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Old 12-02-2013, 04:49 PM   #21
RBLUVETT
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I guess I just don't understand what pleasure and "owner" satisfaction you can get from a car you don't actually own. It's sort of like bringing a "working girl" to a family reunion: she may look great, but she really is not yours
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Old 12-02-2013, 05:50 PM   #22
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I guess I just don't understand what pleasure and "owner" satisfaction you can get from a car you don't actually own. It's sort of like bringing a "working girl" to a family reunion: she may look great, but she really is not yours
You don't own a financed car either until you pay it off. Leasing is good for people who like to dump cars after 3 years or so. Obviously the lease term has to be decent at least for it to make sense. Some cars don't lease out well.

I've bought and leased...each has strong and weak points.
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Old 12-02-2013, 07:43 PM   #23
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Interested??
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Old 12-02-2013, 09:42 PM   #24
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I guess I just don't understand what pleasure and "owner" satisfaction you can get from a car you don't actually own. It's sort of like bringing a "working girl" to a family reunion: she may look great, but she really is not yours


Maybe as a business expense?
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Originally Posted by J50 View Post
You don't own a financed car either until you pay it off. Leasing is good for people who like to dump cars after 3 years or so. Obviously the lease term has to be decent at least for it to make sense. Some cars don't lease out well.

I've bought and leased...each has strong and weak points.


When you finance it's not yours either LOL

With a lease there's still a buy out option on most leases at the end of the term. On some cars with heavily subsidized leases it's actually better to lease as your "interest rate" can be very close to 0%.

Depends on the situation, I have a lease on a Volt and am SUPER happy I leased it as they dropped the MSRP $5k which killed resale value. If I would have purchased it I would be super pissed!
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Old 12-02-2013, 11:40 PM   #25
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You don't own a financed car either until you pay it off. Leasing is good for people who like to dump cars after 3 years or so. Obviously the lease term has to be decent at least for it to make sense. Some cars don't lease out well.

I've bought and leased...each has strong and weak points.


I've done both over the years but the only way I lease is with $0 down...

Don't know if I will lease or finance my C7...rates etc will dictate what I do when I buy in Q1 2014...
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Old 12-03-2013, 01:03 PM   #26
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One interesting item to note from this lease chart...the residual value on z51's is 2% higher than non z51s. I knew the resale would be higher for a z51 but it's nice to see that from an outside party as well.

With an increase of 2% on the residual it's basically a free option through a lease. The 2% increase in residual gives you at least $2,700 of additional value at the end of the lease on a $2,800 option.

Good deal!
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Old 12-03-2013, 01:30 PM   #27
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This is interesting to me as well. I've done both in the past ..Lease and buy Corvettes as well as other vehicles. I leased my '03 & bought my 2009 Z06. I'm currently leasing a 2014 LTZ Silverado & the interest rate is close to zero...It made no sense to Purchase this vehicle especially given what I got for my truck on trade! Cash is now invested..making me $$ It will be interesting to see where the lease deals come in when I get ready to purchase :o)
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Old 12-03-2013, 02:03 PM   #28
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Quote:
Originally Posted by RBLUVETT View Post
I guess I just don't understand what pleasure and "owner" satisfaction you can get from a car you don't actually own. It's sort of like bringing a "working girl" to a family reunion: she may look great, but she really is not yours
Your post shows that you are completely missing the entire point when it comes to reasons for 'leasing' something. The point of a lease isn't to pretend like you own it. The point is to limit the amount of time & money you are willing to spend.. while you enjoy it. When that time expires, you then have the absolute freedom to move on to something else. Case in point. You do not hire a working girl to come a family reunion. You hire a working girl for no-strings attached sex. Technically speaking you are paying her to get up and leave when you are done. Because just like most things in life, the longer she stays with you, the more you end up spending.

And thats the same point of a rental/lease. This is for someone who only wants the base Corvette experience for 2 or 3 years.. and then wants to move on to something else. Could be another brand. Could be the Z-car when its finally released. Either way, for many people a brand new car is something they want to enjoy for a couple of years and not worry about any future issues. Headaches that can come from maintenance/warranty/buying/selling/depreciation/taxes.

If they know up front how much they are willing to spend for this few years of experience and they are only interested in a long term 'rental' of a car.. then the hassle of buying & selling would simply end up being a more costly road to take.
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Old 12-03-2013, 04:54 PM   #29
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Quote:
Originally Posted by RBLUVETT View Post
I guess I just don't understand what pleasure and "owner" satisfaction you can get from a car you don't actually own. It's sort of like bringing a "working girl" to a family reunion: she may look great, but she really is not yours
Then you don't understand leasing. And you don't OWN a financed car until the LAST payment is made.

It's like folks that proudly trumpet about paying cash for a car, which in this era of cheap financing, is about the most financially stupid thing one can do.

