Should You Get The Camaro The First Year It Arrives?

[Camaro0911]

Mostly all Camaro fans want the Coupe the first year it comes out, but is that the best year to get it. Don't get me wrong I plan on getting the Camaro by around April of next year, but if you think about it most likely there are going to be something that the customer is going to complain about, and with the Mustangs increase in hp soon the Camaro would also upgrade in hp if they want to compete with Mustangs. What I'm trying to say is I doubt the first year for the Camaro 5th Gen would be its best.

[baileyrx]

the auto company's always try to make the subsequent years "better"
more perks, higher output, etc...
they know its human nature to get bored of the same old/same old
and the its "time to upgrade"

[pinkcamaro10]

i cant wait any longer. i will be happy and content with it

[blackZbandit]

That was my initial plan, to buy near the end of 2010 for those exact reasons. But now my wife is going back to school so I'll have to hold out so I can save more money and get a 45th anniversary edition in 2012 if they make one. If I can't hold out that long I still wont buy one until te at least the second model year.

[Hylton]

I might lease the first year. I figure if I get it in 2009 and can keep the miles down, they can still sell it as a 2010 demo car when I trade in!

[ChrisB]

Originally Posted by Hylton

I might lease the first year. I figure if I get it in 2009 and can keep the miles down, they can still sell it as a 2010 demo car when I trade in!

You wont be able to lease the camaro or any other gm vehicle for that matter

Front page of the paper here this morning


http://www.financialpost.com/story.html?id=680397


The financial arms of Chrysler LLC and General Motors Corp. are getting out of the business of leasing vehicles as credit tightens and resale prices for gas-quaffing trucks fall, according to company executives and independent sources.

The move, effective Aug. 1, could spark a backlash among dealers and consumers. In Canada, an estimated 43% of drivers lease their vehicles, double the U.S. rate of 20%.

Chrysler told dealers in Canada and the United States that Chrysler Financial will stop offering financing for vehicle leases, steering buyers into low-interest loans to buy the vehicle outright, sources said. Dealers wanting to offer the leasing option would have to find their own source of financing, Chrysler said.

Chrysler told its Canadian dealers of the change three weeks ago, according to an industry source familiar with the situation. GM dealers in Canada were to be told about the change affecting its GMAC financing unit on Friday. GM's U.S. dealers are also expected to be affected. A GMAC spokesman would not confirm the change, saying there is no public announcement at this time.

"The pressures on leasing are going to follow everybody," Chrysler co-president Jim Press said on a conference call on Friday. "There are a lot of financial requirements for leasing to not make it as attractive as it had been."

Auto-financing companies have seen the value of their used cars and trucks plummet amid a collapse in sales in the United States and discounting of new vehicles in Canada. Residual values -- an estimate of what a vehicle will be worth after its lease ends -- have tumbled in both countries. Ford Motor Co. on Thursday took a charge of US$2.1-billion on the declining values of leased vehicles.

GMAC is majority owned by New York private equity company Cerberus Capital Management. Cerberus also controls Chrysler.

"The removal of the need to finance leases simplifies the financing challenges faced by Cerberus," said Paul Taylor, chief economist with the U.S. National Automobile Dealers Association. "But it removes an important option for many consumers."

Geoff Helby, an analyst with J.D. Power & Associates in Toronto, said Toyota Motor Corp. and other automakers that offer attractive lease rates and decent residual values could win more business from the Detroit automakers as a result of the move. "It would definitely put Chrysler and GM at a serious disadvantage."

Chrysler has pulled its leasing for July in Canada, one source said. The company's senior Canadian management told dealers earlier this month that "‘We're basically out of the lease business. We don't have the funds,'" the source said.

The company is steering consumers worried about monthly payments to financing contracts as long as seven years, he said. "It's ridiculous because you're really taking the consumer out of the market in the long-term."

Chrysler and other automakers have slapped incentives of as much as $12,000 on vehicles in Canada and offered financing deals such as 0% for 72 months to lure buyers into purchasing the vehicle.

"We can get deals for people that are very comparable if not better [than leasing]," said David Paterson, vice-president of corporate affairs for GM Canada, adding that GM buyers are increasingly choosing financing over leasing. Financing now represents 60% to 70% of GM Canada sales, he said.

Financial Post

[Hylton]

Originally Posted by ChrisB

You wont be able to lease the camaro or any other gm vehicle for that matter

Front page of the paper here this morning


http://www.financialpost.com/story.html?id=680397


The financial arms of Chrysler LLC and General Motors Corp. are getting out of the business of leasing vehicles as credit tightens and resale prices for gas-quaffing trucks fall, according to company executives and independent sources.

The move, effective Aug. 1, could spark a backlash among dealers and consumers. In Canada, an estimated 43% of drivers lease their vehicles, double the U.S. rate of 20%.

Chrysler told dealers in Canada and the United States that Chrysler Financial will stop offering financing for vehicle leases, steering buyers into low-interest loans to buy the vehicle outright, sources said. Dealers wanting to offer the leasing option would have to find their own source of financing, Chrysler said.

Chrysler told its Canadian dealers of the change three weeks ago, according to an industry source familiar with the situation. GM dealers in Canada were to be told about the change affecting its GMAC financing unit on Friday. GM's U.S. dealers are also expected to be affected. A GMAC spokesman would not confirm the change, saying there is no public announcement at this time.

