2014 Corvette Lease
#21
Instructor
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I guess I just don't understand what pleasure and "owner" satisfaction you can get from a car you don't actually own. It's sort of like bringing a "working girl" to a family reunion: she may look great, but she really is not yours
#22
I've bought and leased...each has strong and weak points.
#24
Le Mans Master
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Maybe as a business expense?
You don't own a financed car either until you pay it off. Leasing is good for people who like to dump cars after 3 years or so. Obviously the lease term has to be decent at least for it to make sense. Some cars don't lease out well.
I've bought and leased...each has strong and weak points.
I've bought and leased...each has strong and weak points.
When you finance it's not yours either LOL
With a lease there's still a buy out option on most leases at the end of the term. On some cars with heavily subsidized leases it's actually better to lease as your "interest rate" can be very close to 0%.
Depends on the situation, I have a lease on a Volt and am SUPER happy I leased it as they dropped the MSRP $5k which killed resale value. If I would have purchased it I would be super pissed!
#25
Melting Slicks
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You don't own a financed car either until you pay it off. Leasing is good for people who like to dump cars after 3 years or so. Obviously the lease term has to be decent at least for it to make sense. Some cars don't lease out well.
I've bought and leased...each has strong and weak points.
I've bought and leased...each has strong and weak points.
I've done both over the years but the only way I lease is with $0 down...
Don't know if I will lease or finance my C7...rates etc will dictate what I do when I buy in Q1 2014...
#26
One interesting item to note from this lease chart...the residual value on z51's is 2% higher than non z51s. I knew the resale would be higher for a z51 but it's nice to see that from an outside party as well.
With an increase of 2% on the residual it's basically a free option through a lease. The 2% increase in residual gives you at least $2,700 of additional value at the end of the lease on a $2,800 option.
Good deal!
With an increase of 2% on the residual it's basically a free option through a lease. The 2% increase in residual gives you at least $2,700 of additional value at the end of the lease on a $2,800 option.
Good deal!
#27
This is interesting to me as well. I've done both in the past ..Lease and buy Corvettes as well as other vehicles. I leased my '03 & bought my 2009 Z06. I'm currently leasing a 2014 LTZ Silverado & the interest rate is close to zero...It made no sense to Purchase this vehicle especially given what I got for my truck on trade! Cash is now invested..making me $$ It will be interesting to see where the lease deals come in when I get ready to purchase :o)
#28
Safety Car
And thats the same point of a rental/lease. This is for someone who only wants the base Corvette experience for 2 or 3 years.. and then wants to move on to something else. Could be another brand. Could be the Z-car when its finally released. Either way, for many people a brand new car is something they want to enjoy for a couple of years and not worry about any future issues. Headaches that can come from maintenance/warranty/buying/selling/depreciation/taxes.
If they know up front how much they are willing to spend for this few years of experience and they are only interested in a long term 'rental' of a car.. then the hassle of buying & selling would simply end up being a more costly road to take.
#29
Race Director
It's like folks that proudly trumpet about paying cash for a car, which in this era of cheap financing, is about the most financially stupid thing one can do.
Jimmy
#30
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Your post shows that you are completely missing the entire point when it comes to reasons for 'leasing' something. The point of a lease isn't to pretend like you own it. The point is to limit the amount of time & money you are willing to spend.. while you enjoy it. When that time expires, you then have the absolute freedom to move on to something else. Case in point. You do not hire a working girl to come a family reunion. You hire a working girl for no-strings attached sex. Technically speaking you are paying her to get up and leave when you are done. Because just like most things in life, the longer she stays with you, the more you end up spending.
And thats the same point of a rental/lease. This is for someone who only wants the base Corvette experience for 2 or 3 years.. and then wants to move on to something else. Could be another brand. Could be the Z-car when its finally released. Either way, for many people a brand new car is something they want to enjoy for a couple of years and not worry about any future issues. Headaches that can come from maintenance/warranty/buying/selling/depreciation/taxes.
If they know up front how much they are willing to spend for this few years of experience and they are only interested in a long term 'rental' of a car.. then the hassle of buying & selling would simply end up being a more costly road to take.
And thats the same point of a rental/lease. This is for someone who only wants the base Corvette experience for 2 or 3 years.. and then wants to move on to something else. Could be another brand. Could be the Z-car when its finally released. Either way, for many people a brand new car is something they want to enjoy for a couple of years and not worry about any future issues. Headaches that can come from maintenance/warranty/buying/selling/depreciation/taxes.
If they know up front how much they are willing to spend for this few years of experience and they are only interested in a long term 'rental' of a car.. then the hassle of buying & selling would simply end up being a more costly road to take.
#31
Currently we would have to submit the deal to Ally to get the rate as there are no incentivized rates. We have not submitted any leases yet.
As the super low mileage leases start tomorrow we think Ally/GM may give us some idea. Otherwise it will be on a case-by-case basis.
As the super low mileage leases start tomorrow we think Ally/GM may give us some idea. Otherwise it will be on a case-by-case basis.
#33
Former Vendor
Thread Starter
I will have my finance department work up a couple numbers tomorrow on a base car. It looks like Ally standard rates will range from 4.79% to 11.29% based on the term and tier. I will have this confirmed tomorrow.
#35
Former Vendor
Thread Starter
#36
Instructor
well, for every $1k you put down, it should lower lease approx. $30/mo. I usually lease (business purposes) but I actually bought my C7 as there were no lease deals and I got 2.4% financing. if I calculate right, i'm paying pretty much the same number on a buy. not bad...
#37
Safety Car
You don't own a financed car either until you pay it off. Leasing is good for people who like to dump cars after 3 years or so. Obviously the lease term has to be decent at least for it to make sense. Some cars don't lease out well.
I've bought and leased...each has strong and weak points.
I've bought and leased...each has strong and weak points.
#38
Burning Brakes
The worst thing about leasing is the confinement. Buying, whether making payments or not, you have far more flexibility any time you wish.
The pro-lease cheerleaders always conveniently ignore this.
The pro-lease cheerleaders always conveniently ignore this.
#39
Melting Slicks
Please explain your point in a little more detail. I haven't leased a car since 1995, so I am probably out of the loop and actually interested in what you're talking about.
#40
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Yes, if you drive high miles/year. But on a Corvette a 12000 mile/year deal would most likely satisfy anyone here, unless you are a salesman and use a vette in your daily grind. One thing I forget to mention above is the State sales tax, or excise tax, on a lease deal is always calculated on the MSRP. And, here's the real pisser, you have to pay tax on the incentives too! So. here in Michigan on my latest lease I got $4250 in incentives off the deal, but had to pay 6% sales tax on that amount...and it's upfront coupled with the first month's payment...the gubment will always get their unfair share.