Lease or Buy new 2008 Viper?

[Flash1034]

Are most of you guys leasing your new Vipers or buying them. I bought my last one but took it in the shorts when the new 2008 came out cause I had to have it. So should I lease or buy, Id appreciate your opinions.

Flash

 

[Jerz Viper]

BUY!!!!!!!!!!

It's a keeper!

 

[caj98GTS]

Here is something I found yesterday and actually used it to buy my 08 last night. It is the best of both worlds (in my opinion). It is a loan with a balloon on it and the rate is fantastic - 5.25%. Somewhat mimics a lease but the loan amount is fixed and there is no adjustment to the balloon amount at the end of the term. Usually they **** you on these sort of products by jacking the rate way up - this rate is lower than most F&I guys can get you on a traditional 48 month note. Also, anyone can join this credit union.

https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoPaymentSaverLoans.asp

 

[Malu59RT]

Are most of you guys leasing your new Vipers or buying them. I bought my last one but took it in the shorts when the new 2008 came out cause I had to have it. So should I lease or buy, Id appreciate your opinions.

Flash

2008 Dodge Viper SRT-10 Lease Quotes

I used this to weigh my options and ended up leasing the car. If the $30k depreciation hit the low mileage 06's are taking is any indicator, I didn't want to have to deal with it when mine will have 48,000 miles on it (which I guarantee it will have...or more). I get out of cars every 2-3 years (I've owned 5 cars in the past 9 years, and although I'd love to think I could keep it forever, I can't predict what my situation will be like in 4 years.

Jason

 

[TexasSnake]

I put $42K down on my '05 SRT I just purchased 2 months ago ($58K Total). I plan to pay the remaining balance off in a month (my 3rd monthly payment). I've been in good financial standings in the past when hard times struck about 7 years ago causing me to lose a truck, travel trailer, and motorcycle. My phiosophy now is to pay things off as quickly as possible while I can afford to. I also refuse to create another large bill, so will wait until I can put down a lot of money before buying anything. I never can feel 100% good about anything that has a payment attached to it. Once it's paid for, it can't be taken away...which makes me happy!

...just my $.02

 

[CarDude]

Are most of you guys leasing your new Vipers or buying them. I bought my last one but took it in the shorts when the new 2008 came out cause I had to have it. So should I lease or buy, Id appreciate your opinions.

Flash

If you had leased the car the same would have been true...you would have lost money on the 2006 either way.

 

[2snakes]

To help with your questions you should call a expert.. Bill Pemberton 800-889-1893.. He will help you with your questions.With no pressure.

 

[VIPER GTSR 91]

BUY if you really plan on keeping it. Most leases have too many loop holes and penalties for early out. There are mileage limitations on leasing plus if you do mods like most of us do, you will loose it all when the lease is up and you turn it in.

 

[pcc]

I got a great deal on my new 06 viper lease but the car was heavily discounted I believe the final negotiated price was 73k, 3k down and $1080/ month for 24 months with 12k/ year mileage. That was in march of 06 and the car sat on dealer floor for months.

 

[redtanrt10]

Are most of you guys leasing your new Vipers or buying them. I bought my last one but took it in the shorts when the new 2008 came out cause I had to have it. So should I lease or buy, Id appreciate your opinions.

Flash

Flash, the residual on an '08 is around 67% for 24 months and 58% for 36 months. Lease interest rates are running around 6.50%, plus $750 up front fee. Compare rates to financing and remember that a home equity line at prime today is 6% and you can deduct the interest. Buy or lease and you'll bear the heaviest depreciation in the first few years. If you plan to keep the viper a long time than you can lease at a longer term, but in leasing its costly if you try to end it early. Leasing is just another form of financing, if you make an educated decision on the rates/terms, you'll see that a couple of advantages to leasing are the stop loss (guaranteed residual) and you only pay sales tax on the payments not the purchase price. My advice for leasing is make sure you plan to keep it the entire term of the lease.

For me, I pay cash and/or use a home equity loan for viper's, for daily drivers I lease 36 months and change cars every 36 months.

 

[Sellshomesdrivesviper]

Flash, the residual on an '08 is around 67% for 24 months and 58% for 36 months. Lease interest rates are running around 6.50%, plus $750 up front fee. Compare rates to financing and remember that a home equity line at prime today is 6% and you can deduct the interest. Buy or lease and you'll bear the heaviest depreciation in the first few years. If you plan to keep the viper a long time than you can lease at a longer term, but in leasing its costly if you try to end it early. Leasing is just another form of financing, if you make an educated decision on the rates/terms, you'll see that a couple of advantages to leasing are the stop loss (guaranteed residual) and you only pay sales tax on the payments not the purchase price. My advice for leasing is make sure you plan to keep it the entire term of the lease.

For me, I pay cash and/or use a home equity loan for viper's, for daily drivers I lease 36 months and change cars every 36 months.

Smart man, and I do the same.

 

[pteam]

Guys dont worry about mods on a leased car, almost all mods can be taken off. Corsa exhaust, headers, even a supercharger, people are dieing to buy this kinda stuff used.

 

[dans69ss]

I would wait a year then buy an '08 for cheap

 

[Andrew/USPWR]

Whats the saying? If it Flys, Floats, or **** it's cheaper to lease.

Just kidding. Don't think of it as an investment. Invest in other areas but, to wake up every morning know you have that bad ***** in the garage. Now thats living.

