New to me

snowman44 · March 20, 2016

I currently own outright my 2008 chevy silverado extended cab. i recently purchased a corvette and now have a payment on that. I have never leased a vehicle before am contemplating trading my truck in and leasing a new silverado or sierra 1500. My plan would be to use the money I get for my trcuk to pay for the 36 or 39 month lease and when lease runs out corvette will be paid for and can than possibly buy new truck. I know there is a time when it is best to buy a vehicle normally in fall before new year models come out. is this also true for a lease and can you negotiate a lease or whatever manufacturer offers that is that? Thanks for help.

SouthernSilveradoGuy85 · March 20, 2016

The best time during the month is the end of the month, like the last week because banks have more of a chance of approving you for an amount.

Too be honest, I would just keep the '08 until the Vette is paid off and then trade it in on a new truck. I never cared for leasing, it's like paying rent for a house instead of a mortgage where your money s paying towards ownership. Especially when you want to eventually buy a new truck. I see no reason to lease a truck before that unless you're just dying to have a new truck and wouldn't mind paying 3 years worth on something just to give it back. Or sell the '08 and use that money to pay towards a new truck, so the truck payment would just come out of the money you sold the '08 for, unless it wouldn't be enough money to pay on the truck until the Vette is paid for. I would just wait until the Vette was paid off and then get a new truck. No need to lease something for 3 years just so you have a newer truck when you have to give it straight back and that money from the '08 really didn't go towards anything, at least for the long term and for ownership.

snowman44 · March 20, 2016

I agree with what your saying. But I live in upstate ny and another 3-4 years of driving and there will be a lot of rust and get nothing for it. But if sell than lease I can drive a new vehicle for 3 years basically for free with the money from my 08 and have a full warranty and not have to worry about anything and if I want to buy truck at end of lease I will now Ive been only person thats owned the truck.

SouthernSilveradoGuy85 · March 20, 2016

Think about it like this though. If you lease then that money will be gone when you turn the truck in and none of that would go towards the new truck. If you just keep the '08 until the Vette is paid for you can at least use that truck towards the downpayment on the new truck. Something is better than nothing. So if you wait you'll pay less for the new truck in 3-4 years. Trust me I know how it is wanting something more dependable because that's part of the reason I bought my '14. But, I also came from a 98 Z71 that I bought used in '04 and kept for that 10 years until I got my new truck in '14. Your '08 is way more dependable than my 98 was when I got rid of it. If you wait, that's money you can use to go towards the new truck in 3-4 years which is the one you want to keep. Also think about the money you'll save on insurance for that 3-4 years. I've never leased, but if you have to pay property tax then that's even more money. But, I don't know if you have to pay property tax on a lease so maybe someone can chime in on that.

redwngr · March 20, 2016

snowman, I know it's not what you want to hear, but you're getting good advice.

If you drive the lease for 3-4 years you will make the same payments as if you buy a newer used truck,

When the time us up, you will have ZERO value to trade in.

If you drive what you got, you will have zero payments, and you will have some value to trade in.

Put the lease payment amount in a savings account. Use the savings and the trade-in value towards the new one.

It may not be the most fun, but the cheapest vehicle to drive is the one that's already paid for.

15slvrDbl · March 20, 2016

Not true on the you have zero when the lease is up. If the vehicle is valued higher than average at turn in you get that amount back. Up here in the rust belt after 5-6 years trucks start to rust up pretty bad. After 8-10 your either spending thousands to repair it properly or letting it go to pot. I'm trying it the lease thing this time around. I bought a new TT last year and figured with the truck under warranty the whole time of the lease it's one less thing to worry about when on the road with the kids. It might work out it might not but I'm to the point where fixing trucks away from home it paying someone to because I don't have my tools is not my idea of fun anymore.

snowman44 · March 21, 2016

Would the leasing make more sense if I plan to buy it out right when lease runs out?

15 Z71 · March 21, 2016

Would the leasing make more sense if I plan to buy it out right when lease runs out?

Here is how look at it...you pay 250-300$ for 2 or 3 years. Then when your lease is up,most people don't have cash to buy it. So you fiance it for 3-5 more years. Do you really want to pay on a truck for 6-8 years?

SouthPawCO · March 21, 2016

I know some people that have done what you are thinking. They lease the vehicle for 36 months and when the lease is out, they finance the remaining balance. As others have stated, you could be 'throwing away' your money if you do not buy the vehicle after the lease runs out.

Since you are in no hurry to get a new vehicle, put your truck for sale by owner. Get what you want for it, and use that money as your down payment to bring it to where it would be the same as to lease it. Or you could use it to bring the payment or payoff your vette. Leasing is good and bad. I have a friend that leases a vehicle everytime. He says this way he always has a new vehicle, never has to pay for repairs and is comfortable knowing he will always have a car payment.

snowman44 · March 22, 2016

Thanks for all the advice. I normally keep my trucks for 5-6 years. If I sold the truck and paid off vette I would have zero for downpayment for truck and a ridiculous truck payment which I refuse to do and other option to put toward truck payment and I would have vette and truck payment. Only reason Im considering lease is could sell it outright or trade in and lease the vehicle for the 36months basically free and have my vette down to a small amount owed.

redwngr · March 22, 2016

Not true on the you have zero when the lease is up. If the vehicle is valued higher than average at turn in you get that amount back. Up here in the rust belt after 5-6 years trucks start to rust up pretty bad. After 8-10 your either spending thousands to repair it properly or letting it go to pot. I'm trying it the lease thing this time around. I bought a new TT last year and figured with the truck under warranty the whole time of the lease it's one less thing to worry about when on the road with the kids. It might work out it might not but I'm to the point where fixing trucks away from home it paying someone to because I don't have my tools is not my idea of fun anymore.

If the residual at the end is less than the value of the truck, then that just means the lease payments were to high in the first place.