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Old 04-18-2013, 11:09 AM   #29
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Drives: 2013 2SS RS
Join Date: Mar 2013
Location: WA
Posts: 21
Honestly, I don't think leasing is a bad thing. The last two car's I've owned have been leases.

With a lease you pay a little more than if you would buying it, but then if you are changing cars often it works out good. A lease should will generally be between 32 and 39 months. For a $40k car you can expect around a lease of $350+ depending on a few factors. Often you will be paying around $400+ however if you start adding options.

Leasing a BMW actually makes more sense than buying one for instance if all you care about is the base package. Once you start adding things like navigation, etc things do start to build up.

My camaro was around $42k with options down payment was $4500 including taxes and all that and I'm paying $440 a month for 3 years. So that's around $20 over 3 years at which point I can purchase the car for $25k, so in total that puts the car at $45k in price, basically $3k to lease it.

With a lease you have a bunch of options.

Buy the car at the end of the lease
Sell the car privately and pay off the lease with the private sale.
Turn the car back.
Use the car for a trade in.
Exchange the car for a new model of your car close to the end of the lease.

I had an infiniti, and there was around $3k worth of maintenance due on the car, major service, change break pads, resurface discs, replace tires, etc. I was able to trade my lease EX35 in for $0. If I turned the car back after the lease, I'd have to pay all of that. I traded it in at the chevy dealer and left without paying anything extra than I planned.

For the previous 3 months, I was being contacted weekly by the infiniti dealer to give the car in, everything weaved, no down payment, continue my existing payments and drive out in a new EX37, the model up with all the same features and options. If I liked the infiniti I probably would have done that, but I hated the car the second I drove it off the lot.

I love the Camaro, but if after 2 or 3 years if I want a change then I can just trade it in fine without losing much for a new car.

Now a lot of people say you can't mod them, there is a little truth in that. Basically if you do any mods that devalue the car, then that's a big no. Anything that kills the warranty is a no. But changing air filters, replacement exhausts are generally ok. If you keep factory parts and swap them back before a turn in at the end of the lease, then it's never even an issue.

One other benefit of leasing is that for me, if the camaro is worth under $25k at the end of the 3 years, then I give it back to the dealer and walk away without having to pay anything. If it's worth more, then you can actually use that as leverage in your next purchase or lease.

However getting a Hot Wheels edition for $250 a month is probably not going to happen. Though you might find other versions new for that price.
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Old 04-18-2013, 11:24 AM   #30
Drives: 45th Anniversary
Join Date: Jun 2012
Location: Ventura, CA
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250 a month thats for insurance right. J/K. Seriously, finance youll be glad you did. If you cant afford a finance payment wait until you can. Camaros arent going to disappear anytime soon.
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Old 04-18-2013, 12:25 PM   #31
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Drives: SS/RS L99 Crew
Join Date: Feb 2013
Location: Florida/Pittsburgh/San Diego
Posts: 439
I see no problem getting a nice car out of college, assuming you've already committed to a job where you'll be making a decent chunk of change, my signing bonus kept my payments around $400 for 48 months. Find a used camaro if you really want one. And whatever you do, please don't do balloon financing.
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Old 04-18-2013, 12:27 PM   #32

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Originally Posted by Baba View Post
I'm actually Ric Edelman and "you're welcome."
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Old 04-19-2013, 08:25 AM   #33

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Drives: 2011 Camaro 2LT RS Convertible
Join Date: Jul 2011
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2011 Camaro 2LT RS Convertible
Summit White
Black Leather
3 Pedals
Build Date: 06/27/2011

Purchased: 07/30/2011
Title Received: 08/15/2011

1984 Camaro (3rd Gen.): Traded: 1987

"Meet the new boss. Same as the old boss."
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