Leasing a Camaro: What's the Best Option?

[gringo]

[QUOTE=Rock-It Man;10377231]I would not buy this base model. It will be at the bottom of the pyramid when you finally decide to sell or trade it.

Plus no way is it worth the residual.[/QUOTE?]

What are you smoking?

Go to Carmax.com or Cars.com and you will see base models (2015's) at around that price or more all day long. The fact that he has only 4300 miles makes it worth at least~$15-16k.

Even on Craigslist, they are around that price unless it has a gazillion miles on it or is a salvage title.

[Moto-Mojo]

And the notion that any self-respecting buyer would quickly dismiss the LT and go to a ZL1 or Z/28 is crazy too. I make pretty good money and both of those were out of the question for me...unless I wanted a well used one.

if you're driving this and can make the 'leap' to a base LT Camaro, you have stepped it up, big time.

[silversleeper]

https://www.daveramsey.com/baby-steps/

[pyroguy]

Originally Posted by silversleeper

https://www.daveramsey.com/baby-steps/

[samman11]

Originally Posted by pyroguy

First of all, and I'm not beating you up about it just stating, leasing a car is the most expensive way to own a car. If you plan on buying a car that you're thinking about leasing, either save up a little more if you can't afford the payments, or don't buy the car.

That being said, you are talking about the resale of your car if you buy it. First off, cars aren't investments. At least they're not good investments because 99.999999999% of the time they go down in value immediately. (The only exception I can think of is the early 00's Ford GT.) If you want to own your car to enjoy then buy it. If you're getting tired of it then turn it in and get another car.

Not sure that "owning" a car is the smartest way to go these days. A lot to consider when buying to keep a long time. Yes, buy if you are going to drive more than the 12,000 miles they usually allow per year. But if you can keep it under, you then let someone else take the depreciation hit that you would incur if you bought. Not to mention tires, brakes, etc., that you can forget about when leasing. By time the average buyer pays off a 5 year loan, which averages about $300 or more a month, the car is usually ready for some serious maintenance, ie., lots of money to repair. Plus, as more cars contain computers for climate control, music, etc., the repair costs begins to really go through the roof. There's positives and negatives for both ways, no doubt, but don't immediately right off leasing as the most expensive option.

[Moto-Mojo]

[pyroguy]

Originally Posted by samman11

Not sure that "owning" a car is the smartest way to go these days. A lot to consider when buying to keep a long time. Yes, buy if you are going to drive more than the 12,000 miles they usually allow per year. But if you can keep it under, you then let someone else take the depreciation hit that you would incur if you bought. Not to mention tires, brakes, etc., that you can forget about when leasing. By time the average buyer pays off a 5 year loan, which averages about $300 or more a month, the car is usually ready for some serious maintenance, ie., lots of money to repair. Plus, as more cars contain computers for climate control, music, etc., the repair costs begins to really go through the roof. There's positives and negatives for both ways, no doubt, but don't immediately right off leasing as the most expensive option.

Leasing a car IS the most expensive way to own a car. What you’re paying for in a lease is the depreciation while you possess it, mileage overage if you go over, damage if you have anything outside of “normal wear and tear”, PLUS law doesn’t require leases to inform people of the interest rate they’re paying with a lease. Most people who have good credit will get a car loan for anywhere between 0-5% interest, depending on the time of year and sales going on. Many lease interest rates are around 14%. +/- a few %. Additionally, while you may have “additional” repair costs like tires or brakes, many cars today are being built with a good enough build quality that many don’t need the additional repairs like “the good old days”. There are tons of stories about if you take care of your car (regular oil changes, recommended service intervals, etc) the cars don’t need additional service. Additionally, when you turn in your leased car 1, 2, 3, or however many years long your lease is, you have zero equity in the car while if you’d bought or at minimum payed towards owning your car, you should have some equity in the car (provided there isn’t any negative equity rolled into the car, extended warranties added in, last minute “protection” plans, or other gimmicks rolled into the payment). So while a payment on a lease may look appealing at first, countless financial journals, financial analysts, and mathematicians agree that leasing a car IS IN FACT the most expensive way to own a car.

