02-12-2016, 09:01 PM | #1 |
Drives: 2015 Malibu Join Date: Jan 2016
Location: Chicago, IL
Posts: 34
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Should I do it?
2016 Camaro 2SS - 8SPD Auto, NPP, NAV, Sunroof, 20" Split Spoke wheels -- MSRP $46450
--Discounted to $44,950. After $1000 private offer, $1000 dealer offer. Purchase price of $42,950. --Here is the nut kicker. Buyout for my 2015 Malibu lease is 20,800. Dealer trade-in $16,800. (4k negative equity boooooo). --48 month lease. 12k miles per year. Residual Value $21,xxx. (51% residual) ---- Taxes of approximately 2k rolled into lease. $900 out of pocket at signing to cover 1st month and registration. Total monthly payment...... $600. Sleeping on it tonight and going into the dealership again tomorrow. Thoughts?
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2000 Acura Integra
2008 Nissan 350z 2010 Lexus IS 2015 Chevrolet Malibu Last edited by Corona; 02-12-2016 at 09:37 PM. Reason: fixed a number |
02-12-2016, 09:19 PM | #2 | |
Drives: 2SS - Hyper Blue/Ceramic White Join Date: Dec 2015
Location: Littleton, CO
Posts: 262
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Quote:
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2SS - Hyper Blue/Ceramic White, A8, MRC, Npp, Sunroof, Low-Gloss Black Wheels, White Rally Stripes.
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02-12-2016, 09:33 PM | #3 |
Drives: Cars Join Date: Feb 2009
Location: N/A
Posts: 1,986
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Wiggle wiggle wiggle wiggle wiggle, yeah!
$600 is pretty steep for a lease. That's pretty close to a purchase payment. Work up that trade-in value, or just wait until your lease is up. Losing $4,000 on a lease is not worth it. You're just giving that money away for absolutely nothing. |
02-12-2016, 09:37 PM | #4 |
Drives: 2015 Malibu Join Date: Jan 2016
Location: Chicago, IL
Posts: 34
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That's the part that kills me. Lease isn't up until December 2017 though :(
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2000 Acura Integra
2008 Nissan 350z 2010 Lexus IS 2015 Chevrolet Malibu |
02-12-2016, 09:43 PM | #5 |
Drives: 16 Camaro, 11 Stryker, 00 Explorer Join Date: Dec 2015
Location: NJ
Posts: 1,214
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I'm paying less than $500 a month to own mine. Granted, I put $15,000 down.
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NGM, 2SS, 6MT, NPP, MRC, Nav, Kalahari, Grey Wheels
1100 12/14/2015 3000 1/8/2016 (TPW 2/1) 3800 2/1/2016 5000 3/5/2016 |
02-12-2016, 09:53 PM | #6 |
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OP do the smart thing, wait. There may well be 2017 Camaro improvements besides losing the $4K.
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"Democracy Dies in Darkness" |
02-12-2016, 09:56 PM | #7 |
Drives: 2022 CT4-V Blackwing Join Date: Sep 2013
Location: Florida
Posts: 2,723
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I think it goes without saying that this is not a good financial move. $600 a month to lease this car is too high IMO. You could probably finance it for that much instead of leasing. Also 51% residual is very discouraging. When I leased my 2013 2SS 1LE the residual was 62% after 3 years. $2k down $400 per month.
Anyway, the better financial move is to wait out the lease on the Malibu so you don't roll all that negative equity into another lease. Instead, since this car does not lease well at this time it would make more sense to save up for a down payment and finance it assuming you plan to keep it for more than 3-4 years. |
02-12-2016, 10:15 PM | #8 |
Drives: 2015 Malibu Join Date: Jan 2016
Location: Chicago, IL
Posts: 34
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Thanks guys. You're right the smart thing is to wait. It's just also the hardest thing haha
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2000 Acura Integra
2008 Nissan 350z 2010 Lexus IS 2015 Chevrolet Malibu |
02-12-2016, 10:38 PM | #9 |
Tampa Gulf Coast Family
Drives: 2016 2SS, 6SP, NPP, MRC, NAV Join Date: May 2010
Location: Bradenton, FL
Posts: 412
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I'm with you man, waiting is not fun and definitely the hardest part. But I know what I want I and don't want to settle, so I need some more time to save until it makes financial sense to pull the trigger. My opinion would be to wait as well. Good luck sir.
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02-13-2016, 05:41 AM | #10 |
Owning SSes for 50 Years
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I couldn't agree more with some of the comments made. $4K is a whole lot of money to give up on the deal. If they aren't able to offer more trade or reduction in price of the new car, walk and wait.
Another option, of course, is to sell your lease at near retail price to a private party. That might make a huge difference.
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The new ride: 2023 Camaro, LT1, Sharkskin Grey
Previous Performance Cars: 1966 Chevelle SS 4M, 2010 Corvette 6M 1968 Dodge Charger R/T Auto 2012 1SS 6M 1982 Corvette Auto 2010 1SS 6A 1984 Corvette Auto 2016 2SS 8A 1999 Camaro Auto 2017 HBM 1SS 1le 2002 C5 Corvette 6M 2018 2SS 2006 Corvette Auto 2023 Camaro LT1 |
02-13-2016, 07:18 AM | #11 |
Drives: 2020 rally green rs Join Date: Oct 2013
Location: Naples Florida
Posts: 1,159
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NO!
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02-13-2016, 08:52 AM | #12 | |
Drives: E92 BMW M3 Join Date: Oct 2012
Location: Houston
Posts: 4,496
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Quote:
The release of the 1LE is making is really hard to wait, but there is NO way I am going to let that cost me money now. I will let it work to my advantage and use this time to save money to reduce my monthly payments come 2017. Also, keep in mind by then you will likely see some improvements in the offerings, that you won't be able to take advantage of if you buy now.
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J-Rod Built and Matt@FSP Tuned |
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02-13-2016, 10:03 AM | #13 |
Drives: 2016 Summit White 2SS Join Date: Jan 2016
Location: Ontario
Posts: 423
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Try and come up with the 4000 to make the difference if you can. I put 12000 down and my trade in was 11000 I owed 2800 on that also so I bought it out. So it's like I put 23000 down. Everyone's financial situation is different but don't put yourself into a high payment that may effect your life style.
Either pay the 4000 or wait is just my opinion to save yourself from a higher payment. Good luck
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2003 Cadillac CTS Sold
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02-13-2016, 10:56 AM | #14 |
Drives: Love the one you're with Join Date: Sep 2009
Location: Downtown Charlie Brown
Posts: 11,850
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If the new car is more important to you than losing money then go for it.
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