"The pressures on leasing are going to follow everybody," Chrysler co-president Jim Press said on a conference call on Friday. "There are a lot of financial requirements for leasing to not make it as attractive as it had been."

Auto-financing companies have seen the value of their used cars and trucks plummet amid a collapse in sales in the United States and discounting of new vehicles in Canada. Residual values -- an estimate of what a vehicle will be worth after its lease ends -- have tumbled in both countries. Ford Motor Co. on Thursday took a charge of US$2.1-billion on the declining values of leased vehicles.

GMAC is majority owned by New York private equity company Cerberus Capital Management. Cerberus also controls Chrysler.

"The removal of the need to finance leases simplifies the financing challenges faced by Cerberus," said Paul Taylor, chief economist with the U.S. National Automobile Dealers Association. "But it removes an important option for many consumers."

Geoff Helby, an analyst with J.D. Power & Associates in Toronto, said Toyota Motor Corp. and other automakers that offer attractive lease rates and decent residual values could win more business from the Detroit automakers as a result of the move. "It would definitely put Chrysler and GM at a serious disadvantage."

Chrysler has pulled its leasing for July in Canada, one source said. The company's senior Canadian management told dealers earlier this month that "‘We're basically out of the lease business. We don't have the funds,'" the source said.

The company is steering consumers worried about monthly payments to financing contracts as long as seven years, he said. "It's ridiculous because you're really taking the consumer out of the market in the long-term."

Chrysler and other automakers have slapped incentives of as much as $12,000 on vehicles in Canada and offered financing deals such as 0% for 72 months to lure buyers into purchasing the vehicle.

"We can get deals for people that are very comparable if not better [than leasing]," said David Paterson, vice-president of corporate affairs for GM Canada, adding that GM buyers are increasingly choosing financing over leasing. Financing now represents 60% to 70% of GM Canada sales, he said.

Financial Post

Yes I will. That just means that the Big 3 will not do leases. Many of the big dealerships do in-house leasing. I have leased from Surgenor National Leasing for over a decade. They own a Pontiac, Buick, GMC, Hummer dealership but buy the car from GM and then lease it out themselves.

[Muscle Master]

HUH, Ford is going to have a Ball if they don't follow us, imports too

[MerlinZero]

YES! i have finally decided.

I'm getting my options list all arranged. i then am going to my chevy dealer next friday to put my 500 down and to get my order placed. they have a total of 6 orders so far, so i should be able to get mine without much of an issue.

[jmliptak]

All the leasing companies are between a rock and a hard place because over the last few years they have leased millions of trucks and SUVs that are now worth pennies on the dollar of what they were EXPECTED to be worth at the end of their leases, so that is going to spill over onto ALL cars. If they thought your SUV was going to be worth $15,00 at the end of the lease and it is now worth $10,000, it comes out of their pocket. They took a risk on it being worth more than what they told you the residual was and in case they lost.

Other companies are going to continue to lease, but the most likely side affect will be that residuals will be lower, which means that the payments on a lease will go up since you will have to pay for a larger portion of a car in your monthly payments.

Saw the news about Chrysler, other financial institutions have announced they will no longer lease Chrysler's either, had not heard the GM part. That could change what a lot of people can afford in a negative way. It could radically change my approach as I have leased my last several cars since I do not tend to drive a ton of miles each year.

Thanks for the info, even though it is not good news....

[topgun1]

leasing makes no sense anyway and is a rip off with the mileage charges and the depreciation and the "option to buy out your lease". It only makes sense for companies usually that own fleet vehicles and change them out every couple of years.

As far as getting the Camaro or any new or completely redesigned car, it's always better to wait after the 1st year of production so they can get consumer response, work out the kinks, provide technical bulletins (hopefully no recalls), increase driveability and options, etc. The 2nd model year is almost always going to be a better performing car--just look at the initial Challenger, full of problems already and disappointed owners that paid $10K or more over MSRP for it.

[topgun1]

Originally Posted by MerlinZero

YES! i have finally decided.

I'm getting my options list all arranged. i then am going to my chevy dealer next friday to put my 500 down and to get my order placed. they have a total of 6 orders so far, so i should be able to get mine without much of an issue.

i didn't think they were taking orders until the fall

[jmliptak]

Originally Posted by topgun1

leasing makes no sense anyway and is a rip off with the mileage charges and the depreciation and the "option to buy out your lease". It only makes sense for companies usually that own fleet vehicles and change them out every couple of years.

If you drive 10,000-12,00 miles year and keep it for two or 3 years (usually 39 months is the best), you can get a new car in about 3 years and have significantly lower payments and upfront costs. If you are going to keep the car anyway, then I agree it makes no sense.

I have never owned anything longer than about 3 years. I get bored and move on, so for somebody like me it makes a TON of sense. No mileage overage, no additional charges, no acquisition fee (at least until now), it all depends on what you intend to do with the car and how long you want to keep it.....You only pay for the part of the car you want to use, and if you don't go over on miles it can be a great deal.

[Hylton]

Originally Posted by topgun1

leasing makes no sense anyway and is a rip off with the mileage charges and the depreciation and the "option to buy out your lease". It only makes sense for companies usually that own fleet vehicles and change them out every couple of years.

Makes perfect sense for guys who have a small business who can right off the lease come tax time!