Leasing vs. Buying
08-07-2018, 06:13 PM
#1
Leasing vs. Buying
Historically from buying my C6, people don’t keep these cars very long for a variety of reasons. It’s a toy! And toys get old after a while.
With that said, can you lease a C7? Please no lease haters!
When I bought my C6 last year, my intention was really the C7, but found a great buy on a fully loaded GS. When I asked about leasing the C7, the sales puke said GM Financial doesn’t lease them. I never investigated it further as I bought the C6 a few weeks later and did the traditional buy. I actually preferred the C6 over the C7 as it felt like there was more to it then the C7. Even though the technology of the C7 seems light years ahead of the C6. The C6 Didn’t seem to be so cheap looking.
Along with the leasing question, I have a question about the transparent top, which I had on my C6. I’m not finding very many C7’s with that top. I would prefer that top over the solid type or the carbon fiber. Is there a known problem other than the cost? I loved the natural light on the transparent top. I think it’s more of a Zen thing than curb appeal?
I’ve also found a nice used 2018 GS LT2, GM certified with 5800 miles on it. Also without the transparent top. I’m like WTF does no one like it, or is that just a me want?
I would like the deal to be local vs. trucked in.
My last buy was though Ally. I don’t really have a preference on who I lease from, I just want a reputable company. So I’m not dropping my drawers for the pure pleasure of doing it when lease termination comes around. Manufacturing finance arms seem to be a bit less restrictive at turn in time than others.
Thanks for any advice you can supply.
With that said, can you lease a C7? Please no lease haters!
When I bought my C6 last year, my intention was really the C7, but found a great buy on a fully loaded GS. When I asked about leasing the C7, the sales puke said GM Financial doesn’t lease them. I never investigated it further as I bought the C6 a few weeks later and did the traditional buy. I actually preferred the C6 over the C7 as it felt like there was more to it then the C7. Even though the technology of the C7 seems light years ahead of the C6. The C6 Didn’t seem to be so cheap looking.
Along with the leasing question, I have a question about the transparent top, which I had on my C6. I’m not finding very many C7’s with that top. I would prefer that top over the solid type or the carbon fiber. Is there a known problem other than the cost? I loved the natural light on the transparent top. I think it’s more of a Zen thing than curb appeal?
I’ve also found a nice used 2018 GS LT2, GM certified with 5800 miles on it. Also without the transparent top. I’m like WTF does no one like it, or is that just a me want?
I would like the deal to be local vs. trucked in.
My last buy was though Ally. I don’t really have a preference on who I lease from, I just want a reputable company. So I’m not dropping my drawers for the pure pleasure of doing it when lease termination comes around. Manufacturing finance arms seem to be a bit less restrictive at turn in time than others.
Thanks for any advice you can supply.
Last edited by CBRDude; 08-08-2018 at 11:35 AM.
08-07-2018, 06:17 PM
#2
Le Mans Master
You can lease a C7 but from what I have read the lease rates are poor.
08-07-2018, 06:37 PM
#3
Melting Slicks
If you are going to get a new Vette every 3 years anyway, aren't going to go over the mileage allowance and have no intention of customizing your car. Leasing makes perfect sense if there is a decent lease program out there when you are ready to acquire your car. Historically, the leases have been so bad on vettes, that the difference between the payment on a lease vs buying wasn't substantial enough to lease, however, every now and then, there are some programs out there that makes the lease payment attractive enough to consider it. Right now there is a program being offered for August that doesn't look bad.
08-07-2018, 07:11 PM
#4
Instructor
My first comment is I am happy to see you are able to write about this. My next comment is cars can be replaced, no big deal. The most important part as a serious wreck survivor is to get a really good lawyer and dont talk about this with anyone. Document all pains, aches and any other medical condition you may have along with keeping track of any and all appointments and mileage along with costs. A good lawyer will fill you in on the rest of it.
08-07-2018, 07:53 PM
#5
Safety Car
two other concerns
B. The dealer determines the condition of the car when returned at the end and
terms like "normal" wear and tear can become iffy
I only leased once many years ago and will not get into that again.
08-07-2018, 08:11 PM
#6
No intentions of modding or going over the miles.
I’ve leased several cars in the past.
Does anyone one know about the transparent roof or lack there of? I see all kinds of the solid ones but no transparent ones.
Thanks
I’ve leased several cars in the past.
Does anyone one know about the transparent roof or lack there of? I see all kinds of the solid ones but no transparent ones.
Thanks
08-07-2018, 08:21 PM
#7
Intermediate
I am sure I will enjoy it again once temps stay out of the 90's.
You can purchase them new or used. Some people will trade one as well.
