2013 SS Lease - Good deal? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

jay4190 · 08-21-2013, 09:15 AM

Hi Guys -

I currently own a 2011 2LT/RS Camaro. I'm interested in leasing one of the remaining 2013 SS's available. Leasing wasn't available when I got my first one or else I would have taken it (I drive low mileage and tire of cars over time). The current offer my dealer has in front of me would be about $70 less per month than my current financed 2LT with no cash, just trade.

Negotiating financing is usually pretty straightforward. Leasing is new to me. Attached the breakdown from the dealer. Seems pretty good to me, except for the $500 rebate (I think Chevy is offering $1,500 on the '13 Camaro).

MSRP: $41,270
Price: $39,929.55
Term: 48 Months
Residual: .56
Trade: $21,500
Payoff: $18,816
Rebate: 500.00
Residual: $23,111.20

Monthly Payment: $397.51

In terms of residual value and rate, does this seem like a reasonable deal?

Thanks for the help!

Egon · 08-21-2013, 09:22 AM

I would be happy to take a look at it for you and explain stuff but there doesn't appear to be any attachment that you mentioned?

NM looks like you fixed that.

jay4190 · 08-21-2013, 09:24 AM

Sorry Egon - upload a pic was not playing nice, so I typed it in instead. Appreciate the help!

Egon · 08-21-2013, 09:31 AM

I am slightly concerned about the residual for a 4 year lease, but I need to look at values of 4 year old 2SS's to be sure. What mileage did they quote you, and did you negotiate the price of the vehicle first?

jay4190 · 08-21-2013, 09:39 AM

Quote:

Originally Posted by Egon

I am slightly concerned about the residual for a 4 year lease, but I need to look at values of 4 year old 2SS's to be sure. What mileage did they quote you, and did you negotiate the price of the vehicle first?

Thanks. I did push on price a little beforehand. Truecar shows the invoice price at $40,137, so I assumed getting under is good. Mileage is 12k/year, but I'd like to get him up to 15k just so I never have to worry about it (my 2.5 yr old camaro has 17,500).

They originally quoted $20,500 for the trade. I wanted more and it's now up to $21,500 (KBB, NADA, and Edmunds have it between $22-23k). Dealer used Galves which has it at $19,900 according to the dealer. But I'm wonder if they just moved $1,000 of rebate money into the trade.

Would also like to negotiate having a dealer installed hurst thrown in.

Egon · 08-21-2013, 10:45 AM

Ok I plugged in all of the numbers and immediately came up with almost exactly the same monthly payment you quoted. I checked on the resale value of a 4 year old 2010 2SS with no options and 48k miles and it came in right at the residual value they gave you so that should be fine, if anything it will likely benefit you at the end of the lease if you decide to purchase the car then. (The real world resale value of a well taken care of 2013 Camaro 4 years from now with less than 48K miles will likely be more than the residual value you will have to pay, if it is not then you don’t buy it at the end of the lease) Remember if you do decide to purchase it at the end of the lease you will have to finance a 4 year old $23,000 vehicle with no trade in. (Just making sure you know what you are getting into)

You are likely getting a pretty good interest rate, around 4% but they are not required and usually do not tell you what the money factor is on a lease. (that is how they calculate the interest, multiply your money factor by 2400 to get the interest rate) It doesn’t look like they are adding the monthly sales tax to your payment. Expect that you will be paying an extra $25 per month for that.

Did they roll anything else into the lease like extended warranty? Your lease term will go past the 3yr 36,000 mile bumper to bumper warranty so you could face some out of pocket repairs in the last year of your lease.

You didn’t say what options the car has so I can’t really comment if you have been able to negotiate the price down significantly, and you are transferring the equity of your current vehicle as your initial payment. I don’t see anything that really jumps out at me as shady except for the above mentioned omission of the monthly sales tax and you are probably going to have to pay for Tax Title and License before you can drive away with it. It seems like a pretty standard lease agreement except for the 4 years instead of the standard 3. If you are ok with going that extra year and not being under the umbrella of the bumper to bumper warranty and possibly having to pay for repairs to someone else’s car I think everything checks out. Just be careful of any other fees they may try to charge you before they let you take the car home it can significantly increase the amount you are paying and look carefully for that rebate you mentioned earlier.

