without getting into specifics of an exact vehicle, leasing is generally better for most people for a few reasons, some of which lee already pointed out.

in southern california, the average length of time that someone keeps a car is about 3 years. when you finance a new car and go to trade it in after 3 years, you will be upside down (most likely, but not always) and will have to deal with that negative equity in some way (money out of your pocket, rolling it over into the new loan, rebates, etc.). now, when you go for another 3 years and want another new car, you will not only have the negative equity from the car you're trading in, but also from your first car because that was rolled into the new car. so now you're stuck with a car that has 2 other cars buried in it

leasing takes care of this problem because if you turn in your lease after 3 years (assuming you have a 3 year lease), no matter how much negative equity the car has, you are not responsible for it. now you can get into another new car without having to worry about your previous car. some people say that "you never own the car" on a lease. not true. you will have the option of buying the lease out in the end, just like a purchase. the difference between a lease and a buy is leasing gives you options (turn it in, sell it for profit, buy it out) buying gives you one obligation (a 60 month contract that you can't get out of). so if you're the type of person that will keep his car for years and years, leasing will probably not be for you. but if you're like most of the people in this country, and desire a new car every 3 or 4 years, leasing will save you so much money.

 

if you can find a lending institution (bank) that will lease a 3 year old car for a good rate, go for it. the problem is that most banks don't like to lease out used cars, so the rates they offer are usually very bad. you would probably be better off financing a used car and leasing a new one. and to get a $50k+ car for $500 a month, when gm isn't helping you out with great rates, will mean putting up a substantial down payment.

 

a 50k lease should be in the low 800 range for 48 mos. with about 1300 drives. A purchase for 72mos will be in the mid 9's depending on rates with the same down
Matt

 

In terms of a Corvette I can't understand wanting a 4 year lease...a vette is like money in the bank, after all those thousands in payments I want to own it!

 

I guess you have to realize that some people treat Vettes like anyother car, after driving it for 3 or 4 years they are tried of it and want the newest toy on the shelf. If that is the case than the lease have the ability to save you money and aggravation in most cases.

 

I know everyone loves their 'vettes (me included) but in my view all cars are just cars. I'd just buy it the way you want it - short orlong term, and assume that one day it will be worn out and not nearly as appealing as newer models, because this nearly always happens, in all but very rare cases. If you want to keep it forever (as I do my 'vette) you will find a way to afford it, even if it was originally on a short-term lease.
I would never recommend assuming that the car you are buying will be a classic or appreciate in value - even the new ZO6 will not (there will be faster, more powerful ZO6s down the road -- I have confidence the GM there).
The cars that truly appreciate in value are either expensive when new (everyone knew the Mercedes 300 Gullwing was a classc from day one, but it cost about four times what a Cadillac did from day one, too), or if not exotic and expensive then very hard to predict if they will become a classic (in 1970 no one thought a convertible Plymouth Barracuda Hemi was particularly grear or desireable -- that's why so few were sold and why they as so rare today that the best go for $3 million).

 

>I know everyone loves their 'vettes (me included) but in my view all cars are just cars.

That is 100% correct. To "us" car lovers we get more involved, but, to most people cars are just a transport mechanism.

All "brand new" cars depreciate at a rapid rate, whether you lease or buy a new car you will pay for the depreciation on a brand new car.....only eased by owning it a long time.

I never lease, I can't right off the payments against income tax, I always pay cash, never finance, and never sell until the cost of maintenance outweighs the current value of the car. Simply put, pay cash, and drive it 'till the wheels fall off!! That is simply the cheapest way to enjoy a nice ride