Just picked up an 06 black ss s/c. Talked to the dealer about pricing and gave me time to decide on whether to lease or buy it. It roughly comes out to the same price in the end ($200 difference). Just wondering if anyone has any pros or cons for each.

 

If you lease and don't pay the big payment at the end of the lease term, you just lose the money you put in for those 3 yrs and walk away. I hate the lease, at least buying you get equity built up in the vehicle and after enough time can make a little of your money back, plus with a lease there are mileage penalties and such... buy all the way.

 

BUY. dealers will change the price on you.

 

Agreed, Just buy it. Leases suck.

 

BUY!!!

I just got out of a lease on a blazer. I paid $22,700 for it off the lot, that was bluebook value. When I was finished paying that (I leased it for 5 years), to buy it, I would have to pay ANOTHER $9800!!! 22,700+9800=$32,500 for a USED Blazer that was valued at $22,700

What they dont tell you is...you have to pay a $400 "turn in" fee for transactions. THEN if it has been neglected or abused, you have to pay to have that fixed. I had 12-15 dings on my hood from gravel and such, and have to pay $157 + I have to pay for auto insurance (so it doesnt get stolen) until everything is finalized! this is AFTER I turned it in on August 13th! Like RedCobaltSS06 said, at least if you buy, you have equity in it, and if you lease, all the money you paid in, is lost. I lost BIG on this lease, and am STILL paying for it, and look to pay for it until my current car is paid off!

 

i leased mine
do you your own research, check edmunds.com
people on here are way too biased for buying

did all you guys buy your house, or are you renting an apartment?
cuz its the same principle

 

People are bias becuase there are many more Lease scams than there are buying scams...

You have to knwo why your getting a car before you can decide, If it is going to be a car you drive to work ect ect just to drive and haev and you plan on getting a newer car in 1-4 years than leasing is just fine, make sure its not a scam thats all

If you want the car to be yours from beginning to end and be able to do whatever the hell you want to it, then buy it especially if you plan on keeping it for more than 3 years or so.

Also watch out for all of these crappy plans that help people buy cars they cant afford, like SMARTBUY... the nickname in the car business for it is STUPIDBUY according to my bowling teamate (who happens to manage a dealership or two) just though bowling was more important.

If you cant afford a car dont buy it, dont ge tricked into the low payments and then forget that you will have to pay what the car is worth after 4 to 5 years in one balloon payment. Yes there are ways to work Smartbuy to your advantage but for the most part... scam

For years these were called staright up BALOON LOANS... then when people caught on that they were no good... hmmm Smart Buy... yeah about that

 

If you are the type of person who trades every few years then lease. You get to walk away and not have to worry about trying to get your money out of the trade. If you like to hang onto vehicles longer buy. If you like to do a lot of mods to the vehicle buy, you wont get your money back out of the mods. Yes you can mod a lease as long as what you put on is equivlent or worth more than original. Engine mods may not be aloud. If you put on a lot of miles do not lease. Never lease for more than three years, if you get sick of it and want to trade out early you will pay through the a$$.

 

another thing to think about if you want to mod your car ..you wont be able to on a lease ...I say buy since its soo close ..

 

buy it..........id never lease again......

 

i don't rent or lease... same principal exactly, thats why i hate them both. i want to be paying on something for me to own. leasing is right for some though, just have to do your own research like tiny said.

 

IMO, buy it. I leased my last 2 vehicles and it's not worth it. Like everyone said, if you don't buy the car at the end, you've basically thrown away every payment you've made. And in many cases (mine included) the buy-out price ends up being more than it's worth. I will NEVER lease again. Payments might be higher with a buy, but at least in the end you'll OWN the car. Just my 2 cents though.

 

my cobalt is my second lease, and i love my low monthly payment ($160/mo) and when i turn it in, i dont have to worry about selling it. and if your dealer sells it for more than the price listed in the lease documents, then you take a cut of it. my mom made several hundered off of her last trailblazer. leasing is just right for me now. i take care of my cars and they look new when i turn them in and i dont drive a large amount of miles. thats just my $0.02

 

every1 that is telling him to buy it

did you buy a house? or do you rent a house or an apartment?

cuz its the same way
if you make enough to buy it, do it
if you cant afford buying it, lease it

 

the dealer was pushing for a lease so I know there has to be a reason behind it (profit?). He gave me the option on whether to lease or buy and everyone just reassured my decision on buying.

 

Hell, look at it this way...You lease a 05 or 06 then you get to trade it in and get a 08 and just keep doing that until you have it payed off and you get to keep the car. Remember if you get to keep a percent of the money you pay for a lease. Hell you will still be paying a little more in the end but you will have a car that is 3 or 6 or whatever years newer when you buy it. There are pros and cons for both.

