[Ian SS]

Except you are buried in that thing for at least a few years. You financed 38k and are making $300 payments toward the principal. You will always have negative equity cause you aren't paying down the principal.

Nobody really does balloon leases anymore because you're paying 5 years on a car and getting nothing out of it. That car won't be worth 20k in 5 years.

2 or 3 year lease is smart in most cases. I leased my Jeep cause the residual is 76% over 3 years. But a 5 year lease? C'mon.

Also with a standard lease you can do whatever you want with the car, modify it however, put as many miles on it as you want if your plan is to buy/sell/trade it in. You only get in trouble if you hand the keys back and turn it in, which it sounds like you were never going to do anyway.

[CAM-FIFTY]

Sounds like a sub-prime lending scheme

[Rustydaytons]

Originally Posted by CAM-FIFTY

Yeah, what's the deal at the end of 5 years? I bet these camaros will be far below 20k value in 5 years.

Exactly. The v6s will be worthless. Keep the Honda. Save a few more thousand and get something you really want. These cars arent going to stop production tomorrow. I would also suggest putting 20% and skipping the gap insurance gimmick

[Rustydaytons]

Originally Posted by RedHotAtl

So here is factual info for you to look over regarding the differences between a loan and a lease. My additions are in red:

ADVANTAGES OF LEASING

You pay less money up front. Compared to the down payment for a new car loan, the down payment for a leased vehicle is much lower, or even nonexistent.
Your monthly payments are lower, too. When you’re on a tight budget, a lease may be the way to go simply because the monthly payments are low, low, low.My buddy recently leased a vw jetta and after he had done that we ran the numbers to see what they would look like with the loan I have and he would have had a $20 per month lower payment and the balloon payment at the end was smaller should he decide to keep the car. Unlike payments for a car loan, lease payments only need to cover the car’s depreciation during the term of your lease (plus interest, taxes, and fees).
It’s easier to get approved for a lease than a new car loan. The goal posts are closer when you apply to lease a car than when you apply for a new car loan.
You won’t foot the bill for major repairs. Because most new-car warranties last the life of a typical lease, your only maintenance costs will consist of routine things like changing the oil, rotating the tires, and other recommended maintenance.
You’ll always drive a car with the latest tech and features. When you replace your car every two to three years via a new lease, you’ll always have access to the latest technologies.I trade in every 3 to 4 years with this loan and I dont have to worry about how many miles I put on my car, my buddy with the jetta lease for 12K per year is in his 10th month and has close to 11k on it at this point. I live 30 miles away from him and for some strange reason he hasn't been stopping by as often as he used to.
DISADVANTAGES OF LEASING

Your insurance rates are higher. I don't pay any different rate than normalWhen you lease, your insurance policy has to cover the amount that’s still owed on the lease in case the car is totaled.
You’re left with no trade-in. I trade my car in when I want ususally after the 3 year mark but before the 4 year mark I can trade in and have say around $1000 to the positive when I trade. You won't have a large difference between your trade in value and what you owe with this loan but whenever I have traded cars I had substantial value in I always got the worst trade in deals. There is a reason the dealer wants to know right away how much you owe on it. If they want to get the deal done and you owe market value for your trade in guess what? They have to step up and pay it off or not get the car you're buying sold. If you have lots of equity for some reason I dont think they will come back with a market value appraisal they will lowball you every time. When your lease is up, you’re left with nothing of value to take the edge off the cost of the next car. Whatever I owe on this loan is what I owe because its a loan and not a lease so if the car appraises at 23k and I owe 22k then I have 1000 against my next car lease gets you 0.
You’ll pay a host of fees at both the beginning and end of your lease. No fees or taxes outside of what you would pay with a purchaseWhile there are plenty of costs involved in taking out a new car loan, once it’s paid off, it’s over. At the end of a lease, however, you’ll still owe considerable fees.
You’ll pay extra if you exceed mileage restrictions. None on my loan When you turn in your car at the end of your lease, if you’ve driven more than the allowable number of miles (usually 12,000 to 15,000 miles per year), you could be liable for significant penalties.
Ending a lease early could cost as much as paying out the contract. Early termination fees on leases run notoriously high.I can pay off my loan at any time either by paying it off, selling the car, or trading it in
If you’re hard on your vehicle, you’ll pay penalties. A car lease will hold you financially liable if you exceed normal wear and tear on the leased vehicle. No penalties for car abuse other than you're getting screwed when you go to trade it in but you would have that with any loan
You need a good credit score in order to lease. While it’s generally easier to get a lease than it is a new car loan, you’ll still be required to have a strong credit score. Without one, you might have to buy a used car instead. This is the only thing with the loan I get you have to have a strong score to qualify for this loan
You won’t be able to customize your car. I can paint mine purple and put 28 inch rims on it if I choose, not that I would.... Because a lease requires that you return the vehicle in relatively comparable condition as when you leased it, you won’t be allowed to customize or modify the car. That means no custom stereo installations, paint jobs, or anything that can’t be reversed or removed before you return the car.

