Thinking about a Lease
Thread Starter
6th Gear
Joined: Jan 2009
Posts: 6
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Thinking about a Lease
Don't know if this goes in here, but will give it a shot. I have been doing some research into leasing and was reading that it can be a good way to get rid of negative equity. The reason being is that the Goat that I have has caused me some problems in the past( thank god for warranty) and now that the warranty is done, I am afraid that the problem will come back. From what I have heard, is that it can cost up to $4500 to fix it. So, getting back to the point, how exactly does the leasing go and what are your guys thoughts about me doing this. I know if I lease one, I will want have the option of buying it at lease end. thanks for the ideas.
Instructor
Joined: Apr 2008
Posts: 181
Likes: 0
From: Milwaukee WI
I personally like leasing. I leased my Vette with the idea of getting a new one at the end of the lease. My payment is low and I didn't have to put a lot down on it, and, like you said, you can always buy it at the end. There are some people who will tell you not to lease, but do what is right for you. With the poor economy, GM, Ford, and Mopar do not have a lot of leasing deals going on, so check the local banks. You may also want to try leasecompare.com. Hope this helps.
Team Owner
Joined: Dec 2003
Posts: 57,408
Likes: 164
From: queensbury ny
you cant mod
you watch the miles
you got nothing after the lease.
If you buy it later,disregard all of the above.You will pay more in the end though as opposed to just buying it from the outset.
Currently in one.Same payment for 48 months,0 down as it would've been for 84 months.That's why I went this route.
you watch the miles
you got nothing after the lease.
If you buy it later,disregard all of the above.You will pay more in the end though as opposed to just buying it from the outset.
Currently in one.Same payment for 48 months,0 down as it would've been for 84 months.That's why I went this route.
Safety Car
Joined: Oct 2008
Posts: 4,912
Likes: 266
From: Charleston SC
let me guess: rear end problems on the goat?
I had a leased goat, got so annoyed with the damn rear end whine no matter what GM did, and the fact that the rear springs were shot at 19k (ate my rear tires too) and suprise: no warranty on tire ! And mine was a lease too, 48 month, so guess what, after 36 month, if there was any problems, it would have been my dime, because in order to return the car and not get charged, it has to be maintained, so if the rear went boom right before my lease was up, then it's 4500 bucks...no thanks. I would never lease another sport car ever...a corolla or a honda, yeah maybe, but anything with HP or high perf, no way.
If I were you, I would look for a good deal on a used vetter and just get a loan.
I had a leased goat, got so annoyed with the damn rear end whine no matter what GM did, and the fact that the rear springs were shot at 19k (ate my rear tires too) and suprise: no warranty on tire ! And mine was a lease too, 48 month, so guess what, after 36 month, if there was any problems, it would have been my dime, because in order to return the car and not get charged, it has to be maintained, so if the rear went boom right before my lease was up, then it's 4500 bucks...no thanks. I would never lease another sport car ever...a corolla or a honda, yeah maybe, but anything with HP or high perf, no way.
If I were you, I would look for a good deal on a used vetter and just get a loan.
Team Owner
Joined: Dec 2003
Posts: 57,408
Likes: 164
From: queensbury ny
lease rates suck right now.....at least on leasecompare...don't know about at the dealer.
Racer
Joined: Feb 2008
Posts: 355
Likes: 0
From: Ottawa Ontario
) Who know's where will be in 2 years. Right now the gas prices are back to where they should be but that can change. If I need that $ 1000 a month for something else then GM gets there car back at the end of the lease and I move on to something else, maybe a newer model....who knows.As for "No Mods" on a lease...I had mods on the Mustang's and the vette has a Vararam and B&B Fussions and I'm not done yet (I keep all of the stock parts as well) . I truly believe that I'll keep this car, it's a blast to drive and and if a couple of $$$ extra in add on's makes ya happy than do it, that how I see it.
good luck
Team Owner
Joined: Dec 2003
Posts: 57,408
Likes: 164
From: queensbury ny
As for "No Mods" on a lease...I had mods on the Mustang's and the vette has a Vararam and B&B Fussions and I'm not done yet (I keep all of the stock parts as well) . I truly believe that I'll keep this car, it's a blast to drive and and if a couple of $$$ extra in add on's makes ya happy than do it, that how I see it.
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Safety Car
Joined: Dec 2007
Posts: 4,070
Likes: 162
From: Coralville Iowa
All of the posts to date have discussed pros and cons of leasing but to my read have not addressed one of your initial questions - ridding yourself of negative equity. Not sure what your thought process is here - but whenever you have a "trade" situation (I assume you are looking to trade the GTO in and start a Vette lease) you really need to look at it as 2 separate transactions - you "selling" your GTO to the dealer and then you "acquiring" a new Vette from the dealer (either as lease or purchase). IF you have negative equity with your GTO (meaning you owe more on it than what it is worth / what the dealer will allow you for it) that negative equity will roll into a purchase or a lease - you cannot escape it. Someone has to pay for that negative equity - and it is you the consumer that will do that. It potentially may not look as bad with lease numbers since your lease payment (depending on the terms; especially lease duration) should be less than a purchase payment - but it's still there and you are still paying for it.