[Moto-Mojo]

Originally Posted by pyroguy

Leasing a car IS the most expensive way to own a car. What you’re paying for in a lease is the depreciation while you possess it, mileage overage if you go over, damage if you have anything outside of “normal wear and tear”, PLUS law doesn’t require leases to inform people of the interest rate they’re paying with a lease. Most people who have good credit will get a car loan for anywhere between 0-5% interest, depending on the time of year and sales going on. Many lease interest rates are around 14%. +/- a few %. Additionally, while you may have “additional” repair costs like tires or brakes, many cars today are being built with a good enough build quality that many don’t need the additional repairs like “the good old days”. There are tons of stories about if you take care of your car (regular oil changes, recommended service intervals, etc) the cars don’t need additional service. Additionally, when you turn in your leased car 1, 2, 3, or however many years long your lease is, you have zero equity in the car while if you’d bought or at minimum payed towards owning your car, you should have some equity in the car (provided there isn’t any negative equity rolled into the car, extended warranties added in, last minute “protection” plans, or other gimmicks rolled into the payment). So while a payment on a lease may look appealing at first, countless financial journals, financial analysts, and mathematicians agree that leasing a car IS IN FACT the most expensive way to own a car.

Probably not as good as paying cash but all told, I will pay $3K over sticker in 7 years. Crappy to make payments that long but I just didn’t have a spare $43K when I wanted a Camaro. Yeah, I know, no one pays sticker. More do than would admit it.

[pyroguy]

Originally Posted by Moto-Mojo

Probably not as good as paying cash but all told, I will pay $3K over sticker in 7 years. Crappy to make payments that long but I just didn’t have a spare $43K when I wanted a Camaro. Yeah, I know, no one pays sticker. More do than would admit it.

To each his own. My Camaro was my last car I've bought on payments, and if I will do everything I can in the future to avoid a car payment again. $3k is a lot of mods at the end of the day even if it is 7 years paying it (ouch 7 years!!). I can sympathize not having a spare $43k to shell out for a car, but I bought mine 3 years used and saved 25% off of sticker. The last car I bought I bought 2 years used with basically no miles on it and saved 25%+ off of sticker. Sure it's technically used, but 20k miles on a private party owned vehicle is nothing in the grand scheme of things when you're paying that high of a discount for it.

[Spec]

Originally Posted by gringo

If he's happy with his V6, why push him into a more expensive V8?

Why not just tell him to test drive a ZL1? That would make the SS feel like a slow car in comparision.

I have no problem keeping up with traffic and getting around people that are in my way in my V6.

Just my 3 cents.

Damn lol... I didn't tell him to test drive an SS, I said V8 - whether thats a ZL1 or an SS... also, just a suggestion, not pushing him to anything... freakin hilarious that you though you had to push back on my simple suggestion... just my 4 cents... I've got lots of cents too.

[carjockey71@gmail.com]

I spent 20+ years in the car business, everyone here makes good points - this it really comes do to you and what you want to do ?

There are different problems in purchasing or leasing, if you have a good idea already whether you want to keep the car then leasing be used as a method of lowering the payment and not taking long term financing especially if you know your going to get sick of it after a couple years then leasing might be your thing.

Most of the time trying to get straight answer out of the dealer is almost impossible, it doesn’t seems like mileage is a problem for you, so keep in mind they offer ultra low mileage leases you might want to check out as well, if there is a chance you might go over by a good amount then stay away, and I personally don’t recommend leasing a car with anyone other then GM financial (or whatever they are called today) and if you lease the car in most states they build your taxes into the monthly payment, calling it ‘USE TAX’ some even build in ‘EXCISE’ as well because the can’t charge you sales tax on something you don’t own, and it’s conveniently the same rate 7% as your sales tax rate.