If you are unfamiliar with Leasing and want some more information Edmunds has some great information as well as http://www.carbuyingtips.com/lease.htm I highly recommend you visit both sites and read up especially the discussion of the pros and cons of leasing.

jay4190 · 08-21-2013, 12:10 PM

Egon - wow! Thanks for all the info. Much appreciated!

I neglected to mention that this monthly payment is all in...taxes, fees, etc. I didn't add those into the original thread. This doesn't include any additional warranty. I'm ok with having a year out of warranty...haven't had any problems with my current one in the two years I've had it.

The car is a 22SS/RS, manual trans, dual mode exhaust, sunroof, and nav.

julio820 · 08-21-2013, 12:52 PM

21k for your trade is really low. I totaled my 2011 2LT with 19k miles months ago and I got 27,300 from the insurance. Which was enough for me to pay off the 2LT plus give 12k down for a used ss with 8k miles.

jay4190 · 08-21-2013, 01:21 PM

Quote:

Originally Posted by julio820

21k for your trade is really low. I totaled my 2011 2LT with 19k miles months ago and I got 27,300 from the insurance. Which was enough for me to pay off the 2LT plus give 12k down for a used ss with 8k miles.

Wow, that's a really high amount for your trade. Considering I bought my car for around $30k 2.5 years ago, I wouldn't expect $27 on trade. I'd same you made out very well. Blue book has my car around $22k for trade in value.

Egon · 08-21-2013, 02:10 PM

Ok if everything is rolled into your lease then my calculations are off but this should all be in your favor. (assuming the value of your trade in is accurate) They aren’t asking you for any upfront money except for your trade in. Please keep all of the usual disclaimers in mind. Since I can’t actually see all of the values I am making some guesses on how they are structuring the lease. They might even be giving you a super great interest rate in order to get your 2LT as a trade in for resale.

With that being said please check into what Julio820 said about the value of your trade in. At the very least go to a place like Carmax and get a free trade in quote from them and see if their numbers are different from what your dealer is giving you. (Used cars are were most dealers make the most money)

Check with your insurance agent to see what your insurance rate is going to be on the new car. A 2SS is going to be more expensive to insure and when you Lease a car the contract will require higher levels of insurance. Gas is going to be more expensive too, don’t forget that.

And finally let me reiterate what I said earlier. At the end of the 4 year lease you will have nothing to show for all of the money you have been spending. You will need to buy or lease another car to replace that one. You are pretty much locking yourself into at least 7 more years of payments, 4 on the lease and 3 more to lease/buy another car after that. If you want to buy the car at the end of that time you are probably going to finance the residual $23,111 for 60 months so that would be 9 years worth of payments! (not to mention the 2.5 years you have already been paying on your current car)

You already have a car that you have equity in and a payment you can afford, is upgrading your very nice looking 2LT/RS to a 2SS/RS really worth the financial hit you are going to take in the long run? (and dear God all of those payments!!) Please think long and hard about this decision as you are committing yourself to minimum 4 years by signing that contract. (don’t even think about getting out of it early they will kill you with all of the fees) Just food for though, I don’t want you to end up with buyers remorse.

Dynamite · 08-21-2013, 05:09 PM

Quote:

Originally Posted by julio820

21k for your trade is really low. I totaled my 2011 2LT with 19k miles months ago and I got 27,300 from the insurance. Which was enough for me to pay off the 2LT plus give 12k down for a used ss with 8k miles.

Dealer trade in amount and insurance payoff amount are completely different things. Not in any way comparable.

jay4190 · 08-22-2013, 10:50 AM

Thanks everyone, especially Egon for the detailed info. I did check in on insurance and it will only increase $40 per year, so that's fairly negligible. Lower MPG and higher 93 gas will definitely impact overall cost. I am going to be paying about $70 less per month than my current financed V6, I should be coming in under, even with insurance and gas added in.

