr 05-05-2008 05:05 PM

Thank you everyone about my car. Makes me feel good since I used to have a insanely tricked out C5 Corvette and never thought I would feel this way again.

A love cars and can appricate anyone that takes care of whatever ride they have.

Jon

CamaroSpike23 05-05-2008 05:36 PM

Quote:

Originally Posted by Indpowr (Post 67747)
Work pays Miles on a car. So the cents I make per mile can pay for the car payment plus gas.

Thought I would enjoy a nice Chevy without having to kill the miles on my Vette.

No need to buy it if I put on the miles, I can drive it then drop it off.

Jon

if you trade in cars every few years, leasing will pay off, but if i buy a new camaro, the only way ill get rid of it is if its wrecked, stolen, or obtained by the police. when i buy a car, i BUY a car. with the intents and purposes of driving it till the wheels fall off. (which has happened before). i've never liked the thought of leasing vehicles. tho to some, it does have its good points.

EllwynX 05-05-2008 05:40 PM

Quote:

Originally Posted by CamaroSpike23 (Post 67713)
why lease? waste of money IMHO

That really depends on how long you plan on keeping the car.

If you buy a car, but still trade it in on a new one every 3 years or so, you likely don't have much (if any) equity in it anyway. Unless, or course, you put large down payments. Something I usually do not. So you're left with the balance on the old car that has to be financed onto the new one. You're constantly losing money.

With a lease you pay for 3 years (or whatever your term is) then give the car back free and clear. (Unless you're rough on it, in which case you shouldn't be leasing.)

For someone like me who likes a new car every 3 years leasing is a very reasonable option. I've never leased, and I'm not likely to lease the Camaro, but leasing interests me greatly.

I actually planned to lease my next vehicle. That was before the option of getting the Camaro came up. If not for the Camaro I'd probably be driving a leased Dodge Avenger right now. As it stands I'm keeping a car for another year that I hate driving.

CamaroSpike23 05-05-2008 05:59 PM

but along those same lines, what if you tire of the car before your term is up? also one thing for me, i have yet to buy a "new" car, most of my cars have had at least 2 owners. and i usually buy them straight up with cash, so the car is mine out the door.

Indpowr 05-05-2008 06:25 PM

Paying cash is great. Even more so if you like to mod cars.

I am on my 20th car and do like to trade. I loose lots of coin trading as much as I have. Do not regret it at all though.

The only reason I am considering is because it would be a company car in my mind. The company pays for the miles which pays for the car. After 3 years might be fun to get something new. Or if my job moves me to another postion that does not pay for miles then I am stuck with the car for 60 months.

I am trying to buy things in my life that build my money up i.e. House, property, etc and trying to save for a family. :seesaw: So, at least this car has 4 seats. :D

EllwynX 05-06-2008 09:54 AM

Quote:

Originally Posted by CamaroSpike23 (Post 67766)
but along those same lines, what if you tire of the car before your term is up? also one thing for me, i have yet to buy a "new" car, most of my cars have had at least 2 owners. and i usually buy them straight up with cash, so the car is mine out the door.

If you tire of a car in THAT short a time, I don't know what to tell you. LOL 3 years is usually my limit.

Obviously leasing isn't for you. I haven't purchased a used vehicle in 15 years. Too many unknowns with a used car imo. I'd only even consider a used vehicle if it was no more than 2 years old and under 30,000 miles.

I don't have the patience to save enough money to buy a car outright anyway. When I want something, I want it NOW. LOL (Yeah, I was a little spoiled as a kid.)

CamaroSpike23 05-06-2008 12:01 PM

Quote:

Originally Posted by EllwynX (Post 67889)
If you tire of a car in THAT short a time, I don't know what to tell you. LOL 3 years is usually my limit.

Obviously leasing isn't for you. I haven't purchased a used vehicle in 15 years. Too many unknowns with a used car imo. I'd only even consider a used vehicle if it was no more than 2 years old and under 30,000 miles.

