Lease Help!!!!!
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Joined: Jan 2006
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Lease Help ( update)
Originally Posted by hotwheels57
Someone once told me "Why ask the question if you don't want to hear my answer?"
the primary reason for my post was to talk myself out of it all i think. Would i loooooove to be in a c6....damn sure, can i afford to do it right now, sure.....the moral of the story is 5 years is too long of a time for a lease........
here is my plan.....wait out the 25 months until GM lets me out of my smartbuy lease on the g6, pay off the vette agressively and go into a new purchase when i get it on my terms........
thanks again to ALL for your help!
Race Director
Joined: Jan 2006
Posts: 10,554
Likes: 33
From: Not on either liberal coast.
First off, thanks to all for your advice. when i was originally posting i was pretty hell bent on the car. now its 2 days later, spent some time talking with my pops and others.
the primary reason for my post was to talk myself out of it all i think. Would i loooooove to be in a c6....damn sure, can i afford to do it right now, sure.....the moral of the story is 5 years is too long of a time for a lease........
here is my plan.....wait out the 25 months until GM lets me out of my smartbuy lease on the g6, pay off the vette agressively and go into a new purchase when i get it on my terms........
thanks again to ALL for your help!
the primary reason for my post was to talk myself out of it all i think. Would i loooooove to be in a c6....damn sure, can i afford to do it right now, sure.....the moral of the story is 5 years is too long of a time for a lease........
here is my plan.....wait out the 25 months until GM lets me out of my smartbuy lease on the g6, pay off the vette agressively and go into a new purchase when i get it on my terms........
thanks again to ALL for your help!
Safety Car
Joined: Oct 2005
Posts: 4,000
Likes: 1
From: henderson nevada
Originally Posted by hotwheels57
Now you're thinking smart...there's going to be some nice deals on Corvettes out there when you're finally ready to do it...be patient and you'll be rewarded.
Racer
Joined: Jul 2006
Posts: 495
Likes: 0
From: So Cal
Originally Posted by ytwokc5
First of all I disagree with the common sentiment in this thread that leasing is always a bad idea... that's ridiculous. There are more than a few situations where leasing is the right choice. I do not think however the scenario you painted is an ideal lease situation (that's being polite).
One of the main attractions of leasing for a lot of people is the ability to "try" a car for a shorter period of time usually 2-3 years, keep it at the end of the lease if you like it, or get another one when the lease is up. Usually the lease terms coincide with warranty periods, i.e. you are always driving something under warranty.
A five year lease sounds way too long, ask what they would charge you for a three year lease. You seem to be very focused on the monthly cost, not the total cost. It's usually in the dealerships favor when they know they have a buyer shopping monthly payment.
I do agree with your sentiment that trading in doesn't always end up being as bad for you when you live in a state where you are taxed on the difference between the trade-in and the purchase vehicle. Tax on your trade-in has to be deducted from what you could get as a private sale for you to due a fair comparison... you also have to add to the private sale the cost of any advertising.
One last thought... putting ANY money down on a lease is a bad idea. All you are doing is pre-paying your lease. If you wreck the car the day after you lease it... gap insurance covers the lenders interest in the vehicle... NOT yours. Which brings up another point... make sure any lease payment you are quoted spells out the components included, ie. monthly sales tax, gap ins, etc.
I have found the Edmunds lease/finance forums to be very informative.
One of the main attractions of leasing for a lot of people is the ability to "try" a car for a shorter period of time usually 2-3 years, keep it at the end of the lease if you like it, or get another one when the lease is up. Usually the lease terms coincide with warranty periods, i.e. you are always driving something under warranty.
A five year lease sounds way too long, ask what they would charge you for a three year lease. You seem to be very focused on the monthly cost, not the total cost. It's usually in the dealerships favor when they know they have a buyer shopping monthly payment.
I do agree with your sentiment that trading in doesn't always end up being as bad for you when you live in a state where you are taxed on the difference between the trade-in and the purchase vehicle. Tax on your trade-in has to be deducted from what you could get as a private sale for you to due a fair comparison... you also have to add to the private sale the cost of any advertising.
One last thought... putting ANY money down on a lease is a bad idea. All you are doing is pre-paying your lease. If you wreck the car the day after you lease it... gap insurance covers the lenders interest in the vehicle... NOT yours. Which brings up another point... make sure any lease payment you are quoted spells out the components included, ie. monthly sales tax, gap ins, etc.
I have found the Edmunds lease/finance forums to be very informative.
My bad for brining up an older thread but you had the best response Ive read so far. Im assuming you learned it mainly from the Edmunds forums, Ive been there, very straightforward.
Soon as I get a clearer picture of what I'll do, Ill swing around over there as well as contact you :]
Burning Brakes
Joined: Jun 2006
Posts: 866
Likes: 0
From: Placerville Ca
Originally Posted by madeouttaglass
I'm sorry to say it but you need to stop driving new cars that are putting you further and further backwards. Five years from now you'll have spent $41,000 plus whatever you've got into your current two cars and will be walking.
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