Leasing vs owning

[bongono93]

I really want to get a 2014 camaro due to the fact they have the lifetime warranty on the engine and transmission! However I cant decide if I want to lease until the lease is up and then turn around and buy it or just start to finance it right from the start! Any tips?

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[ChrisBlair]

I think that leasing is only advantageous in certain circumstances. I have known people that leased and then bought their own leased vehicles. They paid about 10 grand more than sticker at the end of the deal.

I recommend caution when leasing. Unless you have a very specific need to lease I suggest thinking twice.

[wayne watson]

i agree, no reason to lease unless you don't plan to keep it. no need to mod a lease and if you are not going put many miles on it, no reason to pay a lease payment, then turn i a low mileage car.

[gpskinzhut]

wouldn't lease unless you're planning on turning it in and doing the same thing over again. The buyout doesn't reflect the money you've put in for example, you can have a payment of $285/mo for 36 mo, then the buyout may be something like 18k. Now a low-mileage 18k car doesn't sound bad, until you start thinking you just threw over 10k at a 24k car. Then finance the 18k at whatever percentage, you'll be paying a minimum of 1500-2500 in interest. So now your 24k car has cost you 30k before you've even put a dime into improvements or upgrades. Now if you damage it, or go over the mileage (typically .25 mile for overage) you're going to be buried in the thing.

[ChefBorOzzy]

I say just finance it if you can afford to do so. I have never leased a car and probably never will, but I don't see where some of you are getting these figures from.

I just looked at a lease for a Q50 and the payout amount after your lease is done + the amount you paid during your lease + the down payment = Right about MSRP.

What do you mean paid 10k more for their car to purchase it after the lease was over?

All the buyouts I have seen pretty much reflect how much money is put into the car. Can someone show me a lease online that shows otherwise?

[PalmerGA]

Originally Posted by gpskinzhut

wouldn't lease unless you're planning on turning it in and doing the same thing over again.

+1

And I would add: And you are sure you won't exceed the per year mileage allowed.

If you lease, then buy, you will pay WAY more than if you bought new. The only way I would ever lease is if I could write it off as a tax deduction - like a business vehicle.

[suzook]

I always lease. Love it!

[maddoggyusa]

Lifetime powertrain warranty? Where you see that?

[bongono93]

Originally Posted by maddoggyusa

Lifetime powertrain warranty? Where you see that?

They offer it at the Chevy dealer in my town

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[2012-1822]

Talking about leasing versus purchasing with financing?

How about this, if you finance it you'll still pay more than sticker, you might have to see which is cheaper in the long run. But, if you can finance you can always pay it off early if you come into some money or get a raise or something and avoid paying some of the interest.

[angie7]

I would buy vs lease on a Camaro. I have my Camaro financed and I lease a 2013 Cruze. I plan to lease another daily driver in January when this lease is up. I love my Cruze but I don't want to buy it but if it was a car I planned to keep in the first place, I would've just bought it from the start.

[007s 'Vert]

Originally Posted by 2012-1822

Talking about leasing versus purchasing with financing?

How about this, if you finance it you'll still pay more than sticker, you might have to see which is cheaper in the long run. But, if you can finance you can always pay it off early if you come into some money or get a raise or something and avoid paying some of the interest.

try and get it with 0% financing, I did

[Stormwalker]

From what I found when I was running numbers and thinking about what I could afford (which turned out to be more than I expected, fortunately), leasing is only better if you intend to get another new car at the end of the lease term. If you intend to actually keep the Camaro, buy it.

I drove my last car for 7 years, and I plan to drive my new one even longer, so I went for the purchase.

If your finance arrangements allow for biweekly payments, do it. You can accumulate equity in the car much faster, and pay it off sooner with less interest accumulated, without actually paying any more per month (though you'll have to make your first half-payment two weeks earlier).

And, of course, if you can get 0% financing, the whole interest thing is moot.

Good luck!

[buster11xx]

Originally Posted by bongono93

I really want to get a 2014 camaro due to the fact they have the lifetime warranty on the engine and transmission! However I cant decide if I want to lease until the lease is up and then turn around and buy it or just start to finance it right from the start! Any tips?

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Lease it if you want to keep for 2-3 years. If you plan on buying do not least it!

a few reasons for this--

#1 acquisition fee ($595-$795 depending on the lease company) at the start and buy out fees at the end

#2 you will give up rebate money if you lease

#3 interest rate on the lease is higher than the market of purchases

#4 residual is inflated (great if you turn in the lease but makes you pay a premium if you buy out your car vs the resale value)

I leased mine (no intension to buy it). I got a great payment on a car I will drive for 2 years--that is it. By the time it is up I can decide if I want a new 16 or something different.

Things could be different if your self employed and can write off your lease payment--however this is usually not the case.