2nd car lease question

omiacha

Hi, I have never leased a vehicle before and currently am considering it but would like some information. I know leasing is bad when you intend to put a lot of miles on the vehicle but I am planning on driving it very little. This is my situation. I currently have a 2012 F150 platinum that I drive daily to and from work. For years I have wanted a corvette just as a toy Not as a daily driver. Price wise I wondered if it might be advantageous to do a lease for one since it will be very low mileage. I will only be driving the car occasionally for fun like weekends/after work. Any info or insight anyone can provide would be greatly appreciated since I know very little about this subject thank you.

kyfdx

Well.. I want a new Porsche, but I think my budget is a 2008 model, so there is that.

Even though the monthly payment is lower on a lease, that doesn't make your ultimate cost any lower, for the amount of car that you use. The problem with a Corvette lease, is you are paying for at least 10K miles/year, and it's unlikely you will get full use out of that.

If your budget is $650/mo, then if you are lucky enough to find a lease to assume for that amount, that would be the way to go.. but, watch out for the fine print ("I put down $15K on this lease, and I want that from whoever assumes it, in addition to the monthly payment")

kyfdx

omiacha said:

Hi, I have never leased a vehicle before and currently am considering it but would like some information. I know leasing is bad when you intend to put a lot of miles on the vehicle but I am planning on driving it very little. This is my situation. I currently have a 2012 F150 platinum that I drive daily to and from work. For years I have wanted a corvette just as a toy Not as a daily driver. Price wise I wondered if it might be advantageous to do a lease for one since it will be very low mileage. I will only be driving the car occasionally for fun like weekends/after work. Any info or insight anyone can provide would be greatly appreciated since I know very little about this subject thank you.

Corvette leases aren't well supported. That means they are expensive.

If you want a Corvette as a toy, look for one a few years old, in the $20K-$30K range. Then, sell it when you are done with it.

omiacha

Ok thank you. I understand very little about leasing vehicles. I did not know if the value varied by type (ex. car, truck, suv, or sports car) or not. I guess since Corvettes are not as in demand as say a sedan they arent as good of a deal to lease.

kyfdx

omiacha said:

Ok thank you. I understand very little about leasing vehicles. I did not know if the value varied by type (ex. car, truck, suv, or sports car) or not. I guess since Corvettes are not as in demand as say a sedan they arent as good of a deal to lease.

Let's just say that most Corvette buyers aren't looking to save money on basic transportation. Leasing works a lot better for daily drivers, even expensive ones. Not so good for low mileage toys.

Mr_Shiftright

You might consider just buying a used C5--they're pretty cheap and with a new Corvette, even a base model is going to cost you around $500--$550 a month---if you buy a clean used C5, that's only 24 lease payments, (if that many) and then you own it and you'll have maybe $6K equity when you're tired of it.

omiacha

Thank you, I want a new C7 not an older one. I cant budget a loan payment on a brand new $70k vette but, I can stomach the lease payments most likely. Another option is to buy one 2-3 years old and still get the new body style. I figure my payments might still be pretty high but its something to look at. A third option I have learned about through my research is the ability to take over a lease. This is an interesting concept to me one I need to research a bit more but, apparently I can take someones lease over. I have found some for around $600-650 which is where I wanna be on a payment vs financing a brand new one my payments would be $1200+. Unfortunately, my budget doesn't handle financing a $70k toy especially considering I will need to be upgrading my truck (primary vehicle) in a few years time. I am just exploring options wanting to see if there is a way to be able to get what I want without waiting years to do it haha. I don't mind the idea of leasing a vehicle especially one that's just a secondary. I don't NEED to own it. I just simply want to enjoy it while I am young and still can.