The future price of the car it will be disclosed before you sign anything so you’ll know what it going to cost you to buy and go for a 3 years test ride (our whatever your lease term it) keep in mind that any money you put into the car ‘upgrading it’ goes right out the window if you don’t buy it, I use to lease my Yukon’s and always did well with them leasing them and then buying then and trading them for another (and your would even know about the extra paperwork and that I was going from lease to lease) you have the right to by the car out for the price on the contract (plus the use to add $650.00) also leasing can be a good method to get your payments lower and drive a new car every 3 years or using the lease as payment control and then ‘refinancing’ the buyout option which the bank will usually give you new car rates to do if you wish, or if your in equity (meaning that you car is worth more then your buy out value, its your money - but only if you trade the lease towards your next purchase, or buy it out - which is not uncommon with specialty vehicles it happens a lot) you can pick up a few bucks.

People usually stay away from leasing because of a horrific story they heard about a friend of a friend getting ripped off because his vehicle was damaged, etc - your responsibility is maintaining the car (oil changes, tires, etc) and not bringing it back trashed, they expect it to have ‘wear and tear’ it use to be a dent under the size of a quarter is considered to be ‘wear and tear’ for example

There’s lots of the things of that no one every discusses when they lease a car because most people don’t think of it, like (in my opinion) you shouldn’t put money down on a a lease or only as a last resort and keep in mind if your NOT in equity when your lease term ends you will NOT have a downpayment but your not tied to the vehicle either and your not carrying any negative equity toward your new purchase and if you do like it after the 1st time don’t do again but in 3 yrs it all depending on your situation, regardless if you lease or buy get everything you want - it’s a lot of money to deal with a case of the ‘I wish I had this instead’ depending on your financial situation you be able to get a really sweet deal on a 1 pay lease, which is you make all your payments upfront and then comeback in 3 years we make no additional payment in between - because you have already made them under 1 pay.

Lots of times being a lease customer will get you extra rebates and other deals because your buying a car more frequently and the Manufacturer knows it so you’ll get lease loyalty. and your not tied to the same dealer,you can move (the just have to adjust your paperwork for the taxes) your not allowed to bring the car out of the country for more then 30 days, doesn’t really apply to Canada and Mexico

There is a lot to be considered, a lot more then I can get in this forum, if you want to email me or have any questions I would be glad to help or if you go to the dealership your salesperson should be able to go through all the numbers or sit you with a manager who can

Hope I helped

[waldo1967]

I wanted to thank everyone for their input.
The best dealer offer I've received to date was $15,500
Haven't found anything yet with 4 more lease payments to go.
Thinking about following what most suggested and not keeping it.
Again, thanks to all of you!

[gringo]

Originally Posted by Spec

Damn lol... I didn't tell him to test drive an SS, I said V8 - whether thats a ZL1 or an SS... also, just a suggestion, not pushing him to anything... freakin hilarious that you though you had to push back on my simple suggestion... just my 4 cents... I've got lots of cents too.

It's even more freaking hilarious my comment illicted such an emotional that you had to reply like that. I'm having fun too.

The SS is more expensive. It would cost him more money new or used. If he's happy with what the V6 can offer, 323hp, <5.9 sec 0-60's (if non 2LS) and incredible styling IMO, that can get him into a car that's almost just as nice for a lot less money. In the end, it just comes down to money.

I could have purchased an SS if I really wanted. However, I want to keep my '89 Firebird GTA (triple black with leather and T-tops...5.7L ). So, I know what V8 torque feels like.

Am I still happy with my Camaro V6? For the price I paid, absolutely!

[Spec]

Originally Posted by gringo

It's even more freaking hilarious my comment illicted such an emotional that you had to reply like that. I'm having fun too.

The SS is more expensive. It would cost him more money new or used. If he's happy with what the V6 can offer, 323hp, <5.9 sec 0-60's (if non 2LS) and incredible styling IMO, that can get him into a car that's almost just as nice for a lot less money. In the end, it just comes down to money.

I could have purchased an SS if I really wanted. However, I want to keep my '89 Firebird GTA (triple black with leather and T-tops...5.7L ). So, I know what V8 torque feels like.

Am I still happy with my Camaro V6? For the price I paid, absolutely!

Yeah, okay... I'll laugh with you after I'm done laughing at you...


Your response almost 2 months after mine... way to come back...