Mobil 1

Thinking of selling my C6 and maybe leasing a C7.

Kerbeck has a low mileage lease deal on a 1LT that looks interesting.
We only put about 5000 miles a year on our Vette and I like the idea of always having a car under warranty.

What say you?

HANNY

im not a big fan of leasing since usually you put money up and don't get money back when you get rid of it. BUT theres another way of looking at it, had my c6 for 8 years and lost 30k on selling it so maybe theres a point to leasing,,,,,, Altho if you get a c7 I doubt you will get rid of it anytime soon and the issues with them warrantee wise are pretty minor. either way I like you decision, paul

direct007

I lease my cars. As long as you know you won't go over the mileage or want to customize the car. It works. No need to be concerned with trading it in or selling it, get a new car every 3 or so years and not have to pay for almost anything that goes wrong with are some of the obvious benefits.

The argument about losing equity in the car is usually eaten up by depreciation. Therefore, the money you put down on a purchase... you may come out with when you sell it, but not usually much more so it's a wash. If by chance, the car is worth that much more a few years later, you can always buy it from the leasing company for the residual price that is set on the day you lease it.

zcobra1

Pen Fed payment saver purchase w/ balloon payment.

Lower cost of money than lease, sell when you want.

Mileage, what you want.....gap included. Best of all worlds if you
Want lowest cost per month.

Corgidog1

A lot depends on the money factor and the residual, and GM is quiet on those numbers since leasing C7s is not a popular option. For me pride of ownship goes out the window with a lease and that is a biggie for me in owing a C7. My DD on the other hand is a lease, and I could care less about the car (a Subaru Impreza).

rkhegler

I prefer to own my vehicles. Not into leasing. Too many restrictions concerning mileage. JMO.

duanepillar

I lease my daily driver mostly because I have low mileage and that way I can get a high end vehicle for low monthly payment. Would not have even considered leasing Corvette.

ratman6161

Sometimes. But another factor is how long do you plan to keep it. I tend to keep my toys for a long time. I bought my C5 new in December of 2000 (2001 model) and kept it until I traded it on my used 2014 in April of 2015. So I kept that C5 for 14 years and 4 months. Thats a total of 172 months.

The original sales price was right on $42,000 and about $45,000 with tax and license.

Financed about 40,000 of that for five years so including finance charges, the total price paid was $48,125.

Got $16,500 for it trading it in (which is about $2k above KBB trade in by the way).

So the total cost to purchase the C5 was $48,125 - $16,500 = $31,625

The other way to look at it is that over the time I owned it, it cost me an average of $183.87 per month to own a Corvette, not including maintenance, one set of new tires along the way. etc. Of course nothing really ever went wrong with the car though generally speaking my cars are treated well and problems have been rare with all of them after around the mid 1990's. Supposing I had to do a $10,000 repair somewhere in there. My total monthly cost to own a Corvette would still have only been $242.00

My point being that the longer the time you keep the car, the more months the total cost for the purchase is divided among. Sure, if you are a person who has to get a new one every few years then a lease might make sense. But for me, there is no way I can see myself buying another C7. I love it...but there is no reason for me to buy another one of the same generation. In my past history, I skipped the C6 generation entirely...and by the time the C8 gets here I may be too old anyway.

C7DriverOnt

Only your driving habits, need for a new car every 3 yrs and a spreadsheet can tell you the answer. I have always paid cash for vehicles, never leased, but that's just me, what works for you is a personal decision based on some math and knowing how you use a product.

mjw930

Absolutely, I've used their payment saver on 2 cars, my C7 and the wife's Camaro. 1.74% money cost and low payments.

