what is your opinion on leasing?

[Cmaro214]

Im actually considering leasing the camaro, instead of straight off buying it. heres my situation, im 20, live at home bank most of my paycheck. currently 2yrs into college, and have a steady job. ive been looking into a 1LT-auto/IOMw/CG stripe and RS. the total comes to alittle over 28 on chevy website. now im not sure where ill be or what i maybe doing in the next 5 years which is what my loan would be if i were buying it. so instead of having to fully commit, i have the car for the 3 remaining years in school (im prob doing the 5yr plan). then can decide if i give up the vehicle or if i want to purchase the remaining balance and own it. it seems like a good strategy as i will not have to get rid of my current car(05 chevy malibu) since i will not have to drop nearly as much on a down payment as well as monthly payments being cheaper. so do you camaro/car guru's think this is a good way to go. thanks for input. p.s sorry for the life story thing tried to keep as short as possible.

[SSOOCH]

Have you spoke to a dealer? I don't think they're leasing Camaros.

[Cmaro214]

i looked into the leasing after you said that, and it seems most of gm's vehicles arent being leased?!?! prob because of the condition they just came out of. oh well there goes that idea.

[onlyhonda]

Either way, if they are leasing the camaro, I have found that unless it is beneficial for tax purposes, leasing doesn't really pay off. The payments are not that much lower, if you exceed the mileage limits it is very expensive, and the residual is usually pretty high, especially considering the amount you will pay in lease payments. With all that said, it just depends on if they are offering the lease option and if you are willing to invest that much in a vehicle for which you have no equity building.

[D2FORGED]

I would be very careful with leasing. If the residual values are not strong then you can really get into trouble.

Based on your situation, perhaps wait for the pre-owned Camaro prices to fall a bit, and snap up a great deal on finance. If you ever needed to get out from under it, you could just sell it and pay off the loan. If you need to get out of a lease, its a headache (have to get the new buyer approved, potential swap fees, etc). Or worse yet early termination.

Hope this helps, GOOD LUCK!

[1badSS/RS]

I think GM and most other manufactures are getting out of the leasing business. Never really understood 'renting' a car unless it was strickly for business anyway.

[Mr_Draco]

Originally Posted by Cmaro214

i looked into the leasing after you said that, and it seems most of gm's vehicles arent being leased?!?! prob because of the condition they just came out of. oh well there goes that idea.

Yea companies now are going away from leasing as most of the time they lose money on leased vehicles.

Look around at the banks. Some banks are still leasing vehicles but be prepared to pay insane interest rates and huge down payments. Leasing is not as good an idea now as it use to as on a $30k vehicle, you'll end up paying around $25-$28k

[camaro5]

Use our free helpful tools to instantly compare real auto lease and loan offers from top national banks on all new and many late-model used cars.

Select the best payment and apply online for a fast credit decision. See a list of vehicles you can lease based on your desired monthly car payment.

http://www.leasecompare.com/


,

[WhiteCrane]

cars.com says the Camaro's residual is a nice 55%. Doesn't that make it advantageous to lease?

I'd like to keep my payments on a 2SS around $400 a month and I don't really want to be paying for the car for 72 months. I know I'll be sick of it by then.

Or Am I better off just dropping a HUGE $18,000 and financing with low payments, owning it in 3 years and selling it?

Just don't know what to do.

Also, does anyone know if you get the 2009 tax credit on a lease? I think you do on the tax you pay up-front. Any advice here?