I hope that clears it up, this isnt a lease but what it is is a smart way to buy a car and have nice low payments. I hope that this helps someone who has the ability to comprehend a good thing when they see it and take the time to look into it and not jump to conclusions, not pointing fingers at anyone in particular......

Leasing? There is no advantage to renting g a car for years

[Need4Camaro]

I didn't read this entire thread, and although I own a V6, buying a V6 1LE is next to useless, you will be FAR better off buying an SS, the cost difference is barely ANYTHING and the 1SS will out perform the 1LE V6 in every way, even handling. Just get a 1SS.

[SomeGeoffGuy]

You guys are all horrible negotiators. My car stickered for $54k and I get it for twelve bucks and a six pack of Milwaukee's Best.

-Geoff

[Hops]

Originally Posted by Need4Camaro

I didn't read this entire thread, and although I own a V6, buying a V6 1LE is next to useless, you will be FAR better off buying an SS, the cost difference is barely ANYTHING and the 1SS will out perform the 1LE V6 in every way, even handling. Just get a 1SS.

I see your point, but i'm not sure the V6 1le is useless, from what i've read, GM has gone on the record maintaining the warranty for a tracked v6 1le, ss1, and ss1 1le, but NOT the non-1le v6 or i4.

I'm coming from a lower powered car that i try to track monthly half of the year, and the V6 1le does have some appeal to me because the ss1 might be too much for an intermediate driver like me to learn on. I'd think the v6 1le would be cheaper to run as well.

[LuvMI]

Originally Posted by SomeGeoffGuy

You guys are all horrible negotiators. My car stickered for $54k and I get it for twelve bucks and a six pack of Milwaukee's Best.

-Geoff

Lol. That beer must taste freaking amazing!

[SomeGeoffGuy]

Originally Posted by LuvMI

Lol. That beer must taste freaking amazing!

He wanted Busch Light but I stuck to my guns. It is all about the negotiation.

-Geoff

[CAM-FIFTY]

Originally Posted by SomeGeoffGuy

You guys are all horrible negotiators. My car stickered for $54k and I get it for twelve bucks and a six pack of Milwaukee's Best.

-Geoff

A master negotiator would bring home his camaro for a six pack, you sir paid twelve bucks too much.

[IMadeYouReadThis]

Originally Posted by SomeGeoffGuy

You guys are all horrible negotiators. My car stickered for $54k and I get it for twelve bucks and a six pack of Milwaukee's Best.

-Geoff

[SomeGeoffGuy]

Originally Posted by CAM-FIFTY

A master negotiator would bring home his camaro for a six pack, you sir paid twelve bucks too much.

I know but it was really a $2 lottery ticket that ended up being a $10 winner that I just gave the dealer along with the six pack.

-Geoff

[KMPrenger]

Originally Posted by Need4Camaro

I didn't read this entire thread, and although I own a V6, buying a V6 1LE is next to useless, you will be FAR better off buying an SS, the cost difference is barely ANYTHING and the 1SS will out perform the 1LE V6 in every way, even handling. Just get a 1SS.

I own a 1SS, but I don't really believe it will outhandle a 1LE V6 due to one simple fact: weight. (Now if the 1SS is equipped with mag ride, that could turn the favor towards the SS a bit)

The 1LE has just as capable brakes and suspension as the 1SS, while lugging around 2 - 3 hundred less pounds...mostly over the front end.

Sure, the SS would likely be faster due to that power.

My thoughts are if you really want to experience the V8, then get the 1SS and skip the V6 1LE.

If what you want is a quick and great handling car, with a good amount of bells and whistles but don't really care if you have 455HP under the hood, get the V6.

Both are absolutely fantastic.

[Buzzberd6]

Originally Posted by Need4Camaro

I didn't read this entire thread, and although I own a V6, buying a V6 1LE is next to useless, you will be FAR better off buying an SS, the cost difference is barely ANYTHING and the 1SS will out perform the 1LE V6 in every way, even handling. Just get a 1SS.

Depends on what you're getting the V6 1LE for I would think. And no, it is not next to useless.
As for the comment about the handling, you are definitely way off base there. Same car, weighing roughly 250lbs less (most of which is off the front end) will definitely handle better the heavier, higher horsepower car.

JMHO of course.


Didn't see KMPrenger post (which says essentially the same thing) before I submitted this