08-07-2018, 08:22 PM
#8
Safety Car
Not sure why you only went to GM Financial for leasing and accepted their answer that they don't do it. Any financial institution can do a lease. I had a 2008 on a 5 year lease from USBank. Get your financing in order then go shopping. And you don't need to get the dealer's write off when you return the car - you need to get your financing company to inspect it. After all, technically it's their car!
Re: Transparent top. I have it and I, like you, prefer it. You can always purchase one.
Re: Transparent top. I have it and I, like you, prefer it. You can always purchase one.
08-07-2018, 09:29 PM
#9
Race Director
Never thought about leasing one, I enjoy owning them too much as opposed to paying to use someone else's.
08-07-2018, 09:37 PM
#10
08-08-2018, 10:12 AM
#11
Advanced
I have been leasing cars for over 30 years so really understand the pro/cons and currently lease my 2017 C7 Stingray. I have a 15k miles/year lease since it is my daily driver. If your car is going to be a low mileage garage queen or summer only car leasing may not make sense.
Most Corvette dealers tried to discourage me from leasing because most do not really understand it. I found Alan Johnson at Matick Chevrolet in Detroit to be very knowledgeable about leasing and he had several good leasing options available. I would highly recommend him.
Most Corvette dealers tried to discourage me from leasing because most do not really understand it. I found Alan Johnson at Matick Chevrolet in Detroit to be very knowledgeable about leasing and he had several good leasing options available. I would highly recommend him.
08-08-2018, 10:46 AM
#12
I was leasing my Mercedes with three payments left when I purchased the C7. We negotiated a price on the C7 and my dealership made the last three payments for me. Returned the vehicle, and provided me with a drop off receipt.. I drove home in my new Stingray smiling ear to ear. Three weeks later Mercedes sent me an inspection report and a bill for $1,790.00. Three tires needed to be replaced at $380.00 EACH and a disposition fee of $650.00. Writing that check out to Mercedes was brutally painful but it was clear that on the contract the car had to be returned in the same condition it was purchased. I typically lease because its worry free driving. You get to drive a car thats new and fully warrantied. Simply put fuel in it and enjoy. I decided to purchase the C7 although my dealership did have leasing options. My advice is read the fine print and purchase a lease end protection plan so you don't get any unexpected surprises when you return the vehicle.
08-08-2018, 11:13 AM
#13
Le Mans Master
At one time there reverse type loan with a "balloon" payment at the end. If you plan on owning for a year or 2, you sell or dump it as assume loan. Then get a new one.
08-08-2018, 11:39 PM
#14
Burning Brakes
My local dealer told me GM made leasing available on '19s about a week ago. He said the money factor is .00112 and the residual is 52% for 15k/year and 55% for 10K/year. I'm not sure if these represent decent or terrible lease numbers, just reporting what he said.
08-08-2018, 11:47 PM
#15
Leasing, is in general, for high-roller broke people. Get on the telephone locally and find companies that will lease you a new Corvette. This isn't rocket science.....
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08-09-2018, 01:14 PM
#16
Pro
Just a couple of words on leasing; I run a car dealership (not Chevrolet) and have been doing this for a LONG time..
1. Corvette's tend to not have a very aggressive lease programs, so are not generally leased very often.
2. someone mentioned many using leasing companies other than the manufacturer. BE VERY CAREFUL, unless there is a huge difference in payment stay clear.. The manufacturer want you happy and they are generally way more forgiving of items when the car is returned. Some banks will charge you for items as small as a door ding and the bill sent to a customer at lease end can be ridiculous as compared to the manufacturer. Banks tend to nickel and dime on lease return, the manufacturer believe it or not wants you to come back again and do business with them, plus there is that CSI thing. The "Bank" could care less, your just a financial transaction to them
3. All leases nowadays have a disposition fee at the end, usually $400 to $700.. luxury brands with their higher payments tend to be higher disposition fees obviously.. This fee is waived if you lease another car from the same manufacturer when your lease is done..
4. If your a cash buyer, look into a 1 pay lease if available, it can be a VERY good deal if you have the cash to pay in full up front.
5. depending on the car a lease can be a much better way to obtain a car, cars with very high resale, say a Subaru for instance lease out exceptionally well, manufactures also in many cases have extra incentives to make leasing more attractive as it shortens the buying cycle considerably. We like to know in 3 years you are going to get another one and lease customers also tend to be more dealer loyal than purchase customer as well so as a dealer I really prefer to lease you a car than sell you a car. but of course I am more than happy to do either..
We lease all our family vehicle except my Corvette.. It simply does not make financial sense as the overall cost of ownership is for most Corvette owners way less on a purchase. plus its a toy driven only a few thousand miles a year if that for me and many Corvette owners..
