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Old 06-02-2011, 05:56 AM   #1
GrandPrixGXP
 
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Lease a 2012 2SS??

Wow, I've been saving for a 2LT for about a year. I didn't think you could lease a Camaro, but I just went to the official Chevy site, and it looks like I could lease a 2SS for 48 months and have my payments right where I want them! That includes nearly $7,000 at signing, but I had planned to put $6,000 down anyway, so I "could" do it. I know this is based on 2011 prices.

I'm crazy for thinking about this. Is a 2SS really that awesome? A 2LT would still have more horse power than my current Pontiac Grand Prix GXP with the V8. The Grand Prix has plenty of power for me.
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Old 06-02-2011, 06:03 AM   #2
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leasing cars is dumb unless you plan on trading up every couple of years. cant mod a lease and they limit the amount of miles you can put on it.
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Old 06-02-2011, 06:14 AM   #3
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Don't lease. Leasing is the most expensive way to obtain a car. Multiply your payment by the 48 month term, add the $7000 down (which by the way is ridiculously high for an upfront payment), and that is how much you would be spending to have nothing to show for it 4 years from now when they take the (usually low mileage) car back. And God help you if it is not low mileage when you have to give it back.
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Old 06-02-2011, 06:16 AM   #4
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Plus, anyone who "buys down" a lease is a fool, as you are throwing away money that does nothing but lower your payment slightly. Leasing is fine for those who love to switch cars every 3-4 years and do not put a lot of miles on a car. The ONLY time I do a lease is when there is no money out of pocket. Keep your $6k in your pocket!
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Old 06-02-2011, 06:30 AM   #5
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don't do it! all that money then you give it back and get nothing in return.
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Old 06-02-2011, 06:31 AM   #6
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Plus, anyone who "buys down" a lease is a fool, as you are throwing away money that does nothing but lower your payment slightly. Leasing is fine for those who love to switch cars every 3-4 years and do not put a lot of miles on a car. The ONLY time I do a lease is when there is no money out of pocket. Keep your $6k in your pocket!

This!
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Old 06-02-2011, 06:36 AM   #7
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idk why people are so ignorant toward leasing. my family always leases cars. gets a good deals on them also, and honestly who wouldn't want a new car every 2 or 3 years ? of course a sports car is different. because you probably want to mod it and keep it. we have done a lot of leasing. i know on my last car which was a lease. they offered a buy out price which would have been the same amount as if i bought it, and payed it off in the 2 years i had the car. so you still can buy out leased a car and it would have costed the same amount of money. if you got a good deal.


why are people so against giving a car up every 2 or 3 years? geez i am sick of a car after one year of driving it. i wish there was one year leases.
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Old 06-02-2011, 06:39 AM   #8
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why are people so against giving a car up every 2 or 3 years? geez i am sick of a car after one year of driving it. i wish there was one year leases.
Because it would be cheaper to just buy it and then re-sell it 2 or 3 years later. The companies that lease these cars know what they are doing when they set the terms. You'll always pay all of the depreciation and then some.
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Old 06-02-2011, 07:03 AM   #9
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The initial payment is a bit too high for it to work out in your favor...

In my experience, leasing works out best on BMWs, VWs, Jeeps and any other vehicle that holds it value well as long as they offer a low payment at signing ($0 to <10%).
Mods are possible if you can return it to stock, so keep the original parts or plan on private sale. In many cases you can make a profit (BMW & Jeep) if you're willing to put up with the hassles of selling the car and parts separately.

Be sure to read any fine print about early termination... ex: You find a buyer willing to pay greater than payoff with a year or more left on the lease...
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Old 06-02-2011, 10:49 AM   #10
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Leasing makes sense in a few situations.

I'm leasing my Camaro because I got a great deal and wasn't sure I wanted to make the commitment to buying one. I love it so much now, I might buy out the lease.

As for modding: do stuff you can undo if necessary or don't mind losing the money on.
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Old 06-02-2011, 12:32 PM   #11
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I have leased and good leasing deals are coming back. I just recently leased an Acadia Denali. It is my wife's car and she does low mileage. you have to utilize any incentives. I was able to use that. The only true out of pocket was my first month and docs fees.
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Old 06-02-2011, 12:52 PM   #12
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Leasing makes sense in a few situations.

