Buy or Lease?

[cerberus]

Just about ready to pull the trigger on a C5. I know how much I can spend every month, and would prefer to buy, but seems like I can get a whole lot more Vette for my payment each month by leasing.

Leasing:
+ more Vette for the money (really low mileage 03 or 04)
+ warranty
+ low sales tax
- stuck with it for duration of contract (what if wife gets preg with triplets)
- not mine at end of contract (option to purchase or lease a C6 though)
- can't customize or modify
- must hold to 18k or 20k miles a year (depending on lease option)

Buy:
+ mine at end of payments
+ can sell at any time
+ can customize as I see fit
+ can drive as many miles as I can buy tires for
- would have to settle for older (99-01) Vette with more miles
- probably no warranty
- depreciation
- reliability issues as car ages???

If you weren't in a hurry, and were willing to travel to pick up the car, but were on a pretty limited budget, what would y'all do? Also, any of you ever buy or lease through thevettenet.com or any other places like it?

 

[MoeJr]

leasing is an affordable option and u can sell it during the lease period on some leases as long as you get enough to pay it off. If the lease has u stuck in it for the duration and you are afraid the wife may become pregnant with triplets ya gonna have to break out the raincoats . Seriously there are pros and cons to both options. On something like a Vette I prefer the buying route. Just my .02.

 

[DRTH VTR]

In general, the most cost effective way to drive a car is to buy a used car and drive it a long time. Having said that, I am not sure that I can apply that rule to a Corvette. I get remarkably dumb around cool cars that I want to drive. Come to think of it, I get dumb around pretty women, too.

 

[JBsC5]

I would buy an o2 Z06 low mileage from one of the members of www.z06vette.com If you want a coupe? or vert? I'd look at the various internet corvette sites for someone who is preparing to buy a C6.


Do an in and out at the dealership he's buying from. It costs about a hundred dollars for the paperwork and they usually will be glad to do financing of the vehicle as well if you want it.

Pre owned by a forum member you can check his past posts to see how he treated the car and how it treated him.

Thats what I would do.

Figure 33 for a very low mileage (under 10K) 2002 Z06. Thats my suggestion for what its worth.

6600 down plus tax and licencing. 540 a month for 5 years (give or take a few pennies)

Better to own than lease in my opinion and I've done both..(leased 1st c5 coupe ...then purchased it) then sold it for the 2001 Z06.

Owning is a better gig. IMHO

 

[JBsC5]

What do U want to spend?


How much down?

Stick or automatic?

Z06/Coupe or convertible?

Toy or everyday driver?

How long do U want to keep it?

 

[cerberus]

No that it matters, but here's my scoop...

I'm 31, recently married and thinking of having our first child. However, my daily driver (99 Toyota 4X4) is paid for, the credit card is paid off, the student loans are finally paid for, and the wife has a good family ride (2001 Toyota 4Runner), and we both have good jobs. So... I say it's FINALLY Corvette time, as long as I maintain a limited budget.

This means a max payment of around 500 a month. This means probably no more than 25 grand for my c5, which in turn means probably no newer than a 99 or 00, if I want fewer than 30 or 35k miles. But, like somebody said earlier, Vettes are kind of like women, in that you want the hottest one you can lay your hands on, and that 5 hundee a month would lease me 18 or 20k miles a year on a 03 or 04 (maybe even Z06) with less than 10k miles.

I plan to keep the car for a few years (3-5), and then probably upgrade to a newer model. I guess I'm not really asking which is better, as both have their advantages. I'm looking to get some advice on getting the most Vette for me moolah while limiting my financial exposure in case that "first child" really does turn out to be 3 of em!

Oh yeah... must be a stick, coupe, or hardtop (Z06 would be okay too!!).

 

[JBsC5]

3 years ago I sold my 1999 C5 A4 for $26,500 with z51, glass top, active handling (28,000 miles) MInt condition and 4K miles on a new set of michelin non runflats.


Great car. Just imagine what it would be worth today?

I say get the 1999 C5. Just decide if you want Automatic or stick shift and your hunt is on.

 

[Tom73]

This means a max payment of around 500 a month. This means probably no more than 25 grand for my c5, which in turn means probably no newer than a 99 or 00, if I want fewer than 30 or 35k miles.

Just another thought, may be a few dollars more but check out a new '04 coupe. They have huge discounts on them and you can get 0% financing for 60 months. The discounts and financing could get the payments down close to the area you want.

tom...

 

[jrose7004]

I just like to own my cars!

 

[cerberus]

Thanks for the input. Any other opinions would be welcome. Also, has anybody ever bought or leased anything through thevettenet.com? Saw some decent deals on there, and am willing to travel to get the right car....

 

[Skull One]

I only see one issue with leasing, what will be your mileage limit? I am currently leasing my '04. Wife wanted me to do that because she thought the Vette would be a toy I would tire of. Well right now I am 3.5K miles over my avg for the lease. And at current useage I will be over by 9K at the end. I am lucky enough that I can pay off the car at the end of lease with no issues. So in 25 payments it will be mine. Boy was she wrong about me tiring . But if I didn't have that reserve cash, I would be screwed big time for being so far over on mileage. Something to consider.