1. Corvette's tend to not have a very aggressive lease programs, so are not generally leased very often.
2. someone mentioned many using leasing companies other than the manufacturer. BE VERY CAREFUL, unless there is a huge difference in payment stay clear.. The manufacturer want you happy and they are generally way more forgiving of items when the car is returned. Some banks will charge you for items as small as a door ding and the bill sent to a customer at lease end can be ridiculous as compared to the manufacturer. Banks tend to nickel and dime on lease return, the manufacturer believe it or not wants you to come back again and do business with them, plus there is that CSI thing. The "Bank" could care less, your just a financial transaction to them
3. All leases nowadays have a disposition fee at the end, usually $400 to $700.. luxury brands with their higher payments tend to be higher disposition fees obviously.. This fee is waived if you lease another car from the same manufacturer when your lease is done..
4. If your a cash buyer, look into a 1 pay lease if available, it can be a VERY good deal if you have the cash to pay in full up front.
5. depending on the car a lease can be a much better way to obtain a car, cars with very high resale, say a Subaru for instance lease out exceptionally well, manufactures also in many cases have extra incentives to make leasing more attractive as it shortens the buying cycle considerably. We like to know in 3 years you are going to get another one and lease customers also tend to be more dealer loyal than purchase customer as well so as a dealer I really prefer to lease you a car than sell you a car. but of course I am more than happy to do either..
We lease all our family vehicle except my Corvette.. It simply does not make financial sense as the overall cost of ownership is for most Corvette owners way less on a purchase. plus its a toy driven only a few thousand miles a year if that for me and many Corvette owners..
Last edited by topper7788; 08-09-2018 at 01:16 PM.
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08-09-2018, 01:22 PM
#17
Safety Car
Member Since: Jan 2006
Location: Smyrna/Vinings, Georgia
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straight talk from post 16. Also lease is negotiable just like anything else. Best way to compare is zero down, that way it's apples to apples. Back in the day leased used Jaguars to all family members, two year one pay, unbelievable.
08-09-2018, 01:28 PM
#18
Safety Car
2. someone mentioned many using leasing companies other than the manufacturer. BE VERY CAREFUL, unless there is a huge difference in payment stay clear.. The manufacturer want you happy and they are generally way more forgiving of items when the car is returned. Some banks will charge you for items as small as a door ding and the bill sent to a customer at lease end can be ridiculous as compared to the manufacturer. Banks tend to nickel and dime on lease return, the manufacturer believe it or not wants you to come back again and do business with them, plus there is that CSI thing. The "Bank" could care less, your just a financial transaction to them
It stands to reason that if the manufacturer wants to make you happy assumably for return business, so would any reputable bank. They want you to come back to them for your next lease too because there is money to be made. This does not mean that a bank or other financial institution won't nickel and dime you but just going with the manufacturer does not guarantee that they won't nickel and dime you. Remember #1 - go with a reputable bank/financier.
Plus banks are experts in financing - that's their core business. GM is not (though GM financing are probably pros too, it's not the core business for GM).
And while the bank may see you as just a financial transaction you bet your sweet bottom they want the next lease you do be with them as well. Why wouldn't they?
Last edited by defaria; 08-09-2018 at 01:30 PM.
08-09-2018, 01:41 PM
#19
Le Mans Master
Penfed offers a loan like this called Payment Saver: https://www.penfed.org/auto/payment-saver
My local dealer told me GM made leasing available on '19s about a week ago. He said the money factor is .00112 and the residual is 52% for 15k/year and 55% for 10K/year. I'm not sure if these represent decent or terrible lease numbers, just reporting what he said.
My local dealer told me GM made leasing available on '19s about a week ago. He said the money factor is .00112 and the residual is 52% for 15k/year and 55% for 10K/year. I'm not sure if these represent decent or terrible lease numbers, just reporting what he said.
08-09-2018, 02:11 PM
#20
Instructor
I'll leave the leasing comments for others that have gone through this, but I will give everyone on this forum advice about Ally Bank. If you ever think about using them, hit yourself in the face and then run away and find another bank, credit union or loan shark. That bank is the biggest joke of a bank ever. Long story short, I purchased a used '15 Z51 back in May from a guy that had his loan through Ally. They first wouldn't accept a wire transfer from my bank to pay off the loan. They then lost the first check that was mailed to them, then they have had issues with the title since then trying to figure out how to issue it. Three months later and nothing from them despite multiple attempts and people assigned to work this out. They are honestly the biggest bunch of buffoons I've ever dealt with. I had to contact the DMV where I live and have them give me advice on how to get the title. I had to go through an abandoned vehicle process to get a title so I could register it, which I ultimately did and have a title. I even went on Ally's Facebook site and complained; after which they had a special rep assigned to me. Crickets after his first call with me. Even if they were to give me the best interest rate, I'd never ever bank with them. There are many similar horror stories abound regarding them.