The only difference, and it's a con if you are used to a lease, is you can't simply return the car at term. You need to sell it, trade it, pay it off or take out another loan at term. Since we both turn our cars every 2-3 years and I'm quite capable of either selling it or getting a fair trade it's no problem for us, YMMV.

dvilin

I lease my DD an SUV as I like the fact it is always under warranty, I buy extra miles upfront as we travel quite a bit in it. I am ready for a new one after 3 years so it works out pretty good.
On the other hand I would never lease my Corvette as I am never sure how long I am going to keep it, how much I may want to modify it, etc. Bottom line silly as it sounds I want the Vette to be mine.

direct007

Vettes to me are like iPhones...When the new one comes out with all the cool gadgets and improvements, I can't wait to get it. If you plan on hanging on to your vette, then buying is the way to go. If you want the latest and greatest, leasing is deft worth considering.

roadbike56

A lot has to do with the cost of money. Despite owning a business, my accountant assured me that leasing was a bad idea for me. But that's my situation, he has other clients who he encourages to lease because of their cash flow and cash reserve situation.
The 500lb gorilla in this decision is the personal attachment that occurs with Corvettes. If we're talking about a Chevy Cruze, this is an easy decision because it's all about bucks. But with a Corvette, you've got to ask yourself if you'll become attached. For me, my Vette is not just a car so leasing would not be the way for me to go. YMMV.

ratman6161

1SG_Ret

There are enough articles written on the pros and cons of leasing vs. owning to create sensory overload. The financial gurus all advise against leasing. However, I can see the allure of driving a new car for a few years w/ warranty coverage and swapping for a new model. Especially if one routinely finances their car purchases. Downside is you always have a car payment.

More a personal choice than one you'll likely get a consensus on.

I personally buy every car I drive cash.

Mobil 1

I have a collection of hot rods that I will never sell, one I have owned for 38 years, another for 28 years and another for 12 years.
I agree about the Corvette being like a IPhone as far not getting too attached because the updates happen about every 2 or 3 years
I know the HP is not changing in the 2016 model but I bet the 2017 will get bumped up by 20+ HP.
After the holidays I will sit down with the dealers and if I can get $500 monthly payments with $5 or $6000 down on a 1LT I think I might do it.
I talked to Kerbeck today, they were very helpful.

Thanks

zcobra1

I say put the least money you can get away with in that depreciating asset,
the Corvette. And make the lowest payment possible. Paying cash or a big down payment works for some, more piece
of mind thing though......

I have seen purchase interest rates below 1% , and under 2% for 60 months,
I safely make 3.75 % guaranteed with Voya, and that is pre tax, so every dollar is worth way more.
So why dump all that money in a car ?

MeHeartCorvettes

Seems like a great option.

robert miller

Man you put some thinking into this on the car.

tooold2race

I leased a new Corvette every other year from 1989 through 2008 when I retired. Here's what you need to know. A lease is just another way to finance a car. Basically what you're paying is the pre-agreed amount of depreciation plus interest on the balance of the contract price for the duration you will have it. The best deals are through the manufacturer, not the 3rd party leasing companies. The manufacturers want to move the inventory so they will have the lowest interest rates and the highest 'residual' or value at the end of the lease period. The 3rd party leasing companies are in it only to make money. They don't have a stake in moving any inventory.

You need to negotiate the best (read lowest) capitalized value or selling price. The 'residual' value or what it is worth at the end of the lease is set by the leasing company and it will be a 'percentage' of the MSRP based on the month of the model year you make the deal. Note that the earlier in the model year that you make the lease deal, the higher or more attractive your 'residual' will be. ie: do a deal on a 2016 Corvette in October of 2015 and you will have a lower monthly price to pay than on that same car in June of 2016.... that's because it will be worth more 24 or 36 months down the road.

I do not believe in putting ANY MONEY down up front.... not even taxes and tags. Why would you do that??? All you're doing is pre-paying the depreciation because the 'residual' is still a set percentage of the MSRP!

Bottom line is shop the price just as if you were paying cash. Remember too.... any mods or add-ons later represent money you throw away since the only impact it could have is LOWER the residual when you turn in the car.