If I had the pockets to buy them new I would. Live now pay later.

 

[SCOTTB]

I am a car sales manager at a new dodge dealership we sell about 10 vipers a year and we have never leased a viper. I normally see that when i run a lease its only a monthly savings of about 80 to 100 dollars a month on longer terms but you have the normal fees involed at lease end not to say a little more for insurance. At todays rates you can find 5.59% for 72 months I SAY BUY because if 80 bucks is out of your budget you should not be buying a viper.

 

[29OUTLAW]

Whatever you do, don't pay cash like some folks. Take your $85K cash and put it somewhere at 13% return. The interest alone would pay for your Viper lease.

 

[AFL in NJ]

I posted a while back about penfed.org....I just heard they are offering 4.99% loans and that makes it so cheap to finance that you might as well!! I got 5.29% a few months back and was thrilled....and here's the best part....you make a $20.00 donation to military families to join the credit union to get these great rates....which means you get to give back to those who preserve our freedom and our ability to drive a Viper!!!

I'm going to win the 2008 ACR raffle car, so I don't need to buy am '08, but all the rest of you should definitely add a 2008 to your collection. (hehehe, this last comment is purely a joke, for those who take things very seriously)

Regards,
Aaron

 

[VIPER GTSR 91]

Guys dont worry about mods on a leased car, almost all mods can be taken off. Corsa exhaust, headers, even a supercharger, people are dieing to buy this kinda stuff used.

Right, figure the time/expense in removeing these items plus the depreciation and installing the oem items back on, and then trying to sell your used mods and see what you get for them. Dont think I will die for used crap from an expensive sports car. Look at the classifieds here and see whats for sale and how much. This comeing from a non-enthusiast of course.

 

[alpha85]

I think you should lease it. I know several viper owners that would like to get a new viper but can't because they will take it in the shorts if they try to sell the one they have.

 

[VIPER GTSR 91]

I am a car sales manager at a new dodge dealership we sell about 10 vipers a year and we have never leased a viper. I normally see that when i run a lease its only a monthly savings of about 80 to 100 dollars a month on longer terms but you have the normal fees involed at lease end not to say a little more for insurance. At todays rates you can find 5.59% for 72 months I SAY BUY because if 80 bucks is out of your budget you should not be buying a viper.

Well said even though I am not fond of car sales people! "will work with you" to OUR benefit, not YOURS. Or "what can I do to earn your business"? How about not trying to retire on this one sale?

 

[Flash1034]

I guess the point is moot now. The stealer (Towbin Dodge) I was going to do business with was trying to pad my lease rate to over 10%. When I called them on it, they wont return my calls. I dont do business with people like that. So. Ill either wait for the 2009 model year and order my GTS blue with silver stripes coupe or look out for a used 08 when/if one becomes available.

Thanks for all the advice. As usual, it was excellent.

Flash

 

[Nsane1]

I have to second earlier posts. My 08 loan is at 4.99 (penfed.org). Pretty much free money if you ask me... Leasing a viper is kind of weird to me, especially with cheap money back.

 

[TexasSnake]

I have to second earlier posts. My 08 loan is at 4.99 (penfed.org). Pretty much free money if you ask me... Leasing a viper is kind of weird to me, especially with cheap money back.

So you are buying or leasing the car at this rate? Also, if you don't mind me asking, what are the details of your deal (i.e. total of car, money down, and monthly payment)?

 

[SweetRed04]

Whatever you do, don't pay cash like some folks. Take your $85K cash and put it somewhere at 13% return. The interest alone would pay for your Viper lease.

I pay cash for all my cars.

I have never come close to getting anything close to 13% over the last 30 years, excepting when inflation was near 20%.

 

[AFL in NJ]

I used penfed.org on a re-finance and got 5.29%.....I pay way more than the minimum payment and my Viper will be all mine in less than 2 years.

I know penfed is really flexible on your purchases, give them a try!

Regards,
Aaron

 

[redtanrt10]

I guess the point is moot now. The stealer (Towbin Dodge) I was going to do business with was trying to pad my lease rate to over 10%. When I called them on it, they wont return my calls. I dont do business with people like that. So. Ill either wait for the 2009 model year and order my GTS blue with silver stripes coupe or look out for a used 08 when/if one becomes available.

Thanks for all the advice. As usual, it was excellent.

Flash

Dan Towbin's kid is the "king of cars", run don't walk, go there for entertainment not to buy a car! Call Bill P @ Woodhouse for a great deal

 

[Nsane1]

So you are buying or leasing the car at this rate? Also, if you don't mind me asking, what are the details of your deal (i.e. total of car, money down, and monthly payment)?

Buying, $99k 0 down, ~$1850/mo

 

[TexasSnake]

Buying, $99k 0 down, ~$1850/mo

Holy $h*t, I can't imagine a car payment of that amount. I wouldn't even be able to enjoy the car with that black cloud hanging over my head! Congrats on the car anyhow, they are bada$$!!!

 

[xlr8ion]

I'm getting a 5-yr lease 0 down for 1400 a month for an ACR.Going through Lease Compare.com

 

[Malu59RT]

I'm getting a 5-yr lease 0 down for 1400 a month for an ACR.Going through Lease Compare.com

Have you submitted it and been approved already? TT&L I assume is extra...

Jason