2018 Stinger GT dilemma

[Wnsduf1]

I just went and test drove a gt stinger in blue. I love this car and i loved the ride, coming from 2016 optima sx. I have 18500 left on my finance and they offered to pay me out with 20000 for my car and with 3k down they would give me $489/month for the gt1 stinger for 36 months. It’s $89 more a month but $3k up front..

Do you guys think it’s worth it? Also $50 less for my insurance!

 

[DaJackson]

So you would be trading in the equity on your financed car and $3k in cash on a 36month lease?

 

[Mike_TX]

Keep in mind that every thousand bucks down on a 3-yr lease equates to about $28/month in lease payments. So, that $489/mo is really more like $575/mo on a zero-down lease. So, don't let the "down money" lure you into thinking you're getting a better deal - it's a common ploy used by mfr's and dealers.

The other thing is that you really don't want to put money down on a lease. Yes, it lowers the monthly payment, but if you total the car you'll lose your down payment money ... even with GAP, they'll just pay Kia off and anything you put down is just lost.

 

[Mike_TX]

So you would be trading in the equity on your financed car and $3k in cash on a 36month lease?

Don't mean to answer for the OP, but honestly he doean't have any equity ... a 2016 Optima SX is worth about what he owes on it.

 

[Wnsduf1]

Don't mean to answer for the OP, but honestly he doean't have any equity ... a 2016 Optima SX is worth about what he owes on it.

You are correct. The best shape of my model right now is 16-17k which mine has chips and scratches. So realistically they’re not making much out of the car I’m trading in. One of my side mirror turn signal platic part is cracked. Under my front bumper is scratched pretty well due to me hitting it on the parking lot bump.

 

[Wnsduf1]

T

So you would be trading in the equity on your financed car and $3k in cash on a 36month lease?

that's correct. So $1500 from trading in and paying off the loan. Plus $3000

 

[t1328]

Not sure about the rest of the deal, but you won't find a better price for the trade in. That's a very high trade in offer. Ultimately Everytime you end an agreement early you lose money. I've done that many times, and I'm happy I did in most but not all cases. On the lease, I'd try to understand what is the total price they're financing rather than what the monthly payment is. That will tell you the real deal here, and then you'll know if it's a good deal or not.

 

[Wnsduf1]

Not sure about the rest of the deal, but you won't find a better price for the trade in. That's a very high trade in offer. Ultimately Everytime you end an agreement early you lose money. I've done that many times, and I'm happy I did in most but not all cases. On the lease, I'd try to understand what is the total price they're financing rather than what the monthly payment is. That will tell you the real deal here, and then you'll know if it's a good deal or not.

Theyre making me a losing deal on the trade in since i bought that car from this manager and he knows I’ll be coming back for more kias in the future.

 

[Wnsduf1]

Theyre making me a losing deal on the trade in since i bought that car from this manager and he knows I’ll be coming back for more kias in the future.

I definitely don’t need it as i told the manager making me the deal in person. And he countered that with enjoy a little.

 

[Waynerm002]

What’s the rest of the numbers? Selling price, money factor, etc., based on KIAs site with the $3k down your payment is $480. That’s before taxes, tags and fees. If they are giving you $20k for the Optima, I’m guessing that is from any discount they are offering you on the new car to sweeten the deal. If you are fine with the numbers, then it’s up to you, if not, since you haven’t made the deal, ask them to go lower. You never know unless you ask.

 

[Mike_TX]

Basically sounds like they're dollar-swapping ... giving you too much for your trade to help fund the downpayment on the new one. It's just not quite enough.

 

[Wnsduf1]

What’s the rest of the numbers? Selling price, money factor, etc., based on KIAs site with the $3k down your payment is $480. That’s before taxes, tags and fees. If they are giving you $20k for the Optima, I’m guessing that is from any discount they are offering you on the new car to sweeten the deal. If you are fine with the numbers, then it’s up to you, if not, since you haven’t made the deal, ask them to go lower. You never know unless you ask.

The optima deal is based on the general manager calling the dealership owner and asking about this deal. But it was their last draw to make me sign something and putting a deposit on it. The price of the car is around $43000 with $4500-$5000 rebate.

 

[CDv6]

Under my front bumper is scratched pretty well due to me hitting it on the parking lot bump.

You might want to wait for a 2019 model, or whenever they add the 360° camera option.

Also $50 less for my insurance!

The Stinger GT is less than the Optima SX?

 

[t1328]

My insurance going from a 2017 Golf R to the Stinger GT2 went down $50/month FWIW. I'm not sure if it's because of additional active safety, or a profile of R drivers or something else.

 

[Kia Stinger]

You might want to wait for a 2019 model, or whenever they add the 360° camera option.

He could be waiting years for that...

 

[eflyguy]

Sounds like a bad deal to me. By that, I mean a situation where you're going to lose a bunch of money, but as you're effectively to trade a car you are "upside down" in your trade, it seems they are putting together a workable option.

I'd want to see all the numbers, not just final payment. What about incentives? Lease cash back?

 

[Berzerker]

I, as a general rule, never put money down on a lease. You usually don't save that much money to begin with, but the bigger problem is you may not get that money back if you ever have to claim it for insurance. It's a rare situation, but I'd rather hedge my bets on that than have a slightly lower monthly payment.

Take the $1500 as a check from them, then put that into the lease payments. You're paying about $90 more over what they quoted you/month, but like you said, you go down $50 in insurance monthly as well.

If you really value the car, I don't think that's a terrible deal, especially since they're giving you such a high offer for your Optima, but definitely go into this without putting any money down on the lease, if they'll do that.

 

[davebo]

The Stinger GT is less than the Optima SX?

I had my insurance agent give me a lower quote for the Stinger GT than my 2012 Optima SX. When I first got it the Optima SX was pretty cheap to insure, but eventually once they got updated data to reflect the number of people out there getting them into wrecks, my rates jumped up a fair amount. I immediately checked other companies and found they were even more than I was paying, so I stuck with my agent. When it comes to the Stinger GT one of two things will happen. Either people who spend 40-50k on a sort-of luxury vehicle will take very nice care of them and not get in wrecks, in which case the insurance won't change; or a bunch of us will get excited about our sport sedans and run around doing burnouts running into lampposts and after a year or two the shared claims data will cause all insurers to jack their rates up. I'm counting on you guys to keep my rates low here!

 

[mldavis2]

You can take over my insurance payments on my GTO.

 

[davebo]

You can take over my insurance payments on my GTO.

Man I'm still trying to get rid of my own LS engine GM vehicle! I gotta renew registration by the end of the month too.