Customers looking to put a new 2021 Chevrolet Camaro in their driveway may be surprised to learn that it’s in fact less expensive to lease the V8-powered Camaro LT1 than it is to lease the turbo four-cylinder Camaro 1LT, as revealed by a pricing analysis conducted by GM Authority. The Camaro LT1’s lower price to lease is in spite of an MSRP that’s $8,600 higher than that of the turbo 1LT, as of December, 2020.
Let’s break down the numbers, starting with the 2021 Camaro LT1 Coupe. Under the hood, the high-performance LT1 is equipped with the naturally aspirated 6.2L V8 LT1 gas engine, which produces 455 horsepower and 455 pound-feet of torque. MSRP for this bad boy hits at $36,590, with leasing available at $287 for 39 months, with $287 due at signing. For the sake of comparison, we’ll lump the due at signing price into the monthly lease payment, giving us $294 per month, before taxes and fees.
Now, let’s look at the 2021 Camaro 1LT with the turbocharged 2.0L I4 LTG gas engine equipped, producing 275 horsepower and 295 pound-feet of torque. The MSRP for this configuration is set at $27,990, with leasing at $299 per month for 39 months, with $989 due at signing. Adding the due at signing price to the monthly lease payment gives us $324 per month before taxes and fees.
| Model | Engine | Horsepower (hp / kW @RPM) | Torque (lb-ft / Nm @ RPM) | MSRP | Interest Rate | Residual | Due At Signing | Monthly Lease Payment |
|---|---|---|---|---|---|---|---|---|
| 2021 Chevrolet Camaro LT1 Coupe | 6.2L V8 LT1 OHV | 455 / 339.3 @ 6000 | 455 / 614.3 @ 4400 | $36,590 | 0.67% | 64% | $287 | $287 |
| 2021 Chevrolet Camaro 1LT | Turbocharged 2.0L I4 LTG DOHC | 275 / 205 @5600 | 295 / 398.3 @ 3000-4500 | $27,990 | 3.72% | 57% | $989 | $299 |
Clearly, a turbo four-cylinder 2021 Camaro 1LT is significantly more expensive to lease than a V8-powered 2021 Camaro LT1, all despite the fact the 1LT offers less power and less torque, and carries an MSRP that’s $8,600 less expensive than the LT1.
So what gives?
Well, for starters, the LT1 features a significantly lower interest rate, set at 0.67 percent compared to 1LT’s interest rate of 3.72 percent.
What’s more, the LT1 has a higher residual value (estimated value after the lease end), set at 64 percent as compared to the 1LT’s residual value of 57 percent.
As such, it seem as though GM is effectively subsidizing the lease of the LT1 in this fashion. Either way, for those Chevrolet Camaro customers looking to lease, the LT1 could be the better option.
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Comments
Just picked up one of these 2 days ago, great value and a ton of car for the money.
Problem with leasing is 1. You might want have to have a beater vehicle in-case… 2. You have to stay within your mileage and keep it damaged free. 3. Save for a big down payment (usually). 4. Don’t break the lease too early..
Upside of leasing 1. New car for less than you can finance. 2. Trade-in time you have the advantage of just turn it in, no-down pay new lease or you buy the car for probably a big discount.
Well, the difference in monthly payment is very modest. However, the associated expenses such as insurance and gasoline would far outweigh the marginal monthly payment difference
Jonathan you need to correct this to “$8,600 LESS expensive than the LT1.” Not “MORE”.
Clearly, a turbo four-cylinder 2021 Camaro 1LT is significantly more expensive to lease than a V8-powered 2021 Camaro LT1, all despite the fact the 1LT offers less power and less torque, and carries an MSRP that’s $8,600 more expensive than the LT1.
Good catch, thanks. Got my wires crossed on that sentence. Post has been updated.
Jonathan you need to correct this to “$8,600 LESS expensive than the LT1.” Not “MORE”.