I'm leasing my Camaro because I got a great deal and wasn't sure I wanted to make the commitment to buying one. I love it so much now, I might buy out the lease.

As for modding: do stuff you can undo if necessary or don't mind losing the money on.
I bought my 2000 Z28 off lease in 2003 . I got absolutely hosed. I paid $538 a month x36 for a $24k car, then paid $18K for it at lease end to buy. Do the math,I paid $36k for a $24k car. Never again will I buy a car off lease.
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Old 06-02-2011, 12:53 PM   #13
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$7,000 down on a lease is ridiculous. Just buy it for that.
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Old 06-02-2011, 01:02 PM   #14
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If you are good at haggling some you can get a pretty decent payment with 7k down. They are also offering 3.9% for 60mo so the financing options are there to.
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Old 06-02-2011, 01:26 PM   #15
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capital one auto finance is still under 3% I think as well. If you are not sure you want the car, then put the 6k down, and sell it in a year or two, with 6k down you won't be upside down on your loan ever and in the end you will probably end up with a few thousand bucks even if you sell before your loan term is up. If you can't afford the monthly payments on a 2SS, see if you can get a long 72 month loan, yes you'll pay more interest, but at least you will still probably end up with some cash in your pocket if you sell early and if you sell after you have paid it off, you will get a lot of cash in your pocket versus none with a lease.

The 2SS is worth it ONLY if you can afford the higher payments, gas and maintenance costs. The car requires 8 quarts of oil, has expensive summer tires and brembo brakes, all of which will cost you more over the life of the car. You may want to consider buying a used 2SS as well to lower your payments a bit. You may be able to find a good deal in a private sale.
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Old 06-02-2011, 02:05 PM   #16
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Originally Posted by GrandPrixGXP View Post
Wow, I've been saving for a 2LT for about a year. I didn't think you could lease a Camaro, but I just went to the official Chevy site, and it looks like I could lease a 2SS for 48 months and have my payments right where I want them! That includes nearly $7,000 at signing, but I had planned to put $6,000 down anyway, so I "could" do it. I know this is based on 2011 prices.

I'm crazy for thinking about this. Is a 2SS really that awesome? A 2LT would still have more horse power than my current Pontiac Grand Prix GXP with the V8. The Grand Prix has plenty of power for me.

There are few good lease deals going on anymore. The residuals are far too low and yields to the bank are far too high. You are far better off buying the car. Put the $6,000 down and own it... or wait until you have a better down payment to get the payment where you want it.

I do financing for a living.
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Old 06-03-2011, 12:10 AM   #17
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Thanks for all of your input. Sounds like I need to stick with the original plan for a 2LT. With $6,000 down on a 2Lt, the payments are right where I want them...the same as I'm paying now for the Grand Prix GXp. I know it's stupid, but I leased for the first time with this car, because at the time, they announced they were going to stop making Grand Prix. This was before the entire Pontiac line went away. My last Grand Prix was the lower level, so I decided I wanted to grab a new one, and this one would have to be the top of the line GXP. Leasing was the only way I could get the payments where I wanted. Then, when my lease ended back in September, I went ahead and bought it, because I was waiting on some changes to the Camaro for the 2012 model year. My payments with buying it ended up being basically the same as my lease payments, which surprised me.

Oh well, we'll see. I have my first serious talks with a dealer about a 2012 this morning (Friday). Wish me luck. I'm not a big bargaining guy.
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Old 06-03-2011, 02:54 PM   #18
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I bought my 2000 Z28 off lease in 2003 . I got absolutely hosed. I paid $538 a month x36 for a $24k car, then paid $18K for it at lease end to buy. Do the math,I paid $36k for a $24k car. Never again will I buy a car off lease.
I'd say you got hosed too. The lease payments shouldn't be more than half the price of the car. Why did you go for a deal like that?
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Old 06-03-2011, 03:54 PM   #19
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I really wonder how many people screaming "leases are stupid!" have any actual experience with them? I chose to trade my 2SS in for a lease so that I could save up for the ZL1. By the time I turn the lease in, I'll have saved around $3,000 compared to if I had kept the Camaro and kept paying what I was paying. That $3000 doesn't include the actual amount I'm saving each month due to a smaller monthly payment and better MPG.
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