If you thought you might be better off leasing a new mid-engine Corvette instead of buying one, think again.
At least that’s the opinion of CarsDirect.
They’ve crunched the numbers and claim that a 36-month lease for a 1LT 2020 Corvette Stingray will be roughly $890 a month based on a 10,000 mile per year lease with no money down and a 63 percent residual rate. That assumes Chevy’s standard lease rate of 0.00258, equivalent to 6.2 percent APR.
That’s also based on the fact that there are no special offers from GM for buying or leasing the new Corvette, and since the mid-engine Stingray is so hot right now, it’s very likely GM won’t offer deals anytime soon, especially considering some reports that suggest the automaker is losing money on every C8 it sells at the base price of $59,995.
While we don’t think many people reading CorvetteBlogger would consider their advice, CarsDirect analyst Kelly Campbell points out that much better deals are available on a 2020 Jaguar F-Type. Campbell says the supercharged Jag stickers for more than $72,000 but can be purchased for $589 a month for 36 months with $4,995 due at signing (or the equivalent of $728 a month). That’s more than $160 a month cheaper than the 1LT Corvette, but we don’t think that would be very enticing to folks like us who are dying to drive a new C8.
CarsDirect points out that a rumored price increase on the 2021 Corvette could influence future lease prices. They’re hoping GM comes up with a loyalty discount for current Corvette owners, but again we’d be surprised to see that happen since the car is so hot. Those type deals usually come when sales of the car begin to run out of steam, not at introduction time.
Interestingly, they also note that current offers on the outgoing C7 are not as good now as they were just two months ago when Chevy was offering discounts of nearly $12,000 off MSRP for a 2019 Z06. That figure has dropped to $8,338 off now.
Source:
CarsDirect.com
Related:
Partial List of Chevrolet Dealers Selling the New 2020 Corvette at MSRP
Ordering a 2020 Corvette? Here’s What You Need to Know
[VIDEO] How To Determine If Your Corvette’s Engine Numbers are Matching
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My C8 will sticker closer to $78,000. I expect to pay a little over $1,000 a month. The 2 factors that drive lease cost are the money factor and the residual value. This says 63%. I had heard that it could be as high as 68%. With the cut of the Fed rate today by 1/2 percent could help drive that money factor down a little. My guess is that while the Jag described has a sticker of $72,000, the purchase price is less. Usually the residual value is calculated closer to sticker. All of these variables drive the model. Bottom line.. I don’t want a Jag, I want a C8. When I ordered it, I was not looking to save money. I wanted whatever I ordered.
Leasing a Vette LOL! A Real Corvette enthusiast not or a millennial/yuppy wants the latest and greatest toy.
I am leasing because I have a C7 now which I own. I just got burned for about 15K when the C8 came out. I like getting a new car every 3 years. I have no problem paying for the time I own it. I am 65 years old so certainly not a millennial or yuppie. Just good with finance.
If your investment rate beats the lease rate, then why not lease?
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