I don't have the patience to save enough money to buy a car outright anyway. When I want something, I want it NOW. LOL (Yeah, I was a little spoiled as a kid.)

well, usually when i buy a used car, i know its not going to be in mint condition. thats part of the fun for me, is fixing/modding it to the way i like. funny thing is, i usually end up spending what most people do to buy a new car getting mine back to specs or above as most cases go.

LS9CamaroSS 05-06-2008 03:44 PM

Isn't there a lease to own option too available from dealers? My parents leased an 89 Sunbird for 5 years and bought it at the end of the term... is this possible still today? and if so does the final buy price go down?

SKiZZ 05-06-2008 03:54 PM

A lot of leases can be like this. They'll tell you up front what the car will cost after your lease is over if you want to buy it. A lot of times its not worth it because you don't pay much into the principal of the car. That may have changed over the years though.

TAG UR IT 05-07-2008 02:48 AM

Jon,

First, love that vette! Second, I had also given thought to leasing....not on the 5th Gen, but actually on the G8 GT. You see...my 02 SS is wonderful, but I'm so ready for a change. I've been driving 4th Gens for 8 years now. I love'em to death, but I'm just soooo ready for a change.

I'd given thought to selling the SS, paying off the wifes car, leasing an 08 G8 GT, and then getting rid of it when the Camaro comes around. The only problem is that I'm not gaining any equity in anything I'm making payments on. Sure, I'm paying off the wifes car quicker which is actually going to save me a lot in interest over the 3 years of payments I have left. But, I won't have anything extra to put down. Hmmmm....I just don't know.....

radz28 05-07-2008 09:38 AM

Leasing makes the payments low but like everyone is saying, does nothing for any type of equity in the end.

I'm planning on saving as much as I can and get the most bang for my $$$. I think that's the best bet.

LS9CamaroSS 05-07-2008 03:09 PM

idk i'm thinking i might just lease for a term then buy it after the term is up... we'll see depends on how much is true in that new thread...

Chaz0698 05-08-2008 11:28 AM

I work for a dealer and I can tell you guys advice for leasing. Some people say leasing is a bad thing, but most of those people who say that have never leased a car before. I am here to say its not out to get you. You pick your miles and term. A proponent of leasing would tell you you wouldn't buy a piece of property if you knew in three years it would be worth half what you paid? you wouldnt buy a stock if you knew in three years it would be worth half? so why purchase a car.. unless you drive it till the wheels fall off.. id say lease. its less money down, less monthly payment, you can get more car, and you are only committed for half the time. Statisticly, 72% of people who finance a vehicle never see the title to their car.. meaning the never paid it off before trading. Technically they never owned anything. You cant be upside down in a lease either. it comes with a guarenteed value at the end of the term. If you get in an accident in a purchase, you lose 20% resale value right there. In a lease, as long as its fixed when you turn it in, there is no penalty. so i also believe there are some protections as well.

Grape Ape 05-08-2008 01:54 PM

Quote:

Originally Posted by SKiZZ (Post 67928)
A lot of leases can be like this. They'll tell you up front what the car will cost after your lease is over if you want to buy it. A lot of times its not worth it because you don't pay much into the principal of the car. That may have changed over the years though.

The finance company sets the residual value at what they expect the blue book value to be at the end of the lease. So whether buying the car at the end of the lease is a good deal depends on how well they guessed.

Iím guessing that they will lowball the residual (like they are on the G8) to be safe and that will make keeping the car a good deal, but only because it will allow you to recoup some of what you overpaid while you were leasing it. If they guess high, then you will probably want to turn it back in unless you really love that particular Camaro since you will be able to buy someone elseís used one for less.

Chaz0698 05-08-2008 02:01 PM

id say for the most part, especially on domestic cars that buying a car after the lease is up is defeating the purpose. You also have to pay sales tax again on the remaining balance. Besides one of the big perks to a lease is that you can get a new car every few years. who knows what will be available in 2012-13??


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