Here’s some interesting news for Chevrolet Camaro fans with an eye on getting a new car. It appears a perfect storm of residuals and current incentives have aligned to make V8-powered ‘Maros surprisingly cheap to lease. With the right boxes checked, it could even be cheaper than leasing a 1LT with the boosted four-cylinder. Of course, it’s not as simple as that.
The information comes from Cars Direct, which lists some basic lease information on both the 1LT Camaro, and mid-range Camaro LT1. Sitting between the 1LT and the SS, the LT1 (yes, we know it’s a bit confusing) dishes up the same 455-horsepower (335-kilowatt) 6.2-liter V8 from the SS, only with a bit less pomp and circumstance. According to the report, you can lease the LT1 for $287 per month on a 39-month term with 10,000 miles a year and $287 due at signing. All total, it comes out to an effective rate of $294 per month, taxes not included.
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Meanwhile, the report cites a dealer bulletin stating the base 1LT Camaro is available for $299 a month for the same term and mileage, but with $989 due at signing. When combined, that’s an effective rate of $324 per month. Mind you, the 1LT starts at $26,495 whereas the LT1 is far more expensive at $34,995. In short, Chevrolet is literally offering buyers considerably more power for less money per month, but don’t go rushing to the dealership just yet. There are some caveats to point out.
For starters, Motor1.com wasn’t able to reproduce the low lease rate for the LT1 through Chevrolet’s website. That doesn’t mean it’s not there – incentives are often region-based, and it could be something not promoted publically. The leases for both cars also depend on a specific $1,500 incentive that’s available to buyers currently leasing a GM vehicle, or coming to GM from a competitor. If you don’t meet the criteria, then the deal is off.
As for the difference in lease payments versus MSRP, it boils down to residual values and interest rates. In short, the four-cylinder Camaro doesn’t hold its value nearly as well as the V8, and that makes a big difference in determining a monthly lease payment. Also, interest rates for the four-cylinder 1LT are higher, so for people considering a lease, there isn’t much reason to opt for the slower car.
