John,
It's my understanding that my car (95 850 Turbo, 205/50/16) does not have the necessary clearance for chain like devices, including cable chains. The only recommended traction aid has been a Spyder-like device. Your car may have more clearance, especially if you are running 15 inch wheels. In that case the cable chains would be an excellent choice.
We live in Reno and drive to Lake Tahoe frequently. Lake level is only at 6,200 feet and significant snow accumulations occur only during major storms. We've never had a problem running snow tires only. At this time I've got Michelin Pilot SXs mounted while waiting for a new set of snow tires. My only concern with going up to the lake would be if the state issues a snow tires/chains requirement. Then you might get ticketed even though you are entirely capable of driving safely on whatever tires you have mounted. Usually the snow tires/chain requirements are posted for the mountain passes - Echo Summit, Donner Summit, Mount Rose or Spooner Summit. If you aren't leaving the Tahoe Basin you might not even get into a snow tire requirement.
That rambles a bit but I guess I'm saying that if you can't run cable chains and don't want to buy and have mounted snow tires you stand a good chance of getting along fine on your regular street tires.
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