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Discussion Starter #1
Just wondering what the ball park lease payment is for all of you who own cobalts. Just give the price your car was, lease payment, how many years, and how many mile lease it is. Thanks for the help!
 

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All the Cobalt models have the same lease rates via GMAC.
Rough lease numbers on a Cobalt SS look like this:
36 Month 36K miles lease with $710 down is $305 per month + Tax
48 Month 48K miles lease will run about $272 + tax
Add about $30 to these payments for a 15K mile per year lease instead of the 12K per year.
Keep in mind that the Cobalt SS qualifies for a $500 Cash Cap Reduction (Rebate) when leased thru GMAC.
 

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SS does not get the $500

The lease is strong and supported . A non ss Cobalt gets $500 but the Supercharged SS does not get the cash.
 

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not to crap on your dream, but if you have to lease a vehicle to get the payments low enough for you to afford, you cannot afford the vehicle. Just hate to see you get in a bind where all your cash goes towards a car and you have no life. Also, it is very likely that insurance rates are going to end up being real close to the SRT-4. Ask some of those guys how much extra a month it costs to insure their car. It is also very likely that the insurance payment is going to be MORE than the car note itself if you lease and at the end, the dealer will screw you with additional charges for mileage or 'poor' condition of the interior/tires/brakes/clutch, etc.

If it is worth it to you, great! Just find out what it is going to cost you and make an informed decision.
 

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Discussion Starter #5
just wanted to get a rough idea. Im looking at a fully loaded g6, almost 29 grand and could get that for around 260 a month so i was curious to see if this would be a decent amount lower. Im insured under my parents so it shouldnt be TO bad but im going to ask my cousin because he is under his parents and has a saturn redline and i figured they are in the same class. 300 seems high as hell, whys it so far up there if i could get a lot more expensive car for less than that?
 

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tcd2004 said:
300 seems high as hell, whys it so far up there if i could get a lot more expensive car for less than that?

lease<simplified> = agreed upon price + taxes/delivery/etc - estimated residual value at the end of the lease + amortized interest rolled into the loan.

The lease could be higher if the interest rate is higher (GM is keeping the interest high on the SS leases, probably not so high on the G6), or if the residual value is expected to be lower. (or both).

GM probably expects the resale value to drop more on the Cobalt SS than on the G6 (even though the G6 is more expensive). I am sure they have done the research and it shows that the Cobalt will not hold its value as well or take more money to get it in shape to resell.

Say the G6 loses 40% of its value in 4 years (typical); That means the residual price would be 29K x .6 or $17400. That means 29-17.4 or $11.6K is the amount you are financing for the 4 years.

the Cobalt ends up being $24K and, using the 40% rule, it is worth $14400. The financed amount is $9.6K

Here is the interest at work; Call it 4% on the G6, payments over 4 years go around $262.

6.5% on the Cobalt ss; ~$228.

Still less, but if GM believes the Cobalt SS will only hold 50% of its value then the payment goes to $285. This assumption is reasonable because cheaper cars tend to lose value more quickly than the pricier ones and a 4 year old SS is probably going to have had a much harder life than a 4 year old G6.

The published GMAC best rates for buyers are 6.5% for the SS and 2.9% for the 4 year G6 loan. If you assume the rates are the same for a lease, then the G6 payment would drop another $10 or so, for a grand total of around $30 a month difference between the two cars.

It does not take much to move a monthly payment up or down a noticable amount.

I hope you get what you desire, but I would strongly urge you to get a written quote from your insurance company before you drop your money down on the vehicle of your choice.
 

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Also, it is very likely that insurance rates are going to end up being real close to the SRT-4.
Insurance on my SS/SC is $87 less than it was on my '98 GTP with the same coverage for 6 months. I just sold the GTP, though, so the multi-car discount is going bye-bye. Still shouldn't be more than $650/6 months with 2 tickets at age 32 (it's currently $499.60 with the discount).
 

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sounds like a good deal on your insurance. I am sitting at $750 for the year on my Caprice and 1100cc Honda.

Big difference between a 32 year old and a sub 23 year old on insurance rates. (has to be under 23 even if in school to be on parents insurance)

Even if he pays the same $125 a month (and not double that), it is probably going to be a hardship for him if he thinks a lousy $300 car payment is high.
 

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just to jump in on the insurance part. 24 here and paying $96 / month on my '05 SRT-4. Which came out $25/month less than my wife's previous car which was an '03 Mitsubishi Lancer, definetly not a performance vehicle.
 

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Asking for quotes for what people are paying for insurance can get you alot of varying numbers, depends on what they have for their deductable and other riders on their policy.

I'm 24, unmarried, with a $250 deduct through state farm and pay $130 a month for an 87 300Z Turbo, I've got 2 criminal speeding tickets a few regular ones, and 2 claims on my insurance policy, 1 when someone keyed up my car like 4 years ago, and another recently when my underinsured/uninsured coverage had to cover my last car getting totaled by some idiot ricer who couldn't drive on the freeway. I also have a renters insurance policy on that, but that only adds a few bucks a month.

In another year I'll probably be married so my rates will most likely go down.

And a Lease isnt always a bad idea, your just locking yourself into the fact that you'll be getting rid of your car in 3 years, so don't go and do a bunch of modifications to it, or put alot of miles on it, because its not really your car.

Course it could be a good thing, your tastes/income could change in 3 years and you want something nicer.
 

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My point (I admit I wasn't real clear, left a few words and maybe even a couple sentences) is that my insurance (Nationwide) doesn't discern between a base Cobalt and my SS/SC (yet). When she told me the rate on the phone, I told her to make sure it is the SS/SC. She said there was no difference in price and then asked me what the difference was in the models. I told her it had a body kit. :D
 

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Misinformation.

