2016 Silverado HD LTZ Duramax running costs

Off-Ramp
1

Recently sold my truck and have seen a couple threads equating their owned vehicle to a lease payment. I owned the truck for a little over 3 years and 44k miles so a lease could have been doable if HDs were something that was leased. Having a little trouble figuring out what the effective lease payment would have been though…I know math right?

MSRP $65,565
Purchase price $57,267 (includes va tax on the full amount doesn’t matter in va whether lease or not)
44205 miles driven
Sold the truck for $42,000
Payment was $632 and 39 payments were made. $24648 in payments
$639.64 in maintenance over the course of ownership.
Ignoring the $6,996.87 in fuel thinking it wasn’t that bad.
Not sure it matters, but initial loan was $41267 and payoff was $18722

2

2 things here, what you got as a purchase price doesn’t necessarily mean you could have obtained the lease at that selling price.

Secondly, you need the residual of your particular truck 3 years ago. It’s not the same as what you sold the truck for.

3

Right not trying to figure out what the lease would have been but what it effectively was. My initial thought was payments minus purchase/sales price differential equaled rent charge but I picked up equity relative to when I started 57267/41276 vs 42000/18722

4

But it wasn’t a lease. You can’t compare a finance to a lease. I don’t know where this rent charge talk is coming from since this is a finance, but it certainly isn’t anything remotely close to payments minus difference in selling/msrp.

:man_shrugging: there’s really nothing to contemplate here.

5

He’s trying to retrospectively evaluate costs to see if it would have been more or less expensive to have leased I assume.

Kinda like the person who posted the BMW cost history over 7 or 8 years that cost about the same as having just leased new ones instead.

6

That thread was informative. This is just speculating as we have no idea what the set residual was back then. Also, the selling price on a lease would likely be different, and the incentives would also likely be different.

So, there is no real way to get an accurate cost of a theoretical lease 3 years ago.

7

No arguing there. Just trying to clarify what the attempt is.

Would be at least worth comparing to a new lease now though.

1 Like
8

Honestly, I wonder how far back Edmunds archives this stuff, I’m too lazy to even try.

9

I might have saved some old 2016 GM Financial documents on my desktop when their programs were accessible via a public URL.

10

Are we really doing this? Ok let’s see it @michael. OP, is this a 1500 or 2500? :joy:

2 Likes
11

I definitely need to read this thread. Even if it is old (the 50k maintenance plan type of old), it still makes sense if you consistent got decent deals.

I would definitely think the 4 years out of warranty were a large pain.

12

Duramax. Maybe a better way of looking at it is what did it cost to own. I made 24,648 in payments but picked up 7k in equity over where I started. Not even sure what the interest charge was but rate was 1.99

13

You said the loan started at 41k, so you put 16k up front right?

14

This isn’t a better way of looking at it. It’s the only way to look at it. The monthly payment amount is totally irrelevant.

How much did you pay up front on the loan? What was the sum of the loan payments? How much money did you pull out of equity at the end? How much more than 3 years did you actually have it?

15

I paid 57267 for the vehicle and financed 41267 of it. 16k down
I sold it for 42000 and paid off a loan at 18722. Check for 23278 to me

Purchased 11/7/2016. Sold 3/16/20

1 Like
16

Gotcha. So your actual total cost was $18009, or $460 a month. Not bad

17

You mind showing your work?

18

(16k+24k) after that Minus (42k-payoff) = 18k

19

Actually I think it was around 17k and some change

20

(16000 + 39*632 + 639.64 - 23278)/39=461.78