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lease a 2024??

snikr
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snikr Enthusiast

snikr

Posted
Posted

I have 3 months left on my 2021 1500 Sierra crew cab and I got a SHOCK when I looked in to leasing a new Sierra! They want to more than DOUBLE my current lease payment  (going from $410 a month to $825)to put me in to a 2024 that is CLOSE to what I have. OUCH!!!!!   Looks like I will be buying my current truck when the lease is up. Being on a fixed income having to pay over $800 a month to lease a new truck is NOT an option. Anybody else having this problem??

Low Elevation Enthusiast

Low Elevation

Posted
Posted

While I agree the prices are much higher now you can surely get a better lease deal than what they quoted you. I would look around at other dealerships for quotes or go over to the leasehackr site. I've seen deals in the $500 to $600 dollar range being posted over there. 

snikr Enthusiast

snikr

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Problem I have is I need a V-8 engine and trailer brake controller and you can't find many of those options here in Vermont. And when I do the lease price from a couple of dealers is in the $800 a month range. So it looks like I will buy mine as I only have 28,800 miles on it, plus have taken good care of it and it runs like new.

BIGDOGx Senior Enthusiast

BIGDOGx

Posted
Posted
10 minutes ago, snikr said:

Problem I have is I need a V-8 engine and trailer brake controller and you can't find many of those options here in Vermont. And when I do the lease price from a couple of dealers is in the $800 a month range. So it looks like I will buy mine as I only have 28,800 miles on it, plus have taken good care of it and it runs like new.

How much do you owe for the balloon payment?  And what kind of finance rates can you get with a now 3+ year old used truck as i believe you will have to refinance it correct? I have seen used rates as high as almost 13-15% today.

snikr Enthusiast

snikr

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Posted
1 hour ago, BIGDOGx said:

How much do you owe for the balloon payment?  And what kind of finance rates can you get with a now 3+ year old used truck as i believe you will have to refinance it correct? I have seen used rates as high as almost 13-15% today.

At the end of my lease the buyout price is $32577 if I read my lease correctly. Checking on interest rates right now so I'm not sure what they are. For one lease I did get the dealer down to about $650 a month but I had to move down from my crew cab to a double cab to get that price. I have checked with other dealers in Vermont and the story seems to be the same. IF you can find one that is optioned ALMOST the same as mine a crew cab is $800+ a month.

BIGDOGx Senior Enthusiast

BIGDOGx

Posted
Posted
2 hours ago, snikr said:

At the end of my lease the buyout price is $32577 if I read my lease correctly. Checking on interest rates right now so I'm not sure what they are. For one lease I did get the dealer down to about $650 a month but I had to move down from my crew cab to a double cab to get that price. I have checked with other dealers in Vermont and the story seems to be the same. IF you can find one that is optioned ALMOST the same as mine a crew cab is $800+ a month.

 

So with a quick loan calculator 

32,577 @ 60 months with a 6% rate which is being extremely modest imo is $630 a month.

@10% it equals $692 a month.

@13% it equals $741 a month.

 

Check with credit unions to see what kind of rates you can get on used as they more then likely will be better then what gm would offer imo. But as you can see you won't be much different then new but you will at least be paying on something to own, which you dont when leasing, basically renting it.

 

If new is what you want, maybe try contacting a known high volume dealer like https://www.laurabuickgmc.com/ who i have heard are ok to deal with and have tons of experience selling to out of staters.

 

 

Port Tack Farm Enthusiast

Port Tack Farm

Posted
Posted

If you've got reasonably good credit you should be able to get 7-8% from a credit union on a 3 yr old vehicle.  You know your truck and how it's been maintained.  Less than 30K miles is still fairly new.  I'd buy it and keep it a while and build some equity.  That said, if you really want to go new, I'd highly recommend Laura Buick.  I purchased my previous truck, a 2017 Canyon Denali and my new truck, a 2024 Sierra SLT from Laura.  I'm only 5 hours away so I picked mine up from the dealership, but they ship vehicles all over the country and if you're so inclined you can fly in and drive home.  The purchase was handled completely electronically and remotely.  I was sitting in my new truck headed home less than 45 minutes later after I arrived at the dealership.

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redwngr Senior Enthusiast

redwngr

Posted
Posted (edited)
On 7/30/2024 at 3:32 PM, snikr said:

I have 3 months left on my 2021 1500 Sierra crew cab and I got a SHOCK when I looked in to leasing a new Sierra! They want to more than DOUBLE my current lease payment  (going from $410 a month to $825)to put me in to a 2024 that is CLOSE to what I have. OUCH!!!!!   Looks like I will be buying my current truck when the lease is up. Being on a fixed income having to pay over $800 a month to lease a new truck is NOT an option. Anybody else having this problem??

Did you trade in an owned vehicle when you got into the current lease? 

Does the current lease use a lower interest rate than they are offering today?

Edited by redwngr
Blade8971 Enthusiast

Blade8971

Posted
Posted

With lease costs being that high, would it not be better to purchase a new or used vehicle.

KARNUT Senior Enthusiast

KARNUT

Posted
Posted (edited)

I’m probably the last person who should give this advice. As far back as I can remember. Well actually since my first car. And after owning most of at least one of the letter and number cars from the sixties on. And getting a new truck every two years or so since 1991. My company paid for those. Even today new or used I still follow that pattern. Sometimes by fate. Not by choice. And at the same time my brother in law who I’ve known for 50 years has done the opposite. Still has his first car. Drives an 06 Tahoe with 300K miles to work. Who routinely swaps his wife at when hers gets close to 200K miles and drives it. Usually replaces that one with another no newer than about two years old. Another Tahoe or similar GM. He did buy a new extended cab once. GM had a promotion with their credit card once. He saved a bundle. You’re looking at payments. You should be looking at the purchase price. Plus you drove it, you took care of it. Buy the extended warranty and keep it. Get out of that cycle. Especially if you don’t drive many miles. Money isn’t a problem for me. But in the four years I haven’t made a payment. It’s nice to see the low insurance amount I pay and the 500$ a month I saved. Cash is king. 

Edited by KARNUT
snikr Enthusiast

snikr

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Posted (edited)

To reply to some of the latest posts.....I have been looking at the current offers and if I get the TurboMax engine almost NONE of them have the trailer brake controller installed and I need that for the 21" 2 ton travel trailer I tow. And I am not so sure that Turbomax engine would do well towing my camper here on our hills in New England. If I look for a truck with a 5.3 liter V-8 and trailer brake controller I get those high payments IF I can find a truck outfitted with those options.

Seeing as my current leased truck only has 28,800 miles on it and as I know how it has been maintained and knowing how well it runs I'm just going to bite the bullet and pay the buy out price when my lease is up.

And I had also looked into getting a different brand of truck but with leasing from Ally, no local dealers wanted to have anything to do wit me. Seems like Ally does NOT play nice when you try that (and I have heard that from ore than one local dealer).

Edited by snikr
snikr Enthusiast

snikr

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On 8/1/2024 at 10:03 AM, redwngr said:

Did you trade in an owned vehicle when you got into the current lease? 

Does the current lease use a lower interest rate than they are offering today?

All I had was about $2000 equity in my old lease that I turned in. I just picked a good time to get my current truck I guess.

gmcleer Enthusiast

gmcleer

Posted
Posted

If you’re looking for another opinion, I would definitely buy it.  It’s what you want and nearly new.  If/when rates come down and your truck is beginning to get tired, then go new or new to you.

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