Jimmy
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Old 12-03-2013, 06:17 PM   #30
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Originally Posted by Daekwan06 View Post
Your post shows that you are completely missing the entire point when it comes to reasons for 'leasing' something. The point of a lease isn't to pretend like you own it. The point is to limit the amount of time & money you are willing to spend.. while you enjoy it. When that time expires, you then have the absolute freedom to move on to something else. Case in point. You do not hire a working girl to come a family reunion. You hire a working girl for no-strings attached sex. Technically speaking you are paying her to get up and leave when you are done. Because just like most things in life, the longer she stays with you, the more you end up spending.

And thats the same point of a rental/lease. This is for someone who only wants the base Corvette experience for 2 or 3 years.. and then wants to move on to something else. Could be another brand. Could be the Z-car when its finally released. Either way, for many people a brand new car is something they want to enjoy for a couple of years and not worry about any future issues. Headaches that can come from maintenance/warranty/buying/selling/depreciation/taxes.

If they know up front how much they are willing to spend for this few years of experience and they are only interested in a long term 'rental' of a car.. then the hassle of buying & selling would simply end up being a more costly road to take.
And it hasn't been mentioned yet but the size of your monthly payment is always less in a lease deal than in an outright buy. With 0 down on a 36 month buy (for example) your payments are huge, whereas the lease payment on the same vehicle is way, way less. Basically, you are only paying 'rent' on the value above the residual value. Best part is you can walk away after 3 years when the warranty is done. However, I will grant you this....lease deals are based on MSRP minus any incentives in place at the time of the transaction. Whereas, on a buy, the capitalized cost is most often negotiated downward. Well, except in the case of shelling out MSRP when buying a C7.
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Old 12-03-2013, 06:32 PM   #31
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Currently we would have to submit the deal to Ally to get the rate as there are no incentivized rates. We have not submitted any leases yet.

As the super low mileage leases start tomorrow we think Ally/GM may give us some idea. Otherwise it will be on a case-by-case basis.
Any idea what those would be as this interests me
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Old 12-03-2013, 07:39 PM   #32
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Can we get some numbers already ?
With 2-3k down , what kind of monthly payments are we talking about ?
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Old 12-03-2013, 09:24 PM   #33
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Can we get some numbers already ?
With 2-3k down , what kind of monthly payments are we talking about ?
I will have my finance department work up a couple numbers tomorrow on a base car. It looks like Ally standard rates will range from 4.79% to 11.29% based on the term and tier. I will have this confirmed tomorrow.
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Old 12-04-2013, 07:26 AM   #34
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I will have my finance department work up a couple numbers tomorrow on a base car. It looks like Ally standard rates will range from 4.79% to 11.29% based on the term and tier. I will have this confirmed tomorrow.
Wow - 4.79% to 11.99% is pretty high in today's market.
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Old 12-04-2013, 08:58 AM   #35
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Wow - 4.79% to 11.99% is pretty high in today's market.
It certainly seems so. Though those are lease rates. And GM and Ally trully have no need to incentivize the car right now. We'll see what the numbers look like soon.
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Old 12-04-2013, 09:16 AM   #36
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well, for every $1k you put down, it should lower lease approx. $30/mo. I usually lease (business purposes) but I actually bought my C7 as there were no lease deals and I got 2.4% financing. if I calculate right, i'm paying pretty much the same number on a buy. not bad...
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Old 12-04-2013, 09:30 AM   #37
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Originally Posted by J50 View Post
You don't own a financed car either until you pay it off. Leasing is good for people who like to dump cars after 3 years or so. Obviously the lease term has to be decent at least for it to make sense. Some cars don't lease out well.

I've bought and leased...each has strong and weak points.
Exactly.
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Old 12-04-2013, 09:32 AM   #38
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The worst thing about leasing is the confinement. Buying, whether making payments or not, you have far more flexibility any time you wish.

The pro-lease cheerleaders always conveniently ignore this.
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Old 12-04-2013, 10:02 AM   #39
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The worst thing about leasing is the confinement. Buying, whether making payments or not, you have far more flexibility any time you wish.

The pro-lease cheerleaders always conveniently ignore this.
Please explain your point in a little more detail. I haven't leased a car since 1995, so I am probably out of the loop and actually interested in what you're talking about.
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Old 12-04-2013, 10:10 AM   #40
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The worst thing about leasing is the confinement. Buying, whether making payments or not, you have far more flexibility any time you wish.

The pro-lease cheerleaders always conveniently ignore this.
Yes, if you drive high miles/year. But on a Corvette a 12000 mile/year deal would most likely satisfy anyone here, unless you are a salesman and use a vette in your daily grind. One thing I forget to mention above is the State sales tax, or excise tax, on a lease deal is always calculated on the MSRP. And, here's the real pisser, you have to pay tax on the incentives too! So. here in Michigan on my latest lease I got $4250 in incentives off the deal, but had to pay 6% sales tax on that amount...and it's upfront coupled with the first month's payment...the gubment will always get their unfair share.
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Old 12-04-2013, 10:10 AM
 
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