“Clearly, a turbo four-cylinder 2021 Camaro 1LT is significantly more expensive to lease than a V8-powered 2021 Camaro LT1, all despite the fact the 1LT offers less power and less torque, and carries an MSRP that’s $8,600 more expensive than the LT1”.
About 1200 bucks less over 39 months MINUS the higher insurance and the extra gas . So it probably evens out and you’ll have a lot more fun and tickets.
This is a result of the residual value at lease end being better % on the v8. Turbo 4 has poor resale.
I live in Michigan which has very high insurance rates. I bought a 2018 Camaro 2ss new, in 2018. My insurance rate was about 120 a month full coverage, 1000 deductible. 26, married, with a kid. So, obedience insurance is low unless you have a bad record. Corvette quote was lower, and a charger 392 I was quoted 280 a month. They said it came down to the amount of claims the model has. So this is a good deal for the lt1 If you can score 300 a month with 0 down.
leasing is more expensive than financing in the long run anyways. If you leased a car every 4 years for the rest of your life, compared to someone who finances or buys the car and drives the car until the car breaks down, the person who leases will end up spending more money in the long run. A car usually lasts about 10 years, a person who is financing will do so for 4-6 years, then would be payment free for another 4 years at least. The person leasing every 4 years will always be paying the dealership.
I know someone who leased a 2019 Mazda 3 for $500 CAD a month for 4 years, and when that 4 years is up, he either has to lease another car or be without a car. Whereas I financed a 2019 Camaro 1LT for 6 years at $500 CAD a month, when 6 years is up I have a car to drive until my car is undriveable or if I feel like upgrading. Leasing ONLY makes sense if you have a business that you can use the car as a tax write off.
Problem is you’re driving a old POS that won’t sit well with you or if you have a wife/kids, the car breaks and you still have to buy new (I’ve been down that road). Unless you live in a area or job where a car isn’t required you still have to factor transportation. Me personally I go beater/new vehicle route.
@Guestt, Yea you’re right my Camaro 2.0T isn’t anything special but I got it for $30k CAD $23k USD brand new, same price as a Mazda 3 or Honda Civic with a couple of optional add ons. So even if my car breaks down eventually it’s not a big loss, it would be the same thing as a Honda Civic breaking down. So sure call it a POS if you want but it’s sure better than a Mazda 3 or Honda Civic for the same price. If my POS Camaro lasts me over 200,000 km I’m happy and I got my money’s worth.
But what are you even talking about here?? I thought I was talking about leasing vs buying???
I’m on topic, most guys even me when I was younger was “drive till it break” but if you’re gainfully employed or have a family you won’t have time for repairs or other things that go with an older car, if you want a set of new wheels without being attached to a 4-7 year payment leasing is the way..
ChevyGuyLevi you are giving false information and require deprogramming. Lease vs Buy has so many variables plus an emotional factor it obviously becomes an individual choice. Buying a slightly used low mileage car is the smartest choice if you are a drive it till it dies person. But you really want a new car, don’t ya.
What?? Are?? You?? Talking?? About??
I drive a new car… my daily driver just reached 5000 km.
Yea buying a used low mileage is the best idea, as you will get the best discount, but if the previous owner didn’t break in the car properly, then now you risk early repairs and malfunctioning. In my opinion the cheapest and safest way to drive is to buy a new car but from the previous model year, when the dealership offer sales like employee discount.
Leasing is the same thing as renting a car for 4 years. If you lease, the car doesn’t belong to you, you have to drive it under the dealerships conditions, and you pay for majority of the car without getting to keep it. As depreciation in the first few years is the most expensive part of the car, and the leaser pays that off. It’s actually smarter to buy someone else’s previously leased car than to lease a new car.
Leasing is renting. You cant do anything to the car, if you drive it more than what your agreement is you have to pay more money, and if anything happens to the car you owe the dealership more money. If you finance the car is yours to keep. Imagine you pay that $300 a month, and at the end of 4 years youre left without a car.
Does all this “FANTASTIC” lease info include a Camaro convertible coupe? Otherwise this
is a restrictive leasing opportunity.
I want one. Where can I find one?