 

Hey, who's the dealer? I leased my Black '05 SS/SC from Dan Kane. The reason I leased was that it was a first year car, if it turns out to be a lemon (which I now strongly believe it won't) I can just walk away from it. It will be under full bumper to bumper warrentee for the length of the lease. Also, I didn't have a huge down payment up front, I can save for the buyout at the end of the lease.

I'm from Windsor, in the Tecumseh area all the time... Look forward to seeing another SS S/C on the road!

 

Technically its not a lease anymore its a smartbuy...and its a great program IMO....im only paying $220 a month for an '05 SS/SC NO MONEY DOWN AND NOT THE CRAP 10K MILES A YEAR I GOT THE 15 K A YEAR....now i priced out how much it was to buy...and i was like DAAAMMN.....it was WELL OVER $400 a month...with taxes and all the other crap
any way at the end of the 4 years i have driven the car there will be $11,000 on the car that I DIDNT PAY FOR....yet the car will only be worth like 6k or 7k.... it saves me the hastle of having to sell the car, or get ripped off on a trade in
ALSO: you could do these low payments for the 4 years of the Lease (Smartbuy) and at the end you have the option to finance the rest of it if you really want to keep it...
IF NOT...then get a new car under the smart buy program....

 

KEEP IN MIND...THE MOST COMMON THING THAT PEOPLE DO ONCE THEY ARE DONE PAYING THEIR CAR OFF....IS SELL IT
now if you are one of those people who do that then you lose out, cus if you would have done a smartbuy, you would have had cheaper payments all along, plus an extra 3 grand in your account once you handed your car in (vs selling your car [ if you financed it] )
if that makes sense to you
sorry if it doesnt

 

abarnhard....i got mine from dan kane as well...if your the person i think ive seen, than you prolly go to the U, because thats the only black ss sc i've seen in windsor

 

Since this is the second time in the thread you have said the same thing, I will answer it for you. I bought my house, tired of throwing my money away on rent, just like a lease is a long term rental of a car.

Does everyone buy a house instead of renting? No, but even if a house did not increase in value vs a deprecating asset in an automobile, everyone knows that buying makes more sense than renting. They may just not be able to afford the house they want in the area they want. Same thing for a leased car, it is for people who <generally, there are exceptions I am sure> want to drive a car THEY CANNOT AFFORD to buy. If people took what they can pay in rent and bought something, it might not be in the area they want or as big as they want, but they will have something to show for it at the end of the payments. They simply chose to pay less for where they want to live and forgo the equity. No different than chosing to lease more car than they can afford, they could buy a lesser car for the same money, but for whatever reason, the decide to not go that route and lose out financially. Does that mean it is a good idea to lease?

Now, if you want to drive more car than you can afford to buy, don't drive that many miles, and take excellant care of the vehicle while wanting to get a new one every 3 or 4 years, then leasing may make sense to you. Not financial sense, it is a loser all the way around for the money spent, but there is less hassle selling it at the end, your vehicle is always under warranty, etc. So if those benefits are worth the extra money spent to you(the difference of lease payments made- (buy payments made - vehicle value)), then enjoy. Just remember, the first year shows the biggest depreciation in a vehicle's life and that depreciation is paid in a lease, same as a buy, but you get nothing to show for it at the end.

Since the original post wanted opinions on what he should do lease/buy and the cash outlay is going to be about the same, it is a no brainer. If the interest is the same on both loans. Might as well build equity.

 

You won't get an equity on these cars. These aren't '64 stingray's

 

Nope. I graduated in '03, and have only driven near there in the cobalt once or twice.

So far, I've only spotted 1 Yellow, and 1 Blue SS/SC around town. A friend spotted a black one out in Harrow on the weekend, thought it was mine.

I hope to see you around sometime. There's so many SRT-4s around here, so few SS S/Cs.

 

agreed. Unles you make a very alrge downpayment---you will likely owe more then the cars worth for several years. Thats called "being upsidedown" a lousy place to be.

I leased and I think its right for me.

 

everyone's situation is different, and for some leasing will be the only way to go, and for others buying makes the most sense.

I was fortunate to be in the situation where I could put a sizeable amount down and could afford around $500/month payments, so I will have the car fully paid off in 2.5 years and I dont have any plans of selling it for a long time, if ever. I'd get a new car if/when I "need" to.
also it works out that over the 2.5 years I will have paid just under $1000 in interest on the loan. So, I cant complain.