Off to the dealer this afternoon to see a 2014 blue ray metallic (just to get an idea on the color...only BRM and black available with the options I want), then possibly wrapping this up!

bballr4567 · 08-22-2013, 10:55 AM

The rebate for the '13s went up to $2k today. Might be able to get a few more hundred off the price as well as we are winding down August pretty fast.

jay4190 · 08-22-2013, 11:31 AM

Quote:

The rebate for the '13s went up to $2k today. Might be able to get a few more hundred off the price as well as we are winding down August pretty fast.

Thanks bballr4567, I just saw that too. I'll mention that when I head in today.

08-21-2013, 09:15 AM	#1
jay4190 Drives: 2015 Jeep Grand Cherokee Join Date: Apr 2011 Location: Southern CT Posts: 169 View My Garage	2013 SS Lease - Good deal? Hi Guys - I currently own a 2011 2LT/RS Camaro. I'm interested in leasing one of the remaining 2013 SS's available. Leasing wasn't available when I got my first one or else I would have taken it (I drive low mileage and tire of cars over time). The current offer my dealer has in front of me would be about $70 less per month than my current financed 2LT with no cash, just trade. Negotiating financing is usually pretty straightforward. Leasing is new to me. Attached the breakdown from the dealer. Seems pretty good to me, except for the $500 rebate (I think Chevy is offering $1,500 on the '13 Camaro). MSRP: $41,270 Price: $39,929.55 Term: 48 Months Residual: .56 Trade: $21,500 Payoff: $18,816 Rebate: 500.00 Residual: $23,111.20 Monthly Payment: $397.51 In terms of residual value and rate, does this seem like a reasonable deal? Thanks for the help! Last edited by jay4190; 08-21-2013 at 09:34 AM.

08-21-2013, 09:22 AM	#2
Egon Drives: 2014 2SS/RS 1LE Join Date: May 2013 Location: Charlotte NC Posts: 977	I would be happy to take a look at it for you and explain stuff but there doesn't appear to be any attachment that you mentioned? NM looks like you fixed that.

08-21-2013, 09:24 AM	#3
jay4190 Drives: 2015 Jeep Grand Cherokee Join Date: Apr 2011 Location: Southern CT Posts: 169 View My Garage	Sorry Egon - upload a pic was not playing nice, so I typed it in instead. Appreciate the help!

08-21-2013, 09:31 AM	#4
Egon Drives: 2014 2SS/RS 1LE Join Date: May 2013 Location: Charlotte NC Posts: 977	I am slightly concerned about the residual for a 4 year lease, but I need to look at values of 4 year old 2SS's to be sure. What mileage did they quote you, and did you negotiate the price of the vehicle first?

08-21-2013, 10:45 AM	#6
Egon Drives: 2014 2SS/RS 1LE Join Date: May 2013 Location: Charlotte NC Posts: 977	Ok I plugged in all of the numbers and immediately came up with almost exactly the same monthly payment you quoted. I checked on the resale value of a 4 year old 2010 2SS with no options and 48k miles and it came in right at the residual value they gave you so that should be fine, if anything it will likely benefit you at the end of the lease if you decide to purchase the car then. (The real world resale value of a well taken care of 2013 Camaro 4 years from now with less than 48K miles will likely be more than the residual value you will have to pay, if it is not then you don’t buy it at the end of the lease) Remember if you do decide to purchase it at the end of the lease you will have to finance a 4 year old $23,000 vehicle with no trade in. (Just making sure you know what you are getting into) You are likely getting a pretty good interest rate, around 4% but they are not required and usually do not tell you what the money factor is on a lease. (that is how they calculate the interest, multiply your money factor by 2400 to get the interest rate) It doesn’t look like they are adding the monthly sales tax to your payment. Expect that you will be paying an extra $25 per month for that. Did they roll anything else into the lease like extended warranty? Your lease term will go past the 3yr 36,000 mile bumper to bumper warranty so you could face some out of pocket repairs in the last year of your lease. You didn’t say what options the car has so I can’t really comment if you have been able to negotiate the price down significantly, and you are transferring the equity of your current vehicle as your initial payment. I don’t see anything that really jumps out at me as shady except for the above mentioned omission of the monthly sales tax and you are probably going to have to pay for Tax Title and License before you can drive away with it. It seems like a pretty standard lease agreement except for the 4 years instead of the standard 3. If you are ok with going that extra year and not being under the umbrella of the bumper to bumper warranty and possibly having to pay for repairs to someone else’s car I think everything checks out. Just be careful of any other fees they may try to charge you before they let you take the car home it can significantly increase the amount you are paying and look carefully for that rebate you mentioned earlier. If you are unfamiliar with Leasing and want some more information Edmunds has some great information as well as http://www.carbuyingtips.com/lease.htm I highly recommend you visit both sites and read up especially the discussion of the pros and cons of leasing.

