Did I get screwed

dyno1000 · 10-11-2016, 08:34 PM

I am terrible at saying no when I find something I really love. I found a 2016 2SS convertible in nightfall grey with that brownish orange interior that I bought last week. I fell in love with it at the first sight. The msrp was $53k. Pretty much had every option except for MRC. I ended up leasing it for $603 for 48 month. I pay $51 out of that $603 for taxes. I will end up paying $29k to pay off the lease and there is another $18k due after the lease is up if I keep the vehicle that long. Just wanted to share my purchase with you all and get your take and if I made a mistake, maybe others can learn from my mistake. I ended up leasing it because of the cheaper payment.

zeeohh6ex · 10-11-2016, 08:40 PM

I feel like if you bought it with the -20% tag and sold it after 48 months you would be losing less

Homer2 · 10-11-2016, 08:51 PM

$600 a month? eeeek

JBinSD · 10-11-2016, 11:27 PM

Thats not an unreasonable deal at all. I normally lease BMW's because they have such a great (and probably subsidized) residual value. A lease is basically renting the car and paying the depreciation. Unfortunately, Camaro's lose about 1/2 their value in 3-4 years, so you're just financing 1/2 the value of the car, and giving it back. I looked at leasing, and realized that for just a bit more, I can own it, but that also requires me to keep the car over 5 years, a feat I've never accomplished, but I'm trying to be optomistic :-) Just enjoy the car and don't worry about it ;-)

dyno1000 · 10-12-2016, 01:14 AM

I never keep a car over 2 years. Get bored with them way too fast. Thanks JBinSD

gippy87 · 10-12-2016, 03:25 AM

If you're happy with the deal just do your best to not look in the threads of people getting crazy discounts lol. Those threads constantly make me have buyers remorse but the fact of the matter is that the longer you wait to buy it the more you'll likely save on it. Theyre always depreciating and there's always new deals to move them and make way for next year's models.

BigGuy81 · 10-12-2016, 06:22 AM

You're paying $600 a month for a Camaro convertible. That's a terrible decision.

Waiting46 · 10-12-2016, 06:38 AM

Your probably could have bought the car for abour 42-45K with the 20% tag, you do the math on what it would have cost you to purchase. If youre happy with 603 compared to that number, then no, you didn't get screwed

Lafourche1 · 10-12-2016, 10:05 AM

Leasing or buying are all subject to the same depreciation. The decision is do you keep cars for a longer period of time or do you want a new car more often.

If you keep a car for 6-10 years, then buying is your ticket. If you keep a car for 2-3 years, then leasing is your best option. In a lease, you have a new car, under warranty, with paid services (most times included in the package), loaners, etc. Down side is that you have a $550-$800 car note all the time (depends on what you are leasing).

Lukemo · 10-12-2016, 10:44 AM

I'm with you; I have a hard time saying no when I'm looking at something I want.

But heck, I know a guy driving around in a Jeep Patriot with a $550 car payment. That should make you feel better.

bybcous · 10-12-2016, 11:23 AM

Quote:

Originally Posted by Lukemo

I'm with you; I have a hard time saying no when I'm looking at something I want.

But heck, I know a guy driving around in a Jeep Patriot with a $550 car payment. That should make you feel better.

How do you do that? They are below 20k new i believe.

Zosozeppelin · 10-12-2016, 11:39 AM

Quote:

Originally Posted by bybcous

How do you do that? They are below 20k new i believe.

Seriously....He must have done a 0 down kind of deal. Eeek. So many other vehicles I'd rather drive if I had that car note.

10-11-2016, 08:34 PM	#1
dyno1000 Drives: 2016 2SS Convertible Join Date: Oct 2016 Location: Farmington, Missouri Posts: 56	Did I get screwed I am terrible at saying no when I find something I really love. I found a 2016 2SS convertible in nightfall grey with that brownish orange interior that I bought last week. I fell in love with it at the first sight. The msrp was $53k. Pretty much had every option except for MRC. I ended up leasing it for $603 for 48 month. I pay $51 out of that $603 for taxes. I will end up paying $29k to pay off the lease and there is another $18k due after the lease is up if I keep the vehicle that long. Just wanted to share my purchase with you all and get your take and if I made a mistake, maybe others can learn from my mistake. I ended up leasing it because of the cheaper payment.

