PDA

View Full Version : '07 Z06 lease


clyde
11-12-2006, 07:53 PM
Saw an ad in Saturday's paper. New 2007 Z06 lease:

$999/mo
12k miles/year
$7999 due at signing (not incl tax, tags and title)

63 months

FT@SGP
11-12-2006, 08:00 PM
...and you have to pay another $50K at the end of the lease?

FC
11-12-2006, 08:17 PM
$71K to rent a car for 5 years?

:ack:

clyde
11-12-2006, 08:37 PM
$7999 due at signing

Whoops...$7998 due...but I also left out the $49 processing fee.

SARAFIL
11-12-2006, 08:53 PM
Saw an ad in Saturday's paper. New 2007 Z06 lease:

$999/mo
12k miles/year
$7999 due at signing (not incl tax, tags and title)

63 months

63 months???

I didn't think they had anything worse than the 53 month lease I saw on a Mercedes in the paper this morning.

If I lease a car, it's because I want short term... 36 months at the most, with 24 or 30 being better.

CABINBLACKM3
11-12-2006, 09:23 PM
I agree short term lease good.....Long term lease....well thats insane.

lemming
11-12-2006, 09:31 PM
this thread makes me think about the $699 a month lease i see Porsche dealers advertising for the base Cayman.....(puts the Z06 lease price into perspective, doesn't it?).

anyway, $1000 a month for 63 months is absurd --especially for a product that is guaranteed to fall like a rock in residual terms.

lemming
11-13-2006, 08:21 AM
This is absurd.

My GT2 was 0 down, 2 grand tax included per month, 12K per year for 3 years, with a buyout of 85K.

I think I posted earlier that we were looking into the Z06 lease, but the number was just absurdly bad that we nixed the idea.

please don't tell me that your business pays for most of that lease.

:jawdrop:

FC
11-13-2006, 09:14 AM
please don't tell me that your business pays for most of that lease.

:jawdrop:

:eeps:


Regardless of "who" pays for it, I know I shouldn't be surprised since it is one hell of an expensive car, but I can't imagine 24K a year to lease a car.

FC
11-13-2006, 01:29 PM
Not most, but enough that it makes no sense not to lease. Of the 12K miles, around 3K is personal. This is why the beater has had close to 70K miles put on since I bought it in November of 2003.

Not to suggest anything, but isn't one's business car supposed to be within certain guidelines of what is appropriate for its use? I thought I read that a while ago.:dunno:

killerdeck
11-13-2006, 01:48 PM
Not to suggest anything, but isn't one's business car supposed to be within certain guidelines of what is appropriate for its use? I thought I read that a while ago.:dunno:

Other than not being able to write off "commuting" miles, one's business car can be just about anything. Since I work from home and go to clients houses once in a while, I am able to write off mileage on my personal vehicle to help me keep the cost down in those situations. Once you start driving all over the place for clients, it becomes incredible how much you can afford to drive and not feel bad about writing off most of the cost.

FC
11-13-2006, 02:08 PM
I see. Thanks guys.

Sharp11
11-13-2006, 07:45 PM
It's all relative.

Many people can't imagine paying a grand a month for 60 months to own a stripper E46 M3. Or $1200 a month for 60 month for a loaded E46 M3.

Locally, I'm seeing lease rates on M3 convertibles, loaded, in the high fives, 24 months, a couple thousand down.

This to clear out 06 stock.

Ed

lemming
11-14-2006, 04:48 PM
Locally, I'm seeing lease rates on M3 convertibles, loaded, in the high fives, 24 months, a couple thousand down.

This to clear out 06 stock.

Ed

e46m3 cabrio --> the stinkage.

JST
11-14-2006, 05:43 PM
Locally, I'm seeing lease rates on M3 convertibles, loaded, in the high fives, 24 months, a couple thousand down.

This to clear out 06 stock.

Ed

Silly to put any money down on a lease. Factor out the couple thousand and you are in the high sixes/low sevens. Not a great deal, IMHO, but then again the E46 M3C has never appealed to me.

FC
11-14-2006, 06:38 PM
...then again the E46 M3C has never appealed to me.

:+1

rumatt
11-14-2006, 06:48 PM
Silly to put any money down on a lease.

That's just not a fair statement without considering the other lease terms.

Would you lease a [put your favorite expensive car here] for $3000 down, $10/month for 36 months?

JST
11-14-2006, 07:08 PM
That's just not a fair statement without considering the other lease terms.

Would you lease a [put your favorite expensive car here] for $3000 down, $10/month for 36 months?

Actually, it's true basically no matter what the terms of the lease. The lease you describe, with a $3K cap reduction, would be reasonably cheap even without the cap reduction. I suppose it is possible that there is a special lease rate that involves some sort of bad ass money factor and residual that you can ONLY get with a cap cost reduction, but I've never run across such a thing. Usually the MF and residuals are set independent of cap cost reductions (BMW's MSD program is obviously completely different).

