Should I do it?

Corona · 02-12-2016, 09:01 PM

2016 Camaro 2SS - 8SPD Auto, NPP, NAV, Sunroof, 20" Split Spoke wheels -- MSRP $46450

--Discounted to $44,950. After $1000 private offer, $1000 dealer offer. Purchase price of $42,950.

--Here is the nut kicker. Buyout for my 2015 Malibu lease is 20,800. Dealer trade-in $16,800. (4k negative equity boooooo).

--48 month lease. 12k miles per year. Residual Value $21,xxx. (51% residual)

---- Taxes of approximately 2k rolled into lease. $900 out of pocket at signing to cover 1st month and registration. Total monthly payment...... $600.

Sleeping on it tonight and going into the dealership again tomorrow. Thoughts?

ScratchAce · 02-12-2016, 09:19 PM

Quote:

Originally Posted by Corona

2016 Camaro 2SS - 8SPD Auto, NPP, NAV, Sunroof, 20" Split Spoke wheels -- MSRP $46450

--Discounted to $44,950. After $1000 private offer, $1000 dealer offer. Purchase price of $42,950.

--Here is the nut kicker. Buyout for my 2015 Malibu lease is 20,800. Dealer trade-in $16,800. (4k negative equity boooooo).

--36 month lease. 12k miles per year. Residual Value $21,xxx. (51% residual)

---- Taxes of approximately 2k rolled into lease. $900 out of pocket at signing to cover 1st month and registration. Total monthly payment...... $600.

Sleeping on it tonight and going into the dealership again tomorrow. Thoughts?

I'd negotiate your buyout further or at least work them down further on the price of the new car to compensate. Don't settle....there is more wiggle room in the deal you outlined.

DDustiNN · 02-12-2016, 09:33 PM

Wiggle wiggle wiggle wiggle wiggle, yeah!

$600 is pretty steep for a lease. That's pretty close to a purchase payment.

Work up that trade-in value, or just wait until your lease is up. Losing $4,000 on a lease is not worth it. You're just giving that money away for absolutely nothing.

Corona · 02-12-2016, 09:37 PM

Quote:

Originally Posted by DDustiNN

Losing $4,000 on a lease is not worth it. You're just giving that money away for absolutely nothing.

That's the part that kills me. Lease isn't up until December 2017 though :(

63falcondude · 02-12-2016, 09:43 PM

I'm paying less than $500 a month to own mine. Granted, I put $15,000 down.

Fraxum · 02-12-2016, 09:53 PM

OP do the smart thing, wait. There may well be 2017 Camaro improvements besides losing the $4K.

raptor5244 · 02-12-2016, 09:56 PM

I think it goes without saying that this is not a good financial move. $600 a month to lease this car is too high IMO. You could probably finance it for that much instead of leasing. Also 51% residual is very discouraging. When I leased my 2013 2SS 1LE the residual was 62% after 3 years. $2k down $400 per month.

Anyway, the better financial move is to wait out the lease on the Malibu so you don't roll all that negative equity into another lease. Instead, since this car does not lease well at this time it would make more sense to save up for a down payment and finance it assuming you plan to keep it for more than 3-4 years.

Corona · 02-12-2016, 10:15 PM

Thanks guys. You're right the smart thing is to wait. It's just also the hardest thing haha

1sspat · 02-12-2016, 10:38 PM

I'm with you man, waiting is not fun and definitely the hardest part. But I know what I want I and don't want to settle, so I need some more time to save until it makes financial sense to pull the trigger. My opinion would be to wait as well. Good luck sir.

ParisTNDude · 02-13-2016, 05:41 AM

I couldn't agree more with some of the comments made. $4K is a whole lot of money to give up on the deal. If they aren't able to offer more trade or reduction in price of the new car, walk and wait.

Another option, of course, is to sell your lease at near retail price to a private party. That might make a huge difference.

freddyD · 02-13-2016, 07:18 AM

NO!

ST1LE · 02-13-2016, 08:52 AM

Quote:

Originally Posted by Corona

Thanks guys. You're right the smart thing is to wait. It's just also the hardest thing haha

You and I are in similar boats. I have until May 2017 only Camry lease.

The release of the 1LE is making is really hard to wait, but there is NO way I am going to let that cost me money now.

I will let it work to my advantage and use this time to save money to reduce my monthly payments come 2017.

Also, keep in mind by then you will likely see some improvements in the offerings, that you won't be able to take advantage of if you buy now.

2016SS · 02-13-2016, 10:03 AM

Try and come up with the 4000 to make the difference if you can. I put 12000 down and my trade in was 11000 I owed 2800 on that also so I bought it out. So it's like I put 23000 down. Everyone's financial situation is different but don't put yourself into a high payment that may effect your life style.

Either pay the 4000 or wait is just my opinion to save yourself from a higher payment.
Good luck

motorhead · 02-13-2016, 10:56 AM

If the new car is more important to you than losing money then go for it.

