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Anyone leasing their Silverado

Discussion in 'Chevy Truck Talk & GM News' started by tbplus10, Oct 20, 2011.

  1. tbplus10

    tbplus10 Epic Member Staff Member 5+ Years 5000 Posts Platinum Contributor

    Anyone lease their truck?
    Whats good or bad about the GM lease program?
    Have you had issues or surprises?

    I was advised to lease my next truck for a small buisiness my wife and I have, I've never leased a truck before always bought so this is a new concept for me and I feel like I'm going into it blind. Let me know your lease experiences.
     
  2. GM Customer Service

    GM Customer Service Rockstar 4 Years 500 Posts

    Buying vs. leasing: What you need to know.
    Don't know whether buying or leasing is right for you? Consider the following differences between buying and leasing before you make your decision.

    Buying gives you:

    • Complete ownership. The vehicle is titled to your name.
    • No restraints on mileage limits or normal wear. Keep in mind that proper maintenance may affect your warranty coverage. A vehicle's condition can also affect the residual or trade–in value.
    • A vehicle that's yours to sell or trade in at any time for another GM vehicle. You have the option to pay off your contract, or sell and trade your vehicle, at any time.

    Leasing gives you:

    • A chance to drive a new GM car, truck or van more often. Lease terms can be shorter than purchase terms with similar monthly payments.
    • Low monthly payments. Monthly lease payments are often lower than traditional financing.
    • No resale or trade–in headaches.

    I hope this helps with your decision. Good luck with your purchase.

    Tricia, GM Customer Service.
     
  3. tbplus10

    tbplus10 Epic Member Staff Member 5+ Years 5000 Posts Platinum Contributor

    I've been looking for a new truck for a while that'll be used for buisness and personal use.
    In the past we bought our buisness vehicles and replaced them at 50K, at that time we'd either buy the old vehicle from the buisness with personal funds and make it a personal vehicle or sell it out right. The advantage was by 50k I knew whether I liked the vehicle or not, I knew how the maintenance had been performed, and according to the tax laws I could sell it to myself at low blue book value which was normally thousands of dollars less than it had been purchased for and the buisness could write off the loss amount.
    The new tax laws make it a better deal to lease a truck for buisness now but I'm not really familiar with leasing programs and it would appear it's not to popular around here either.
     
  4. Coach24

    Coach24 Rockstar 3 Years 5000 Posts

    The big snag with leasing is that the manufacturer is the sole decision maker on the condition when you turn it back in. We used to lease but found the mileage was a silent killer as the cost per mile on overage is like cell phones, very unreasonable. If it were like equipment leasing , where all maintenance is included in the contract at no additional expense it might equal out. Get the calculator out and compare all incidentals then make an informed decision that meets your needs.
     

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