Looks like GM doesn't offer a lease program ,probably because it is such a hot item.
have they ever had a lease program for Corvettes?
Any other companies offer a lease program for
these cars?

 

Yes, GM offered leasing on the C7. And yes there are private companies that offer leasing. I'm in Canada so I don't know the names of American companies that offer leasing but here there is. Good luck.

 

Yeah i tried searching for C8 leases and i don't think they're available aside from third party companies like someone said. With the C7, they offered lease programs.

I do want to lease the C8 this time around because i like to change out my toys fairly quickly. But not sure when GM would announce that? Or is it totally out of the question?

 

I don't think that you are going to see any leasing programs until GM gets caught up building all of the pre orders first

 

Leasing this car is financially considered an extremely awful move. If you don’t know anything about leasing I suggest you read up. I’m not going to type a whole editorial on it but a lease payment is made up of different charges. Rent fee interest etc. in essence there are certain criteria that make up a lease payment. They generally are cars msrp and sales price (lower the better for lease payment) the residual which is what car is predicted to be worth at end of term ( the higher the better for lease payment however worse when trying to buy car after lease) and the mf which is interest rate times 2400. ( lower mf the better Bc this equals lower interest rate) . Gm does offer corvette leasing. So let’s look at it. Car is going for msrp. No discount off sticker and no incentives from factory ie loyalty. This is strike number 1. Residual is actually decently high. I think like 63 percent or something for 36months 10k mileage. This is actually good. However strike 2 is certainly the mf. It is gm standard rate and its .00258 which is 6.1 percent interest rate. Plug those numbers into a lease calculator and any payment will be over 1k per month. In essence it would be cheaper to buy the car for three years and then sell it. I did math on my car, if I kept it for 5 years it will cost me like 700 a month compared to over 1k leasing. Listen this is just financial, if you want the convenience of leasing you will pay for it

 

I agree with your analysis. But if you are going to flip with no
prepayment penalty it maybe helpful to lease?

 

GM Financial does leasing on the C8. I have only had two customers do a lease on C8's.

 

A good alternative that is "lease like" is the PenFed Payment Saver new car loan. I actually learned about it on this forum when I purchased my 2017 Z51. It is essentially a balloon payment loan (5 year amortization with a balloon payment) . I had a 2.49% interest rate and on a $59k financed loan, payment was $615. I just sold the car (waiting on my C8) for $46k ($63k original purchase price) and I actually had $10k in equity.
This worked out better than leasing for me and my guess is the C8 will hold its value in sync with how well you take care of it.

 

Leasing is just another method of financing a new car, it isn't right or wrong, it isn't better or worse, it all depends. Lax854 just spoke the gospel in regards to leasing the C8, when you are watching TV and see an advertised lease special on a particular car with a payment that is amazing, (done through subvention and super low mf) it can be better than conventional financing. Leasing is probably the most misunderstood finance method there is and a lot of bad information is out there about it.
He is correct that a lease on a C8, at this time, it isn't going to be the best financial move to make.

 

flip when? A leased car is not your car so you can’t just flip it like that. To get out of a lease you can lease transfer if the manufacturer allows which there is no financial value to you other then getting out of the lease payments. Or you can sell the car to a third party ie vroom or individual party and will need to owe the value of the remaining lease payments plus the residual value. There are times this can produce a profit but from my many years researching this it’s not often. This is your money, so again do as anyone pleases. Financially it’s an awful decision to lease but sometimes finances aren’t the only thing that’s most important to ppl

 

so very true. FYI I love leasing and different cars at different times will produce leases that are cheaper then financing or buying car outright. I can definitely tell you now with the c8 this is no where close to being the case. It’s probably on the complete opposite end right now. When the c7 was ending production it made a great lease candidate due to deep discounts and high incentives

 

I just walked away from a Jeep Cherokee lease 13 months early as the lease buyout (residual + remaining payments) = the ACV. On a C8 if you tried to walk away early it could be ugly. Say the car is $70,000 and it has a 63% 36 month residual. So you want to try and flip it three months in. If your residual is $44,100 and you have $1,000 a month payments (36-3=33), to sell the car to someone else you would have a lease buyout of $77,100 ($44,100 + $33,000). If selling prices are still way over MSRP you may get out with your skin, but you're in pretty deep water too since nobody knows how long it will last, plus you just gave away $7,100 of your flip profit.

 

To sum it up. Yes you can lease the c8 technically. It’s using standard rates and residuals and at an msrp selling price = a shitty lease deal. You don’t want to lease a car unless the manufacturer has what’s called a supported lease program. Usually propped up by supporting either or all of the following. Rate residual and money factor and also sometimes rebates that only apply to the lease program for that particular unit. If none of these criteria are met you end up with a terrible lease program ie: the c8 lease program. It’s garbage stay away. Finance the car with a decent interest rate hold the car two or three years which most vette owners put low mileage on their cars anyway and then either sell or or trade or you will be way better off.

Leasing this car right now is like putting a round peg into a square hole and shoving it in as hard as you can. Best way to describe it guys.

 

Historically, lease rates on a new generation vette are not attractive in the first couple of years. Going forward, the lease deals will get better. I don't agree that leasing is an awful move. If you like getting a new car every 3 years or so, aren't going to customize it or go over the allotted mileage. Leasing can be a great tool. Lower monthly payments with 0 to very little down payment, no hassle when it comes time to give it back and pick up your new car and if the car is ever involved in an accident or theft, you don't need to worry about diminished value when it comes time to "trade it in".

Compare buying a new car and selling it 36 months later to leasing a car for 36 months, you may come out ahead with the lease. Right now with limited availability, the C8's value can appreciate or depreciate very slowly compared to when supply is ample so it probably wouldn't make sense to lease until the supplies become more plentiful.

If you plan on keeping a car for years, want to customize it, put on a lot of mileage or only keep it for a limited number of months before moving on, I agree, leasing may not make sense in those cases.

 

Leasing the car makes a hell of a lot more sense than paying 10-20k over MSRP🤣. When they are available for lease the deals will definitely be better than they are now. Just takes some patience.

 

This is usually true except for specialty cars like a corvette. Especially a c8 in today’s market with what’s going on with supply issues and how in demand the car is. This car will command good dollars even in a few years. This is not a good car to lease period.

 

A corvette lease deal is never a good lease deal. It’s only decent at best and that’s when there are laying all over the country in dealer inventories. You’res king long way off from that and even then you aren’t going to see a goodlease deal. There is no such thing on a corvette. This isn’t a traverse or an equinox. Those are cars you can lease and it makes sense if you wanna lease not a corvette.

 

I do agree you won’t get a great deal. However an avg deal is still better than what many are paying now. We lease a BMW on a regular basis because it’s a good deal. I myself wouldn’t lease a toy. But I also won’t pay over MSRP for a vehicle.

 

The best lease deals are made with a combination of low lease price, high residual value, and low money factor. The bottom line should be to run the numbers and determine if the difference between lease vs purchase is worth it.
Clark Howard's take on leasing:

• You are a person who feels like you must drive the latest & greatest vehicle
• Your lease is heavily subsidized

Good luck and good financing!

 

0 sense right now. The cars are selling for over MSRP right now. Drive it and sell it. If you get your car in 1st half of 2021 or anyone who got a car in 2020, if you go to sell it you will make money on it. Keep it 1-2 more years and you will pay a lot less if you purchased it whether cash or alone vs leasing it. Leasing it is easily going to run $1200+ month for even a base car.