Should you buy or lease?
The future of the Chevrolet Camaro remains unknown. At present, Chevy is anxious to move as many Camaros off dealership lots as possible with a surprisingly attractive leasing offer. For those who considered buying or financing, this new piece of information obtained by CarsDirect could change your mind. Leasing a new Camaro LT1 V8 can actually be cheaper than leasing the less powerful turbocharged 1LT despite having an $8,600 price difference.
For the month of December, the 2021 Camaro LT1 has a lease offer of $287 a month for 39 months with just $287 due at signing and based on an MSRP of $36,590. A total of 10,000 miles is allowed annually. With the down payment factored in, this really amounts to $294 per month.
That's actually less expensive than the 1LT lease offer of $989 up front and $299 a month for 39 months. This is an effective cost of $324 a month. Even though the trims can easily be mixed up, they are quite different. The LT1 is powered by a 6.2-liter V8 with 455 horsepower and 455 lb-ft of torque. The 1LT has the entry-level 2.0-liter turbo-four with 275 hp and 295 lb-ft. The V8 Camaro also comes with Brembo brakes and 20-inch wheels.
Okay, so why does the LT1 cost less to lease? Because even though both deals include a $1,500 discount if you're coming from another lease, the V8 model's interest 0.67 percent rate is lower than the turbo's 3.72 percent. The V8's residual value is also higher, 64 percent versus 57 percent.
The current sixth-generation model has been around since 2016 and received updates for 2019. Shouldn't a complete redesign be in the works, like that of its cross-town rival, the Ford Mustang? In a perfect world, the answer is 'yes' only a perfect world doesn't exist. We also recently learned the 2021 Camaro won't be sold in California and Washington due to an issue surrounding the copper brakes.