When this lease deal recently popped up on a popular Facebook page, my first thought was, is this really a deal? Once I looked at the fine print, the specifics looked pretty reasonable. For $5000 down, one could realize their dream of having the revolutionary eighth-generation Corvette in their garage. Sure, the payment is probably higher than the mortgage on your first house, but as they say, you can sleep in your car, but you can’t blast around town in your house!
First, the deal.
A summary of the fine print:
- $5000 down payment
- $900 security deposit
- $695 bank acquisition fee
- 36-month closed-end lease
- MSRP $70,990, with total payments of $32,364
- 25 cents per mile over 5,000 miles per year (that could be a deal breaker for many)
- Lease end purchase option of $48,273
This lease deal is a good sign because it means:
- The inventory is there for dealers to get creative with lease marketing (this dealer has 9 to choose from).
- The C8 has proven to have a steady and reliable used value, which is important for determining lease residual values (take a deeper dive here).
- The residual value is strong enough to allow a sub $1000 payment, and a relatively low down payment.
The Leasing Versus Purchasing Decision
Without going into the semantics of the differences, like those who claim leasing is just throwing money away, leases work for many people (especially if one doesn’t drive a lot). For this payment comparison, we have omitted registration fees and tax. The finance amount of $65,990 reflects the same $5000 down payment.
Monthly lease savings:
- $346
Savings after the 36-month lease:
- $12,456
Of course, at the end of the lease, you essentially have nothing but memories unless you choose the purchase option of $48,273. Note: this comparison is not meant to be a deep dive, and an intricate analysis may yield slightly different numbers.
A Snapshot of the Social Media Sentiment
So, would you pull the trigger on this $899 lease or choose a traditional purchase? If you want to take a deeper dive into real-time Corvette market updates and who is selling at (or below!) MSRP, this Facebook page has an active and enthusiastic group of Corvette folks. If you want to keep up to date with all the fresh Corvette news and maintain a pulse on the lifestyle and culture of this exciting, iconic brand, CorvSport has the fastest-growing Corvette community on our Facebook page, with over 172,000 followers (53,000 since January 2023!). Come join other hardcore enthusiasts and say hello, Douglas B.