Parallax said:
And a Lease isnt always a bad idea, your just locking yourself into the fact that you'll be getting rid of your car in 3 years, so don't go and do a bunch of modifications to it, or put alot of miles on it, because its not really your car.
You're not locking yourself into anything!
I purchased my last vehicle at lease end and sold a previous lease truck for an amount above the residual and pocketed the proceeds.

The simplest way to look at a lease is that you are only agreeing to pay for part of the car over a few years (typically) you then can decide what you want to do with the car when the lease is up or even sooner if you wish, it just gives you the option of giving the car back and walking away at a predetermined date unlike a purchase.
2 and 3 year leases are generally considered acceptable but try to avoid 4 or 5 year terms.

I also assure you that Nationwide knows the difference between the cars and will charge accordingly once you sign up and give them the VIN.
 

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and i'll disagree with the payment thing on making it "fit your budget" I can't keep a car longer than 3 years anyways. i'm going on my 2nd year of my Z and it'll get sold mid summer after i get some good numbers out of it. my lease being a GM employee for an '04 GTO towards the end of last year with a minivan trade in was at $96/month for two year lease. At that point, i should of just said screw my dealership demo and get my demo allowance of $500/month and bought the GTO and pocketed the difference. But i already have one performance car. I could make the payments for a buy, but i know i wouldn't keep the damn car for more than 2-3 years anyways. Besides, all those people that say they don't like leasing because they aren't paying for something they "own", i just laugh hysterically at. Why? because most of them end up stretching the term out to 72 months to keep payments low, so at the end of 3 years when they were done paying on the car they "never owned", where are they in that 3rd year of the 6 year term? definitely not OWNING anything. plus the fact they are upside down almost 100% guaranteed at that point as well, even if they wanted to buy a new car, they'd be making higher payments than their current vehicle.

ok, rant off

PS - sorry guys, long day here at the dealership and it's only noon.
 

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Point taken but.....

Why don't you go easy on posts that 99% of the guys (and gals) on this forum can't relate to.
ie: They do not work for a dealership.

Payments made simple; If you can afford a $300 lease payment then you can afford a $300 purchase payment but maybe not a $430 purchase payment so take the lease and enjoy the hell out life.
 

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like i said, long day at work :(

in my area, we unfortunately have alot of people in a certain age range(18-22) making $15,000/year at McD's bitching at us as to why we can't sell them a $50,000 Tahoe Z71. Two a day guaranteed.

And we try to relay this message to consumers, only to be told we are liars :( You become numb to that phrase though, haha.

When I worked out the lease last, it was about 220/month done on a 21,995 MSRP. but that was last month when it had the $1000 hotbutton as well as my GMS price for being an employee of the dealer and i had my minivan trade in. my insurance was gonna be around $175-180/month for the SS and my Z28 with a $100 deduct on the Cobalt SS. I'm 24 and had a pretty wicked(in a bad way) driving record about 3-4 years ago.

here's a good site to just get a general idea

http://www.gmacfinancialtools.com/toolmanager?toolname=PE&websiteid=GMFS&cntrycd=US&langcd=EN
 

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ZX1100F1 said:
Payments made simple; If you can afford a $300 lease payment then you can afford a $300 purchase payment but maybe not a $430 purchase payment so take the lease and enjoy the hell out life.
While this may appeal to your id, it is, in fact, about the dumbest financial move you can make.

Call it a 4 year lease, you probably paid for about 1/2 of the car and you have exactly zero equity in it. If you had bought a cheaper car, made the same payments over the same 4 years, your car would be worth more than you owe on it, perhaps even be yours free and clear. You can then sell it, trade it in, whatever, it is an asset at this point.

I am not even going to go into what happens when your leased vehicle gets wrecked. The insurance company screws you, you end up having to pay the leasing company the difference between what the value of the car and what you owe on the lease.

If you are comfortable renting a car for the rest of your life (leasing is renting), then fine, but I urge anyone considering a lease to do some research on the difference between leasing and buying. Once you do, you won't lease.
 

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always has to fit the consumer...

for the majority of the people on here, leasing will be BAD because you'll want to modify it. you can still modify it, but keep the stock parts cause you won't be getting ANYTHING back $ wise for them at turn in. that and mileage penalties will KILL you.

as for the lease/wreck statement. well, personally that's the consumers fault for not taking the GAP coverage offered to you when you signed for the deal. Please don't make it look like LEASING is the reason you had to pay the difference, because if you were PURCHASING that vehicle, the same thing would happen. you'd be responsible for the difference. it's shitty that insurance companies work that way, but fact is, they do and we can't do anything about it. I'll pay that extra little bit on the chance that some drunk driver is gonna take the car out and total it.
 

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Autobiz said:
as for the lease/wreck statement. well, personally that's the consumers fault for not taking the GAP coverage offered to you when you signed for the deal. Please don't make it look like LEASING is the reason you had to pay the difference, because if you were PURCHASING that vehicle, the same thing would happen. you'd be responsible for the difference.
Yes, but in a lease you are always upside down on the loan. If you owned the vehicle, you are going to be building equity (in an admittedly depreciating asset) and have a shorter time of owing more than the car is worth.

Unless you are a business, and can write off a lease, it is not a good financial move to lease. If you don't care about your money and prefer to drive a more costly car than you can afford, then have at it.

Before you lease a car, go to the library, pick up any financial advice book with a section on leasing vs buying and read it before you make your choice.

Of course, after you pay off 40% of the value of the car (plus interest, but that is your problem), I am more than happy to buy the low mileage car (12-15K a year) for a bargain price.

Leasing allows you the thrill of eating the highest depreciation the vehicle will ever experience and having nothing to show for it at the end. Let the good times roll...
 
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