How do I know if I'm getting a good price on a Lease?

Question

I want to least the new 2010 Camero when it comes out in 2009. If it's $30,000 how much should the lease payments be? What is a good deal for $25,000?

Answer 1

don't lease a car that is dumb i have done this for quite a number of years and its not good. it keeps getting higher and higher when you go back and turn the car in and they cheat you eventually and to get ou tof it its a nitemare. so just find something you like and buy it and now with the gas crunch got o honda, or forieng made car with the gas milage and the one that is good is honda fit. they are nice cars and well worth it.

Answer 2

Lease payments depend on the price you negotiate with the dealer (not sticker price), the number of months in the lease, any down payment you might choose to make, the interest rate (depends on your credit score), and the lease-end residual value (estimated resale value). Here's a lease payment calculator that you could use to play around with the numbers to see what kind of payment you might have to make:

http://www.leaseguide.com/calc.htm

Good luck.

Answer 3

Check Kelly Blue Book closer to when the Camaro comes out. Their website is kbb.com

Answer 4

Odds are, a hot new car will not be heavily discounted at introduction.  The higher performance ones will probably command a premium.  To illustrate, the 2008 Dodge Challenger SRT8 is pulling fifteen grand over sticker, while Shelby Mustangs are getting five grand over in their second year.  P T Cruisers were five grand over sticker in their first year, though you can now get one new for well below 13 thousand (!!!)

If you are looking for a more consumer friendly version of the Camaro, expect to pay close to sticker initially.  The good news, a strong retail demand will create a strong lease residual initially.  What you pay on a lease depens more on the residual than on the price.

Federal law requires a dealer to disclose the selling price of the vehicle on a lease contract, so the days of fooling consumers with a lease contract are behind us, at least if the consumer reads the numbers on the contract before signing.

The other variable is the lease factor, which the contract does not disclose.  The dealer participates in the lease factor, which is like interest, but a bit more complex.  Today, a good lease factor is .0030 or less (this is the equivalent of about 6 percent APR).  Ask to see the factor on the F & I screen before you sign.  The dealer can make an addtional grand or more with a high lease factor.  All of this assumes you have good credit.

Also, GMAC has historically supported dealer sales with enhanced residuals, making their leases very attractive in some cases.  BUT, GMAC leases have contained (in the past) a hidden "bump" of about ten dollars a month , so you may want to have the dealer compare other lender's terms before signing.

Insist on full disclosure before signing ANY contract.  Know what you are getting in to.

Finally, please realize that advertised lease payments usually require big money up front (Cap reduction, taxes and license, dealer fees, etc.) and they never include local taxes, which can be as high as ten percent per payment.

You may find that a purchase makes more sense.  If the residual is less than 50% on a three year lease, buy the car:  don't rent it.

Answer 5

They will not agressively lease these as they want to sell these when they come out. Plus, with Chrysler killing all leasing come the end of July due to the fact they have to eat too much negative equity, look for others to follow their lead shortly. Automotive business needs to become profitable again.