08-21-2013, 12:10 PM	#7
jay4190 Drives: 2015 Jeep Grand Cherokee Join Date: Apr 2011 Location: Southern CT Posts: 169 View My Garage	Egon - wow! Thanks for all the info. Much appreciated! I neglected to mention that this monthly payment is all in...taxes, fees, etc. I didn't add those into the original thread. This doesn't include any additional warranty. I'm ok with having a year out of warranty...haven't had any problems with my current one in the two years I've had it. The car is a 22SS/RS, manual trans, dual mode exhaust, sunroof, and nav.

08-21-2013, 12:52 PM	#8
julio820 Drives: 2012 Camaro 2SS Join Date: Aug 2011 Location: Boca Raton,Florida Posts: 315	21k for your trade is really low. I totaled my 2011 2LT with 19k miles months ago and I got 27,300 from the insurance. Which was enough for me to pay off the 2LT plus give 12k down for a used ss with 8k miles.

08-21-2013, 02:10 PM	#10
Egon Drives: 2014 2SS/RS 1LE Join Date: May 2013 Location: Charlotte NC Posts: 977	Ok if everything is rolled into your lease then my calculations are off but this should all be in your favor. (assuming the value of your trade in is accurate) They aren’t asking you for any upfront money except for your trade in. Please keep all of the usual disclaimers in mind. Since I can’t actually see all of the values I am making some guesses on how they are structuring the lease. They might even be giving you a super great interest rate in order to get your 2LT as a trade in for resale. With that being said please check into what Julio820 said about the value of your trade in. At the very least go to a place like Carmax and get a free trade in quote from them and see if their numbers are different from what your dealer is giving you. (Used cars are were most dealers make the most money) Check with your insurance agent to see what your insurance rate is going to be on the new car. A 2SS is going to be more expensive to insure and when you Lease a car the contract will require higher levels of insurance. Gas is going to be more expensive too, don’t forget that. And finally let me reiterate what I said earlier. At the end of the 4 year lease you will have nothing to show for all of the money you have been spending. You will need to buy or lease another car to replace that one. You are pretty much locking yourself into at least 7 more years of payments, 4 on the lease and 3 more to lease/buy another car after that. If you want to buy the car at the end of that time you are probably going to finance the residual $23,111 for 60 months so that would be 9 years worth of payments! (not to mention the 2.5 years you have already been paying on your current car) You already have a car that you have equity in and a payment you can afford, is upgrading your very nice looking 2LT/RS to a 2SS/RS really worth the financial hit you are going to take in the long run? (and dear God all of those payments!!) Please think long and hard about this decision as you are committing yourself to minimum 4 years by signing that contract. (don’t even think about getting out of it early they will kill you with all of the fees) Just food for though, I don’t want you to end up with buyers remorse.

08-22-2013, 10:50 AM	#12
jay4190 Drives: 2015 Jeep Grand Cherokee Join Date: Apr 2011 Location: Southern CT Posts: 169 View My Garage	Thanks everyone, especially Egon for the detailed info. I did check in on insurance and it will only increase $40 per year, so that's fairly negligible. Lower MPG and higher 93 gas will definitely impact overall cost. I am going to be paying about $70 less per month than my current financed V6, I should be coming in under, even with insurance and gas added in. Off to the dealer this afternoon to see a 2014 blue ray metallic (just to get an idea on the color...only BRM and black available with the options I want), then possibly wrapping this up!

08-22-2013, 10:55 AM	#13
bballr4567 Drives: 2016 Camaro 1LT M6 Join Date: Aug 2008 Location: Evansville, IN Posts: 1,256	The rebate for the '13s went up to $2k today. Might be able to get a few more hundred off the price as well as we are winding down August pretty fast.