Help with leasing numbers
Thread Starter
Cruising
Joined: Nov 2017
Posts: 14
Likes: 2
Help with leasing numbers
Hi guys,
I am trying to lease a Corvette and having never leased before wanted to get your input on the numbers. The car I’m interested in (2018 model) has a MSRP of 75k but the sale price is 63k. I also qualify for the $2000 dodge conquest so I’m thinking it brings the sale price down to 61k. Now when they calculate the residual value are they supposed to use the original 75k number or should they be using 61k?
Anyone know what residual value and money factor would make a decent deal?
Thank you!
I am trying to lease a Corvette and having never leased before wanted to get your input on the numbers. The car I’m interested in (2018 model) has a MSRP of 75k but the sale price is 63k. I also qualify for the $2000 dodge conquest so I’m thinking it brings the sale price down to 61k. Now when they calculate the residual value are they supposed to use the original 75k number or should they be using 61k?
Anyone know what residual value and money factor would make a decent deal?
Thank you!
Melting Slicks
Joined: Sep 2004
Posts: 3,477
Likes: 2,248
From: Southern NJ
Hi guys,
I am trying to lease a Corvette and having never leased before wanted to get your input on the numbers. The car I’m interested in (2018 model) has a MSRP of 75k but the sale price is 63k. I also qualify for the $2000 dodge conquest so I’m thinking it brings the sale price down to 61k. Now when they calculate the residual value are they supposed to use the original 75k number or should they be using 61k?
Anyone know what residual value and money factor would make a decent deal?
Thank you!
I am trying to lease a Corvette and having never leased before wanted to get your input on the numbers. The car I’m interested in (2018 model) has a MSRP of 75k but the sale price is 63k. I also qualify for the $2000 dodge conquest so I’m thinking it brings the sale price down to 61k. Now when they calculate the residual value are they supposed to use the original 75k number or should they be using 61k?
Anyone know what residual value and money factor would make a decent deal?
Thank you!
Also, make sure the mileage allowance is sufficient for your personal driving needs.
Also compare the monthly lease cost vs purchasing outright. If you are positive you will want to keep the vette for 36 months and then want a new one without the hassles of selling outright or getting hit with negative equity and you can easily drive within the milesge allowed, leasing is deft worth considering.
Le Mans Master
Joined: Dec 2012
Posts: 6,442
Likes: 2,535
From: New Jersey
If the dealer is straight with you about the money factor and the residual percentage-I think they are set by GM- then the only variables are the cap cost (sales price) and rebates and other incentives. I would try to verify the money factor and residual % set by GM against the ones used by the dealer in the lease work up and then try to negotiate the best possible cap cost.
I would also compare the pros and cons of buying with a small down payment and financing the balance and then reselling after 3 yrs.
I would also compare the pros and cons of buying with a small down payment and financing the balance and then reselling after 3 yrs.
Drifting
Joined: Aug 2009
Posts: 1,582
Likes: 220
From: South Fla
St. Jude Donor '10, '17-'18-'19
as it was mentioned above, compare the lease price vs outright ownership. You may be surprised to see that the difference is not that much and sometimes its lower to own. That was my case when I purchased my GS, with the AMG we leased.
Pro
Joined: Apr 2017
Posts: 527
Likes: 127
From: NJ
on a 3 year lease they normally bring it back at less than 50 % on a 5,000 mile a year lease Money factor changes based on term. From my experience GM is not interested in leasing Corvette based on their residuals alone. Unless you can find an independent lease company that is interested I don't think its viable
Melting Slicks
Joined: Sep 2004
Posts: 3,477
Likes: 2,248
From: Southern NJ
on a 3 year lease they normally bring it back at less than 50 % on a 5,000 mile a year lease Money factor changes based on term. From my experience GM is not interested in leasing Corvette based on their residuals alone. Unless you can find an independent lease company that is interested I don't think its viable
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Advanced
Joined: Jan 2017
Posts: 53
Likes: 12
From: MI
Good luck getting a dealer that will give you the same sale price and bonus cash on a lease that you would get on a purchase (what you are quoting as advertised is almost certainly only available on a purchase deal). Lease is usually much closer to full sticker. These cars just don't lease (and I lease ALL my other vehicles).
Melting Slicks
Joined: Sep 2004
Posts: 3,477
Likes: 2,248
From: Southern NJ
Good luck getting a dealer that will give you the same sale price and bonus cash on a lease that you would get on a purchase (what you are quoting as advertised is almost certainly only available on a purchase deal). Lease is usually much closer to full sticker. These cars just don't lease (and I lease ALL my other vehicles).
Last edited by direct007; Mar 12, 2018 at 12:27 PM.
Advanced
Joined: Jan 2017
Posts: 53
Likes: 12
From: MI
If it's a legitimate dealer such as Kerbeck (not a shyster flim flam artist dealer), it doesn't make a difference. They spell it out in the lease contract that you are signing. It shows the list price of the car and then they deduct the dealer discount, any rebates, any affiliation discounts, down payments if any, etc and then they show the price they are selling the car for and then add the sales tax, registration and any other fees. It doesn't take a rocket scientist to run the numbers through an amortization calculator to compare a lease vs purchase deal.
Melting Slicks
Joined: Sep 2005
Posts: 2,568
Likes: 264
From: Near Charlotte NC
Leasing can be a very expensive way of financing .
Excessive wear,bad tires,paint & glass chips and too many miles at the end could really cost you.
I would suggest you buy,not lease.
\db2
Excessive wear,bad tires,paint & glass chips and too many miles at the end could really cost you.
I would suggest you buy,not lease.
\db2