I have been a big believer in Leasing for several years now, because it allows me to drive a very nice car for little money monthly. Also I enjoy switching my cars every couple of years.

Problem is now with the financial crisis that US is in GM along with most domestic manufacturers are ending lease specials. In fact they are making it harder to leas than buy.

with that said, I doubt I will be able to afford a new 2010 vette when my 2008 lease expires.

Are the 3rd party lease programs worth looking into to, or should I just look into buying a older vette that I can afford?

 

Leasing makes unaffordable cars affordable to those who can't really afford them.....If you get my drift. You might want to re-evaluate your situation....Sounds like you are.

 

A lot can and will change between now and 2010. 3rd party lease companies are fine. I know several people who use them without issue.

Problem with a lease is you have to give back your 2008 Vette, LOL

 

your right... a $50k car finianced for 60 months at 0% is over $800 monthly, or lease the same car with little money down for 24 months and get a payment for $400 monthly.

I like to switch my car every couple of years and it makes more since to lease than buy.

It just looks like I may have to settle on a lesser vette than the 2010

 

To each their own . . but my perspective is that leasing works well if you've got a business advantage to do so - - and can cream off at least a portion of your lease payment to 'business use".

Given the economy and the Corvette market place - - it sure seems like a great time to buy ! You've got to believe too that lease residuals are probably going to fall significantly above the market-- so lenders are going to get squeezed. Buying a pre-owned high line car would seem to be a good value - - my wife piles on miles in her real estate biz, and buying 1-2 year old Benzes off lease has proven to work well for her.

Hopefully, the economy will be well on it's path to recovery by the time your lease expires, but for leases ending before the end of `08 - - it sure seems like there are some great incentives to buy. It sure seems like you're on a good path to evaluate the economic factors between now and then.

Good luck -

 

I am also considering another option... Just to purchase this car... I have owned it since day one and know the history and love it.

besides... who know what the new vette will have under the hood... maybe a super charged 6 to comply with BS CAFE Laws

 

Just buy an older Vette that you can affort, enjoy it, mod it if you wish or trade up in a few years.

 

If a blown V6 was just as powerful/fast as a NA V8, would it really make that much difference...? I seem to remember a certain 6-cylinder '50s-era fiberglass-bodied car that most people would give part of their anatomy to have.

That being said, I leased my '08 as a hedge against it being as big a support/repair nightmare as my '06 GTO. If it ended up being as much trouble, I wanted to be able to walk away from it Scot-free when the lease was up.

I'm 8 months in now though, and so far it's looking like a keeper. So chances are I'll be purchasing it at the end of the lease.

 

Most of those leasing companies will follow suit with the major manufacturers. The only reason they still have competitive leases is due mostly to ridiculously high residuals. As you can see here with pre-owned Corvettes, their value is nowhere near what the residual is.

Would you lease your home or own it? I think the answer is pretty simple.

Buy the next one.

 

The OP's question depends totally upon what the financial markets look like in 2 years. Who knows?

Leasing only make sense if (a) you trade cars every 2 years, (b) you don't drive the leased car more than a little during that time (mileage restrictions), and (c) you are willing to simply pay "rent" for a car. If that's you, then leasing is fine. The problem is, today, that you cannot get a lease to save your life. Hopefully, that will change, but it only will if the people who chose a lease because they couldn't afford a loan payment stay out of it.

 

I would bet that they will bend over backwards to sell it to you at the end of your lease.

 

And at the end of the lease, remember that the buyout number is VERY negotiable....don't just figure that you can't make them an offer. Their options are to have the dealer make them an offer to put it on their lot, or sell it at auction, and we know what kind of numbers auctions bring.

I read an article recently that compared the car leasing situation to the real estate situation. There are many ways that this is a good comparison...and the days of those crazy high residuals are over, just like the days of negatively amortized home loans are over.

 

It is my humble opinion that leasing is never a great idea. Either own it or wait until you can. Leasing is like renting a house - throwing money away.

 

For the most part true. However there are some cases where leasing might be a good idea. Such as where you can deduct the lease payment against the profits of a business and have the advantage of having a newer, more dependable vehicle to use in that business.

But leasing a Corvette or any other pleasure vehicle, is, I agree with you, never a great idea. Money up the bird's a$$.

When you get done making all of those payments, you still don't own a Corvette.

 

To those of you who have stated that it does not make sense to lease a vette or have stated that leasing is for people who cannot afford a loan--you have missed some important issues. For one issue-leasing is more costly in the long run than purchasing,so that essentially refutes the notion that leasing is for people who cannot afford a loan.
I've been leasing for over 35 years.Nothing is nicer than having a 24 or 27 month lease and getting a new vehicle as often as a lease allows. Secondly, the only time that I had problems is when I purchased a 1998 c5 and then tried to sell a mint car with only 12,000 miles after 6 years. It was very difficult to show the car and deal with the multitude of callers and lookers. A Pain in the behind to say the least.
Why not pay for the portion of a car that you are using---and then get a new one.Makes perfect sense to me.
Just my 2 cents

 

Though this is true not everyone who leases is in this situation... I am more than able to afford financing my corvette however there were a few reasons that I chose to lease...

A. I too enjoy a new car every 3-4 years...
B. Always covered under warranty
C. I don't believe in buying a depreciating asset that is worth less and less each day
D. Quite frankly the last experience with an american car I had was not great as far as quality and I have had my 2008 vette for one month now and had a few issues... where i found myself saying "maybe I am glad I didn't buy this car" (i do love the car though )
E. And yes the payment will be substantially less so it does provide the buyer to get more car for the money so to say... however good luck finding a car for $50K for 24 months with little down for $400 a month

On the other hand... I was in the similar situation with the lease issue and was approved just under the wire with US Bank... they are no longer leasing Hummers, Vettes and other premium vehicles from GM (According to the lady in the lease dept) The GM lease for the vette is F**ING horrible... litterally $300 more per month for the same deal... I do believe that fifth third bank (www.53.com) is still leasing check into that.

Good luck

 

I have only lost on a lease once. When I negotiate the numbers, it works out I generally am paying a 3 to 4 percent interest rate over the 3 year term based on the price I base the lease on. The downside is I cannot get out early...the upside is no loss at the end when I give the car back.

 

The decision to eliminate leasing alternatives will further erode the big 3 sales in the future.

 

Unless of course individual dealerships get the permission to go to third party leasing companies for their clients...

I personally just went through www.leasecompare.com which is affiliated with this forum and got a great lease on an '08 (and GMS) that was waaaaay less than GM could ever do.

In talking to the salesguy at the local dealership I bought the car in he said they have to look real hard at going with these third party companies as they would be able to move many more cars a month if they did...

 

Your home will likely appreciate. A car depreciates...unless you dont drive it for 20 years and let it sit.