Good or Bad idea? Leased a 2011 Silverado LTZ for $386 per month. I know I am in love with this truck and I'm thinking I would like to keep it when the lease is over?
My lease contract says at lease end, the value to purchase would be $11,000 estimate. If I finance that amount for 60 months at 2.5% at my CU, thats about $190 per month. My wife and I are starting a family and she will need a family car in the next year or so. Since it doesn't look like my job will offer a raise or promotion anytime soon due to the economy, it seems like it makes more sense to minimize our payments rather than turn in my truck in three years for another truck and pay $400 or more on a purchase or lease in addition to a family car payment for her.
Questions you need to ask yourself: how many miles are on it now, how many miles do I drive a year, what will the actual book value of the truck at lease end be? Do you pay for maintance? If not then there will be that cost to add in the mix. You have a fair rate, that's only 400 bucks interest over the length of the loan. I would suggest talking with your credit union financial advisor, too see if this a a good plan for you.
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