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Advice on buying out my truck

Silvz06

By Silvz06
in Troubleshooting & Recalls

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Silvz06 Enthusiast

Silvz06

Posted
Posted

I need some advice. Currently leasing a 2015 Silverado (i did the smart buy originally planning to buy it out at the end of the lease. Its a W/T with the 5.3 4x4. Nice truck. However, I'm a bit disappointed. I love the truck but I can stand this drunk shifting 6 speed trans. I drove the new 8 speed and what a difference. I have a year left in the lease. I really want to upgrade and if I am going to buy a truck this expensive have all the bells and whistles I want, fully loaded with leather etc. That means I would have to trade this one in and start over again on payments. Are you guys with the 14's and 15s keeping your trucks or trading them up for this new 8 speed. Also, my buddy just purchased a 17 with the 6.2. He gets 19.6 mpg and i get 15.1. Doesn't 15.1 seem crazy low? I drive a half hour to and from work everyday. I know its not meant for mpg but that seems excessive. My z06 gets better fuel mileage.

Dnt Senior Enthusiast

Dnt

Posted
Posted

Come on Man, there is no way to justify the cost you just got to make sure you have the cash to do the deal. If you are out there leasing or borrowing money to buy a depreciating asset, you might want to consider a second and maybe a third job until you have the money saved to pay cash.

StinkyCheese Senior Enthusiast

StinkyCheese

Posted
Posted

I need some advice. Currently leasing a 2015 Silverado (i did the smart buy originally planning to buy it out at the end of the lease. Its a W/T with the 5.3 4x4. Nice truck. However, I'm a bit disappointed. I love the truck but I can stand this drunk shifting 6 speed trans. I drove the new 8 speed and what a difference. I have a year left in the lease. I really want to upgrade and if I am going to buy a truck this expensive have all the bells and whistles I want, fully loaded with leather etc. That means I would have to trade this one in and start over again on payments. Are you guys with the 14's and 15s keeping your trucks or trading them up for this new 8 speed. Also, my buddy just purchased a 17 with the 6.2. He gets 19.6 mpg and i get 15.1. Doesn't 15.1 seem crazy low? I drive a half hour to and from work everyday. I know its not meant for mpg but that seems excessive. My z06 gets better fuel mileage.

 

Remember he's using premium where you only have to use regular so that puts the actual cost per mile closer. Then there's the jump up in price you have to pay just to get the 6.2. Just some food for thought.

Boardmember Senior Enthusiast

Boardmember

Posted
Posted

Additional food for thought: My 8 speed isn't wonderful. It isn't even really good. Or medium.

 

I've never experienced a transmission function like this and I've bought/owned many vehicles - trucks - in my years.

 

Now, got to say, none more comfortable but none with this jerky-ass transmission either.

 

No panacea in 8 gears. Wait for the 10-speed. Two additional opportunities to get this wrong in my eyes.

 

Does this help?

pm26 Senior Enthusiast

pm26

Posted
Posted

Additional food for thought: My 8 speed isn't wonderful. It isn't even really good. Or medium.

 

I've never experienced a transmission function like this and I've bought/owned many vehicles - trucks - in my years.

 

Now, got to say, none more comfortable but none with this jerky-ass transmission either.

 

No panacea in 8 gears. Wait for the 10-speed. Two additional opportunities to get this wrong in my eyes.

 

Does this help?

 

I am surprised to hear this. Maybe they should offer a nice shifting well made 6 speed manual transmission in these trucks.

Colossus Senior Enthusiast

Colossus

Posted
Posted

Lease the new one/one you want and that will give you plenty of time to decide if you want it or not.

  • 2 weeks later...
Silverado Steve Senior Enthusiast

Silverado Steve

Posted
Posted

Why do you lease with the overall intent to buy? That is throwing money away. You might be the first person i've heard say the 8spd shifts smoother than the 6spd.

jono20 Enthusiast

jono20

Posted
Posted

Why do you lease with the overall intent to buy? That is throwing money away. You might be the first person i've heard say the 8spd shifts smoother than the 6spd.

 

Howso? I've leased my last two vehicles and bought both out. In each case the lease rate was lower than the finance rate, so it actually saved me money.

Silverado Steve Senior Enthusiast

Silverado Steve

Posted
Posted

Upfront purchase price is lower than lease rate and deposit then the residual purchase price. Unless you plan on buying out the vehicle in cash at the end of term, interest rate for what is now considered a used car is higher than a new car loan.

 

Howso? I've leased my last two vehicles and bought both out. In each case the lease rate was lower than the finance rate, so it actually saved me money.

jono20 Enthusiast

jono20

Posted
Posted

Upfront purchase price is lower than lease rate and deposit then the residual purchase price. Unless you plan on buying out the vehicle in cash at the end of term, interest rate for what is now considered a used car is higher than a new car loan.

 

 

Ok, that's fair assuming you're taking a high-interest loan to buy out the residual. I bought both of mine out with cash.

Silverado Steve Senior Enthusiast

Silverado Steve

Posted
Posted

Here's the numbers when i bought my truck, bearing in mind this was back in December 2013....i use this because the market has raised proportionally in regards to purchase price of these trucks and lease paymens have risen.

 

My truck, stickered at $51K, which i negotiated down rather easily to $41K. I took a GM loan out so i could get $1500 cash back. I paid the loan off the next month. Loan APR was 1.9% for 36 months which was the lowest % offered.

 

The lease terms for the truck for 36 months was $5K down and $460/mo=$21,560 just for the lease

Purchase price at time of lease expiration was $26,420, somtotal purchase price i would have paid would have been $47,980.

 

Now assuming Ally financial would further negotiate in the price of buyout, i doubt they would knock off $6,890 seeing how a 2014 LTZ Z71 in excellent condition is going for close to $30K easily. This is why its cheaper to buy outright than buying after a lease. Now the loan % for the truck in Dec 2016 which would have been the 36 month lease expiration was 3.9% from my credit union.

 

Ok, that's fair assuming you're taking a high-interest loan to buy out the residual. I bought both of mine out with cash.

 

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