02-12-2016, 09:01 PM	#1
Corona Drives: 2015 Malibu Join Date: Jan 2016 Location: Chicago, IL Posts: 34	Should I do it? 2016 Camaro 2SS - 8SPD Auto, NPP, NAV, Sunroof, 20" Split Spoke wheels -- MSRP $46450 --Discounted to $44,950. After $1000 private offer, $1000 dealer offer. Purchase price of $42,950. --Here is the nut kicker. Buyout for my 2015 Malibu lease is 20,800. Dealer trade-in $16,800. (4k negative equity boooooo). --48 month lease. 12k miles per year. Residual Value $21,xxx. (51% residual) ---- Taxes of approximately 2k rolled into lease. $900 out of pocket at signing to cover 1st month and registration. Total monthly payment...... $600. Sleeping on it tonight and going into the dealership again tomorrow. Thoughts? __________________ 2000 Acura Integra 2008 Nissan 350z 2010 Lexus IS 2015 Chevrolet Malibu Last edited by Corona; 02-12-2016 at 09:37 PM. Reason: fixed a number

02-12-2016, 09:43 PM	#5
63falcondude Drives: 16 Camaro, 11 Stryker, 00 Explorer Join Date: Dec 2015 Location: NJ Posts: 1,214	I'm paying less than $500 a month to own mine. Granted, I put $15,000 down. __________________ NGM, 2SS, 6MT, NPP, MRC, Nav, Kalahari, Grey Wheels 1100 12/14/2015 3000 1/8/2016 (TPW 2/1) 3800 2/1/2016 5000 3/5/2016

02-12-2016, 09:53 PM	#6
Fraxum Drives: a M6 LT1 ordered From Becky!!! Join Date: Jan 2010 Location: NJ Posts: 7,520	OP do the smart thing, wait. There may well be 2017 Camaro improvements besides losing the $4K. __________________ "Democracy Dies in Darkness" My LT1 Keeper ..... ..... My Car Blog CarPlayList, a free App to build USB and Android Music drives.

02-12-2016, 10:15 PM	#8
Corona Drives: 2015 Malibu Join Date: Jan 2016 Location: Chicago, IL Posts: 34	Thanks guys. You're right the smart thing is to wait. It's just also the hardest thing haha __________________ 2000 Acura Integra 2008 Nissan 350z 2010 Lexus IS 2015 Chevrolet Malibu

02-12-2016, 10:38 PM	#9
1sspat Tampa Gulf Coast Family Drives: 2016 2SS, 6SP, NPP, MRC, NAV Join Date: May 2010 Location: Bradenton, FL Posts: 412 View My Garage	I'm with you man, waiting is not fun and definitely the hardest part. But I know what I want I and don't want to settle, so I need some more time to save until it makes financial sense to pull the trigger. My opinion would be to wait as well. Good luck sir. __________________

02-12-2016, 09:33 PM	#3
DDustiNN Drives: Cars Join Date: Feb 2009 Location: N/A Posts: 1,986	Wiggle wiggle wiggle wiggle wiggle, yeah! $600 is pretty steep for a lease. That's pretty close to a purchase payment. Work up that trade-in value, or just wait until your lease is up. Losing $4,000 on a lease is not worth it. You're just giving that money away for absolutely nothing.

02-12-2016, 09:56 PM	#7
raptor5244 Drives: 2022 CT4-V Blackwing Join Date: Sep 2013 Location: Florida Posts: 2,723	I think it goes without saying that this is not a good financial move. $600 a month to lease this car is too high IMO. You could probably finance it for that much instead of leasing. Also 51% residual is very discouraging. When I leased my 2013 2SS 1LE the residual was 62% after 3 years. $2k down $400 per month. Anyway, the better financial move is to wait out the lease on the Malibu so you don't roll all that negative equity into another lease. Instead, since this car does not lease well at this time it would make more sense to save up for a down payment and finance it assuming you plan to keep it for more than 3-4 years.

02-13-2016, 05:41 AM	#10
ParisTNDude Owning SSes for 50 Years Drives: Sharkskin Grey LT1 Join Date: Apr 2010 Location: Paris, TN Posts: 3,139 View My Garage	I couldn't agree more with some of the comments made. $4K is a whole lot of money to give up on the deal. If they aren't able to offer more trade or reduction in price of the new car, walk and wait. Another option, of course, is to sell your lease at near retail price to a private party. That might make a huge difference. __________________ The new ride: 2023 Camaro, LT1, Sharkskin Grey Previous Performance Cars: 1966 Chevelle SS 4M, 2010 Corvette 6M 1968 Dodge Charger R/T Auto 2012 1SS 6M 1982 Corvette Auto 2010 1SS 6A 1984 Corvette Auto 2016 2SS 8A 1999 Camaro Auto 2017 HBM 1SS 1le 2002 C5 Corvette 6M 2018 2SS 2006 Corvette Auto 2023 Camaro LT1

02-13-2016, 07:18 AM	#11
freddyD Drives: 2020 rally green rs Join Date: Oct 2013 Location: Naples Florida Posts: 1,159	NO!

02-13-2016, 10:03 AM	#13
2016SS Drives: 2016 Summit White 2SS Join Date: Jan 2016 Location: Ontario Posts: 423	Try and come up with the 4000 to make the difference if you can. I put 12000 down and my trade in was 11000 I owed 2800 on that also so I bought it out. So it's like I put 23000 down. Everyone's financial situation is different but don't put yourself into a high payment that may effect your life style. Either pay the 4000 or wait is just my opinion to save yourself from a higher payment. Good luck __________________ 2003 Cadillac CTS Sold 2006 Nissan 350Z Sold 2008 Cobalt SS/TC Sold 2016 Camaro 2SS Summit built 3/28/16 delivered 2018 Camaro ZL1 cancelled by GM 😡 2019 Corvette 2lt Z51

02-13-2016, 10:56 AM	#14
motorhead Drives: Love the one you're with Join Date: Sep 2009 Location: Downtown Charlie Brown Posts: 11,850	If the new car is more important to you than losing money then go for it.

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