[McSleepyx9]

Hey guys, Im coming to the forums here to ask your opinion on leasing a car. So to be straight forward, what is your opinion on leasing a car? And should I lease one? Im 22 year old right now, i own a 2012 Camaro 1LT, had it for about 4 years now and it has just little over 32k miles. As you can see I dont drive it too much because im from MA and for like 3-4 months of the year it snows. Anyways, I modded my current camaro alot, but im not too big on modding it anymore. Especially with the Gen 6 camaro, the stock SS loves sexy enough.

My plan is too sell my 2012 Camaro, hopefully get around 17k for it, then lease a 2016 Camaro LT or SS, then every few years have a new car.

So back to the question, can you guys tell me the pros and cons of owning and leasing a car, and if your car is leased now, how do you like it?

Thanks in advanced!

[Eric SS]

If you drive low miles and plan on not modding it much, and you get bored with cars like I do, leasing is optimal if you get a good deal and know what you're doing. I get bored with cars all the time so love to lease.

[jdasnt3]

We lease everything. I keep all my miles low, but we also live near work and shops. Once a year, I take one of our vehicles (including our 12 SS) to our cabin in PA over 1000 miles away. Still don't ever go over our miles. Get the dent/scratch protection for $500 as peace of mind. Our SS is 10K miles a year, Malibu is 12K, and Traverse is 15K as our daily driver. If the SS would be your only car, consider at least 12K a year. Three cars and four drivers with different work schedules for us and leasing has been our finance option for five years and several cars. Greatest part about it, at the end, you walk free and clear.

[mt3130]

I would love to lease, but drive 22,000 - 25,000 miles per year.

I have thought about buying a 6th gen and using it as a DD for a year or two, then lease a new car to use as a DD and make the 6th gen a toy.

I've also considered keeping my current car and leasing the Camaro, although the lease deals appear to be terrible at the moment.

[SuperSound]

Eric summed up the good reasons to lease pretty well. The number one bad reason to lease is for a lower monthly payment. Also if you are even remotely interested in keeping the car 4 years or longer, definitely don't try to lease. There are some people who buy their car at the end of the lease, but generally it's a guaranteed loss of a few thousand. It sounds like you are good on the mileage front, especially with this being more like a toy for you than your daily driver all year.

[xrivera91]

I leased my 15 SS because as a 24 year old college student it was the more rational decision. Because of the lease deal I received I've gone nuts with the mods because I plan on buying it out at the end.

[stars_fan]

Originally Posted by xrivera91

I leased my 15 SS because as a 24 year old college student it was the more rational decision. Because of the lease deal I received I've gone nuts with the mods because I plan on buying it out at the end.

[xrivera91]

Originally Posted by stars_fan

?

[McSleepyx9]

Thanks for the advices guys. I may consider lease too, im not too big on the modding anymore since im mostly putting my money towards the new apartments I bought and have a huge loan to pay, and i do get bored with cars too. I love driving brand new cars. Also, I love close to everything (word, gym, shopping, ect). Almost anytime I go somewhere far I go with a friend on his/her car. I think leasing would be a good idea for me as of now.

[SuperSound]

Originally Posted by xrivera91

I leased my 15 SS because as a 24 year old college student it was the more rational decision. Because of the lease deal I received I've gone nuts with the mods because I plan on buying it out at the end.

Originally Posted by stars_fan

Originally Posted by xrivera91

?

Because that's a terrible (or at least in 98% of leases) financial decision you made. But if you love the car that much and are happy to spend more to keep it, then who cares.

[xrivera91]

Originally Posted by SuperSound

Because that's a terrible (or at least in 98% of leases) financial decision you made. But if you love the car that much and are happy to spend more to keep it, then who cares.

Not in my case at the end of my lease and finance I would have only paid 40 for a fully loaded 2SS. Obviously this will vary based on interest rate.

[SuperSound]

Originally Posted by xrivera91

Not in my case at the end of my lease and finance I would have only paid 40 for a fully loaded 2SS. Obviously this will vary based on interest rate.

Don't think you understand. What was the purchase price when you signed the lease? What terms? (2,3,4 year/10k,12k,15k) What is your payment? And what is the buyout price at the end of the lease? In essentially every lease, you will end up paying more than you would if you have purchased and financed.

[DDustiNN]

Originally Posted by SuperSound

Because that's a terrible (or at least in 98% of leases) financial decision you made. But if you love the car that much and are happy to spend more to keep it, then who cares.

Originally Posted by SuperSound

Don't think you understand. What was the purchase price when you signed the lease? What terms? (2,3,4 year/10k,12k,15k) What is your payment? And what is the buyout price at the end of the lease? In essentially every lease, you will end up paying more than you would if you have purchased and financed.

It depends on the person. Some people can't reasonably afford such a high car note, so it's better for them to have a lower payment spread out over a longer period of time. They pay a little more money in the end, but they are still able to live comfortably.

[SuperSound]

Originally Posted by DDustiNN

It depends on the person. Some people can't reasonably afford such a high car note, so it's better for them to have a lower payment spread out over a longer period of time. They pay a little more money in the end, but they are still able to live comfortably.

Yep I understand that, but it's still a bad financial decision. Same as paying only the minimum payment on a credit card. Buying a used one would have been the better decision. But it really depends on the deal he got. If his MF was low, and buyout price close to actual value, he could get out with only losing a few thousand.