The muscle car and the V8 engine go hand in hand. This is something that has been true since the earliest days of the segment, and hopefully something that will continue in the future. Models like the Mustang EcoBoost or the Camaro 1LT are fine to drive, but they can’t match the boisterous character of their V8 stablemates. Of course the smaller engines also bring a smaller price tag, which is a completely understandable reason to stick away from the V8. At least it was, as a new leasing offer currently makes the V8-powered 2021 Chevrolet Camaro LT1 more affordable than the turbo-four model.
We can all thank the team over at CarsDirect for discovering this curious situation. Chevrolet’s dealer leasing bulletin is currently offering Camaro LT1 coupes nationwide for as low as $287 a month for 39 months, with just $287 due at signing. That price is calculated using a $36,590 MSRP including delivery, as well as an allotment of 10,000 miles per year. Add that all together and you’re left with about $294 a month worth of Camaro LT1 payments. Not bad for a car that comes with a 455 horsepower 6.2L V8 engine.
As we’ve mentioned before, the 2021 Chevrolet Camaro LT1 is the most affordable V8 muscle car on the market right now.
Despite the fact that the Camaro 1LT carries an MSRP of just $27,990, it is going to cost you more money to lease this month than the more expensive offering. The leasing bulletin has prices listed at $299 a month for 39 months, with $989 due at signing in this case. That works out to $324 a month all in for the 275 horsepower turbo-four powered model. Not a bad deal by itself, but not that attractive stacked up against the LT1.
There actually is a rather simple answer as to why this V8-powered Camaro is so much cheaper. CarsDirect notes that the 2021 Chevrolet Camaro LT1 carries an interest rate of 0.67 percent, while the cheaper 1LT is rated at 3.72 percent. The Camaro LT1 also holds its value much better at the end of the lease, keeping 64 percent of its residual value versus just 57% for the 1LT.
Now before you go out and run to your local dealership, there are a few points to clarify. Chevrolet always factors a $1,500 credit into their prices which assumes you are already leasing a GM product. Furthermore, these prices will not be offered by every dealer and only qualified applicants will be able to receive this pricing. That said, it might just be worth giving your local salesman a call. The current offers will run through January 4, 2021.