lease or buying your camaro? Tampa Tuning - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 26 Old 12-28-2010, 05:22 AM Thread Starter
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lease or buying your camaro? Tampa Tuning

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Im wondering what's the percentage of Camaro owners and those leasing.

Im thinking of leasing instead of buying and holding on to the car for 3 years. Im just not sure what the cost of leasing is.

who'd leasing?

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post #2 of 26 Old 12-28-2010, 06:09 AM
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Own. Leasing is a sucker bet.

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post #3 of 26 Old 12-28-2010, 07:42 AM
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in the end, the average person who leases pays the equivalent of someone financing the car for 12% APR, then selling the car after 3 years... something to think about.

Quote:
As attractive as a lease appears, however, there are a number of disadvantages:
  • Leasing typically costs you more than an equivalent loan, in part because of higher finance charges.
  • Once you're in the leasing habit, monthly payments go on forever. In contrast, the longer you keep a vehicle after a loan is paid off, the more value you get out it.
  • You have a limited number of miles in your lease contract, typically 12,000 to 15,000 miles a year. If you drive more than that, you'll have to pay an excess mileage penalty of 10 cents to as much as 25 cents for every additional mile. On the other hand, if you drive too little, you don't get credit for the unused miles.
  • You must maintain the vehicle in good condition, or you'll have to pay excess wear-and-tear charges when you turn it in. So, if your kids are apt to turn the interior into a finger-painting studio or your car's a magnet for parking lot dents and dings, be prepared to pay extra.
  • If you need to get out of a lease before it expires, you may be stuck with thousands of dollars in early termination fees and penalties-all due at once. This could equal the amount it would cost had you stuck with the lease for its entire term.
  • You can't customize your vehicle in any permanent way. In addition, arranging a lease can be a confusing complicated process that can easily leave you paying more than you should.
that's from: http://www.consumerreports.org/cro/c...leasing_ov.htm

the reason why dealerships try to sell people on fleecing, i mean leasing, is because they profit more from a lease than a sell.

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post #4 of 26 Old 12-28-2010, 08:28 AM
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the only good benefit of leasing is that you dont have to try to sell the car when your done with it. and you dont take a hit selling it. you just turn it back in. but you do pay more of course. but if you cant hold onto a car for longer than 3 years...leasing is perfect. ive leased and owned many cars. leasing is better for me. but i wanted to own this camaro. and i will be buying out my hummer when the lease is up.

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post #5 of 26 Old 12-28-2010, 08:39 AM Thread Starter
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the good side of leasing for me is I stay on top of PCM upgrades, I doubt Id put on 5000 miles a year.

I can write it off as a business expense.

Down side is always having a payment

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post #6 of 26 Old 12-28-2010, 09:13 AM
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you would always have a payment if you bought a new car too. at lease until its paid off. and how many people do you know that actually keep their car the entire way through a loan? i dont know of anyone who has bought a car and kept it through the entire length of the loan. i know people who have bought cars and paid them in full. but no one who has paid a loan off and still kept the car.

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post #7 of 26 Old 12-28-2010, 09:19 AM
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Quote:
Originally Posted by 2010_5thgen View Post
you would always have a payment if you bought a new car too. at lease until its paid off. and how many people do you know that actually keep their car the entire way through a loan? i dont know of anyone who has bought a car and kept it through the entire length of the loan. i know people who have bought cars and paid them in full. but no one who has paid a loan off and still kept the car.
i will be doing that with all 3 cars we own now... my truck will last me a good 200k miles before its time to replace it, i've decided to keep the camaro as a "family heirloom" since it was my first new car i bought on my own, and my wife can get over having a new car for the next 3 or 4 years while we pay off other debts her car loan is almost paid in full!

if i want a new sports car like the z28 or a vette, i will save the cash for it and buy without a loan when the time comes. but first i need to start saving more for a **** house!

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post #8 of 26 Old 12-28-2010, 09:57 AM
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The only time a lease is good is if you get a great rate on it and you don't drive it very much and you garage it when you are not using it. By great rate I mean like $239.00 a month with very little down and at least 15000 miles a year allowance. Also no mods are allowed. For any other car this would probably make good sense to do. But for the Camaro, I wouldn't think so (because of the mod factor and that there are NO good lease deals out there.)

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post #9 of 26 Old 12-28-2010, 10:06 AM
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Quote:
Originally Posted by 2010_5thgen View Post
and how many people do you know that actually keep their car the entire way through a loan? i dont know of anyone who has bought a car and kept it through the entire length of the loan.
When we meet, then you'll have to change your count because then you'll know someone that has. I've got an 85 Olds 442 I bought when I was 24 and still own it, paid it off in 1988, even though the best interest rate I could find at the time was around 13% (anyone remember THOSE days?). We also have both 2002 Camaros that were both paid off in 2005, and we kept our 2006 GMC for a year after paying it off before trading it in on the 2010 GMC. And I'm pretty positive we'll be keeping the 2010 Camaro once it's paid off.

But you have to consider your vehicle use. It's not financially the smartest move, but if you're one that HAS to be seen driving a late model car every few years without warranty expiration worries and you don't mind paying the extra amount for that privilege, leasing may be up your alley. Do your homework first, though.

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post #10 of 26 Old 12-28-2010, 11:00 AM
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for me and my family, all we have ever done is lease cars. i think i have only had 3 cars that were financed. and the trans am was my first one. paid in full. sold it 5 years later. the escalade, had it 2 1/2 years. traded it in for the hummer. and the camaro, which i will never sell. my grandparents have leased cadillacs for the last 20 years. my mom leases her cars. gets a new one every 3 years and doesnt have to perform any maintanance(other than oil) on her cars. my sister just traded in her envoy denali she owned for 2 years, for a H3 on a 2 year lease. my dad is the only one who buys his cars. but he cant even hold on to them long enough to pay it off. i think he is getting close on his trailblazer. but im sure hell sell it. his vette is almost paid off. im sure hell keep that. i think it depends on the type of car it is that you keep also. daily drivers(imo) have a tendancy to be sold before payoff.

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