The problem with putting money down is that if you total the car, or if the car is stolen, or if you do something like lemon law the car, it ranges from certain to nearly certain that you will never see that money again.

rumatt
11-14-2006, 07:11 PM
I suppose it is possible that there is a special lease rate that involves some sort of bad ass money factor and residual that you can ONLY get with a cap cost reduction

Yeah, that's what I meant..

but I've never run across such a thing. Usually the MF and residuals are set independent of cap cost reductions (BMW's MSD program is obviously completely different).

Fair enough. In that case, I agree with you.

lemming
11-15-2006, 07:57 PM
i don't think i could pay for a lease that costs $1k or $2k a month because for a car like this, i simply don't drive it enough. and in my new england way, i'd have a hard time paying that much money for a car that basically sits in a garage most of the time.

in the end, it's an incredible ownership experience. but $1k a month or $2k a month? not really. the z06 makes a Cayman S look expensive (it IS), a 911 look ludicrously overpriced.....but the z06 also makes cars such as the mustang GT, wrx, or an Evo look like uber-deals.

Alan
11-16-2006, 04:01 PM
Silly to put any money down on a lease.

A lot of people would agree with you on this but for some reason mentally I couldn't go in that direction.

I had an old neighbor try to convince me that putting any money upfront on a lease doesn't make any sense. For me as well as most people, it isn't about doing the smart thing, it really comes down to keeping a payment at a certain number ... maybe it's not the best way to look at it but payments are a stress factor for most people.

FC
11-16-2006, 04:05 PM
Maybe it's that I deal with numbers for a living, but to me, money is money. I have no psychological attachment to the rate at which a certain amount of money will be paid. It just has to make financial sense.:dunno:

JST
11-16-2006, 04:09 PM
A lot of people would agree with you on this but for some reason mentally I couldn't go in that direction.

I had an old neighbor try to convince me that putting any money upfront on a lease doesn't make any sense. For me as well as most people, it isn't about doing the smart thing, it really comes down to keeping a payment at a certain number ... maybe it's not the best way to look at it but payments are a stress factor for most people.

Maybe--but there is a corresponding stress that comes from writing out some sort of ginormous check (and not having the money in the bank anymore).

Alan
11-16-2006, 04:16 PM
The big picture really is how much is this going to cost over X number of years ...

Like in my case the Audi is costing me around $25k to lease for 2 yrs ... figuring that it is coming from my business, real cost to me is really $17k to $18k


Come on guys work with me here ... lately I have been stressing over this whole lease thing ... I like to buy my cars and was convinced to lease the Audi by my mentor (who BTW buys all of his cars). I must have called Audi Financial 3 or 4 times in the last few months to find the buy out amount but they want $43k+tax which is $7k over the trade in value ...

FC
11-16-2006, 04:25 PM
The big picture really is how much is this going to cost over X number of years ...

That's right. To that end, provided the lease is good, depending on the type of car, a lease is quite nice. You know EXACTLY what the car is costing you.

But to put X down to make the payment be Y/month because that's your happy number doesn't make sense to me.

JST
11-16-2006, 04:32 PM
The big picture really is how much is this going to cost over X number of years ...

Like in my case the Audi is costing me around $25k to lease for 2 yrs ... figuring that it is coming from my business, real cost to me is really $17k to $18k


Come on guys work with me here ... lately I have been stressing over this whole lease thing ... I like to buy my cars and was convinced to lease the Audi by my mentor (who BTW buys all of his cars). I must have called Audi Financial 3 or 4 times in the last few months to find the buy out amount but they want $43k+tax which is $7k over the trade in value ...

Leasing makes sense in a certain set of circumstances. It's especially useful on certain German marques, such as BMWs, because the manufacturers use leasing as a way of delivering incentives that they don't offer to purchasers. At the same time, it is not tremendously easy to get yourself out of a lease mid-stream; it can be expensive, especially if you are in the middle of a subvented lease with an artificially jacked up residual. Take my Audi lease--Audi gave me something like a 73 percent residual on a two year lease. Ain't no way that A4 is going to be worth 73 percent of new in two years, and I'd bet it isn't even close to that now. So, the buyout is going to be a lot higher than the trade in value, but that's the price I pay for getting a subsidized lease.

