How does a Lease look on the new Camaros? - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

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

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.

I’m 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 else’s 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??

05-07-2008, 09:38 AM	#18
radz28 Petro-sexual Drives: Ultra-Grin Join Date: Oct 2006 Location: Crazy Coast Posts: 15,192 View My Garage	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. __________________ '20 ZL1 Black "Fury" A10, PDR, Exposed CF Extractor Magnuson Magnum DI TVS2650R // RFBG // Soler 103 // TooHighPSI Port Injection // THPSI Billet Lid // FF // Katech Drop-In // PLM Heat Exchanger // ZLE Cradle bushings // BMR Chassis-Suspension Stuff // aFe Bars // Diode Dynamics LEDs // ACS Composites Guards // CF Dash // Aeroforce // tint // other stuffs

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05-06-2008, 03:44 PM	#15
LS9CamaroSS Drives: Cavalier RS Join Date: Mar 2008 Location: Jordan, NY Posts: 569	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?

05-06-2008, 03:54 PM	#16
SKiZZ Drives: 1998 S-10 Join Date: Apr 2008 Location: Bham, AL Posts: 44	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.

05-07-2008, 02:48 AM	#17
TAG UR IT www.Camaro5store.com Drives: 2014 ZL1 #705 Join Date: Jul 2006 Location: SA, Texas Posts: 26,558 View My Garage	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.....

05-07-2008, 03:09 PM	#19
LS9CamaroSS Drives: Cavalier RS Join Date: Mar 2008 Location: Jordan, NY Posts: 569	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...

05-08-2008, 11:28 AM	#20
Chaz0698 Drives: 2007 mustang gt Join Date: May 2008 Location: Houston, Tx Posts: 18	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.

05-08-2008, 02:01 PM	#22
Chaz0698 Drives: 2007 mustang gt Join Date: May 2008 Location: Houston, Tx Posts: 18	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??