10-11-2016, 08:51 PM	#3
Homer2 Drives: 50th Anni.. coming home 11/01 Join Date: Jul 2014 Location: Toronto. Ontario Posts: 1,640	$600 a month? eeeek __________________ ##################### Built Sept 16/2016 - #2681 of 5955. She came home with me 11/01/16. 50th Anni, 2SS, A8, NPP, NGM Rock Guards, Footwell Lighting, Black Bow Ties, Street Warrior Rotors and Pads, Ceramic Pro, 3M PPF, Oracle Ghosted Side Markers, Kooks 2" headers w/hi flow cats. GPI Stage 1 Cam installed at 305,000 kms.

10-12-2016, 10:05 AM	#9
Lafourche1 Drives: 2019 CLA 450 Mercedes Join Date: May 2016 Location: South Louisiana Posts: 1,107	Leasing or buying are all subject to the same depreciation. The decision is do you keep cars for a longer period of time or do you want a new car more often. If you keep a car for 6-10 years, then buying is your ticket. If you keep a car for 2-3 years, then leasing is your best option. In a lease, you have a new car, under warranty, with paid services (most times included in the package), loaners, etc. Down side is that you have a $550-$800 car note all the time (depends on what you are leasing). __________________ 2019 Lunar Blue Metallic Mercedes CLS 450 2021 C43 AMG Mercedes Coupe Metallic Cardinal Red 2014 Lincoln MKT EcoBoost (The Bus)

10-11-2016, 08:40 PM	#2
zeeohh6ex Drives: 16 2 ss Join Date: Oct 2016 Location: pa Posts: 34	I feel like if you bought it with the -20% tag and sold it after 48 months you would be losing less

10-11-2016, 11:27 PM	#4
JBinSD Drives: '23 LT Vert M6'16 Hyper 2SS Vert MT Join Date: Sep 2016 Location: Carlsbad, San Diego, CA Posts: 604	Thats not an unreasonable deal at all. I normally lease BMW's because they have such a great (and probably subsidized) residual value. A lease is basically renting the car and paying the depreciation. Unfortunately, Camaro's lose about 1/2 their value in 3-4 years, so you're just financing 1/2 the value of the car, and giving it back. I looked at leasing, and realized that for just a bit more, I can own it, but that also requires me to keep the car over 5 years, a feat I've never accomplished, but I'm trying to be optomistic :-) Just enjoy the car and don't worry about it ;-)

10-12-2016, 01:14 AM	#5
dyno1000 Drives: 2016 2SS Convertible Join Date: Oct 2016 Location: Farmington, Missouri Posts: 56	I never keep a car over 2 years. Get bored with them way too fast. Thanks JBinSD

10-12-2016, 03:25 AM	#6
gippy87 Drives: 2016 2ss Join Date: Aug 2016 Location: RI Posts: 179	If you're happy with the deal just do your best to not look in the threads of people getting crazy discounts lol. Those threads constantly make me have buyers remorse but the fact of the matter is that the longer you wait to buy it the more you'll likely save on it. Theyre always depreciating and there's always new deals to move them and make way for next year's models.

10-12-2016, 06:22 AM	#7
BigGuy81 Account Suspended Drives: Man Join Date: May 2016 Location: https://t.me/pump_upp Posts: 143	You're paying $600 a month for a Camaro convertible. That's a terrible decision.

10-12-2016, 06:38 AM	#8
Waiting46 Drives: 1981 silver corvette,Hyper Blue 2SS Join Date: May 2015 Location: Ohio Posts: 625	Your probably could have bought the car for abour 42-45K with the 20% tag, you do the math on what it would have cost you to purchase. If youre happy with 603 compared to that number, then no, you didn't get screwed

10-12-2016, 10:44 AM	#10
Lukemo Drives: '17 1LT RS V6 6M NPP Join Date: Apr 2016 Location: Rochester, MI Posts: 449	I'm with you; I have a hard time saying no when I'm looking at something I want. But heck, I know a guy driving around in a Jeep Patriot with a $550 car payment. That should make you feel better.

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