One other point about leasing, though. Typically, even people who do cap cost reductions put far less down on a lease than they would on a purchase. For serial monogamist car owners, this can exaggerate the difference between the "stickiness" of a lease versus a purchase. You might put 20 percent down on a purchase, and when it comes time to trade the car, give it to a dealer and walk away. You've lost that 20 percent, but because you didn't have to pull out your checkbook, you feel like you broke even. A lease, OTOH, might require you to write a check to get out of, but is it really going to be any bigger than the 20 percent you might have lost on a purchase? Unlikely.

lemming
11-16-2006, 09:21 PM
Leasing makes sense in a certain set of circumstances. It's especially useful on certain German marques, such as BMWs, because the manufacturers use leasing as a way of delivering incentives that they don't offer to purchasers. At the same time, it is not tremendously easy to get yourself out of a lease mid-stream; it can be expensive, especially if you are in the middle of a subvented lease with an artificially jacked up residual. Take my Audi lease--Audi gave me something like a 73 percent residual on a two year lease. Ain't no way that A4 is going to be worth 73 percent of new in two years, and I'd bet it isn't even close to that now. So, the buyout is going to be a lot higher than the trade in value, but that's the price I pay for getting a subsidized lease.

One other point about leasing, though. Typically, even people who do cap cost reductions put far less down on a lease than they would on a purchase. For serial monogamist car owners, this can exaggerate the difference between the "stickiness" of a lease versus a purchase. You might put 20 percent down on a purchase, and when it comes time to trade the car, give it to a dealer and walk away. You've lost that 20 percent, but because you didn't have to pull out your checkbook, you feel like you broke even. A lease, OTOH, might require you to write a check to get out of, but is it really going to be any bigger than the 20 percent you might have lost on a purchase? Unlikely.

you guys and your stupid logic convinced me to lease the V. i hated every month of it for the first 6 months. but then i realized what a steal it was to drive a car like this for what i am paying --and it's a double bonus that i can turn it in at the end and walk.

while i am greatly enamored of the V, it's got a lot that i won't tolerate out of warranty. so your logic actually saves my bacon.

Rob
11-20-2006, 04:39 PM
you guys and your stupid logic convinced me to lease the V. i hated every month of it for the first 6 months. but then i realized what a steal it was to drive a car like this for what i am paying --and it's a double bonus that i can turn it in at the end and walk.

while i am greatly enamored of the V, it's got a lot that i won't tolerate out of warranty. so your logic actually saves my bacon.

Just out of curiosity, have you actually had any of the problems you won't tolerate outside of warranty? I haven't. When I think about it, this car has been 100% solid, with a minor exception of the paint flaking off the radio buttons. All my other issues were self ikmposed (if I had left the wheel hop alone, for example, it would have gone away when I changed tires and I wouldn't be on bushing set number 3).

I know the faults are highly documented and loudly screamed about, but I think they happen to people that mod their cars and treat them like drag racers. *shrug* There are some issues, but no more than any other high performance car.

lemming
11-20-2006, 04:53 PM
Just out of curiosity, have you actually had any of the problems you won't tolerate outside of warranty? I haven't. When I think about it, this car has been 100% solid, with a minor exception of the paint flaking off the radio buttons. All my other issues were self ikmposed (if I had left the wheel hop alone, for example, it would have gone away when I changed tires and I wouldn't be on bushing set number 3).

I know the faults are highly documented and loudly screamed about, but I think they happen to people that mod their cars and treat them like drag racers. *shrug* There are some issues, but no more than any other high performance car.

don't get me wrong, i love the car. but i feel that the drivetrain should be as robust as the c5 and it is not, for whatever reason.

so, instead of enjoying the car fully, i take pause and think long and hard about judicious WOT applications. i hope they've rectified most of this in the genII CTS-V. my differential does not get a lot worse...but it's on a nice slow slide into oblivion. and it irritates me.

Rob
11-20-2006, 05:06 PM
Well I never think about wot. I just do it. I do it at least twice a day, as a matter of fact. If my differential is going to go, I want it to go during the warranty. So far, I have noticed 0 problems. But it could let go on the way home and I did have a few nervous minutes thinking about what would happen if it blew in teh middle of Arizona this weekend.

clyde
11-20-2006, 06:50 PM
A used dif for the CTS-V is about $450-$500. Shouldn't be too tough to install. Yeah, that's a bill you don't want to get hit with anytime, but it's cheaper than a lot of parts that are likely to go.

And the truth is, there are any number of things on modern cars that can quit and leave you stranded anywhere at any time with no warning.

lemming
11-20-2006, 06:58 PM
A used dif for the CTS-V is about $450-$500. Shouldn't be too tough to install. Yeah, that's a bill you don't want to get hit with anytime, but it's cheaper than a lot of parts that are likely to go.

And the truth is, there are any number of things on modern cars that can quit and leave you stranded anywhere at any time with no warning.

true.

that's good perspective on the matter.

i think i just need some feng shui on the whole thing. but it still annoys me greatly to hear the hum at odd times when i'm ambling around town.

just for perspective (and a lot of people point this out): it is a car that costs more than 50k. this sort of thing is aggravating even if it was on a civic --but more so to me because it's on an otherwise well engineered car.