Team Owner
Joined: Jun 2005
Posts: 46,295
Likes: 2,596
From: Northern, VA
St. Jude Donor '15
"In honor of jpee"
IF the "owner" is going to turn it back at the end of the lease, many routine and maintenance items aren't done, or aren't necessarily done, incl. break in periods for components. That's just a fact of human nature. There are exceptions however.
Race Director
Joined: Apr 2007
Posts: 13,007
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From: Happiness is Busch in Victory Lane!
St. Jude Donor '09 & '12, '14
Looking at my Owners manual... there's not alot to do.
Oil Change / Air Filter ?
Air in Tires?
1. Well not keeping Air in tires will cause you to buy tires at the end of a lease.
2. If you blow the engine and its your fault. GM won't cover it and you will need to fix it by turn in time. So checking oil / changing oil is probably important to everyone.
I guess I'm confused about all this maintenance required.
Team Owner
Joined: Jun 2005
Posts: 46,295
Likes: 2,596
From: Northern, VA
St. Jude Donor '15
"In honor of jpee"
Anyone can maintain their car as they see fit, but if it were my car, and I owned it, there are things that I would do. Included in the three-year time period of a lease, I'd
-change the oil (and contrary to popular thought, running with 2 year old oil, and filling it occasionally but never changing it, probably won't blow the engine);
-probably have to replace the tires once (3 years, 12K miles/year= 36K miles);
-change the trans fluid, if automatic toward the 30K mark;
-change clutch fluid at least once, if manual; -change brake fluid at 2 year interval, etc.
Possibly change out the radiator coolant as well, with a new thermo added at 2 years and wiper blades, too.
I'm fairly certain others might suggest more things to do..............that's my maint. list, what's yours?
-change the oil (and contrary to popular thought, running with 2 year old oil, and filling it occasionally but never changing it, probably won't blow the engine);
-probably have to replace the tires once (3 years, 12K miles/year= 36K miles);
-change the trans fluid, if automatic toward the 30K mark;
-change clutch fluid at least once, if manual; -change brake fluid at 2 year interval, etc.
Possibly change out the radiator coolant as well, with a new thermo added at 2 years and wiper blades, too.
I'm fairly certain others might suggest more things to do..............that's my maint. list, what's yours?
Racer
Joined: Sep 2008
Posts: 320
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From: Cupertino CA
We leased my wifes Benz and I will never lease again. You worry if there is a door ding, or scratch or mark in the interior. You are worried about putting too many miles on it while worrying if you don't put enough miles on it, as you paid for that many miles and need to get your money's worth.
I bought my Vette and am much happier. Do whatever makes you happy.
I bought my Vette and am much happier. Do whatever makes you happy.
Melting Slicks
Joined: Nov 2008
Posts: 2,093
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From: Elk Grove CA
Race Director
Joined: Apr 2007
Posts: 13,007
Likes: 0
From: Happiness is Busch in Victory Lane!
St. Jude Donor '09 & '12, '14
Anyone can maintain their car as they see fit, but if it were my car, and I owned it, there are things that I would do. Included in the three-year time period of a lease, I'd
-change the oil (and contrary to popular thought, running with 2 year old oil, and filling it occasionally but never changing it, probably won't blow the engine);
-probably have to replace the tires once (3 years, 12K miles/year= 36K miles);
-change the trans fluid, if automatic toward the 30K mark;
-change clutch fluid at least once, if manual; -change brake fluid at 2 year interval, etc.
Possibly change out the radiator coolant as well, with a new thermo added at 2 years and wiper blades, too.
I'm fairly certain others might suggest more things to do..............that's my maint. list, what's yours?
-change the oil (and contrary to popular thought, running with 2 year old oil, and filling it occasionally but never changing it, probably won't blow the engine);
-probably have to replace the tires once (3 years, 12K miles/year= 36K miles);
-change the trans fluid, if automatic toward the 30K mark;
-change clutch fluid at least once, if manual; -change brake fluid at 2 year interval, etc.
Possibly change out the radiator coolant as well, with a new thermo added at 2 years and wiper blades, too.
I'm fairly certain others might suggest more things to do..............that's my maint. list, what's yours?
Oil changes, Air in the tires, inspections of brakes/exhaust. (Generally a Lease owner would do these based on its cheaper to do it then pay later) I agree 1 set of tires is assumed.
Auto trans fluid comes close at 50k Miles GM spec. So this could potentially be something a Lease owner neglects.
Air Cleaner element is 50k miles. This also could be a neglect item.
Everything else you mentioned falls to the 100k line which is more of an owner problem then a leasee problem.
So there's very little mechanical maintenance involved in leasing a vette as required by GM. You also don't have to worry about being proactive like an OWNER would by changing fluids early. In addition you would be GM legal.